Palladyne AI Corp (PDYN) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by, welcome to the Q3 2023 Sarcos Technology and Robotics Corporation Earnings Conference Call. (Operator Instructions). I would now like to hand the conference over to your speaker today, Julie Kegley with financial profiles for Sarcos. Please go ahead.

美好的一天，感謝您的耐心等待，歡迎參加 Sarcos 技術和機器人公司 2023 年第三季財報電話會議。 （操作員說明）。現在我想將會議交給今天的發言人 Julie Kegley，她將介紹 Sarcos 的財務概況。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to this Sarcos technology and robotics Corporation Third Quarter 2023 earnings call. Joining us on the call this afternoon are Sarcos President and Chief Executive Officer, Laura Peterson and Chief Financial Officer, Drew Hamer. Laura will start the call with a discussion of business highlights from the third quarter and recent events, and Drew will then talk in more detail about the financial results before they take analyst questions.

謝謝你，接線生。大家下午好，歡迎參加 Sarcos 技術和機器人公司 2023 年第三季財報電話會議。今天下午參加我們電話會議的還有 Sarcos 總裁兼執行長 Laura Peterson 和財務長 Drew Hamer。勞拉將首先討論第三季的業務亮點和最近發生的事件，然後德魯將在回答分析師問題之前更詳細地討論財務表現。

Before we begin, we must state that today's call will contain forward-looking statements, including statements concerning future commercial production, relief and availability of our products, product usage features, capabilities and value proposition, target market and market trends, size and expectation, strategic direction, company facilities, customer demand and future financial results, condition and cash flows, including future cost and cost trends, cash usage, restructuring charges and liquidity.

在開始之前，我們必須聲明，今天的電話會議將包含前瞻性陳述，包括有關未來商業生產、我們產品的救濟和可用性、產品使用特徵、能力和價值主張、目標市場和市場趨勢、規模和期望的陳述，策略方向、公司設施、客戶需求和未來財務表現、狀況和現金流，包括未來成本和成本趨勢、現金使用、重組費用和流動性。

These statements represent management's beliefs and expectations as to future events as of today, but there are many risks and uncertainties that could cause actual results to differ from what we have projected. Among those risks and uncertainties are those described in our report on Form 10Q filed today with the SEC and those mentioned in today's earnings press release.

這些陳述代表了管理階層對截至今天的未來事件的信念和期望，但存在許多風險和不確定性，可能導致實際結果與我們的預測不同。這些風險和不確定性包括我們今天向 SEC 提交的 10Q 表格報告中所述的風險和不確定性以及今天的收益新聞稿中提到的風險和不確定性。

Both of which are available on the SEC's website and in the Investors section of our website at Sarcos.com. We encourage you to review the risks and uncertainties described in the press release and 10Q and in our other filings with the SEC for further information regarding these actual and potential risks and uncertainties.

兩者均可在 SEC 網站和我們網站 Sarcos.com 的投資者部分中找到。我們鼓勵您查看新聞稿和 10Q 以及我們向 SEC 提交的其他文件中所述的風險和不確定性，以獲取有關這些實際和潛在風險和不確定性的更多資訊。

We also encourage you to review the Special Notes Regarding Forward-Looking Statements included in the earnings release and 10Q. In addition, we will be discussing certain non-GAAP financial measures on our call today throughout this call, all financial measures will be GAAP unless otherwise noted.

我們也鼓勵您查看收益報告和 10 季中包含的有關前瞻性陳述的特別說明。此外，我們將在今天的電話會議上討論某些非 GAAP 財務指標，除非另有說明，所有財務指標都將採用 GAAP 財務指標。

A reconciliation of any non-GAAP measures to the most directly comparable GAAP measures as well as the description, limitations and rationale for such measures are included in the earnings release. A recording of this call will be available on our website until December 14, 2023. The information that we're giving on the call is as of today's date, and we undertake no obligation to update the information subsequently, except as may be required by law. Now I would like to turn the call over to Laura Peterson, President, and CEO of Sarcos. Laura.

任何非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節以及此類衡量標準的描述、限制和理由均包含在收益發布中。本次通話的錄音將在 2023 年 12 月 14 日之前在我們的網站上提供。我們在通話中提供的資訊截至今天，我們不承擔隨後更新資訊的義務，除非另有要求。法律。現在我想將電話轉給 Sarcos 總裁兼執行長 Laura Peterson。勞拉。

Thank you, Julie, and good afternoon to all of you joining us on today's call. I am pleased to be speaking to you as the recently appointed President and CEO of Sarcos, a role for which I am sure many of you remember I said I was not a candidate; however, much has changed in a short time, and I was honored to be asked by the Board to accept the permanent role.

