Rekor Systems Inc (REKR) 2025 Q2 法說會逐字稿

Good afternoon ladies and gentlemen, and welcome to today's Rekor Systems Incorporated conference call. My name is Robert, and I'll be your coordinator for today. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.

女士、先生們，下午好，歡迎參加今天的 Rekor Systems Incorporated 電話會議。我叫羅伯特，今天我將擔任你們的協調員。（操作員指示）提醒一下，本次電話會議將會被錄音以供重播。

Before we start, I want to read you the company's abbreviated Safe Harbor statement. I want to remind you that statements made in this conference call concerning future revenues, results of operations, financial position, markets, economic conditions, products and product releases partnerships and any other statements that may be construed as a prediction of future performance or events are forward-looking statements.

在我們開始之前，我想先向大家宣讀一下公司的簡短安全港聲明。我想提醒您，本次電話會議中有關未來收入、經營成果、財務狀況、市場、經濟狀況、產品和產品發布合作夥伴關係的陳述以及任何其他可能被解釋為對未來業績或事件的預測的陳述均為前瞻性陳述。

Such statements can involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. We ask that you refer to the full disclaimers in our earnings release. You should also review a description of the risk factors contained in our annual and quarterly filings with the SEC.

此類聲明可能涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果與此類聲明所表達或暗示的結果有重大差異。我們請您參閱我們收益報告中的完整免責聲明。您還應該查看我們向美國證券交易委員會提交的年度和季度文件中包含的風險因素描述。

Non-GAAP results will also be discussed on the call. The company believes the presentation of non-GAAP information provides useful supplementary data concerning the company's ongoing operations and is provided for informational purposes only.

電話會議中也將討論非公認會計準則結果。該公司認為，非公認會計準則資訊的呈現為公司持續經營提供了有用的補充數據，僅供參考。

I would now like to turn the presentation over to Mr. Robert Berman, Interim President and CEO of Rekor Systems.

現在，我想將演講交給 Rekor Systems 臨時總裁兼執行長 Robert Berman 先生。

Thank you, operator, and good afternoon, everyone. We appreciate you joining us to review Rekor's Systems' second-quarter 2025 results. We typically begin these calls with our CFO, Eyal Hen walking through the financials. But as we did last quarter, I'd like to first provide some broader context to help frame the numbers you'll hear shortly. With that, I'm pleased to kick off the conversation this afternoon.

謝謝接線員，大家下午好。感謝您與我們一起回顧 Rekor's Systems 2025 年第二季的業績。我們的電話會議通常以我們的財務長 Eyal Hen 講解財務狀況開始。但正如我們上個季度所做的那樣，我想首先提供一些更廣泛的背景信息，以幫助理解您很快就會聽到的數字。我很高興以此開始今天下午的對話。

Earlier this year, we announced a major statewide blanket purchase order with the Texas Department of Transportation, one of the most influential and sophisticated departments of transportations in the country. This marks a transformative moment not just for Rekor, but for the broader transportation industry. TxDOT's adoption of the Rekor Command platform sets a new standard for how large agencies can leverage AI and data fusion to improve roadway decision-making safety and operational efficiency.

今年早些時候，我們與德州交通部宣布了一項全州範圍的重大綜合採購訂單，德州交通部是美國最具影響力和最成熟的交通部門之一。這不僅標誌著 Rekor 的轉型時刻，也標誌著整個運輸產業的轉型時刻。TxDOT 採用 Rekor Command 平台為大型機構如何利用人工智慧和資料融合來提高道路決策安全性和營運效率設立了新標準。

That said, it is important to recognize that the expanded adoption across the rest of TxDOT's 25 districts is not a switch flip overnight. We expect the process of bringing additional districts on board to unfold over the coming quarters. And as stakeholders gain confidence in results and operational benefits demonstrated in Austin, and other future early deployments.

