NextTrip Inc (NTRP) 2022 Q4 法說會逐字稿

Good day, and welcome to the Sigma Additive Solutions Fourth Quarter and Final Year 2022 Financial Results Conference Call and Webcast. Today's conference is being recorded.

各位好，歡迎參加Sigma Additive Solutions 2022年第四季及全年財務業績電話會議及網路直播。本次會議將進行錄音。

At this time, I'd like to turn the call over to Chris Tyson, Executive Vice President of MZ North America. Please go ahead, sir.

現在，我想把電話轉給MZ北美執行副總裁克里斯·泰森先生。請您發言，先生。

Thank you, and good afternoon. I'd like to thank you all for taking time to join us for Sigma Additive Solutions Fourth Quarter and Full Year 2022 Business Update and Results Conference Call. Your host today are Jacob Brunsberg, Chief Executive Officer; and Frank Orzechowski, the company's Chief Financial Officer.

謝謝大家，下午好。感謝各位抽出時間參加Sigma Additive Solutions 2022年第四季及全年業務更新及業績電話會議。今天主持會議的是執行長Jacob Brunsberg和財務長Frank Orzechowski。

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 sigmaadditive.com. 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.

一份詳細介紹這些結果的新聞稿已於今天下午4點01分（美國東部時間）發布，並可在公司網站sigmaadditive.com上查閱。在正式開始介紹之前，我想提醒各位，電話會議和網絡直播中作出的所有陳述，包括有關未來財務業績和行業前景的陳述，均為前瞻性陳述，可能受到諸多風險和不確定因素的影響，導致實際結果與電話會議中所述內容存在重大差異。請參閱本公司向美國證券交易委員會（SEC）提交的文件，以了解相關風險清單；同時，我們也建議您造訪公司網站，以取得更多行業資訊。

At this time, I would like to turn the call over to Sigma Additive's Chief Executive Officer, Jacob Brunsberg. Jacob, the floor is yours.

現在，我想把電話交給Sigma Additive的執行長雅各布布倫斯伯格。雅各布，請你發言。

Thank you, Chris. Good afternoon, and thank you for joining us today. As we close out Q4 2022, this marks the third quarter of our transformation as a business. I'm excited to share the progress our team has made, transitioning the business to a scalable software solution and connected quality standard for the additive industry.

謝謝克里斯。下午好，感謝您今天參加我們的會議。 2022 年第四季即將結束，這也標誌著我們業務轉型進入第三個季度。我很高興與大家分享我們團隊的進展，我們將業務轉型為可擴展的軟體解決方案和麵向增材製造業的互聯品質標準。

Today, I'm looking to provide a concise and clear update on the business. I'm going to focus on 3 areas. First, we are executing the transition of our business to a software-only suite that is focused on being the center of digital quality and 3D printing. Second, the market is showing signs of finally opening up, and we believe is ready and demanding a connected digital quality solution. And third, we have partners and customers that are validating our road map and the need for this quality solution.

今天，我將為大家帶來一份簡潔明了的業務最新進展報告。我將重點介紹以下三個方面。首先，我們正在推動業務轉型，將公司打造成為專注於數位品質和3D列印的純軟體套件中心。其次，市場已顯現出復甦的跡象，我們相信市場已經準備好並需要一套互聯的數位品質解決方案。第三，我們的合作夥伴和客戶正在驗證我們的發展路線圖以及對此品質解決方案的必要性。

I do appreciate there is an underlying discussion on our cash runway and its impact on our ability to achieve our objectives and possible strategic next steps. I will ensure we cover this as well. First, I will turn the call over to Frank to go through the financials. Frank?

我理解大家正在討論我們的現金流狀況及其對我們實現目標和未來策略步驟的影響。我會確保我們也會討論這個問題。首先，我會把電話交給法蘭克，讓他來介紹一下財務狀況。弗蘭克？

Thank you, Jacob. Our detailed financial results are contained in our Form 10-K 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 financial results for the fourth quarter and full year 2022.

謝謝雅各。我們詳細的財務表現已包含在今天向美國證券交易委員會提交的10-K表格中，我們發布的新聞稿也包含了財務表現的要點。因此，今天我將簡要概述我們2022年第四季和全年的財務表現。

As we have discussed on previous earnings calls and disclosed in our various SEC filings, in 2022, we moved away from selling expensive one-off perpetual licenses for PrintRite3D to a subscription-based pricing model, whereby revenue is recognized over time. As a result of the deemphasis in perpetual sales of the current version of PrintRite3D as well as the change in the manner in which revenue is recognized, we experienced a decline in our revenue for both the year and fourth quarter of 2022. Specifically, revenue for fiscal 2022 totaled $630,000 as compared to $1.7 million for fiscal 2021. Revenue for the fourth quarter of 2022 totaled $154,000, as compared to $350,000 for the fourth quarter of 2021.