謝謝朱莉，祝參加今天電話會議的所有人下午好。我很高興能作為最近任命的 Sarcos 總裁兼執行長與你們交談，我相信你們中的許多人都記得我說過我不是候選人；然而，短時間內發生了很大的變化，我很榮幸能被董事會邀請接受永久職位。

As I began leading the company in May, it was apparent that we needed to focus the business on clearly-defined end markets with 18 products and solutions. We did not have the capacity to commercialize each one of those with our available resources. It was important that we rigorously prioritize our products.

當我從 5 月開始領導公司時，很明顯我們需要將業務重點放在擁有 18 種產品和解決方案的明確定義的終端市場上。我們沒有能力利用我們現有的資源將其中每一項商業化。嚴格優先考慮我們的產品非常重要。

After significant analysis, we identified subsea, aviation, solar and software as the four markets with the most potential for near term revenue growth and acute customer need and the greatest traction in evolving markets.

經過大量分析，我們將海底、航空、太陽能和軟體確定為近期收入成長最具潛力、客戶需求最迫切以及不斷發展的市場中最具吸引力的四個市場。

We defined the products and product concepts for those end markets initially narrowing 18 product areas to four, but our work did not stop there. We continued our rigorous data-driven review of our products and development programs, leading to a deeper understanding of the risks and work necessary to bring all of these products to market.

我們為這些終端市場定義了產品和產品概念，最初將 18 個產品領域縮小到 4 個，但我們的工作並沒有就此停止。我們繼續對我們的產品和開發計劃進行嚴格的數據驅動審查，從而更深入地了解將所有這些產品推向市場所需的風險和工作。

With the consideration of our cash position as well as third party dependencies, customer decision timing and the cost and time to achieve a significant and steady revenue stream from our hardware products. It was clear that we should adjust course rapidly to right size the company and get our cash usage down to a level that we believe will provide the best opportunity for success with our available resources.

考慮到我們的現金狀況以及第三方依賴性、客戶決策時間以及從我們的硬體產品中實現可觀且穩定的收入流的成本和時間。很明顯，我們應該迅速調整方向，以調整公司規模，並將現金使用量降低到我們認為能夠利用現有資源提供最佳成功機會的水平。

We made the decision to suspend our hardware commercialization efforts, implement a significant reduction in force and focus our resources on our AI platform. We believe this is the right thing to do. The common key differentiator of our robotic systems has been our advanced software, including our performance, enhancing artificial intelligence and machine learning capabilities.

我們決定暫停硬體商業化工作，大幅裁減兵力，將資源集中到人工智慧平台。我們相信這是正確的做法。我們的機器人系統的共同關鍵區別在於我們先進的軟體，包括我們的性能、增強的人工智慧和機器學習能力。

We believe that there is a significant near and midterm market need and customer value proposition for the capabilities our software platform will provide. Our AIML software platform is being developed to greatly reduce the time to program and train robotic systems, which we believe will accelerate implementation to a small fraction of the current approach, providing customers with significant increased productivity at a lower cost and in a more efficient manner.

我們相信，我們的軟體平台將提供的功能存在重大的近期和中期市場需求和客戶價值主張。我們正在開發的AIML 軟體平台將大大減少機器人系統程式設計和訓練的時間，我們相信這將加快實施速度，只佔當前方法的一小部分，從而以更低的成本和更有效率的方式為客戶提供顯著提高的生產力。

By design the success-based learning approach used by our software will enable robotic systems to pursue their environment and quickly adapt to changing circumstances by generalizing from their past experience.

透過設計，我們的軟體使用的基於成功的學習方法將使機器人系統能夠追蹤其環境，並透過總結過去的經驗來快速適應不斷變化的環境。

This ability to continually learn and apply their learnings to new situations and challenges will enable these robotic systems to quickly adapt and continue to perform the desired tests. We believe that our AI software platform, which is applicable to the majority of the industrial robots being sold around the world, we'll enable a dramatic reduction in robotic training times, while also making industrial robots far more agile, meaning they can perform more tasks with greater variability similar to how humans can perform a wide variety of tasks.

這種不斷學習並將所學知識應用於新情況和挑戰的能力將使這些機器人系統能夠快速適應並繼續執行所需的測試。我們相信，我們的人工智慧軟體平台適用於世界各地銷售的大多數工業機器人，我們將大幅減少機器人訓練時間，同時使工業機器人更加敏捷，這意味著它們可以執行更多任務具有更大可變性的任務類似人類執行各種任務的方式。

In our lab environment, we have trained robotic arms to do simple tasks in minutes. Our software platform enables the robots to learn how to work around unforeseen changes or obstacles by building on their initial programming.