話雖如此，我們必須認識到，在德州交通部其餘 25 個地區的推廣應用並非一朝一夕就能實現的。我們預計，未來幾季將陸續有更多地區加入。隨著利害關係人對奧斯汀以及其他未來早期部署所展現的成果和營運效益越來越有信心。

In that regard, we also secured and began executing two additional deployments that validate our broader market traction. The Central Texas Regional Mobile Authority has entered into a $1.4 million contract expansion for over five years, demonstrating the authorities continued trust and investment in its Rekor Command technology.

在這方面，我們還確保並開始執行另外兩個部署，以驗證我們更廣泛的市場吸引力。德州中部地區移動管理局已簽訂了一份為期五年、價值 140 萬美元的續約合同，表明該當局對其 Rekor Command 技術的持續信任和投資。

The implementation of Rekor Command, where this agency has led to significant measurable results, including a 324% increase in incident detection and an 11-minute faster average response time highlighting the effectiveness of the technology and improving roadway safety.

該機構實施 Rekor Command 後取得了顯著的可衡量成果，包括事故偵測率提高了 324%，平均回應時間縮短了 11 分鐘，凸顯了該技術的有效性並提高了道路安全性。

The new contract expansion enhances their use of the platform by adding advanced features such as bidirectional driver communication and AI-powered predictive insights to the capabilities they now use and will enhance its contribution to the roadway management.

新的合約擴充功能透過在他們目前使用的功能中添加雙向駕駛員通訊和人工智慧預測洞察等高級功能來增強他們對該平台的使用，並將增強其對道路管理的貢獻。

This partnership aligns with broader regional growth supporting over 35 major infrastructure projects in Central Texas through enhanced technology, which can lead to increased demand for Rekor services. Another notable development for Rekor in the second quarter has been a major deployment of Rekor Discover in a Sunbelt state.

此次合作符合更廣泛的區域成長策略，透過增強技術支援德州中部超過 35 個主要基礎設施項目，從而增加對 Rekor 服務的需求。Rekor 在第二季度的另一個值得注意的發展是在陽光地帶州大規模部署 Rekor Discover。

As part of the new statewide initiative to modernize traffic operations, the agency is installing 150 Discover systems under a one-year $1.2 million Data-as-a-Service contract. Our installations are expected to be completed shortly. This deployment reflects growing momentum for Rekor Discover as transportation agencies seek safer, nonintrusive FHWA compliance solutions to replace older inroad technologies.

作為全州範圍內實現交通運營現代化新舉措的一部分，該機構正在根據一份為期一年、價值 120 萬美元的數據即服務合約安裝 150 套 Discover 系統。我們的安裝預計很快就會完成。隨著交通運輸機構尋求更安全、非侵入式的 FHWA 合規解決方案來取代舊的侵入技術，此次部署反映了 Rekor Discover 日益增長的發展勢頭。

In addition to this project, Discover is now active in multiple states, including Arizona, Colorado, Florida, Georgia, New Mexico, New York, South Carolina, further strengthening our national footprint and supporting future international expansion.

除了這個計畫之外，Discover 目前已在亞利桑那州、科羅拉多州、佛羅裡達州、喬治亞州、新墨西哥州、紐約州、南卡羅來納州等多個州開展業務，進一步加強了我們的全國影響力並支持未來的國際擴張。

On a local level, we've continued rolling out Rekor Road View, our situational awareness platform built specifically for cities and counties that don't operate 24/7 traffic management centers. Road View provides real-time alerts for incidents, congestion and work zones, allowing smaller agencies to take timely action and improve operational response without heavy infrastructure investments. Feedback from the early adopters has been very encouraging.