正如我們在先前的財報電話會議上討論過以及在提交給美國證券交易委員會（SEC）的各種文件中披露的那樣，2022年，我們放棄了銷售價格昂貴的PrintRite3D一次性永久許可證，轉而採用訂閱定價模式，收入將隨時間確認。由於目前版本PrintRite3D永久授權銷售的減少以及收入確認方式的改變，我們2022財年全年及第四季的營收均出現下滑。具體而言，2022財年全年營收為63萬美元，而2021財年為170萬美元。 2022年第四季營收為15.4萬美元，而2021年第四季為35萬美元。

Our order backlog, as of today, defined as firm orders received but not yet shipped, totaled $125,000 of both perpetual and subscription sales. Additional revenue to be recognized from transactions closed in previous quarters totals $370,000, yielding a combined total of $495,000 of revenues to be recognized in future periods.

截至今日，我們的訂單積壓（定義為已收到但尚未發貨的確認訂單）總額為 125,000 美元，其中包括永久授權和訂閱銷售收入。先前季度已完成的交易產生的額外收入為 370,000 美元，因此未來期間將確認的收入總額為 495,000 美元。

Gross profit for the full year of 2022 was $280,000 as compared to 2021's gross profit of $1.1 million. Gross profit in the fourth quarter of 2022 was $117,000 as compared to $200,000 for the fourth quarter of 2021. Our gross margin for fiscal 2022 was 44% as compared to 66% for fiscal 2021. This decrease of 22% was a result of an increase in the price of certain PrintRite3D hardware components as a result of configuration changes, an increase in travel costs related to system installations and discounted sales to universities and research institutions as members of our act of industrial network.

2022年全年毛利為28萬美元，而2021年毛利為110萬美元。 2022年第四季毛利為11.7萬美元，而2021年第四季為20萬美元。 2022財年毛利率為44%，而2021財年為66%。毛利率下降22%是由於配置變更導致部分PrintRite3D硬體組件價格上漲、系統安裝相關的差旅費用增加以及向作為我們產業網絡成員的大學和研究機構提供的折​​扣銷售所致。

Before I go into detail on our operating expenses, I'd like to provide some context. 2022 marked a significant change in the way we conduct our business. And while this shift has manifested itself in lower revenue for the year, it has also had a significant impact on our operating expenses and our cash burn rate going forward.

在詳細介紹我們的營運費用之前，我想先提供一些背景資訊。 2022年，我們的業務運作方式發生了重大變化。雖然這種轉變導致當年的收入下降，但也對我們的營運費用和未來的現金消耗率產生了顯著影響。

Moving away from direct sales of perpetual licenses to a focus on sales through embedded software-only products has enabled us to reduce our sales footprint and realign some of our resources towards ensuring customer success. This has also enabled us to reduce our operations and administrative overhead while maintaining our ability to support our current and anticipated level of activity.

我們不再直接銷售永久許可證，而是專注於透過嵌入式軟體產品進行銷售，這使我們能夠縮小銷售規模，並將部分資源重新分配到確保客戶成功方面。這也有助於我們降低營運和管理成本，同時維持支援目前及預期業務量的能力。

In addition, we have been able to reduce our engineering headcount without sacrificing the delivery of our new software-only products, currently targeted for the end of the second quarter of this year.

此外，我們還能夠在不影響新軟體產品交付的情況下減少工程人員數量，目前計劃於今年第二季末交付這些產品。

Our total employee headcount at December 31, 2022, was 25 and as compared to 33 at December 31, 2021, and our peak of 35 employees in April of 2022. And as of today, total head count stands at 19, a further reduction of 6 employees in the first quarter of 2023. Total operating expenses for 2022 were $9 million, of which $2.1 million were incurred in the fourth quarter. This compares to total operating expenses for 2021 of $9.6 million, of which $2.6 million was incurred in the fourth quarter. Salaries and benefits increased by $454,000 over 2021 as the aforementioned headcount reductions did not take place until the second half of 2022. And in addition, we incurred severance and other costs related to those reductions.

截至2022年12月31日，我公司員工總數為25人，而2021年12月31日為33人，2022年4月達到高峰35人。截至今日，員工總數為19人，較2023年第一季進一步減少6人。 2022年全年營運總支出為900萬美元，其中210萬美元發生在第四季。相較之下，2021年全年營運總支出為960萬美元，其中260萬美元發生在第四季。由於上述裁員發生在2022年下半年，因此2022年薪資和福利支出較2021年增加了45.4萬美元。此外，我們也產生了與裁員相關的遣散費和其他費用。

Salary and benefits for the fourth quarter of 2022 were $1.03 million as compared to $1.23 million in the third quarter of 2022. The increase in compensation and benefits in 2022 was more than offset by decreases in almost all of our other operating expense categories. Stock-based compensation decreased by $273,000 from 2021 as a result of fewer stock options granted during the year. Operations and R&D expenses decreased by $237,000, largely as a result of lower spend for parts and materials due to fewer perpetual sales for our PrintRite3D solution as well as lower obsolescence charges in 2022.