在我們的實驗室環境中，我們訓練機械手臂在幾分鐘內完成簡單的任務。我們的軟體平台使機器人能夠透過建立初始編程來學習如何解決不可預見的變化或障礙。

The robots incorporate internal and external environmental inputs that allow them to understand their environments, determine reasonable behavior in unforeseen situations and quickly apply them to the task at hand.

機器人結合了內部和外部環境輸入，使它們能夠了解周圍的環境，在不可預見的情況下確定合理的行為，並快速將其應用到手頭的任務中。

Each newly learned task will then be incorporated and used to perform future tasks. This closed loop autonomy approach is the key to how our software will help reduce costly workflow stoppages and prevent unnecessary downtime.

然後，每個新學習的任務將被合併並用於執行未來的任務。這種閉環自治方法是我們的軟體如何幫助減少代價高昂的工作流程中斷並防止不必要的停機的關鍵。

We expect to bring that product to market in the first half of 2024, with revenue being recognized beginning in the second half of 2024. Our decision to suspend commercialization efforts of our hardware products and focus on our software platform will result in significant cash savings and increased efficiencies throughout the organization in large part by drastically reducing headcount.

我們預計將在 2024 年上半年將該產品推向市場，並於 2024 年下半年開始確認收入。我們決定暫停硬體產品的商業化工作並專注於我們的軟體平台，這將帶來大量現金節省和在很大程度上透過大幅減少員工數量來提高整個組織的效率。

We will continue some hardware system R&D efforts on a substantially reduced scale in part to support our software platform development efforts. We will be closing our Pittsburgh facilities as well. We are confident about the future of our advanced software and technology focus and see tremendous potential for SaaS business.

我們將持續大幅縮減硬體系統研發工作，部分支援我們的軟體平台開發工作。我們也將關閉匹茲堡的工廠。我們對先進軟體和技術重點的未來充滿信心，並看到 SaaS 業務的巨大潛力。

By decoupling or advanced AIML software from our own robotic systems. We believe we have the opportunity to reach a much broader market more quickly by targeting existing deployed robotic systems and new sales of third party systems.

透過將高級 AIML 軟體與我們自己的機器人系統分開。我們相信，透過瞄準現有已部署的機器人系統和第三方系統的新銷售，我們有機會更快地進入更廣泛的市場。

We can provide customers with the solutions they need through the intellectual capital that circles brings to the table, but without requiring significant investments in hardware development and production.

我們可以透過circle帶來的智力資本為客戶提供他們需要的解決方案，但不需要在硬體開發和生產方面進行大量投資。

One of the reasons I am confident in taking the path of a SaaS model company is the advanced state of our AIML. program that began in 2017 with a vision to use these technologies to greatly enhance the capabilities of our robotics system.

我有信心走SaaS模式公司道路的原因之一就是我們AIML的先進水準。該計畫於 2017 年啟動，旨在利用這些技術極大增強我們機器人系統的功能。

We progress to our first site, [our] government proposal, which stands for Cybernetics training for autonomous robots in 2019, we began significant development work in 2020 when we hired Dr. Denis Garagić, our Chief Technology Officer, who heads our AIML software development efforts.

我們進展到我們的第一個站點，[我們的]政府提案，它代表2019 年自主機器人的控制論培訓，我們在2020 年開始了重大的開發工作，當時我們聘請了我們的首席技術官Denis Garagiä博士，他負責我們的AIML 軟體發展努力。

With more than 25 years of experience in the AI and ML technology space. Denis is an internationally recognized leader who has written more than 40 academic papers and holds several patents in applied controls for autonomous robotics and machine learning.

在 AI 和 ML 技術領域擁有超過 25 年的經驗。 Denis 是國際公認的領導者，撰寫了 40 多篇學術論文，並擁有自主機器人和機器學習應用控制領域的多項專利。

With years of Department of Defense funded AI software development programs under our belt as well as ongoing DoD funded contracts. And one of the foremost authorities in the field leading our technology vision. We are well positioned to excel in redefining the use of software in the programming, training, and management of industrial and other advanced robots in complex and dynamic environment.

我們擁有多年的國防部資助的人工智慧軟體開發項目以及正在進行的國防部資助的合約。也是引領我們技術願景的領域中最重要的權威之一。我們處於有利地位，能夠在複雜和動態環境中重新定義軟體在工業機器人和其他先進機器人的程式設計、培訓和管理中的使用。

Throughout this time of organizational change, we have continued to build momentum through customer wins. In addition to the expanded AI contract with the Air Force Research Laboratory that I mentioned last quarter, we recently reported an additional important achievement.