在地方層面，我們繼續推出 Rekor Road View，這是我們專為沒有 24/7 交通管理中心的城市和縣所建構的態勢感知平台。Road View 提供事故、擁擠和施工區域的即時警報，使小型機構無需大量基礎設施投資即可及時採取行動並改善營運回應。早期採用者的回饋非常令人鼓舞。

We also expanded our Data-as-a-Service model for Rekor Discover, giving users access to accurate FHWA compliant traffic data being subscription. No hardware, no installation and no maintenance, just the data they need when they need it. It's a win-win that will reduce agency's costs and complexity and allow us to increase recurring revenue while delivering high-value insights at scale.

我們也擴展了 Rekor Discover 的數據即服務模型，讓用戶能夠存取符合 FHWA 標準的準確訂閱交通數據。無需硬體、無需安裝、無需維護，只需在需要時提供所需的資料。這是一個雙贏的局面，它將降低代理商的成本和複雜性，並使我們能夠增加經常性收入，同時大規模提供高價值的見解。

The transportation landscape is evolving quickly, and Rekor is playing a leading role in increasing transportation data is being viewed not just as a planning tool, but as a national asset with implications for safety, resilience and economic development.

交通運輸格局正在快速發展，Rekor 在增加交通運輸數據方面發揮主導作用，它不僅被視為一種規劃工具，而且被視為對安全、彈性和經濟發展具有重要意義的國家資產。

That recognition is shaping our conversations with agency partners and opening doors to new opportunities. Rekor is well positioned to meet this moment with the technology, credibility and policy alignment required to help agencies modernize, responsibly and securely.

這種認知正在影響我們與代理商夥伴的對話，並為新的機會打開大門。Rekor 已準備好迎接這一時刻，它擁有幫助各機構以負責任和安全的方式實現現代化所需的技術、信譽和政策協調。

As we look to the second half of 2025, we'll continue to executing against current deployments while deepening those relationships. We'll work to bring new TxDOT districts online over time. Will build on our momentum to secure additional discover contracts at the state and regional levels, and we'll continue participating in a national dialogue around AI transportation and infrastructure modernization and developing new products and services to address these important needs.

展望 2025 年下半年，我們將繼續執行目前部署，同時深化這些關係。我們將努力逐步讓新的 TxDOT 區域上線。我們將利用我們的勢頭在州和地區層面獲得更多的發現合同，並將繼續參與有關人工智慧交通和基礎設施現代化的全國對話，並開發新產品和服務來滿足這些重要需求。

Two major milestones ahead. First, the ITE 2025 in Florida this week, and the ITS World Congress in Atlanta later this month. We'll be demonstrating our full connected intelligence suite and engaging with global transportation leaders to reinforce Rekor's leadership position.

前方有兩個重要的里程碑。首先是本週在佛羅裡達舉行的 ITE 2025，以及本月稍後在亞特蘭大舉行的 ITS 世界大會。我們將展示我們完整的互聯智慧套件，並與全球運輸領導者合作，以鞏固 Rekor 的領導地位。

In closing, Rekor is continuing to advance as a connected intelligence partner for the public sector. We're solving real problems, delivering value and helping agencies rethink how they manage and secure the most vital public assets, our roads.

最後，Rekor 將繼續作為公共部門的聯網情報合作夥伴不斷發展。我們正在解決實際問題，創造價值，並幫助各機構重新思考如何管理和保護最重要的公共資產—道路。

Thank you again for your continued support. And with that, I'll turn it over to our CFO, Eyal Hen, for a review of the financials. Eyal?

再次感謝您一直以來的支持。接下來，我將把財務狀況交給我們的財務長 Eyal Hen 進行審查。埃亞爾？

Thank you, Robert, and good afternoon to everyone joining us. Today, I'll walk you through our financial results for the three and six months, ended June 30, 2025. While the macro environment remains somewhat challenging, particularly due to continued uncertainty in the government sector, we remain focused on execution and operational efficiency, and we are encouraged by the progress we continue to make in this challenging environment.