2022年第四季薪資福利為103萬美元，而2022年第三季為123萬美元。 2022年薪資福利的成長幾乎被所有其他營運費用類別的下降所抵銷。由於本年度授予的股票選擇權數量減少，股權激勵支出較2021年減少了27.3萬美元。營運和研發費用減少了23.7萬美元，主要是由於PrintRite3D解決方案的持續銷售量減少，導致零件和材料支出降低，以及2022年報廢費用降低所致。

Investor relations, advertising and marketing expenses decreased by $81,000 as a result of a reduction in Investor Relations resources, partially offset by an increase in trade shows due to the relaxing of COVID-related restrictions. Office expenses increased by $180,000, mostly due to increased travel costs, again, because of the easing of COVID travel restrictions. Our organization costs decreased by $414,000, largely driven by fewer stock option grants to nonemployee directors and one less shareholder meeting in 2022.

由於投資者關係資源減少，投資者關係、廣告和行銷費用減少了 81,000 美元，但部分被因新冠疫情相關限制放寬而增加的貿易展覽費用所抵消。辦公費用增加了 18 萬美元，主要原因是差旅費用增加，而差旅費用增加同樣是由於新冠疫情旅行限制放寬所致。我們的組織成本減少了 414,000 美元，這主要是由於向非僱員董事授予的股票期權減少以及 2022 年股東大會減少一次。

Net loss applicable to common shareholders for the full year 2022 totaled $8.7 million or $0.83 per share as compared to $7.5 million or $0.76 per share in 2021. Net loss in the fourth quarter of 2022 totaled $1.9 million as compared to a net loss of $2.4 million in the fourth quarter of 2021.

2022 年全年歸屬於普通股股東的淨虧損總額為 870 萬美元，即每股虧損 0.83 美元，而 2021 年為 750 萬美元，即每股虧損 0.76 美元。 2022 年第四季淨虧損總額為 190 萬美元，而 2021 年第四季淨虧損為 240 萬美元。

Turning to our cash usage and burn rate in more detail. Cash totaled $2.8 million at December 31, 2022, as compared to $11.4 million at December 31, 2021. Our working capital at December 31, 2022, was $3.6 million as compared to $11.7 million at December 31, 2021. In 2022, we used $8.2 million in cash for operating activities and an additional $389,000 for purchases of fixed assets and investment in our patent portfolio. In total, this equates to an average monthly cash usage or burn rate of approximately $717,000 per month.

接下來，我們將更詳細地分析現金使用情況和消耗率。截至2022年12月31日，現金總額為280萬美元，而2021年12月31日為1,140萬美元。截至2022年12月31日，我們的營運資金為360萬美元，而2021年12月31日為1,170萬美元。 2022年，我們動用現金820萬美元用於營運活動，另有38.9萬美元用於購買固定資產及投資專利組合。總計而言，平均每月現金使用或消耗率約為71.7萬美元。

In the fourth quarter, however, we reduced our burn rate to $650,000 per month as a result of our headcount reductions and other expense cuts. And in the first 2 months of 2023, with the additional headcount decreases I mentioned, our burn rate has been reduced to under $600,000 per month. I would add that this is a conservative number as it does not take into account any additional sales or cash collections.

然而，在第四季度，由於裁員和其他開支削減措施，我們的資金消耗率降至每月65萬美元。在2023年的前兩個月，隨著我之前提到的進一步裁員，我們的資金消耗率已降至每月60萬美元以下。需要補充的是，這是一個保守估計，因為它並未考慮任何額外的銷售或現金回收。

And finally, as we look to extend our cash runway to a strategic investment or sale of the company, we are seeking additional ways to raise capital and conserve our cash.

最後，為了延長現金儲備以進行策略性投資或出售公司，我們正在尋求其他籌集資金和保存現金的方法。

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

接下來，我將把電話轉回給雅各。

Thank you, Frank. As I mentioned earlier, I'm going to focus on 3 areas: execution of our business plan to set up our digital quality suite, the market timing and fit, and lastly, our partners and customers aligning around our future road map.

謝謝你，弗蘭克。正如我之前提到的，我將重點放在三個方面：執行我們的商業計劃以建立我們的數位化品質套件；市場時機和契合度；以及最後，讓我們的合作夥伴和客戶圍繞我們​​未來的發展路線圖達成一致。

On execution of the business plan, we are living our mission to accelerate the adoption of additive manufacturing by setting the standard for quality, and we are on the path to deliver the first holistic digital quality experience for the additive industry. As a reminder, at the heart of this is simplifying the quality experience from up to 12 disparate software licenses and multiple manual spreadsheets to a single user experience integrated into their production workflow.