在整個組織變革過程中，我們繼續透過贏得客戶來增強動力。除了我上個季度提到的與空軍研究實驗室擴大人工智慧合約之外，我們最近還報告了一項額外的重要成就。

We have received a $13.8 million four-year contract from the US Air Force to advanced artificial intelligence and machine learning software. The contract supports the development integration and validation of our AI and ML software framework for success based learning, which will allow robots to perceive their environment (technical difficulty) -- Frontlines and will behavior in unforeseen situations and quickly change their actions.

我們從美國空軍獲得了一份價值 1380 萬美元的四年合約，涉及先進的人工智慧和機器學習軟體。該合約支援我們的人工智慧和機器學習軟體框架的開發整合和驗證，以實現基於成功的學習，這將使機器人能夠感知其環境（技術難度）——前線，並在不可預見的情況下行為並快速改變其行為。

We're going to we are striving to teach robots to emulate what humans do to adapt to new situations, leveraging existing knowledge and then generalize for limited data to fill in the gap. Our goal is to outperform current AI approaches and both effectiveness and efficiency to create greater synergy between human workers and AI technology to enhance productivity and workflow agility.

我們將努力教導機器人模仿人類的行為來適應新的情況，利用現有的知識，然後概括有限的資訊來填補空白。我們的目標是超越目前的人工智慧方法以及有效性和效率，在人類工作者和人工智慧技術之間創造更大的協同作用，從而提高生產力和工作流程敏捷性。

We believe we offer a compelling and differentiated value proposition with our software. It has been and will continue to be tested on both existing third party robotic platforms as well as Sarcos own development platforms to mitigate risks associated with deploying our advanced software in a commercial setting.

我們相信我們的軟體可以提供令人信服且差異化的價值主張。它已經並將繼續在現有的第三方機器人平台以及 Sarcos 自己的開發平台上進行測試，以減輕與在商業環境中部署我們的先進軟體相關的風險。

As we move forward Ben Wilson, Founder, Board member and former CEO of the company, has rejoined the executive team as Executive Vice Chairman. I ask Ben to be a part of my team to leverage his extensive experience with the Company, potential customers and the industries and markets we are targeting.

隨著我們的前進，公司創始人、董事會成員兼前執行長 Ben Wilson 重新加入執行團隊，擔任執行副主席。我邀請 Ben 成為我團隊的一員，利用他在公司、潛在客戶以及我們目標產業和市場的豐富經驗。

He will support our efforts to bring our AI software platform to market as well as help us evaluate and pursue strategic business opportunities, support our commercialization efforts, improve speed the market and accelerate revenue.

他將支持我們將人工智慧軟體平台推向市場的努力，並幫助我們評估和尋求策略商機，支援我們的商業化工作，提高市場速度並增加收入。

Ben and I along with the rest of the Board, are united in our belief that robotic AI and ML software is the future for Serco. AI and ML aren't shiny new object or buzzword for us. They are an integral part of the years of work and millions of dollars we've invested and we see potential applications in the majority of the robotic arms being sold in the market today.

Ben 和我以及董事會其他成員一致相信機器人人工智慧和機器學習軟體是 Serco 的未來。對我們來說，人工智慧和機器學習並不是閃亮的新事物或流行語。它們是我們多年工作和投資數百萬美元不可或缺的一部分，我們看到了當今市場上銷售的大多數機械手臂的潛在應用。

I am pleased with the progress the team has made, and I am optimistic about our future as we move forward to serve customers with our robotics AIML software platform. I'll now turn the call over to Drew to report on the financials.

我對團隊的進展感到高興，並且對我們的未來感到樂觀，因為我們將繼續透過機器人 AIML 軟體平台為客戶提供服務。現在我將把電話轉給德魯，報告財務狀況。

Thank you, Laura to everyone on the line. It is a pleasure to be here today speaking with you. As I review our financial results today, all comparisons I will use are year over year.

謝謝勞拉，謝謝在線的每個人。很高興今天能在這裡與大家交談。當我今天回顧我們的財務表現時，我將使用的所有比較都是逐年進行的。

For the third quarter of 2023, revenue was $1.8 million compared to $4.7 million during the third quarter of 2022. The lower revenue in Q3 was primarily due to the completion of certain product development contracts during 2023 that had not yet been replaced with new contracts.

2023 年第三季的收入為180 萬美元，而2022 年第三季的收入為470 萬美元。第三季收入較低的主要原因是2023 年期間完成了某些產品開發合同，但尚未被新合約取代。

Offset slightly by an increase in product revenue related to the sale of two Guardian C class units. Cost of revenue decreased to $1.2 million in Q3 2023 as compared to $3.6 million in Q3 2022, mainly due to decreased labor and material expenses charged product development contracts during the quarter third quarter 2023. Total operating expenses, including cost of revenues, were $32.6 million, an increase from the third quarter 2022. Operating expenses, $31.9 million.