謝謝你，羅伯特，祝我們大家下午好。今天，我將向大家介紹截至 2025 年 6 月 30 日的三個月和六個月的財務表現。儘管宏觀環境仍然充滿挑戰，特別是由於政府部門持續存在的不確定性，但我們仍然專注於執行和營運效率，並且我們對在這種充滿挑戰的環境中繼續取得的進展感到鼓舞。

Total revenue for Q2 2025 was $12.4 million, consistent with the same quarter of last year. On a year-to-date basis, we recorded $21.6 million, down 3% from the first half of 2024. This modest decline was primarily driven by slower project activity and weather conditions at the beginning of the year. However, we continue to see strength in our sales pipeline and current deployment and are confident in our ability to drive sequential growth in the second half of the year.

2025 年第二季總營收為 1,240 萬美元，與去年同期持平。今年迄今，我們的收入為 2,160 萬美元，較 2024 年上半年下降 3%。這種小幅下降主要是由於年初專案活動放緩和天氣狀況所致。然而，我們繼續看到銷售管道和當前部署的強勁勢頭，並對我們在下半年推動連續成長的能力充滿信心。

Recurring revenue for Q2 totaled $5.9 million representing 48% of total revenue compared to 50.6% in Q2 2024. For the six months ended June 30, 2025, recurring revenue was $11 million, a slight decline of 2% from the prior year. These fluctuations reflect some recent increases in point-in-time sales. However, our long-term strategy remain focused on growing our recurring revenue base through SaaS and data subscription models.

第二季經常性收入總計 590 萬美元，佔總營收的 48%，而 2024 年第二季為 50.6%。截至 2025 年 6 月 30 日的六個月，經常性收入為 1,100 萬美元，較上年略有下降 2%。這些波動反映了近期銷售額的一些成長。然而，我們的長期策略仍然專注於透過 SaaS 和數據訂閱模式增加我們的經常性收入基礎。

Adjusted gross margin for the quarter was 49.5%, compared to 53.5% in Q2 2024. For the first six months of 2025, adjusted gross margin was 48.9% versus 50.2% in the prior year period. The decline in margin is largely attributable to the revenue mix with a greater proportion of hardware-based contracts compared to high-margin software sales. We continue to expect margin increases over time as our SaaS and data businesses grow and account for a larger share of revenue.

本季調整後的毛利率為 49.5%，而 2024 年第二季為 53.5%。2025 年前六個月，調整後的毛利率為 48.9%，去年同期為 50.2%。利潤率的下降主要是由於收入結構中硬體合約所佔比例高於高利潤率的軟體銷售。隨著我們的 SaaS 和數據業務的成長以及營收佔比的不斷增大，我們預期利潤率將繼續成長。

A key highlight this quarter is our continued focus on operating efficiency. Total operating expenses for Q2 declined 17% year over year, representing a $2.9 million reduction. Year-to-date, we have reduced operating expenses by $5.7 million, also a 17% improvement. These savings were achieved across all major areas of the business. G&A expenses decreased 6% in Q2 and 5% year-to-date.

本季的一個重點是我們繼續專注於營運效率。第二季總營運費用年減 17%，減少 290 萬美元。今年迄今為止，我們已減少了 570 萬美元的營運費用，也提高了 17%。所有主要業務領域都實現了這些節省。一般及行政開支在第二季下降了 6%，年初至今下降了 5%。

Sales and marketing expenses were down 16% for the quarter and 22% year-to-date. And R&D expenses decreased 27% in Q2 and 24% for the first six months. These results reflect disciplined cost containment and deliberate realignment of resources to match our operating model and growth strategy.

本季銷售和行銷費用下降了 16%，年初至今下降了 22%。第二季研發費用下降了 27%，上半年下降了 24%。這些結果反映了嚴格的成本控制和精心的資源調整，以適應我們的營運模式和成長策略。

Adjusted EBITDA loss for Q2 2025 was $5.8 million, in line with the prior year. On a year-to-date basis, adjusted EBITDA improved by $2 million narrowing to $13.1 million compared to $15.2 million in the same period last year, with our commitment to continued cost discipline in sight and higher revenue in the current quarter. We anticipate continued improvement in adjusted EBITDA for the remainder of 2025.

