Onfolio Holdings Inc (ONFO) 2026 Q1 法說會逐字稿

Good morning and welcome to the Onfolio Holdings first-quarter 2026 earnings conference call. Joining us today are Dominic Wells, Chief Executive Officer and Adam Treanor, Chief Operating Officer and Interim Chief Financial Officer.

早安，歡迎參加 Onfolio Holdings 2026 年第一季財報電話會議。今天與會者包括執行長 Dominic Wells，以及營運長兼臨時財務長 Adam Treanor。

Before we begin, I would like to remind everyone that certain statements made during this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied.

在開始之前，我想提醒各位，本次電話會議中所作的某些陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果與所表達或暗示者存在重大差異。

Forward-looking statements are based on management's current expectations as of today's date, and the company undertakes no obligation to update or revise any such statements for a detailed description of risks. And uncertainties, please refer to the Risk Factors section of the company's most recent Form 10-Q filed with the SEC.

前瞻性陳述係基於管理層截至今日的當前預期，公司不承擔更新或修訂任何此類陳述之義務。關於風險與不確定性的詳細說明，請參閱公司最近向美國證券交易委員會（SEC）提交之 Form 10-Q 中的「風險因素」章節。

Additionally, during this call, management may reference certain non-GAAP financial measures and supplemental operating metrics as indicators of performance. These measures should not be considered in isolation or as substitutes for GAAP results. A reconciliation of non-GAAP measures to the most comparable GAAP measures is available on the company's SEC filings, which can be found on the company's website at investors.onfolio.com/filings.

此外，在本次電話會議中，管理層可能會提及某些非 GAAP 財務衡量指標及補充營運指標作為績效指標。這些衡量指標不應被孤立看待，亦不應作為 GAAP 結果的替代。非 GAAP 指標與最可比 GAAP 指標之調節表可於公司向 SEC 提交的文件中取得，相關文件可在公司網站 investors.onfolio.com/filings 查閱。

And with that, I'll turn the call over to Dominic Wells.

接下來，我把電話交給 Dominic Wells。

Thank you and good morning, everyone. We appreciate you joining us today. Before we dive into the quarter and our operational highlights, I wanted to provide a quick overview of who we are at Onfolio Holdings. We are an owner-operator of cash-generating digital businesses, primarily in B2B marketing agencies and B2C online education.

謝謝，各位早安。感謝各位今天加入我們。在我們深入討論本季表現與營運重點之前，我想先簡要介紹 Onfolio Holdings 是一家什麼樣的公司。我們是能產生現金流的數位企業之持有與經營者（owner-operator），主要聚焦於 B2B 行銷代理商與 B2C 線上教育。

Since our IPO in 2022, we have grown revenues from approximately $2 million to $10.7 million in full-year 2025, roughly a 5x increase, entirely through acquiring and operating real businesses that generate real cash flow. As I discussed on our last conference call, we spent 2023 and 2024 building our initial portfolio. Then, at the beginning of 2025, we deliberately paused our acquisition strategy to focus on getting our existing portfolio to a point where it could fund parent company costs.

自 2022 年 IPO 以來，我們的營收已從約 200 萬美元成長至 2025 全年 1,070 萬美元，約為 5 倍成長，完全透過收購並經營能產生真實現金流的實體業務而來。正如我在上次電話會議中提到的，我們在 2023 與 2024 年建立了初始投資組合。接著在 2025 年初，我們刻意暫停收購策略，專注於讓既有投資組合達到可負擔母公司成本的水準。

As we closed out 2025, we made significant strides in achieving consistent profitability, but we recognized we were not quite there and needed to turn our acquisition machine back on. While we have turned more of our attention to acquisitions, including our recently announced financing, which I'll address momentarily, that does not mean we have stopped building upon our operational momentum and optimizing our current portfolio of companies. In fact, we continue to make progress in Q1, enhancing various business models across our portfolio.

在 2025 年結束之際，我們在達成穩定獲利方面取得重大進展，但也意識到仍差臨門一腳，需要重新啟動我們的收購引擎。雖然我們已將更多注意力轉向收購，包括近期宣布的融資（我稍後會說明），但這並不代表我們停止延續營運動能與優化現有公司投資組合。事實上，我們在第一季仍持續取得進展，強化投資組合中各項商業模式。

This resulted in shedding some unprofitable revenue lines, producing a near-term decline in overall revenue, but. Greatly increasing operating efficiency and profitability, giving us a more profitable foundation to grow revenue from. So let's dive further into progress made during the quarter in our two segments, B2B and B2C.

這使我們剝離了一些不具獲利性的營收線，導致整體營收短期下滑，但大幅提升了營運效率與獲利能力，為我們提供更具獲利性的基礎以推動營收成長。接下來我們將進一步說明本季在兩大部門（B2B 與 B2C）的進展。

We continue to see success with our new agency code structure that I introduced on our last call. As a reminder, we have now begun treating our agencies as a unified platform in an effort to create centralized backend fulfillment, shared sales and marketing infrastructure, and clearer accountability across the portfolio. We believe it makes our agency businesses more durable and conditions them for the changes AI is bringing to agency work.

我們持續看到上次電話會議中我介紹的新代理商代碼（agency code）架構帶來成效。提醒各位，我們已開始將旗下代理商視為一個統一的平台，以建立集中式後端交付、共享的銷售與行銷基礎設施，以及在整個投資組合中更清晰的責任歸屬。我們相信，這能讓代理商業務更具韌性，並使其能因應 AI 對代理商工作帶來的變化。

During Q1, we made significant progress with this strategy that we believe will result in notable profitability growth in the current quarters. While our revenue for this segment declined approximately 10% year-over-year, this was an intentional repositioning, specifically with our revenues and portfolio company, which we began restructuring in late 2025 as the business was running at approximately 8% operating margins. The service was solid, the clients were happy, but the cost structure was heavier than it needed to be.