與銷售兩台 Guardian C 級設備相關的產品收入增加略有抵消。 2023 年第三季的收入成本下降至120 萬美元，而2022 年第三季為360 萬美元，這主要是由於2023 年第三季產品開發合約中收取的人工和材料費用減少。包括收入成本在內的總營運費用為3,260 萬美元，較 2022 年第三季有所增加。營運費用為 3,190 萬美元。

I'll now discuss the operating expenses in more detail. In connection with the July and November restructurings. As previously announced, the Company incurred charges of $11.2 million in the third quarter of 2023, including $5.5 million in employee and employee related charges, $5.2 million for the write-down of inventory and $0.5 million related to the impairment of certain fixed assets.

我現在將更詳細地討論營運費用。與 7 月和 11 月的重組有關。如同先前所公佈的，該公司在2023 年第三季產生了1,120 萬美元的費用，其中包括550 萬美元的員工及員工相關費用、520 萬美元的庫存減記以及與某些固定資產減損相關的50萬美元。

Research and development expenses were $10 million in the third quarter, down slightly from $10.5 million in the third quarter of 2022. This decrease was driven primarily by reduced third-party professional service expenses during the current year period as part of our prioritization efforts on development and commercialization of our focused products.

第三季的研發費用為 1,000 萬美元，略低於 2022 年第三季的 1,050 萬美元。這一下降主要是由於本年度第三方專業服務費用的減少，這是我們優先發展工作的一部分以及我們重點產品的商業化。

General and administrative expenses were down 48% to $7.6 million in the third quarter, primarily due to reduced stock-based compensation expense $6.8 million due to certain awards vesting in the prior year and reduced outstanding unvested awards due to employee terminations during the current year period.

第三季一般及管理費用下降 48% 至 760 萬美元，主要是由於上一年歸屬的某些獎勵減少了 680 萬美元的股票薪酬費用，以及由於本年度員工解約導致未歸屬獎勵減少。

Sales and marketing expenses were $1.8 million, a decrease of 27% compared to the third quarter of 2022 due to a decrease in professional service fees related to third party platform expenses utilized in data management of our products and services. Third Quarter 2023 net loss was $29 million or a loss of $1.13 per share compared to a net loss of $22.5 million or a loss of $0.89 per share in the third quarter of the prior year.

銷售和行銷費用為 180 萬美元，較 2022 年第三季下降 27%，原因是與我們產品和服務的資料管理中使用的第三方平台費用相關的專業服務費用減少。 2023 年第三季淨虧損為 2,900 萬美元，即每股虧損 1.13 美元，而上年度第三季淨虧損為 2,250 萬美元，即每股虧損 0.89 美元。

Third quarter non-GAAP net loss was $17 million or a non-GAAP loss of $0.66 per share compared to a non-GAAP net loss of $18.6 million. Our non-GAAP loss of $0.74 per share in 2022. Please note on July 5, we effected a one for six reverse stock split of the company's outstanding shares of common stock. All share and per-share amounts have been retroactively adjusted for all periods presented to reflect the reverse stock split.

第三季非 GAAP 淨虧損為 1,700 萬美元，或非 GAAP 每股虧損 0.66 美元，而非 GAAP 淨虧損為 1,860 萬美元。 2022 年，我們的非 GAAP 虧損為每股 0.74 美元。請注意，7 月 5 日，我們對公司已發行普通股進行了 1:6 反向股票分割。所有列報期間的所有股份和每股金額均已進行追溯調整，以反映反向股票分割。

We ended the quarter with $55.1 million in unrestricted cash, cash equivalents and marketable securities. And now going to turn to our financial guidance for the fourth quarter of 2023. As Laura discussed, and I hope you saw in our other announcements today, we are pivoting the business to focus on the larger opportunity of robotic, artificial intelligence or AI in machine learning or ML software platform.

本季結束時，我們擁有 5,510 萬美元的非限制性現金、現金等價物和有價證券。現在轉向我們 2023 年第四季的財務指引。正如 Laura 所討論的那樣，我希望您在我們今天的其他公告中看到，我們正在將業務重點轉向機器人、人工智慧或 AI 領域的更大機會。機器學習或ML 軟體平台。

With the need to ensure we have sufficient financial resources to pursue that opportunity, we have made the difficult decision to suspend for the foreseeable future. Our subsea aviation and solar robotics hardware commercial efforts.

