Rekor Systems Inc (REKR) 2025 Q3 法說會逐字稿

Good afternoon ladies and gentlemen, and welcome to today's Rekor Systems conference call. My name is Alicia and I'll be your coordinator for today. (Operator Instructions)

女士們、先生們，下午好，歡迎參加今天的Rekor Systems電話會議。我叫艾莉西亞，我將擔任你們今天的協調員。（操作說明）

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 positions, 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.

在開始之前，我想先讀一下公司的簡短安全港聲明。我想提醒各位，本次電話會議中有關未來收入、經營業績、財務狀況、市場、經濟狀況、產品和產品發布、合作關係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.

此類聲明可能涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致實際結果與此類聲明中明示或暗示的結果有重大差異。

We ask that you refer to the folk 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.

請您參閱我們盈利報告中的免責聲明。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所載的風險因素描述。

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.

本次電話會議也將討論非GAAP財務表現。本公司認為，非GAAP資訊的列示能夠提供有關公司持續經營的有用補充數據，僅供參考。

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

現在我謹將演講交給 Rekor Systems 的臨時總裁兼執行長 Robert Berman 先生。

Good afternoon, everyone. I'm incredibly proud of what the Rekor team has accomplished this quarter.

大家下午好。我為Rekor團隊本季所取得的成就感到無比自豪。

The best performing quarter in our company's history. So I'm pleased to lead off today's call, but we're going to switch things up a bit today. Before diving into the business and technology updates, I'll first turn the call over to our CFO Eyal Hen for some important financial and organizational updates.

公司史上業績最好的一個季度。所以我很高興能開始今天的電話會議，但我們今天會稍微改變一下內容。在深入探討業務和技術的最新進展之前，我先將電話交給我們的財務長 Eyal Hen，讓他介紹一些重要的財務和組織的最新情況。

Eyal, the floor is yours.

Eyal，現在輪到你發言了。

Thank you, Robert, and good afternoon to everyone joining us. After nearly seven years with recourse, I've made the decision to step down from my role as Chief Financial Officer. It's been a tremendous privilege to help lead the company through its transformation and growth journey, and I'm deeply proud to conclude this chapter with the strongest quarterly and year-to-date results in Rekor history.

謝謝你，羅伯特，也祝各位下午好。經過近七年的努力，我決定辭去財務長一職。能夠幫助公司完成轉型和發展歷程，我深感榮幸。我非常自豪地宣布，Rekor 取得了公司歷史上最強勁的季度和年初至今業績，為這一篇章畫上了圓滿的句號。

It's truly a testament to the dedication and talent of our entire team. I'm also very pleased to introduce my successor, Joe Nalepa, who will take over as Chief Financial Officer. Joe has served as Rekor's corporate controller for the past 6.5 years and has been deeply involved in every aspect of the CFO role over the past year.

這充分體現了我們整個團隊的奉獻精神和才華。我也非常高興地向大家介紹我的繼任者喬·納萊帕，他將接任財務長一職。在過去的 6.5 年裡，Joe 一直擔任 Rekor 的公司財務總監，並且在過去一年裡深入參與了財務長角色的各個方面。

Joe brings both internal institutional knowledge and financial rigor with prior experience as a manager at KPMG. His long-term tenure at Rekor and commitment to excellence make him the ideal person to step into this role. There will be no learning curve with Joe, his appointment by our Board ensures a seamless transition, maintaining continuity and stability.

Joe 擁有豐富的內部機構知識和嚴謹的財務知識，此前曾在畢馬威擔任經理。他在 Rekor 的長期任職以及對卓越的追求，使他成為擔任這一職位的理想人選。喬的加入不會帶來任何適應期，董事會的任命確保了平穩過渡，並保持了工作的連續性和穩定性。

I remain overwhelmingly optimistic about Rekor's future and live with complete confidence in the company's strategy, our team, and the tremendous momentum the company has built. It's been an honor working alongside such a talented and mission-driven team. Rekor's future is bright, and I look forward to watching its continued success.

我對 Rekor 的未來仍然充滿樂觀，並對公司的策略、團隊以及公司所取得的巨大發展動能充滿信心。能與這樣一支才華洋溢、目標明確的團隊共事，我深感榮幸。Rekor 的未來一片光明，我期待它繼續取得成功。

With that, it's my pleasure to turn the call over to our incoming CFO Joe Nalepa, to discuss the financial performance for the quarter.

接下來，我很高興將電話交給即將上任的財務長喬·納萊帕，讓他來討論本季的財務表現。

Thank you, Eyal, and best of luck to you and your family. I'd also like to thank all our investors who have joined us on today's call. Today I'll walk you through our financial results for the three and nine months ended September 30, 2025.

謝謝你，埃亞爾，祝你和你的家人一切順利。我還要感謝今天參加電話會議的所有投資者。今天我將帶大家了解我們截至 2025 年 9 月 30 日的三個月和九個月的財務表現。

We've been focusing on execution and operational efficiency and are encouraged by the progress we continue to make. During the third quarter of 2025, Rekor delivered its best financial performance in its history, marking our third consecutive quarter of positive results.

我們一直專注於執行和營運效率，並對我們不斷取得的進展感到鼓舞。2025 年第三季度，Rekor 取得了公司歷史上最好的財務業績，連續第三個季度實現盈利。

We delivered record revenue of $14.2 million, an increase of 35% compared to Q3 2024 and 15% compared to Q2 2025. On a year-to-date basis, we recorded revenue of $35.8 million, up 9% from the first nine months of 2024.