在第一季，我們在此策略上取得重大進展，我們相信這將在接下來幾季帶來顯著的獲利成長。雖然該部門營收年減約 10%，但這是刻意的重新定位，特別是針對我們的 RevenueZen（投資組合公司）之營收與組合；我們在 2025 年底開始進行重整，當時該業務的營業利益率約為 8%。服務品質穩定、客戶滿意，但成本結構比必要水準更為沉重。

We did two things. First, we consolidated revenues and operational overhead under Ethan Standard, our largest agency and the anchor of the B2B agency platform. Second, we didn't replace departed team member with new hires. Toward the end of 2025, two senior leaders moved on from the company. And instead of replacing them, we rebuilt the core operational processes using AI.

我們做了兩件事。第一，我們將營收與營運管理費用整併至 Ethan Standard（我們最大的代理商，也是 B2B 代理商平台的核心）。第二，我們沒有以新聘人員補上離職的團隊成員。在 2025 年底，有兩位資深主管離開公司。我們沒有補人，而是運用 AI 重建核心營運流程。

The team rethought how content gets produced, how client reporting works and how campaigns get managed and the result was a structural reduction in manual overhead and significantly faster turnaround on new business proposals. As a result, operating expenses dropped by over 40% and the business is now running at approximately 15% operating margins, nearly double where it started, while service delivery quality held.

團隊重新思考內容如何產出、客戶報告如何運作，以及行銷活動如何管理；結果是手動管理費用在結構上下降，且新業務提案的周轉速度顯著加快。因此，營運費用下降超過 40%，該業務目前的營業利益率約為 15%，幾乎是起初的兩倍，同時服務交付品質仍維持穩定。

The operational playbook we developed here is now being deployed across additional portfolio companies. The pattern is straightforward, consolidate operational overhead across portfolio companies rather than running duplicate infrastructure, rebuild processes with AI rather than hiring to fill gaps, and focus the team on revenue-generating activities rather than manual overhead. We believe this is what an AI-native operating model looks like in practice.

我們在此建立的營運作戰手冊，現正部署至更多投資組合公司。其模式很直接：在投資組合公司間整併營運管理費用，而非重複建置基礎設施；以 AI 重建流程，而非透過招募補洞；並讓團隊聚焦於創造營收的活動，而非手動管理費用。我們相信，這就是 AI 原生（AI-native）營運模式在實務上的樣貌。

In our B2C segment, as we discussed during our last call, we deliberately pulled back ad spend at Proofread Anywhere, where returns have started to compress. Q1 reflects our decision. By cutting advertising spend by more than 80% year-over-year at Proofread Anywhere, we held the majority of prior year operating profit on roughly one-third of the prior year revenue and net operating margin at the business expanded by approximately 800 basis points. Vital Reaction, our other B2C property, turned modestly profitable on the quarter after losses in the prior year period.

在 B2C 部門，如同我們在上次電話會議中所討論的，我們在 Proofread Anywhere 刻意縮減廣告支出，因為投報率已開始受到擠壓。第一季反映了我們的決策。透過將 Proofread Anywhere 的廣告支出年減超過 80%，我們在約為去年三分之一的營收規模下，仍保住了去年大部分的營業利益，且該業務的淨營業利潤率擴大約 800 個基點。我們另一個 B2C 資產 Vital Reaction，在去年同期虧損後，本季轉為小幅獲利。

As we rebuild the revenue base, we're applying the same playbook I described for our B2B segment. Media buying, ad creative production and the e-mail marketing are now consolidated across both B2C properties and we're putting AI to work in each of those workflows. The goal is to bring paid advertising back at meaningfully better unit economics than before. We believe Q1 is the trough of B2C revenue, and we've already started rebuilding from that base.

在我們重建營收基礎的同時，我們正套用我在 B2B 部門所描述的同一套作戰手冊。媒體採買、廣告創意製作與電子郵件行銷，現已在兩個 B2C 資產間整併，並在各項工作流程中導入 AI。目標是以顯著更佳的單位經濟效益，重新啟動付費廣告。我們認為第一季是 B2C 營收的谷底，而我們已開始自該基礎回升重建。

Now, I wanted to touch on a key development post-Q1. In April, we secured a new $100 million equity facility to further accelerate our acquisition strategy. As I just spoke to, we spent 2025 closing the gap to profitability, and now we're deploying capital to grow.

接著我想談談第一季後的一項關鍵進展。在 4 月，我們取得一項新的 1 億美元股權融資額度，以進一步加速我們的收購策略。正如我剛才所說，我們在 2025 年用來縮小與獲利之間的差距，而現在我們正部署資本以推動成長。

This facility is another tool in our growing capital toolkit. It gives us more optionality to move aggressively on acquisitions, plugging each one into the AI infrastructure we've built while continuing to compound through both our operating businesses and our digital asset treasury.

這項額度是我們日益擴充的資本工具箱中的另一項工具。它讓我們在收購上有更多選擇權，能更積極出手；並將每一項收購標的接入我們已建立的 AI 基礎設施，同時透過營運型業務與我們的數位資產庫存（digital asset treasury）持續複利成長。

The way we think about it internally is straightforward. We are buying online businesses at three to four times free cash flow in a market that is too small for institutional private equity to compete in. We then lay out our AI operating playbook on top of those businesses to expand margins, as we did with RevenueZen.

我們內部的思考方式很直接。我們在一個規模過小、機構型私募股權難以競爭的市場中，以自由現金流的 3 到 4 倍收購線上業務。接著我們在這些業務之上套用 AI 營運作戰手冊以擴大利潤率，就像我們在 RevenueZen 所做的一樣。

From this, every dollar of capital we deploy through this facility is intended to translate into multiple dollars of intrinsic value per share. The arithmetic works, provided we continue to maintain capital discipline.