為了確保我們有足夠的財務資源來抓住這個機會，我們做出了在可預見的未來暫停的艱難決定。我們的海底航空和太陽能機器人硬體商業努力。

Some small R & D hardware efforts will continue in part to support our software platform development efforts. However, we intend to address these markets through our AIML software platform. As a result of the decision to streamline our business approximately 150 employees were notified today that their positions in the Company will be eliminated on January 16, 2024.

一些小型的硬體研發工作將繼續部分支援我們的軟體平台開發工作。然而，我們打算透過我們的 AIML 軟體平台來滿足這些市場的需求。由於我們決定精簡業務，今天約 150 名員工收到通知，他們在公司的職位將於 2024 年 1 月 16 日被取消。

This will leave approximately 65 employees in the company, which we currently expect will be the approximate headcount throughout most of 2024. We anticipate incurring additional restructuring expenses related to restructuring actions taken during 2023 in the range of $22 million to $24 million during the fourth quarter of 2023 in the first quarter of 2024.

這將使公司留下約65 名員工，我們目前預計這將是2024 年大部分時間的大致員工人數。我們預計第四季度將產生與2023 年採取的重組行動相關的額外重組費用，在2,200 萬至2,400 萬美元之間2023年的2024年第一季。

These expenses include approximately $4 million in personnel expenses such as salaries, wages, benefits, and severance related to eliminated headcount. The remainder will be noncash expenses related to expected accelerated amortization of intangible and other assets due to the strategic shift initiated during the fourth quarter.

這些費用包括約 400 萬美元的人事費用，例如與裁員相關的薪資、薪資、福利和遣散費。其餘部分將是由於第四季度啟動的策略轉變而與無形資產和其他資產預計加速攤銷相關的非現金費用。

Due to many variables associated with the organizational and business changes announced today, I will not be providing revenue guidance for the fourth quarter. I can tell you that we expect our cash to be approximately $39 million at the end of the fourth quarter.

由於與今天宣布的組織和業務變更相關的許多變量，我將不會提供第四季度的收入指引。我可以告訴你，我們預計第四季末的現金約為 3900 萬美元。

Cash usage from ongoing operations should average approximately $1.6 million per month in 2024. With the launch of the software platform in the second half of the year, the cash usage could be reduced further by customer purchases in the service.

到 2024 年，持續營運的現金使用量平均每月約為 160 萬美元。隨著下半年軟體平台的推出，客戶購買該服務可能會進一步減少現金使用。

Reflecting our new business model, quarterly research and development expenses are expected to decrease in the first quarter of 2024 by approximately 80% when compared to the third quarter of 2023. After adjusting for stock-based compensation expense, we also expect the implementation of our business realignment will result in general and administrative expenses trending down on a quarterly basis for the next two quarters.

反映我們的新業務模式，預計 2024 年第一季的季度研發費用將比 2023 年第三季減少約 80%。在調整股票補償費用後，我們也預計我們的業務調整將導致未來兩個季度的一般和管理費用按季下降。

We expect general and administrative expenses for the first quarter of 2024 will decrease by approximately 35% when compared to the third quarter of 2023. Our SaaS business model is expected to result in sales and marketing decreasing by approximately 60% in the first quarter 2024 from what it was in the third quarter 2023.

我們預計2024 年第一季的一般和管理費用將比2023 年第三季減少約35%。我們的SaaS 業務模式預計將導致2024 年第一季的銷售和行銷費用比2023 年第三季減少約60%. 2023 年第三季的情況。

Looking at our balance sheet, we are significantly reducing our cash usage to provide us the runway to continue developing our AIML software platform to capitalize on anticipated demand. We intend to manage our average monthly cash usage to approximately $1.6 million in 2024. We believe that we have sufficient liquidity to operate well into 2025 without additional financing.

從我們的資產負債表來看，我們正在大幅減少現金使用量，以便為我們繼續開發 AIML 軟體平台以充分利用預期需求提供途徑。我們計劃在 2024 年將平均每月現金使用量控制在約 160 萬美元。我們相信，我們有足夠的流動性，可以在無需額外融資的情況下順利運營到 2025 年。

In conclusion, by running a leaner business, it is more efficient and reducing cash usage. The Company is in a stronger position to reach profitability. We believe this should lead to long-term stockholder value creation. Now I'd like to turn the call over to the operator. Operator, would you kindly repeat the instructions to ask a question.

總之，透過營運更精簡的業務，可以提高效率並減少現金使用。公司在實現盈利方面處於更有利的地位。我們相信這應該會帶來長期的股東價值創造。現在我想把電話轉給接線生。接線員，請您重複說明來提問。

(Operator Instructions)

（操作員說明）

Rob Mason, Baird.

羅布梅森，貝爾德。

Yes, good afternoon. Hello, Rob.