在執行商業計劃的過程中，我們正實踐著加速增材製造普及的使命，樹立品質標桿，並致力於為增材製造業打造首個全方位數位化品質體驗。需要強調的是，其核心在於將原本需要多達12個不同的軟體授權和多個手動電子表格才能完成的品質管理流程，簡化為整合到生產工作流程中的單一使用者體驗。

This can remove the need for hundreds of thousands of dollars of software licenses and aims to shorten the approximate 2 years and $2 million it takes to currently qualify safety-critical components. We maintain a targeted launch of our software-only product suite for Q2 2023, that covers machine, process and part health. This will be an important step in simplifying the in-process quality space, providing a central hub for in-process data and open connectivity to solutions up and downstream.

這將省去數十萬美元的軟體授權費用，並有望將目前安全關鍵零件認證所需的約兩年時間和200萬美元縮短。我們計劃於2023年第二季推出純軟體產品套件，涵蓋機器、製程和零件的健康狀況。這將是簡化過程品質管理的重要一步，它將為過程資料提供一個中心樞紐，並與上下游解決方案實現開放式連接。

Our first module, Machine Health, was launched in beta testing in late 2022. And it is based off of machine log file data where we convert disparate machine log files and live streaming API data from OEMs to a standard-based format for monitoring, analytics and reporting functions. We've gotten great feedback from early partners. We sincerely look forward to launching this module as part of the software-only PrintRite3D suite, which also includes our process health product for camera-based machine learning image data and our Part Health product, which is the software-only version of our core melt-pool technology.

我們的第一個模組「機器健康」（Machine Health）於2022年底啟動了Beta測試。本模組基於機器日誌檔案數據，我們將OEM廠商的各種機器日誌檔案和即時串流API數據轉換為標準格式，用於監控、分析和報告功能。我們已收到早期合作夥伴的正面回饋。我們非常期待將該模組作為純軟體版PrintRite3D套件的一部分正式發布。該套件還包括我們用於處理基於攝影機的機器學習影像資料的「製程健康」（Process Health）產品，以及我們核心熔池技術的純軟體版本「零件健康」（Part Health）產品。

Lastly, as we have transitioned the business for software-based scale, we also made a conscious effort to align the business around this. As Frank mentioned, we have been able to significantly reduce operating expenses to align with a quicker path to profitability, including our largest cost, salary expense, by 40% from the high in April 2022, while retaining key employees for our growth.

最後，隨著業務向軟體驅動型規模化轉型，我們也刻意調整了業務佈局以適應這一趨勢。正如弗蘭克所提到的，我們大幅降低了營運成本，從而更快地實現盈利，其中包括最大的成本——薪資支出，較2022年4月的峰值下降了40%，同時還留住了對公司發展至關重要的員工。

On the market, the industry has shown significant signs of evolving, application programming interfaces or APIs, are becoming more and more prevalent. We have publicly shared some of our relationships with major OEMs like EOS, SLM, among other partners that align around their open architecture approaches. Additionally, the importance of quality is being highlighted in publications and has become a bigger section of trade show presentations. People are actively looking for ways to simplify and maximize value of the data collected during the 3D printing process.

市場方面，產業已呈現出顯著的發展趨勢，應用程式介面（API）正變得越來越普遍。我們已公開分享了與EOS、SLM等主要OEM廠商以及其他秉持開放架構理念的合作夥伴的合作關係。此外，品質的重要性在出版物中日益凸顯，並在展會演講中佔據了越來越重要的地位。人們正在積極尋求簡化流程並最大化利用3D列印過程中收集的數據的方法。

We're actively working with the ASTM F42 consortium to help set and these industry standards in this space.

我們正在積極與 ASTM F42 聯盟合作，以協助制定該領域的行業標準。

As companies align towards profitability, Sigma has made demonstrable progress in 2022, connecting to other products in the AM digital quality stream. The willingness of OEMs to do this, especially those with their own quality hardware shows the progress of the industry. In addition to this, we continue the development of the company's intellectual property and patent portfolio. Adding IP beyond just hardware into critical analytics and machine learning. Our total number of granted patents reached 29 with an additional 40 patent applications in process at the end of 2022. This provides additional options for Sigma to explore licensing structures for the market. These connections to strategic partners paired with the near-term execution can augment our ability to scale, support the market and create value. On our partners and customers, to pave the way for our pending software products, the commercial team is ahead of schedule on strategic partnerships and integrations that provide a path to scale our software solutions and grow our total addressable markets. The connection to different partners provides paths to simplify user experience and advance efficiency and economics of 3D printing.