因此，透過此額度所部署的每一美元資本，目標都是轉化為每股多倍的內在價值。只要我們持續維持資本紀律，這套算術就能成立。

It is also worth noting that this facility is discretionary. We're not obliged to draw it. We control the timing, the amount and the use of proceeds. We will only issue equity when we have a specific accretive use of the capital, primarily acquisitions that immediately add cash flow, with a smaller portion allocated to growing our digital asset reserve. If conditions are not right, we don't draw, that is a meaningful protection for shareholder value.

同時也值得注意的是，這項額度具有裁量性。我們沒有義務動用。我們可自行掌控時點、金額與資金用途。我們只會在資本有明確具增益性（accretive）的用途時才發行股權，主要用於能立即增加現金流的收購，另有較小部分配置於擴增我們的數位資產儲備。若條件不合適，我們就不動用；這對股東價值而言是一項重要的保護。

And lastly, before I turn it over to Adam to walk through the financials, I wanted to highlight that we officially regained compliance with Nasdaq's minimum bid price requirement on May 1, 2026. Maintaining our Nasdaq listing is foundational to everything we're building. With compliance restored and our recently announced $100 million equity facility in place, we remain committed to executing our AI-powered acquisition and growth strategy and continuing to compound value across our portfolio.

最後，在我把電話交給 Adam 帶大家回顧財務數據之前，我想強調我們已於 2026 年 5 月 1 日正式恢復符合納斯達克最低買入價要求的合規狀態。維持我們在納斯達克的上市地位，是我們正在打造的一切的基石。在合規恢復、且我們近期宣布的 1 億美元股權融資額度已到位的情況下，我們仍致力於執行以 AI 驅動的併購與成長策略，並持續在整體投資組合中複利累積價值。

With that, I'll now turn the call over to Adam to walk through our financial results for Q1 2026, and then I'll return with more context on our plans for the remainder of the year.

接下來，我將把電話交給 Adam，請他帶大家回顧我們 2026 年第一季的財務結果，之後我會再回來補充今年剩餘期間計畫的更多背景。

Adam, over to you.

Adam，交給你。

Thanks, Tom. Glad to be speaking with you all today. Unless otherwise noted, all comparisons are first-quarter 2026 versus first-quarter 2025. Starting with our P&L, total revenue for the first-quarter of 2026 was $1.9 million, a decrease of 34% from $2.8 million in the first-quarter of 2025. Revenue from services, primarily our B2B segment, was $1.6 million, a decrease of about 10% from $1.8 million in the prior-year period.

謝謝，Tom。很高興今天能與各位通話。除非另有說明，所有比較皆為 2026 年第一季相較於 2025 年第一季。先從損益表開始，2026 年第一季總營收為 190 萬美元，較 2025 年第一季的 280 萬美元下降 34%。服務收入（主要為我們的 B2B 業務）為 160 萬美元，較去年同期的 180 萬美元約下降 10%。

As Don described, this primarily reflects the intentional repositioning of RevenueZen, where we consolidated operational overhead under Eastern Standard and rebuilds core processes using AI, partially offset by continued growth at Eastern Standard and a new contribution from our Pace Generative subsidiary, which did not exist in the comparable period.

如 Don 所述，這主要反映我們對 RevenueZen 的刻意重新定位：我們將營運管理費用整併至 Eastern Standard 之下，並運用 AI 重建核心流程；部分被 Eastern Standard 的持續成長，以及我們 Pace Generative 子公司帶來的新貢獻所抵銷（該子公司在可比期間尚不存在）。

Revenue from product sales, primarily our B2C segment, was $307,000, compared to $1 million in the prior-year period. The decline reflects the deliberate ad spend pullback at Proofed Anywhere that we initiated in the second-half of 2025 to preserve unit economics, as well as lower contribution from vital reaction in the period. Gross profit for the first-quarter was $0.9 million, compared to $1.7 million in the prior-year period.

產品銷售收入（主要為我們的 B2C 業務）為 30.7 萬美元，去年同期為 100 萬美元。下滑反映我們自 2025 年下半年起在 Proofed Anywhere 主動縮減廣告投放，以維持單位經濟效益，以及本期 vital reaction 的貢獻較低。第一季毛利為 90 萬美元，去年同期為 170 萬美元。

Gross margin was approximately 49% compared to 61% in the first-quarter of 2025. The margin contraction primarily reflects the shift in revenue mix as higher-margin digital product sales declined as a percentage of total revenue. As our agency platform continues to deliver on the AI-driven operating leverage Dawn described and as our B2C businesses normalize, we still expect gross margin to trend into the mid-60% range over the course of 2026.

毛利率約為 49%，相較於 2025 年第一季的 61%。毛利率下滑主要反映營收組合的轉變，因為高毛利的數位產品銷售占總營收的比重下降。隨著我們的代理平台持續實現 Dawn 所描述的 AI 驅動營運槓桿，且我們的 B2C 業務逐步正常化，我們仍預期 2026 年全年毛利率將趨向 60% 中段水準。

Total operating expenses were $1.8 million, a decrease of 30% from $2.5 million in the prior-year period. Within that, selling, generative, and administrative expenses decreased $901,000, or 41%, to $1.32 million. The decrease was driven primarily by lower advertising and marketing costs, with the remainder spread across compensation, contractor, and other G&A categories. This is the AgencyCo and AI-native operating model showing up in the financials.

營業費用總額為 180 萬美元，較去年同期的 250 萬美元下降 30%。其中，銷售、一般及行政費用減少 90.1 萬美元（降幅 41%）至 132 萬美元。下降主要由較低的廣告與行銷成本所帶動，其餘分散於薪酬、承包商費用及其他一般與行政類別。這正是 AgencyCo 與 AI 原生營運模式在財務報表上的體現。

Professional fees did increase to $431,000, primarily driven by higher legal and audit fees related largely to our recent capital markets activity. Loss from operations was $833,000, essentially flat compared to the prior-year period, despite the revenue decline, reflecting the meaningful operating expense reductions. Net loss for the first-quarter of 2026 was $1.9 million, compared to a net loss of $0.9 million in the prior-year period.