是的，下午好。你好，羅布。

I wanted to touch real quick just around your projected cash burn rate for next year averaging 1.6, but do you expect much volatility around that embedded in that estimate?

我想快速了解您明年預計的平均現金消耗率 1.6，但您預計該估計中的現金消耗率是否會有很大波動？

No, the only volatility I'd entertain anticipate around that is if the sales come in faster than we thought right now, that's mostly just the cost of getting the platform up and running. And then as sales start to materialize, they might bring that their use down.

不，我預期的唯一波動是，如果銷售速度比我們現在想像的要快，那麼這主要只是平台啟動和運行的成本。然後，隨著銷售開始實現，他們可能會減少其使用。

Okay. So the presumption would be once we get past mid-January say you should roughly be at that level?

好的。因此，我們的假設是，一旦我們過了一月中旬，你應該大致處於那個水平？

That's right. And that's when all the alignment of the teams to get down to the 65 people that we're talking about in the press release.

這是正確的。那時，所有團隊都已調整到我們在新聞稿中討論的 65 人。

That's right. You can just elaborate a little bit on this effort that you're pivoting to the software model, but your channels to market, how you plan to once it's ready to be commercialized take to market in the first half of next year? Is this going to be more of a direct model or do you envision some indirect channels to market.

這是正確的。您可以詳細說明您正在轉向軟體模型的努力，但是您的市場管道，一旦準備好商業化，您計劃如何在明年上半年推向市場？這會是更直接的模式，還是您設想一些間接的市場管道？

The expectation is as you launch the new service that it will primarily be the direct model. We have a lot of very strong relationships with existing customers on the commercial side and on the government side. And we anticipate being able to enhance those with this new solution and you will use them furnish for at least for the early days of selling solution. And then as we move forward, then we'll consider other channels they present themselves.

預計當您推出新服務時，它將主要是直接模式。我們與商業方面和政府方面的現有客戶建立了許多非常牢固的關係。我們預計能夠透過這個新解決方案來增強這些功能，並且您將至少在銷售解決方案的早期階段使用它們。然後，隨著我們前進，我們將考慮他們提出的其他管道。

Just a follow up on that. Should I envision you if you take this out to the existing robotics players? Are we mainly talking about traditional robotics or these collaborative robotics? Is there sort of a bias one way or another where you think you can find value easier to be realized early on.

只是對此的後續行動。如果你把這個問題帶給現有的機器人玩家，我應該想像你嗎？我們主要在談論的是傳統機器人還是這些協作機器人？是否存在某種偏見，認為您可以更輕鬆地儘早實現價值。

So the beauty of the software, as it's been developed is that it allows people to train their arms. And as we mentioned, we've done it in the lab and a couple of minutes, whereas now it could take potentially weeks or more to put to train on a line and bring it up and that is just the initial product that will be available.

因此，該軟體的優點在於它可以讓人們訓練他們的手臂。正如我們所提到的，我們已經在實驗室中完成了幾分鐘，而現在可能需要數週或更長時間才能在生產線上進行培訓並將其上線，而這只是可用的初始產品。

Then the real as solutions, Rob, it's complicated, but the real solutions will allow these systems to train themselves. Sorry, give me second, I'd like to give you some of the technical words --, but the up platform enables the robust, learn how to work around unforeseen changes or obstacles by building on their initial programming and the robots incorporate internal and external inputs that allow them to understand their environment, determine reasonable behavior in unforeseen situations and quickly apply them to a task at hand.

那麼真正的解決方案，羅布，這很複雜，但真正的解決方案將允許這些系統自我訓練。抱歉，再給我講一下，我想給你一些技術用語——但是向上平台使強大的功能變得強大，學習如何透過建立初始程式來解決不可預見的變化或障礙，並且機器人將內部和外部輸入使他們能夠了解自己的環境，在不可預見的情況下確定合理的行為，並快速將其應用到手頭的任務中。

And then each newly learned tasks that the robot has trained itself to do will then be incorporated in used to perform future tasks. And then it goes even more sophisticated environment. And it does it in a closed loop autonomy approach so that the software will help reduce costly workflow stoppages and prevent unnecessary downtime for customers.

然後，機器人訓練自己執行的每個新學習的任務將被納入用於執行未來的任務。然後是更複雜的環境。它以閉環自主方法完成此操作，因此該軟體將有助於減少代價高昂的工作流程中斷，並防止客戶不必要的停機。

So these are really strong reasons for us feeling confident about taking a path of a SaaS business model. I'm using this advanced state of our AIML program that began in 2017, and with the vision to use these technologies to create enhanced capabilities and the robotic systems we are developing.