隨著各公司朝著獲利目標邁進，Sigma在2022年取得了顯著進展，成功整合了積層製造（AM）數位品質領域的其他產品。原始設備製造商（OEM）的積極配合，尤其是那些擁有自有高品質硬體的OEM廠商，充分展現了業界的進步。此外，我們也持續拓展公司的智慧財產權和專利組合，將智慧財產權拓展至硬體以外的關鍵分析和機器學習領域。截至2022年底，我們已獲得29項專利授權，另有40項專利申請案正在批准中。這為Sigma探索市場授權模式提供了更多選擇。與策略合作夥伴的緊密聯繫，加上近期的執行，將增強我們擴大規模、支持市場並創造價值的能力。在合作夥伴和客戶方面，為了即將推出的軟體產品，我們的商務團隊在策略合作和整合方面進展順利，提前完成了各項工作，這將為擴展我們的軟體解決方案和拓展目標市場鋪平道路。與不同合作夥伴的合作將有助於簡化使用者體驗，提升3D列印的效率與經濟效益。

You may not have heard of every partner we reference today but know that the methodology behind this is connecting key pieces of the additive quality workflow. On the hardware front, we began integration with major laser scanner manufacturers, like Novanta, to ensure that melt pool monitoring hardware will be a standard part of laser scanners in the future, agnostic of the OEM printer. This removes the need for any optical retrofit and provides a path to software-only analytics on future machine generations.

您或許沒有聽說過我們今天提到的所有合作夥伴，但請了解，我們採用的方法論是將積層製造品質工作流程中的關鍵環節連結起來。在硬體方面，我們已開始與 Novanta 等主要雷射掃描器製造商進行集成，以確保熔池監控硬體未來將成為雷射掃描器的標配，與 OEM 印表機無關。這無需任何光學改造，並為未來幾代機器的純軟體分析鋪平了道路。

Additionally, we expanded our integration with existing APIs. This allows us to provide our Print right 3D product as a software-only suite for existing OEM machines and monitoring equipment, including EOS and SOM. We have our first customer plan in Q2 for API-connected software-only solutions to the SLM quality API. As we launch our software-only suite, our addressable market through these APIs grows for Sigma's support and scale.

此外，我們擴展了與現有 API 的整合。這使我們能夠以純軟體套件的形式，為現有 OEM 機器和監控設備（包括 EOS 和 SOM）提供 Print Right 3D 產品。我們計劃在第二季推出首個客戶方案，該方案將透過 API 連接到 SLM 品質 API，提供純軟體解決方案。隨著我們推出純軟體套件，Sigma 透過這些 API 提供的支援和規模化服務將擴大我們的目標市場。

For the first time, Sigma expanded and in the polymer space, I might add, outside of the 3D printer and into the post processing quality with our relationship with Dimension. The quality tools we are building are proving to have value up and downstream of the program. This brings us to our software partners. We were very excited to show and discuss our connection to tool path data within process data with our friends at Dendrite.

Sigma首次拓展了業務範圍，而且是在聚合物領域，我還要補充一點，此次拓展超越了3D列印，透過與Dimension的合作，進軍後處理品質控制領域。我們正在開發的品質控制工具已被證明對程式的上下游都具有價值。這讓我們想到了我們的軟體合作夥伴。我們非常高興能與Dendrite的朋友們展示並探討我們如何將刀具路徑數據與製程數據關聯起來。

Additionally, we recently expanded our relationship with Materialise by integrating the PrintRite3D quality assurance solution into the new software solution materialized process control on their co-AM platform.

此外，我們最近透過將 PrintRite3D 品質保證解決方案整合到 Materialise 在其 co-AM 平台上的新軟體解決方案 materialized process control 中，擴大了與 Materialise 的合作關係。

And last but not least, what this is all about the end user and their success. As we align with customers and connect their direct needs with our future product path. We have added a major space customer in 2022 that is contributing to our product council feedback across our product portfolio. In addition, we've added our first automotive customer and have been informed of a planned multisite expansion at a key aerospace customer, of which connects us to another OEM and potential software-only implementation. As we continue to execute our plan, lean our burn rate and focus on getting to profitability, Frank provided context to our cash runway. In order to continue, Sigma will require more capital. We continue to evaluate options to fortify our balance sheet and are happy to have retain Lake Street Capital Markets as Sigma's financial adviser in connection with the company's consideration of a range of strategic alternatives designed to enhance shareholder value, including a possible strategic investment, which we've mentioned on prior earnings calls, acquisition, merger, business combination or similar transaction. As this is an ongoing process, we cannot comment further.