專業服務費則增加至 43.1 萬美元，主要由較高的法律與審計費用所致，且多與我們近期的資本市場活動相關。營業損失為 83.3 萬美元，儘管營收下滑，但因營業費用大幅降低，與去年同期基本持平。2026 年第一季淨損為 190 萬美元，去年同期淨損為 90 萬美元。

This figure includes approximately $365,000 in non-cash expenses, a $674,000 non-cash loss on a change in fair value of digital assets, and a $71,000 non-cash loss on a change in fair value of derivative liabilities. None of those latter two items had a comparable amount in the prior-year period. It relates to the convertible note facility we opened in November 2025 and mark-to-market movements in our digital asset holdings during the quarter.

此數字包含約 36.5 萬美元的非現金費用、67.4 萬美元的數位資產公允價值變動所致非現金損失，以及 7.1 萬美元的衍生負債公允價值變動所致非現金損失。後兩項在去年同期沒有可比金額。這與我們於 2025 年 11 月開立的可轉換票據融資安排，以及本季數位資產持有部位的按市價評估變動有關。

We also recorded approximately $218,000 of additional interest expense year-over-year as a result of higher note balances. Excluding those non-cash items, the underlying operating performance is more consistent with the prior year than the headline number suggests.

此外，由於票據餘額較高，我們的利息費用較去年同期增加約 21.8 萬美元。排除上述非現金項目後，基礎營運表現比表面數字所呈現的更接近去年水準。

As a reminder, we believe portfolio operating profit is a non-GAAP metric that most directly reflects the health and trajectory of our businesses. On a trailing 12-month basis, portfolio operating profit was a loss of approximately $1.6 million, compared to a loss of approximately $1.2 million in the prior trailing 12-month period.

提醒一下，我們認為「投資組合營運利潤」是一項非 GAAP 指標，最能直接反映我們各項業務的健康狀況與發展軌跡。以過去 12 個月計算，投資組合營運利潤約為虧損 160 萬美元，相較於前一個過去 12 個月期間約虧損 120 萬美元。

The reported comparison reflects approximately $440,000 of non-cash impairments we took during 2025 on legacy joint venture investments. Excluding those one-time impairments, portfolio operating profit was modestly improved year-over-year, despite the deliberate revenue actions we took during the year, including the revenues and restructuring on the B2B side and the ad spend pullback to proof it anywhere. We expect both of those actions to support expanding portfolio profitability over the course of 2026.

上述報告口徑的比較包含我們在 2025 年針對傳統合資投資所認列約 44 萬美元的非現金減損。排除這些一次性減損後，儘管我們在年度中採取了刻意的營收調整行動（包括 B2B 端的營收與重整，以及對 Proofed Anywhere 的廣告投放縮減），投資組合營運利潤仍較去年同期小幅改善。我們預期這兩項行動將在 2026 年期間支持投資組合獲利能力擴張。

Turning to our balance sheet. As of March 31, 2026, we had cash of $842,000, compared to $2.2 million at year-end 2025. The decline reflects normal operating uses, payment of accrued preferred dividends, scheduled debt service, and the absence of any new financing inflows as our $100 million equity facility was entered into post-quarter end.

接著看資產負債表。截至 2026 年 3 月 31 日，我們的現金為 84.2 萬美元，較 2025 年底的 220 萬美元下降。下降反映正常營運資金使用、支付累計的特別股股利、依期償還債務，以及由於我們 1 億美元股權融資額度是在季後才簽訂，因此本季沒有新的融資流入。

Our digital asset holdings had a total fair value of approximately $1.6 million at quarter-end, compared to $2.3 million at year-end 2025. The decline was driven almost entirely by mark-to-market price movements and is reflected in the $674,000 non-cash loss I mentioned earlier. Our current holdings consist of 5.32 Bitcoin, approximately 320 Ethereum, of which approximately 288 are staked, and approximately 6,888 Solana, all of which are staked.

我們的數位資產持有部位在季末的公允價值合計約為 160 萬美元，較 2025 年底的 230 萬美元下降。下降幾乎完全由按市價評估的價格變動所致，並反映在我先前提到的 67.4 萬美元非現金損失中。我們目前持有 5.32 枚比特幣、約 320 枚以太幣（其中約 288 枚已質押），以及約 6,888 枚 Solana（全部已質押）。

These holdings continue to generate staking rewards. We received approximately $15,000 in staking rewards during the quarter, plus approximately $11,000 of digital assets received in settlement of customer accounts receivable. We continue to view these holdings as a long-term balance sheet asset rather than a trading position on debt. Total outstanding and deadness was $7.7 million compared to $7.8 million at year-end. The slight decrease primarily reflects a reduction in deferred revenue and scheduled paydowns of notes payable.

這些持有部位持續產生質押獎勵。本季我們取得約 1.5 萬美元的質押獎勵，另有約 1.1 萬美元的數位資產係用於結清客戶應收帳款而取得。我們仍將這些持有部位視為資產負債表上的長期資產，而非以負債為基礎的交易部位。未償債務總額為 770 萬美元，較年末的 780 萬美元略降。小幅下降主要反映遞延收入減少以及應付票據的依期償還。

Notes payable to related parties, primarily our Eastern Standard and revenues and seller notes and certain related party advances, totaled approximately $1.3 million across current and long-term, down from approximately $1.4 million at year-end. On our Series A preferred stock, 169,460 shares remained outstanding, carrying a 12% cumulative annual dividend payable quarterly.

應付關係人票據（主要為我們對 Eastern Standard 與 RevenueZen 的賣方票據，以及若干關係人墊款）在流動與長期合計約為 130 萬美元，較年末約 140 萬美元下降。就我們的 A 系列特別股而言，仍有 169,460 股流通在外，附帶 12% 的累積年股利，按季支付。

The Board declared and the company paid the regular quarterly preferred dividend during the quarter, consistent with our record of paying every Series A preferred dividend on time since 2020.