因此，這些都是我們對走 SaaS 商業模式之路充滿信心的充分理由。我正在使用我們於 2017 年開始的 AIML 計劃的高級狀態，並希望使用這些技術來創建增強的功能和我們正在開發的機器人系統。

And I think as you're aware, if you look back kind of at our history, we for progressive stage with our first site, our government proposal in 2019. And then we're fortunate enough to have Dennis joined the company in 2020. I mean, he's been able to really refine the vision for the products and develop them to the state that they're at right now, and he will continue to head our AIML efforts. And then so with these more than 40 years of experience and everything, we're in a very good position to capitalize on this opportunity.

我想你也知道，如果你回顧我們的歷史，我們的第一個站點，我們在 2019 年的政府提案，我們正處於進步階段。然後我們很幸運，丹尼斯在 2020 年加入了公司。我的意思是，他能夠真正完善產品願景並將其發展到目前的狀態，他將繼續領導我們的AIML 工作。憑藉 40 多年的經驗和一切，我們處於非常有利的位置來利用這個機會。

Sure. I'll hit it just around maybe last question, and I'll hop back in the queue, but just around the business model itself, what should we get comfortable on the ability to scale this relative to what is a price point, I guess would be sold on a per-seat basis per arm basis subscription. But just yes, is there an any detail you can provide there?

當然。我可能會在最後一個問題上回答這個問題，然後我會跳回到隊列中，但就商業模式本身而言，我想我們應該對相對於價格點進行擴展的能力感到滿意將按每個分支訂閱的每個席位進行銷售。但是，是的，您可以提供任何細節嗎？

Yes. So there are a couple of things that will enable scaling of the solution. The first, the very simplest access point for our one of our customers will be the ability to do it on a per hour basis. So they want to be able to train their arm in a few minutes, whereas right now, it may take them, take them weeks or months or longer and have to buy it on a per hour.

是的。因此，有幾件事可以實現解決方案的擴展。對於我們的一位客戶來說，第一個也是最簡單的存取點是能夠按小時進行操作。因此，他們希望能夠在幾分鐘內訓練自己的手臂，而現在，這可能需要他們、幾週、幾個月或更長時間，並且必須按小時購買。

And then there's all kinds of other modules in the system that they'll be able to utilize to as you take on the various tasks that I was just describing a moment ago. And those will be incremental upsells and cross-sells that we'll be able to provide to them so that they can take full advantage of the system to the extent that they need it without requiring an upfront so they can advance as they go through the various stages and start getting more sophisticated.

然後系統中還有各種其他模組，當您承擔我剛才描述的各種任務時，它們將能夠利用它們。這些將是我們能夠向他們提供的增量追加銷售和交叉銷售，以便他們可以在需要的範圍內充分利用該系統，而無需預先支付費用，這樣他們就可以在經歷過程中取得進展。各個階段並開始變得更加複雜。

When I talk about internal and external, sources. It could be the camera that's on the or around the various armored and part of it or could be external cameras that are not even connected to the arm and part of it so that the sophistication of the product and its interpretation of the information is being generated. It will then be used by the robot and software to modify the behaviors of the robot and for the various these customers have decided.

當我談論內部和外部時，來源。它可能是位於各種裝甲及其一部分上或周圍的攝影機，也可能是甚至沒有連接到手臂及其一部分的外部攝影機，以便產生產品的複雜性及其對資訊的解釋。然後，機器人和軟體將使用它來修改機器人的行為以及客戶決定的各種行為。

So it will be it will be SaaS, they'll be term licenses. There will be a number of different modules that customers can buy into based upon their various needs and based on the various solutions that they're trying to put together. And it will be available in a number of different variety, the forms so that we can ensure their success.

所以這將是 SaaS，它們將是定期許可證。客戶可以根據自己的不同需求以及他們試圖組合的不同解決方案購買許多不同的模組。它將以多種不同的形式提供，以便我們可以確保他們的成功。

Sure. Very good. Thank you.

當然。非常好。謝謝。

Okay.

好的。

(Operator Instructions)

（操作員說明）

And this concludes today's question and answer session. I would now like to turn the conference back to Laura Peterson for closing remarks.

今天的問答環節到此結束。現在我想請勞拉彼得森 (Laura Peterson) 致閉幕詞。

Thank you. We are confident about the decision to focus on our AINL software and excited to build on the strong foundations that we've laid over many years as we shared at our earnings call today. Thank you for joining us. have a great evening.

謝謝。我們對專注於 AINL 軟體的決定充滿信心，並很高興能在我們多年來奠定的堅實基礎上再接再厲，正如我們在今天的財報電話會議上分享的那樣。感謝您加入我們。祝您有個美好的夜晚。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。