最後，也是最重要的一點，這一切都是為了最終用戶及其成功。我們與客戶保持一致，並將他們的直接需求與我們未來的產品發展方向緊密結合。 2022年，我們新增了一個重要的航太客戶，該客戶為我們的產品委員會提供了關於我們產品組合的回饋。此外，我們還新增了首家汽車客戶，並獲悉一家重要的航空航太客戶計劃進行多站點擴張，這將使我們與另一家原始設備製造商 (OEM) 建立聯繫，並有可能實現純軟體部署。在我們繼續執行計劃、降低資金消耗率並專注於實現盈利的過程中，Frank 為我們提供了現金儲備的相關資訊。為了繼續發展，Sigma 需要更多資金。我們持續評估各種方案以增強資產負債表，並很高興繼續聘請 Lake Street Capital Markets 擔任 Sigma 的財務顧問，協助公司考慮一系列旨在提升股東價值的策略方案，包括我們曾在先前的財報電話會議上提及的策略投資、收購、合併、業務合併或類似交易。由於這是一個正在進行的過程，我們無法對此發表更多評論。

Again, we are executing to our product path. The market appears to be aligning and our customers and partners are validating our trajectory. We see a solid path to scale software solutions in the additive space. Our revenue is tracking to the pivot to software-only products and subscription models. We carry a backlog into 2023 with all items totaling around $500,000. We have expanded our addressable market as we are ahead of plan on our partner integrations with 8 OEM and hardware companies, Novanta Additive Industries, DMG, Economy AMAC, EOS, Dimension and SLM Solutions and 4 ISV companies materialize AMFG, Sentient Science and Dendrite, with more pending.

我們再次強調，我們正依照既定的產品路線穩步推進。市場似乎朝著正確的方向發展，我們的客戶和合作夥伴也認可了我們的發展軌跡。我們看到了在積層製造領域擴展軟體解決方案的穩健路徑。我們的營收正朝著純軟體產品和訂閱模式轉型穩定成長。我們2023年的訂單積壓總額約為50萬美元。由於我們與8家OEM和硬體公司（Novanta Additive Industries、DMG、Economy AMAC、EOS、Dimension和SLM Solutions）以及4家ISV公司（AMFG、Sentient Science和Dendrite）的合作夥伴整合工作進展順利，我們的目標市場已進一步擴大，還有更多合作夥伴正在洽談中。

We had an extremely exciting last 2 weeks in this industry where we saw the launch of the first almost entirely 3D printed rocket, 84% by weight from relativity space. SpaceX had 61 launches in 2022, nearly double the 31 launches that conducted in 2021, and we are starting to see the airline industry approach recovery to pre-pandemic numbers, with expanded 3D-printed parts and new platforms.

過去兩週，航太產業可謂精彩。我們見證了首枚幾乎完全由3D列印材料製成的火箭從相對論性空間發射升空，其重量佔比高達84%。 SpaceX在2022年進行了61次發射，幾乎是2021年31次發射的兩倍。同時，隨著3D列印零件的廣泛應用和新平台的推出，航空業也開始逐步恢復到疫情前的水平。

Along these lines, GE announced investments in manufacturing, including $16 million targeted for 3D printing.

基於此，通用電氣宣布了對製造業的投資，其中包括計劃投資 1,600 萬美元用於 3D 列印。

Finally, the Biden administration recently lifted the $50 million cap on money that could be spent by the Department of Defense without congressional approval, specifically regarding critical supply chain for electronics, kinetic capabilities, castings and forgings, minerals and materials and power and energy storage. These topics have relevance to the 3D printing industry and the advancement of supply chain support. Looking ahead, we continue to move with great urgency in our business transition to put ourselves in a position to be at the home for connected digital quality to support qualification and production across thousands of machines at hundreds of customer sites. We look forward to keeping you updated as we go forward.

最後，拜登政府近期取消了國防部無需國會批准即可支出的5,000萬美元上限，這些資金主要用於電子產品、動能裝備、鑄件和鍛件、礦物和材料以及電力和儲能等關鍵供應鏈。這些議題與3D列印產業以及供應鏈支援的發展息息相關。展望未來，我們將繼續以高度緊迫的步伐推進業務轉型，力求成為互聯數位品質解決方案的領先者，為數百家客戶現場數千台機器的認證和生產提供支援。我們將持續向您報告最新進展。

With that, I will turn it over to the operator for Q&A. Thank you. We will now be conducting a question-and-answer session.

接下來，我將把問答環節交給接線員。謝謝。我們現在開始問答環節。

(Operator Instructions)

（操作說明）

We take our first question from the line of Scott Buck with H.C. Wainwright.

我們首先提出的問題來自 Scott Buck 和 H.C. Wainwright 的對話。

Jacob, can you talk a little bit about whether or not the current, I don't know, elevated level of macro uncertainty is having any impact on the conversations you're having with either OEMs or potential customers?