董事會已宣告且公司於本季支付了例行的季度特別股股利，與我們自 2020 年以來每次皆按時支付 A 系列特別股股利的紀錄一致。

With that, I'd like to hand the call back to Dom to discuss our go-forward strategic priorities at more length.

接下來，我想把電話交回 Dom，請他更深入地說明我們未來的策略重點。

Thanks, Adam. Our priorities for 2026 remain the same: generate more cash flow from the existing portfolio, resume acquisitions that immediately add to that cash flow and close the gap between what the portfolio distributes and what it costs to run the parent company. When those two numbers cross, we are self-funding. That is the goal we work toward every day.

謝謝，Adam。我們 2026 年的優先事項維持不變：從既有投資組合創造更多現金流、恢復能立即增加該現金流的併購，並縮小投資組合可分配金額與母公司營運成本之間的差距。當這兩個數字交叉時，我們就能自給自足。這是我們每天努力的目標。

We're also working aggressively to optimize our business by leveraging AI in a meaningful and real way, more than just talk, but delivering tangible improvements across our results, like the revenue zone example I provided earlier.

我們也正積極透過 AI 以有意義且真正落地的方式來優化業務，不只是口頭談論，而是像我先前提供的 RevenueZen 例子那樣，在成果上交付可衡量的改善。

Our AI strategy is centered on delivering high-margin managed AI services to new and existing clients by leveraging frontier AI models to provide enterprise-grade content, marketing, data analytics, and automation solutions.

我們的 AI 策略聚焦於提供高毛利的託管式 AI 服務，透過運用前沿 AI 模型，為新舊客戶提供企業級的內容、行銷、數據分析與自動化解決方案。

This is an asset-light approach, scaling AI revenue on top of existing frontier model infrastructure without the associated capital expenditure risks. We're already making progress rolling out AI services to our existing client base, plus using AI to improve our margins across the B2B statement of our portfolio.

這是一種輕資產的方法，在既有的前沿模型基礎設施之上擴大 AI 收入規模，而不承擔相關的資本支出風險。我們已經在向既有客戶群推廣 AI 服務方面取得進展，同時也運用 AI 改善我們投資組合中 B2B 報表業務的利潤率。

This has already resulted in a significant lift on the sales side also. Sticking with the revenues and example, Q1 2026 was the strongest quarter in the past year for this business, with five new clients closed at $38,000. In new monthly recurring revenue, a record number for this business.

這也已經在銷售端帶來顯著提升。延續營收與案例來看，2026 年第一季是該業務過去一年中最強勁的一季，新增簽下 5 位客戶、金額為 38,000 美元。以新增月度經常性收入（MRR）計，創下該業務的紀錄。

In addition, the B2C segment is benefiting from improved AI-powered data analytics, which is also something we plan to roll out as a new service to existing and new B2B clients. As we make more acquisitions and grow our portfolio, this AI-powered services layer will become increasingly important in scaling our platform.

此外，B2C 部門也受惠於 AI 驅動的資料分析改善；這也是我們計畫作為新服務，推廣給既有與新的 B2B 客戶的項目。隨著我們進行更多併購並擴大投資組合，這一層 AI 驅動的服務將在擴展我們的平台規模方面變得愈發重要。

With acquisitions at the forefront of our strategy in 2026, I want to spend a few minutes on how we are thinking about deals today, because our framework has evolved meaningfully from the one we were operating under a year ago.

由於 2026 年我們的策略將以併購為核心，我想花幾分鐘談談我們目前如何看待交易，因為相較於一年前我們所採用的框架，我們的框架已經有了實質性的演進。

The first thing to understand is that our balance sheet position has changed. With our convertible note facility and our newly announced $100 million equity facility in place, we have access to a level of capital that we simply did not have the past several years. That has changed the type of business we can pursue.

首先要理解的是，我們的資產負債表狀況已經改變。隨著我們的可轉換票據融資額度，以及新近宣布的 1 億美元股權融資額度到位，我們取得了過去幾年根本無法取得的資本水位。這改變了我們能夠追求的業務類型。

We are seeing more established leadership teams, less customer concentration, more recurring revenue than we were seeing 12 months ago. Our pipeline currently targets acquisitions totaling $5 million to $10 million in annual adjusted EBITDA at an average multiple of two to four times trading 12-month adjusted EBITDA before year-end. As a result, we believe the proposed acquisitions could approximately double our revenue run rate and bring our folio to profitability on a consolidated basis.

我們看到的標的，相較於 12 個月前，擁有更成熟的領導團隊、較低的客戶集中度，以及更多的經常性收入。我們目前的併購管線目標，是在年底前以平均 2 到 4 倍的過去 12 個月調整後 EBITDA 交易倍數，完成合計每年 500 萬至 1,000 萬美元調整後 EBITDA 的併購。基於此，我們相信擬議的併購可望使我們的營收運行率約翻倍，並使我們的投資組合在合併基礎上達到獲利。

The second thing, and this is where the AI thesis really comes in, is that every business we acquire makes the next acquisition easier and even more accretive. We have spent significant time and effort building an AI infrastructure across the portfolio. Instruction files, agent workflows, content production systems, client reporting, automation and media buying optimization.

第二點——也就是 AI 論點真正切入之處——是我們每收購一家公司，都會讓下一筆收購更容易、且更具增益性（accretive）。我們已投入大量時間與精力，在整個投資組合中建立 AI 基礎設施，包括指令檔（instruction files）、代理（agent）工作流程、內容生產系統、客戶報告、自動化與媒體採買最佳化。

Once that infrastructure exists, the marginal cost of plugging in a new acquisition drops meaningfully. A holding company is the ideal structure to deploy this. One team, multiple AI agents applied across every business in the portfolio. The more businesses we own, the more valuable that infrastructure becomes. That is a flywheel that most companies cannot replicate. It also creates a specific kind of acquisition opportunity.