2025 年第二季調整後 EBITDA 虧損為 580 萬美元，與前一年持平。從年初至今，調整後的 EBITDA 成長了 200 萬美元，從去年同期的 1,520 萬美元收窄至 1,310 萬美元，我們致力於繼續控製成本並實現本季度更高的收入。我們預計 2025 年剩餘時間內調整後的 EBITDA 將持續改善。

Looking ahead, we are very optimistic our pipeline remains strong, particularly with our State Department of Transportation and Public Safety vertical. We expect this relationship to continue to extend and contribute more meaningful -- meaningfully to revenue in the second half of the year.

展望未來，我們非常樂觀地認為我們的管道仍然強勁，特別是與州交通部和公共安全垂直部門的管道。我們預計這種關係將繼續擴大，並在下半年為收入做出更有意義的貢獻。

We also continue to identify opportunities for additional operational efficiency to help improve our bottom line. With our focus on revenue growth, extended SaaS offerings and disciplined execution, we remain confident in our goal of exiting 2025 on a stronger financial footing and moving closer to breakeven adjusted EBITDA.

我們也將繼續尋找提高營運效率的機會，以幫助改善我們的底線。透過專注於收入成長、擴展 SaaS 產品和嚴格執行，我們對我們的目標充滿信心，即在 2025 年結束時擁有更強大的財務基礎並更接近盈虧平衡的調整後 EBITDA。

Before I turn it back to Robert, I want to thank our shareholders for their continued support. We recognize the challenges of the past year, but we are proud of the operational and financial progress made in the first half of 2025. We have a clear strategy, and we are executing on that plan. Your trust and patience are invaluable, and we remain committed to delivering long-term shareholder value.

在將話題轉回羅伯特之前，我想感謝股東們的持續支持。我們意識到過去一年面臨的挑戰，但我們對 2025 年上半年的營運和財務進展感到自豪。我們有明確的策略，並且正在執行該計劃。您的信任和耐心是無價的，我們將繼續致力於實現長期股東價值。

Thank you for your attention. Robert, back to you.

感謝您的關注。羅伯特，回到你身邊。

Thanks, Eyal. Now I'd like to open the floor for any questions you may have. Operator?

謝謝，埃亞爾。現在我想回答大家可能提出的任何問題。操作員？

Thank. you. At this time we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。這次我們將進行問答環節。（操作員指示）

Michael Latimore, Northland Capital Markets.

麥可‧拉蒂莫爾 (Michael Latimore)，北國資本市場 (Northland Capital Markets)。

Alright, great, thanks. Thanks a lot, yes, so there was solid -- really strong sequential growth in the quarter. Was that just kind of better weather? Or is there somebody else driving that?

好的，太好了，謝謝。非常感謝，是的，本季度實現了穩健的——非常強勁的連續增長。那是不是代表天氣變好了一點？還是有其他人在推動？

It's the pipeline that we have in Q1, I think, change as we said, Q1 was depressed a little bit by the diverse weather that impact our portable business. And Q2 is stronger, and we anticipate the remainder of the year to be stronger with the pipeline that we have currently.

我認為這是我們在第一季的銷售管道，正如我們所說的那樣，第一季由於影響我們便攜式業務的各種天氣而略有下滑。第二季表現更為強勁，我們預計，憑藉我們目前擁有的管道，今年剩餘時間的表現將會更加強勁。

Got it. And what would be a more important sort of second half driver? I think you talked about sequential growth generally, but we would -- Discover or Command be more important to kind of second half here?

知道了。那麼下半年更重要的驅動因素是什麼呢？我認為您總體上談論的是連續增長，但我們認為——Discover 或 Command 對下半年來說更重要嗎？

It will be across actually Discover, Command and Scout, we anticipate to have the sequential growth on all three business lines.