Jacob，可以談談目前宏觀經濟不確定性加劇的情況，是否對你與OEM廠商或潛在客戶的對話產生了任何影響嗎？

Yes. I think certainly, the macroeconomic environments have presented a change in the valuations and what's going on in the market. I think, honestly, COVID even before that, I think had a probably bigger impact on starting the trajectory in the sense that people really are focusing on profitability and core business. I think that, honestly, in reflection is one of the bigger reasons you're starting to see an openness in the marketplace. There's an urgency around profitability and focus. What I see that doing is actually increasing collaboration in the market.

是的。我認為宏觀經濟環境的變化確實影響了估值和市場走向。說實話，我認為新冠疫情甚至在此之前就對市場趨勢產生了更大的影響，因為人們開始真正專注於獲利能力和核心業務。我認為，反思之後，這正是市場開始開放的主要原因之一。獲利能力和專注度都變得尤為重要。而我認為這其實正在促進市場合作。

It may be a little counterintuitive, but what we've seen is an acceleration of some of the work, with OEMs opening some of their platforms, as well as other software companies looking to generate more revenue by connecting solutions in the marketplace. I think that's plays really well with our strategy to connect and really merge some of our technology with OEMs and make us more simple user experience from start to finish in digital quality. So I think it's continuing to augment the fact and focus on profitability. But I think honestly, some of these trends were started probably a couple of years ago as well.

這或許有點違反直覺，但我們看到一些工作正在加速推進，例如OEM廠商開放部分平台，以及其他軟體公司尋求透過整合市場上的解決方案來增加收入。我認為這與我們的策略非常契合，即連接並融合我們的一些技術與OEM廠商，從而從頭到尾提供更簡潔的數位化用戶體驗。因此，我認為這將繼續強化我們對獲利能力的關注。但說實話，我認為其中一些趨勢可能早在幾年前就已經開始出現了。

That's helpful. And then the growth in the backlog, is that coming from new customers or, I guess, expansion of current customer relationships?

這很有幫助。那麼，積壓訂單的成長，是來自新客戶，還是來自現有客戶關係的擴展？

Yes. I think the interesting thing here for us is that we were perpetual based before, right? So every single thing was a new sale because it was sold perpetually. So as we look at that transition in 2022, outside of maybe some maintenance contracts that were lower dollar value, the majority of our sales are all our new sales. But the start of these sales are kind of our start towards that subscription model. So we're seeing more and more of our revenue transition into that subscription landscape, which is why you see us actually carrying a backlog in the future quarters, which is something that was outside of things that were bought, but not yet installed prior was about the only thing meeting that criteria. So that tracks with our subscription plan and our software launch, which we hope will help level out that revenue over time and kind of continue the growth keeping that consistency month-to-month from a revenue perspective.

是的。我認為對我們來說，有趣的是，我們之前一直採用的是永久授權模式，對吧？所以每一筆銷售都是新的，因為它們都是永久授權的。展望2022年的轉型，除了少數價值較低的維護合約外，我們的銷售額大多是新銷售。但這些銷售的開始，也標誌著我們邁向訂閱模式的邁進。因此，我們看到越來越多的收入轉向訂閱模式，這也是為什麼你會看到我們在未來幾季會有積壓訂單的原因。積壓訂單指的是其他先前購買但尚未安裝的產品以外的產品，而這些產品幾乎是唯一符合積壓訂單條件的。這與我們的訂閱計劃和軟體發布計劃相符，我們希望這能幫助我們隨著時間的推移穩定收入，並保持每月收入的穩定成長。

That's helpful. And then last one for me. I'm just curious whether or not you guys think you have maybe a little more room to cut on the OpEx side if you have to and then get even tighter than they are currently.

這很有幫助。最後一個問題，我只是好奇，如果需要的話，你們是否覺得在營運支出方面還有進一步削減的空間，甚至比現在更嚴格一些。

I think you definitely always have those options. We've really been thoughtful about our approach to this now to really allow our ability to still grow and target the growth that we have. Certainly, depending on situations, there are options there. But we're really focused on running lean and giving ourselves the ability to really grow here as we launch our software platform in Q2.

我認為你肯定一直都有這些選擇。我們現在確實認真考慮過應對這種情況的方法，以確保我們能夠繼續發展並實現既定的成長目標。當然，根據具體情況，我們還有其他選擇。但我們目前的重點是精簡運營，並確保我們在第二季度推出軟體平台時能夠真正實現成長。

We'll take the next question from the line of Troy Jensen with Lake Street Capital Markets.