一旦這套基礎設施存在，將新收購標的接入的邊際成本就會顯著下降。控股公司是部署這套模式的理想結構。一個團隊、多個 AI 代理，應用於投資組合中的每一項業務。我們擁有的業務越多，這套基礎設施的價值就越高。這是一個多數公司無法複製的飛輪效應。它也創造出一種特定類型的併購機會。

There are a large number of profitable online businesses out there that have not adopted AI in any meaningful way within verticals that we already operated, marketing agencies and e-commerce brands, where we've already proven what our AI operating model can do to margins. Many of them trade at lower valuations precisely because they look like they're at the end of their growth runway.

在我們已經營運的垂直領域中——行銷代理商與電商品牌——市場上有大量獲利的線上企業，尚未以任何有意義的方式採用 AI；而我們已經證明，我們的 AI 營運模式能為利潤率帶來什麼效果。其中許多企業之所以以較低估值交易，正是因為它們看起來像是已接近成長跑道的末端。

We're also looking to expand into financial media and investor services, where we see significant opportunities to build a larger, more diversified platform. We can acquire businesses at attractive multiples and apply our AI operating playbook to drive immediate margin improvement and revenue growth.

我們也在尋求擴展至金融媒體與投資人服務領域，在那裡我們看到建立更大、更多元化平台的重大機會。我們可以用具吸引力的倍數收購企業，並套用我們的 AI 營運作戰手冊，立即推動利潤率改善與營收成長。

That is the recipe, buy at a relative discount, apply the playbook, expand margins and recycle the cash flow into the next deal. And every deal makes the next one more accretive because the platform underneath gets better with each addition.

這就是配方：以相對折價買入、套用作戰手冊、擴大利潤率，並將現金流回收投入下一筆交易。而且每一筆交易都會讓下一筆更具增益性，因為底層平台會隨著每一次新增而變得更強。

To summarize the key takeaways from today's call, in the first-quarter, we made deliberate decisions that reduced near-term revenue but materially improved the operating profile of both segments. We secured a $100 million equity facility post-quarter to fund accretive acquisitions. Expand our AI services layer and incrementally grow our digital asset reserve. We regained Nasdaq minimum bid price compliance on May 1, and we have re-engaged the acquisition pipeline with a sharper framework, larger target sizes and a clearer view of how each new business compounds the value of the platform underneath.

總結今天電話會議的重點要點：在第一季，我們做出了一些有意識的決策，雖然降低了短期營收，但實質改善了兩個部門的營運體質。我們在季後取得 1 億美元股權融資額度，以資助具增益性的併購。擴大我們的 AI 服務層，並逐步增加我們的數位資產儲備。我們已於 5 月 1 日重新符合納斯達克最低買價規定，並以更精準的框架、更大的目標規模，以及更清晰的視角（理解每一項新業務如何複利化底層平台價值），重新啟動併購管線。

The plan is the same one we have been executing against, control parent company costs, grow portfolio cash flow and acquire additional profitable businesses. What has changed is the position we are operating from the balance sheet is stronger, the operating model is more efficient, the AI infrastructure is real and producing measurable results, and the capital is in place. Our job from here is execution.

計畫仍與我們一直在執行的相同：控制母公司成本、成長投資組合現金流，並收購更多獲利企業。改變的是：我們在資產負債表上的起點更強、營運模式更有效率、AI 基礎設施是真實存在且產生可衡量成果的，且資本已到位。接下來我們的工作就是落地執行。

With that, I'll hand it back over to the operator to open the call for Q&A.

接下來我把電話交回給主持人，開放問答。

Thank you. (Operator instructions)

謝謝。（主持人說明）

Edgar Zadorozny, Private Investor.

Edgar Zadorozny，私人投資人。

Good morning. Thank you for taking my questions. I've got a few, if I may. You discussed the position looking between 5 to 10 in aggregate and adjusted EBITDA, but can you give more color how many companies or what size of companies you're looking at? Just trying to get a better understanding of what you're looking at in terms of sizes of the company and the actual amount of companies, just to get an idea of integration and you call over to the health.

早安。謝謝你們回答我的問題。如果可以的話，我有幾個問題。你們提到整體目標大約在 500 萬到 1,000 萬的調整後 EBITDA，但能否更具體說明你們在看的是多少家公司、或是什麼規模的公司？我只是想更了解你們所看的公司規模與實際公司數量，好對整合以及你們提到的健康狀況有個概念。

Yeah, sure. So typically, it hasn't changed substantially compared to historically, I would say the minimum that we're targeting is about a million in EBITDA from a single company. But we're also looking at ones that are doing $2 million, $3 million and as always, we'll take smaller ones if it makes sense.

好的，當然。一般來說，和過去相比並沒有太大改變；我會說我們鎖定的最低門檻，大約是一家公司貢獻 100 萬的 EBITDA。但我們也在看 EBITDA 為 200 萬、300 萬的標的；一如既往，如果合理，我們也會收購更小的。

In terms of quantity, we've got a pretty active pipeline. I think if we acquire as many companies as we'd like to, maybe half a dozen, it's really about finding the businesses that we feel confident running and the valuation makes sense and the business is in good shape.

就數量而言，我們的管線相當活躍。我想如果我們能收購到我們希望的公司數量，可能是半打左右；重點在於找到我們有信心經營、估值合理、且業務狀況良好的企業。

So, I think what's changed since our e-lock announcement and the other financing in November is that we do have much larger businesses coming into our pipeline and sellers understand we're able to make larger acquisitions. So maybe this also changes in six months or so, but right now I'd say that kind of $1 million to $3 million EBITDA size.

所以，我認為自從我們的 e-lock 公告以及 11 月的其他融資之後，改變的是：我們的管線中出現了規模更大的企業，而賣方也理解我們有能力進行更大規模的收購。因此，這在六個月左右也許還會再變，但就目前而言，我會說大約是 100 萬到 300 萬 EBITDA 這個規模。

Thank you. Am I correct in reading that the gross margin declined from 61 to 49?

謝謝。我理解正確嗎：毛利率從 61% 降到 49%？

Yeah.