它實際上將涵蓋 Discover、Command 和 Scout，我們預計這三條業務線都將持續成長。

All right. And then on Scout and the public safety space, what are some of the more interesting use cases you're seeing there and types of customers you're seeing.

好的。然後在 Scout 和公共安全領域，您在那裡看到的一些更有趣的用例和您看到的客戶類型是什麼。

Hey Mike, it's Robert, how you?

嘿，麥克，我是羅伯特，你好嗎？

All right.

好的。

Well, good, mostly commercial, Mike. We're focused on the commercial sector, which is really where we're seeing a lot more use of vehicle recognition. Marking everything from parking to kind of -- yes, businesses like car washes, rental car companies, fleet management for a lot of different businesses and still forward. So that's where the focus is for me?

嗯，很好，主要是商業性的，麥克。我們專注於商業領域，在該領域我們看到車輛辨識技術的應用越來越廣泛。標記從停車到各種業務的一切 — — 是的，包括洗車、汽車租賃公司、車隊管理等許多不同業務，並且仍在繼續。所以這就是我關注的重點嗎？

Okay. And then just the last one for me. You talked about the Data-as-a-Service option for Discover. How important is that to the Discover pipeline relative to more traditional models there?

好的。對我來說這是最後一個了。您談到了 Discover 的資料即服務選項。相對於更傳統的模型，這對於 Discover 管道有多重要？

Very important, well, like everything else, it is taking a lot of time to convince the government to change the way they do business. And Data-as-a-Service is the right way for them to do business. And it's a much better (technical difficulty) recurring revenue.

非常重要，就像其他事情一樣，說服政府改變其經營方式需要花費大量時間。數據即服務是他們開展業務的正確方式。這是一種更好的（技術難度）經常性收入。

Yeah. Okay, great. Thanks a lot.

是的。好的，太好了。多謝。

Tim Moore, Clear Street.

蒂姆·摩爾，Clear Street。

Hi, good afternoon, guys. This is Lawrence Stavitski on for Tim. He had to drop off to attend another call, but I just wanted to pinch it for him. Do you guys have any large pilots or studies that you did in the last 12 to 24 months besides Austin that that that is nearing a contract or some type of larger pilot with a meaningful revenue contribution that we should be aware of?

大家下午好。我是勞倫斯‧斯塔維茲基，代表提姆報道。他必須離開去接聽另一個電話，但我只是想幫他偷偷拿。除了奧斯汀之外，你們在過去 12 到 24 個月內是否進行過任何大型試點或研究，這些試點或研究即將簽訂合同，或者進行過某種更大規模的試點，對收入有重大貢獻，我們應該注意嗎？

I talk about that because those are procurement right now. So it's just the nature of business. But yes, we're with a lot of we're piloting and using POCs, have done REs, RFOs once it enters the RFP stage (technical difficulty)

我之所以談論這個，是因為這些現在都是採購。所以這只是商業的本質。但是的，我們正在進行許多試點，並使用 POC，一旦進入 RFP 階段，就會進行 RE 和 RFO（技術難度）

Yeah. Hello yeah, yeah, I think I lost you guys first, I'm back on. I don't know if you guys can hear me. I kind of missed you there.

是的。哈嘍，是的，是的，我想我先失去了你們，我回來了。我不知道你們是否聽得到我說話。我有點想念你。

Yeah. What I was saying was that a number of customers did POCs with pilots have come back and they've decided to (technical difficulty) And once you enter your stage (technical difficulty) was opened and that's just the rules.