接下來，我們將回答來自 Lake Street Capital Markets 的 Troy Jensen 提出的問題。

Congrats on the results. Maybe, Jacob, to start with you. I just want to dig a little bit more into the market activity that you're seeing. Is it mainly just the partners within the market active with you guys now developing the partnerships? Or is it the customer adoption you're really starting to see? And I'd love to know who of the partnership do you think it really drives the biggest opportunity for you guys?

恭喜你們取得這樣的成績。雅各布，或許我們可以先聊聊你。我想更深入地了解你們觀察到的市場動態。目前主要是與市場上的合作夥伴積極拓展合作關係嗎？還是說客戶採納率也在顯著提高？另外，我很想知道，你們認為哪項合作關係對你們來說最具發展潛力？

Certainly. I think it's actually both, a little bit. So certainly, from a partner connectivity perspective with OEM and software, I think the macroeconomic environment is creating a more open environment in the additive community. I think from the end user perspective, for the people who are doing production now, you're starting to see a lot of people who are collecting a lot of data and now figuring out how to make their operations more profitable. And quality is one of the largest hidden costs in 3D printing.

當然。我認為兩者兼而有之。從與OEM廠商和軟體供應商的合作關係來看，宏觀經濟環境確實為積層製造領域創造了一個更開放的環境。而從終端用戶的角度來看，對於目前正在進行生產的人來說，你會發現很多人開始收集大量數據，並努力尋找提高營運利潤的方法。而且，品質是3D列印中最大的隱性成本之一。

So I think that's a big driver of why you've started to see in some of the trade shows and the talk sessions and things like that, the topics and themes having a lot more quality and cost undertone to them here. And so as we are presenting a path to a lower-cost quality solution and one that's more scalable, I think we're feeling a lot of resonance from the end user base. So I'd say both for there, but -- for us, the attachment to OEM APIs is really the big one for us.

所以我認為，這正是為什麼在一些展會和研討會等場合，我們開始看到更多關注品質和成本的話題。因此，當我們提出一種成本更低、品質更高、更具可擴展性的解決方案時，我認為我們感受到了終端用戶群的強烈共鳴。所以，我認為兩者兼而有之，但對我們而言，與OEM API的連結才是真正重要的因素。

Before Sigma is retrofitting on the machines, the ability now to connect and have partners there is a whole additional total addressable market that really just wasn't there in Sigma staff.

在 Sigma 對機器進行改造之前，現在能夠連接並擁有合作夥伴，這帶來了一個全新的潛在市場，而 Sigma 的員工中原本並沒有這樣的市場。

Yes. Perfect. Okay. How about -- can you expand a little bit on Dimension post processing, what you're doing exactly with polymers?

是的，完美。好的。那麼——您能詳細解釋一下Dimension的後處理嗎？您具體是用哪些方法處理聚合物？

Yes. Yes. No, great question. I think we entered the SLS space from a monitoring perspective, earlier in 2022. That kind of brought us into spheres of new additional steps post processing being one of those in that space. And as we build out our software tools, a lot of are items that we built out here are modules to look at quality data over time. And what we found is this is kind of relevant from the whole digital quality chain. And so what we have done is kind of started to build out that quality module with Dimension so that we can connect the further quality chain all the way through post processing to end part to kind of know how that part is progressing through its life cycle.

是的。是的。不，問得好。我認為我們是在2022年初從監控的角度進入SLS領域的。這讓我們接觸到了新的步驟，其中就包括後處理。隨著我們軟體工具的不斷完善，我們開發了許多模組來查看長期的品質數據。我們發現這與整個數位品質鏈都息息相關。因此，我們開始利用Dimension來建構這個品質模組，以便將整個品質鏈（包括後處理和最終部件）連接起來，從而了解部件在其生命週期中的進展。

And I think we'll have plenty of opportunity as well to take some of the things that we built and apply them to either earlier items in the process or later, really to focus again is connecting more of the digital quality stream and keeping it in one user experience versus having to have multiple different things you're jumping around from.

而且我認為我們也有很多機會將我們建造的一些東西應用到流程的早期或後期，真正重要的是再次將更多的數位品質流連接起來，並將其保持在一個用戶體驗中，而不是讓用戶在多個不同的事物之間跳轉。

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would now like to turn the call back over to Jacob Brunsberg, CEO, for closing comments. Over to you, sir.

謝謝。女士們、先生們，問答環節到此結束。現在我把電話交還給執行長雅各布倫斯伯格先生，請他作總結發言。請您發言，先生。

Thanks. I would -- I'd just like to thank everyone for joining us today. We look forward to continuing to update you as we progress, especially as we get towards the launch of our software-only products targeted for Q2. I appreciate the time and talk soon.

謝謝。我——我只想感謝各位今天蒞臨。我們期待繼續向大家報告最新進展，尤其是在我們計劃於第二季推出純軟體產品之際。感謝您抽出時間，期待下次與您交流。

Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們、先生們，今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與。