是的。

Is that something that you think.

那這是否是你們認為……

Sorry, go ahead with your question.

抱歉，你繼續問。

Yeah, can you clarify whether a lower gross margin is mostly temporary, Mike? So is that something we can look forward that you're going to be more in like a 50 range moving on?

好的，你能否釐清一下，較低的毛利率是否大多只是暫時性的，Mike？也就是說，往後我們是否可以預期你們會更接近 50% 左右的水準？

I'll let Adam answer that because he actually touched upon that in his remarks. Yeah, Adam, do you want to take this on?

我讓 Adam 來回答，因為他在發言中其實有提到。Adam，你要不要回應一下？

Sure. So the drop in gross margin doesn't actually reflect a change at the business level, it reflects a shift in the proportion of revenue coming from our services segment versus our like B2C digital product segment. Basically, the margin on digital products is quite high, it's close to a 90% margin, whereas our services segment is high for services industry, but like ranges from 50% to 60% depending on the business.

當然。毛利率下滑其實並不反映業務層面的變化，而是反映我們收入來源結構的變動：來自服務部門的收入占比，相對於我們類似 B2C 的數位產品部門，占比提高了。基本上，數位產品的毛利率相當高，接近 90%；而我們的服務部門在服務業中也算高，但依不同業務約落在 50% 到 60% 之間。

And our current revenue reflects a larger percent of our revenue coming from our services segments than in Q1 last year, which had the largest percent of our revenue coming from the high-margin digital services segment. So the margin change is really a reflection of the shift of proportion in revenue coming from services versus digital products.

而我們目前的收入結構，反映出來自服務部門的收入占比高於去年第一季；去年第一季則是來自高毛利的數位服務部門的收入占比最高。因此，毛利率的變化主要是反映收入在服務與數位產品之間的占比移動。

And as I had mentioned, we're also looking at scaling up advertising from our new more profitable base. On the digital product side. So we expect margin to creep up over the course of the year, both as we start to increase the proportion of sales and digital products, but also as our services agencies continue to see the benefits of implementing AI and, margin expansion.

如同我先前提到的，我們也在評估從目前這個更高獲利的基礎上擴大廣告投放規模。在數位產品方面。因此，我們預期全年毛利率會逐步上升，一方面是因為我們開始提高銷售中數位產品的占比，另一方面則是因為我們的服務型代理業務持續看到導入 AI 所帶來的效益，進而推動利潤率擴張。

Got it. Thank you. May I ask a couple more?

了解了。謝謝。我可以再問幾個嗎？

Yeah, go ahead.

可以，請說。

So this one, I don't. I don't know how much you can tell me, but it was a little bit of concern, so in color helpful, liquidated damages up on default convertible note in '26 was around about 600-ish. Then I'm not going to get into the note, but on the it's related to Eastern Standard Note. There was also another that's getting -- It kind of moved forward about about 400. So I'm just trying to understand, 600 there, 400 here, and that's another basically million of kind of revenues that or whatever cash that going away.

這一點我不太……我不確定你能透露多少，但這確實有點令人擔心，所以如果能補充一些說明會很有幫助：在 2026 年那筆違約可轉換票據上，違約的約定賠償金（liquidated damages）大概是 600 左右。接著我不打算深入談那張票據本身，但在與 Eastern Standard 票據相關的部分，還有另一筆也在增加——大概提前了約 400。所以我想了解的是，這邊 600、那邊 400，加起來基本上又是約 100 萬左右的收入或不管是什麼現金，等於就這樣消失了。

How likely is this kind of things proceed moving forward or do you think it's it's one offs that hopefully won't repeat? Just trying to get understanding of this like one offs type of things that keep popping up.

這類事情未來繼續發生的可能性有多大？還是你認為這些是一次性的、希望不會再重演？我只是想理解這種一次性項目怎麼一直冒出來。

Yeah, understood. So the liquidated damages was one-off. And the other question about the Eastern Standard note, that was really our intention when we first entered into the note in November was to convert the remainder of Eastern Standard's seller note, which is about $800,000 to common stock.

好的，理解。所以那筆約定賠償金是一次性的。至於你提到的 Eastern Standard 票據，當我們在 11 月首次簽訂該票據時，我們的本意其實是把 Eastern Standard 剩餘的賣方票據（seller note）餘額，大約 80 萬美元，轉換為普通股。

Rather than pay it off in September, October as originally intended and negotiated with them. And then after closing the transaction, that negotiation kind of changed and it ended up saying, actually, let's just go back to paying them off with cash in September, although the door is open to converting it instead. So basically that part of the 8,000 and the waiver was really just saying, okay, this bit didn't get solved on the timeline we thought, so let's circle back to it in September.

而不是像原先的意圖、也與對方談判的那樣，在 9 月、10 月用現金償還。交易完成後，那個協商方向有些改變，最後變成「其實我們回到 9 月用現金付清」，不過也仍保留改為轉換的可能性。所以基本上，那 80 萬中的那一部分以及豁免（waiver），只是表示：好，這一段沒有在我們原先預期的時程內解決，那我們 9 月再回頭處理。

In terms of ongoing things, I think there's two things that have really caused a lot of these in the, yeah, so the first one was really related to the actual. When we entered into the note and a lot of those moving parts. And so that's why we don't see that happening again. The other was a lot of the acquisitions we made in 2024, we used a heavy reliance on seller financing and the way we structured it was interest only for two years or for 18 months or three years with a balloon payment at the end.

至於是否會持續發生，我認為主要有兩件事造成了這些狀況。第一個其實與當時的……我們簽訂票據時以及其中許多變動因素有關。因此我們不認為這會再發生一次。第二個是我們在 2024 年做的許多併購，很大程度依賴賣方融資（seller financing），而我們的結構設計是前兩年、或 18 個月、或三年只付利息，最後再一次性支付到期大額款（balloon payment）。

Whereas and that's kind of what created the Eastern Standard note and we had a revenues endnote due at the end of this year and another one paid off at the end of last year. So as we're targeting acquisitions now, we're going to avoid kind of creating this, I don't want to say time bomb, but creating this thing where two years from now, we have a balloon payment coming. So that would either mean. We pay more upfront cash or we make it so that the seller amortizes and pays out over time rather than just interest only and then a big balloon.