是的。我所說的是，許多客戶與飛行員一起進行了 POC，他們決定（技術難度），一旦你進入你的階段（技術難度）就開放了，這就是規則。

But the good news is that good -- I think the answer to your question is the good news is a lot of the pipeline that we have from doing the pilot and POCs that did that have resulted in this is coming back saying, okay (technical difficulty)

但好消息是——我認為你問題的答案是，好消息是我們從試點和 POC 中獲得了很多成果，結果顯示，好的（技術難度）

And that's what you guys are kind of talking about in the back half of the year coming to fruition in terms of sequential growth. I guess if you could put a little bit more color on the organic growth in the back half of the year for your expectations in terms of --

這就是你們談論的下半年在連續成長方面所取得的成果。我想，如果你能更詳細地介紹一下下半年的自然成長情況，並預測一下--

Yeah. I mean, look, to be frank, I think we've learned that this is a business that has a long sales cycle because of the procurement process, and we've learned how to manage that better and make more educated guesstimates as to when these things turn into revenue. And we feel very good about the back half of the year about Q3 and Q4. And we're confident that the company is turning the corner now.

是的。我的意思是，坦白說，我認為我們已經了解到，由於採購流程，這是一個銷售週期較長的業務，我們已經學會瞭如何更好地管理它，並對這些東西何時轉化為收入做出更有根據的估計。我們對今年下半年第三季和第四季的業績非常樂觀。我們相信，該公司現在正在扭轉局面。

Great. Thanks a lot for your help, guys. I appreciate it.

偉大的。非常感謝你們的幫助，大家。我很感激。

Sure. Thank you.

當然。謝謝。

Noah Levitz, William Blair.

諾亞·萊維茨、威廉·布萊爾。

Thanks, Robert and Aal. Good afternoon. To start off, can you provide any color on the progress with Plate Ranger, and your partnership with Sound Thinking?

謝謝，羅伯特和阿爾。午安.首先，您能否介紹一下 Plate Ranger 的進展以及與 Sound Thinking 的合作關係？

Currently, not much. We are working with them. But currently, there is not much progress right now with the test.

目前來說還不多。我們正在與他們合作。但目前，測試還沒有太大進展。

Yeah, we really don't have much involvement with that product. It's all sound thinking and they market it, they sell it, they implement it, and we provide the technology. So we're hoping that they get some traction, but we'll see, we're hopeful.

是的，我們確實沒有太多參與該產品。這些都是合理的想法，他們進行行銷、銷售、實施，而我們提供技術。所以我們希望他們能取得一些進展，但我們會看到，我們充滿希望。

Got you. Thank you. And then secondly, the IIJ bill continues to deploy funds. And I mean, a lot of companies we follow have noted that there's a bipartisan group in Congress currently working on the subsequent bill, and it seems to be gaining a lot of steam. And Secretary Duffy has promoted the America is building again program.

明白了。謝謝。其次，IIJ 法案繼續部署資金。我的意思是，我們關注的許多公司都注意到，國會中有一個兩黨小組目前正在製定後續法案，而且似乎正在獲得很大的推動力。達菲部長也推動了「美國重建計畫」。

So it seems like besides an uncertain procurement environment, there's a lot of positivity in investing in transportation infrastructure. Does this give you confidence like when you go to the ITS conference in a month or so that the conversations are going to be more optimistic and 2026, and beyond will be you'll see more traction with your products? Thanks.

因此，除了不確定的採購環境外，對交通基礎設施的投資似乎還有許多正面因素。這是否會給您信心，例如當您在一個月左右後參加 ITS 會議時，對話將會更加樂觀，並且到 2026 年及以後，您會看到您的產品獲得更多關注？謝謝。

Well, it's interesting because Eyal and I are sitting right now at IT in Orlando conference before. And then we have ITS coming up in America at the end of the month. But IT for me, is much different. There's over 100 vendors here. The dialogue is completely different.

嗯，這很有趣，因為 Eyal 和我之前就坐在奧蘭多 IT 會議上。本月底，ITS 將在美國推出。但對我而言，IT 卻大不相同。這裡有超過 100 個供應商。對話完全不同。

And the reason for it is it's being driven by the present administration, which has realized that the federal government has mismanaged to start with the $100 billion trust fund they operate every year, which is the ecosystem for recycling gasoline excise taxes and they're putting much more focus on the data, okay? Because the data drives where you spend money and you can't manage what you can't measure.

原因在於現任政府的推動，他們意識到聯邦政府管理不善，首先是他們每年運營的 1000 億美元信託基金，這是回收汽油消費稅的生態系統，他們更加關注數據，好嗎？因為數據決定了你的花錢方向，而你無法管理無法衡量的東西。

So hearing the dialogue, listening to the speakers, just seeing the discussion on the floor, completely different focus now. It's on the data, and that's what our company is all about. We're building an ecosystem for the data so that they can manage the roadway so that they can plan and operate them. And it's nice to hear people talking this way.

因此，聽到對話、聽發言者發言、看到會場上的討論，現在的焦點已經完全不同了。它是基於數據，而這正是我們公司所關注的。我們正在為數據建立一個生態系統，以便他們可以管理道路，從而可以規劃和營運道路。很高興聽到人們這樣談論。

Great, thank you very much.

太好了，非常感謝。

Sure, thank you.

當然，謝謝。

(Operator Instructions) Robert Ellinger, a Private Investor.

（操作員指示）私人投資者羅伯特·埃林格 (Robert Ellinger)。

Hi, thank you for taking the time today. I was curious at the beginning when you spoke about the difficulties and challenges associated with unpredictable weather. Have you developed any plan or strategy if this happens again, yeah.

您好，感謝您今天抽出時間。當您談到不可預測的天氣所帶來的困難和挑戰時，我一開始就很好奇。如果這種情況再次發生，您是否制定了任何計劃或策略？是的。

Yeah. Look, that's a fair question. The company is small and is starting to scale. And a small amount of our revenue comes from a certain number of customers that are in areas where the weather can get dicey, right? But as the company scales, the weather won't really impact the implementation systems.

是的。瞧，這是一個公平的問題。該公司規模較小，正開始擴大規模。我們的一小部分收入來自天氣惡劣地區的一定數量的客戶，對嗎？但隨著公司規模的擴大，天氣並不會真正影響實施系統。

And also implemented Command versus Discover. Command is a SaaS product that's installed inside buildings on computers and ATMS platforms, whereas Discover is being installed roadside. So I think a lot of that has to do with the company's size, right? When you're smaller, little impact can have big change in your numbers. So I hope that -- hopefully, that's helpful. But it's not a seasonal business, if that's kind of where you're going.

並且還實現了命令與發現。Command 是一款 SaaS 產品，安裝在建築物內的電腦和 ATMS 平台上，而 Discover 則安裝在路邊。所以我認為這很大程度上與公司的規模有關，對嗎？當你規模較小時，很小的影響可能會對你的數字產生很大的變化。所以我希望——希望這會有所幫助。但如果這就是你要去的地方，那麼它就不是一個季節性的生意。

Yeah. That was mainly my question, yeah.

是的。是的，這主要是我的問題。

Yes. (multiple speakers) Thank you.

是的。（多位發言者）謝謝。

We have reached the end of the question-and answer-session. I'd now like to turn the call back to management for closing comments.

問答環節已結束。現在我想將電話轉回給管理階層，請他們發表最後評論。

Well, everybody, thank you. Appreciate it. I wish you could all be here with Eyal, and I and the rest of the team that we have here to see what we see. It's exciting. And again, we're confident about the back half of the year and that finally, we're getting the attention that we believe the company's technology deserves from the powers that be. So we'll look forward to seeing you on the next call in the fall. Thanks, everyone.

好吧，謝謝大家。非常感謝。我希望你們都能和埃亞爾、我以及我們團隊的其他成員一起來到這裡，看看我們所看到的。這很令人興奮。再次強調，我們對今年下半年的表現充滿信心，並且最終我們將獲得當權者對公司技術的關注。因此，我們期待在秋季的下次電話會議上見到您。謝謝大家。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。