而這也就是 Eastern Standard 票據形成的原因。我們在今年底還有一筆 Revenues 的票據到期，去年底也已經償還了另一筆。所以我們現在鎖定新的併購時，會避免再造成這種——我不想說是「定時炸彈」，但就是兩年後突然有一筆到期大額款要付的情況。因此這可能意味著：我們要在前期支付更多現金，或是讓賣方採用分期攤還（amortize）並隨時間支付，而不是只付利息、最後再來一筆很大的到期大額款。

So kind of back to your question, do we think it will continue? It's not our intention and we don't think it will, but sometimes the structure of a deal might have this element and sometimes not, but we're very mindful of not just continuingly creating these big cash payments obliged in the future.

回到你的問題：我們認為它會繼續發生嗎？這不是我們的意圖，我們也不認為會，但有時交易結構可能會包含這種元素，有時則不會。不過我們非常注意不要一再在未來累積這些必須支付的大額現金款項。

Thank you. And I just have a quick one is the current cash, is that about the same? If you can share that, because I know we're running, it's that kind of running low, 800, is it still the same excluding the new equity.

謝謝。我還有一個很快的問題：目前現金水位大概還是一樣嗎？如果你能分享的話。因為我知道之前現金有點偏低，大概 800（左右），扣除這次新的股權融資後，還是一樣嗎？

We can't really share the finances beyond March 31. So, yes, I can't really comment on that. But obviously, cash is something we're watching very carefully and that's why the acquisitions are important too.

我們無法分享 3 月 31 日之後的財務數據，所以我沒辦法評論。但很明顯，現金是我們非常密切關注的項目，這也是為什麼併購同樣很重要。

And last one. You've been doing a little bit of restructuring, repositioning. Are you thinking that in Q1, this is going to go into Q2 and Q3? And how much efficiency do you think you can add more to lower expenses? Will that allow to get more color in that?

最後一個問題：你們做了一些重整、重新定位。你們認為在第一季做的這些會延續到第二季、第三季嗎？你們覺得還能再提升多少效率以降低費用？能否再多給一些說明？

Yeah, I think I'll kind of start the answer and then I'll pass it to Adam because he's more in the weeds than I am. But basically, I think the bulk of it was done at the end of Q4 and the beginning of Q1 really with Eastern Standard and revenue then because they're our largest assets in that space, but there is still more opportunity.

好的，我先簡單回答一下，然後我會把問題交給 Adam，因為他比我更深入細節。基本上，我認為大部分工作是在第四季末和第一季初完成的，主要是在 Eastern Standard 和 Revenues 上，因為它們是我們在那個領域最大的資產，但確實仍有更多機會。

The smaller assets like DDS Rank, Content Elect have opportunity for us to improve the margins there and kind of just take the playbook from what we've done with the two bigger businesses and then map it across them. Plus, I think revenues and an Eastern Standard, they have room for improvement as well. And I don't mean that in a negative way. I just think there's always room for further optimization. But yeah, Adam, do you want to add anything there?

像 DDS Rank、Content Elect 這些較小的資產，我們也有機會改善其利潤率，基本上就是把我們在兩個較大業務上做過的作法（playbook）複製並套用到它們身上。另外，我認為 Revenues 和 Eastern Standard 也還有改善空間。我不是以負面角度在說。我只是覺得永遠都有進一步優化的空間。不過 Adam，你要不要補充？

Yeah, I mean, I think there's still room to eke out single point like margin expansion like across the services businesses over the course of the year, I do think that the bulk of the work in terms of integration and creating efficiency has been realized and that now.

是的，我的意思是，我認為在今年的過程中，服務型業務整體仍有空間再擠出一些、例如以「個位數百分點」計的利潤率擴張。我也確實認為，就整合與提升效率而言，大部分工作成果已經實現了，而現在……

Really what the businesses need is sales volume because we've gotten to a point where they are comfortably able to fulfill and service like their existing customer base, and we've added a ton of new capacity without adding new costs.

企業真正需要的是銷售量，因為我們已經到了這樣的階段：它們能夠很從容地履約並服務既有客戶群，而且我們在不增加新成本的情況下，新增了大量產能。

And so what we'll really see as the year goes on is that we're going to continue to increase the number of customers we're serving at each business without needing to increase capacity, fulfillment or overhead. And so we'll see pretty significant, I think, margin expansion over the course of the year, but it's going to be a factor more of new sales coming into a base that's been built to be very efficient as opposed to finding increased efficiencies from existing revenue.

因此，隨著今年推進，我們真正會看到的是：我們會在各個業務中持續增加服務的客戶數，而不需要增加產能、履約資源或管理費用（overhead）。所以我認為全年會看到相當顯著的利潤率擴張，但這更多是因為新銷售進入一個已經打造得非常高效率的基礎之上，而不是從既有營收中再去找更多效率提升。

I understand. Okay, great. I appreciate all the call, guys. Thank you.

我了解。好的，很好。我很感謝這通電話，各位。謝謝。

Yeah, thanks. We appreciate the questions and always happy to talk.

好的，謝謝。我們很感謝你的提問，也隨時樂意交流。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Wells for final comments.

謝謝。各位女士先生，問答環節到此結束。我將把時間交回給 Wells 先生。請他做最後結語。

Thank you, and thanks, everybody, for joining us today. We plan to host our next quarterly conference call to discuss Q2 results in mid-August. Have a great rest of your day.

謝謝，也謝謝各位今天加入我們。我們計畫在 8 月中旬舉行下一次季度電話會議，討論第二季（Q2）業績。祝各位今天剩下的時間愉快。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。