我們實現了創紀錄的 1,420 萬美元收入，比 2024 年第三季成長了 35%，比 2025 年第二季成長了 15%。截至目前，我們錄得營收 3,580 萬美元，比 2024 年前九個月成長 9%。

This increase represents continued growth across our public safety and urban mobility businesses. We continue to see strong momentum in our sales pipeline and active deployments, giving us confidence in our ability to continue to drive growth going forward.

這一成長代表著我們在公共安全和城市交通業務方面的持續成長。我們的銷售管道和積極部署持續保持強勁勢頭，這讓我們有信心在未來繼續推動成長。

Recurring revenue for the third quarter of 2025 totaled $6.5 million, representing an 18% increase compared to the recurring revenue in Q3 2024. So the nine months ended September 30, 2025. Recurring revenue was $17.5 million, up 5% year over year. This reflects our long-term strategy of expanding our recurring revenue base through long-term software and data as a service subscription contracts.

2025 年第三季經常性收入總計 650 萬美元，比 2024 年第三季經常性收入成長 18%。因此，這九個月的截止日期是 2025 年 9 月 30 日。經常性收入為 1750 萬美元，年增 5%。這體現了我們透過長期軟體和數據即服務訂閱合約來擴大經常性收入基礎的長期策略。

Our adjusted gross margin for the quarter was 63% compared to 44% in Q3 2024. For the first, nine months of 2025, adjusted gross margin was 55% versus 48% in the prior year period.

本季調整後的毛利率為 63%，而 2024 年第三季為 44%。2025 年前九個月，調整後毛利率為 55%，去年同期為 48%。

This improvement was largely driven by a greater portion of high margin software sales compared to our service and hardware-based contracts. As Eyal, has noted previously, we expect margins to continue to fluctuate over time, but to gradually stabilize as our software and data as a service businesses become a larger share of total revenue.

這項改善主要得益於高利潤軟體銷售佔比的提高，而我們的服務和硬體合約佔比則相對較低。正如 Eyal 先前指出的那樣，我們預計利潤率會隨著時間的推移而繼續波動，但隨著我們的軟體和數據即服務業務在總收入中所佔比例越來越大，利潤率會逐漸趨於穩定。

A key highlight this quarter was our continued focus on operating efficiency. Total operating expenses, excluding depreciation and amortization, declined 24% quarter over quarter, representing a $3.7 million reduction. Year-to-date We've reduced operating expenses by $7.8 million, an 18% improvement compared to the same period last year.

本季的一大亮點是我們持續專注於營運效率。不包括折舊和攤銷在內的總營運費用較上季下降 24%，減少了 370 萬美元。今年迄今為止，我們已減少了780萬美元的營運支出，比去年同期提高了18%。

These reductions were achieved across all major areas of the business and reflect discipline, cost containment, and a deliberate realignment of resources to support our strategy. The combination of record revenue and operational efficiencies resulted in significant improvements in our profitability.

這些削減措施在公司所有主要業務領域均已實現，體現了公司嚴謹的紀律、成本控制以及為支持公司策略而進行的資源重新調整。創紀錄的收入和營運效率的提高，使我們的獲利能力顯著提升。

Adjusted EBITDA loss for Q3 2025 was $1.5 million. An improvement of $7.9 million or 84% from Q3 2024. On a year-to-date basis, adjusted EBITDA loss improved by $10.8 million to $14.5 million compared to $25.3 million in the prior year period. These results reflect record performances across the company as we continue to manage our operating expenses to align with our growth as our revenue base continues to expand.

2025 年第三季調整後 EBITDA 虧損為 150 萬美元。與 2024 年第三季相比，成長 790 萬美元，增幅達 84%。今年迄今為止，調整後的 EBITDA 虧損減少了 1,080 萬美元，降至 1,450 萬美元，而去年同期為 2,530 萬美元。隨著收入基礎的不斷擴大，我們持續控制營運支出以適應業務成長，公司整體績效也創下歷史新高。

Before I turn it back to Robert, I want to say how truly honored and excited I am to serve as CFO and move forward with our efforts to focus on transparency, financial discipline, and execution that supports our long-term strategy. We have a clear strategy, a strong foundation, and a dedicated team driving results to create value for our shareholders. I look forward to building on the progress we have made and helping lead the next phase of growth.

在把麥克風交還給羅伯特之前，我想表達我多麼榮幸和激動能夠擔任首席財務官，並繼續推進我們的工作，專注於透明度、財務紀律和執行力，以支持我們的長期戰略。我們擁有清晰的策略、堅實的基礎和敬業的團隊，致力於為股東創造價值。我期待在已取得的進展基礎上繼續努力，並幫助引領下一階段的成長。

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

謝謝您的關注，羅伯特，現在把機會交給您了。

Thanks, Joe, and welcome officially to your new role. We've had a long standing relationship, and I am pleased to see you take on this leadership position. With your prior experience at KPMG and long tenure at Rekor, we are fortunate to have you here and to take the reins from Eyal.

謝謝你，喬，正式歡迎你擔任新職務。我們一直保持著良好的關係，我很高興看到你擔任這個領導職務。憑藉您在畢馬威會計師事務所的經驗以及在 Rekor 的長期任職，我們很幸運能有您加入我們，並接替 Eyal 的職位。

As outlined This quarter represents a third straight quarter of positive results for both investors and the company. We are seeing clear signs that Rekor is reaching a point where the growth of recurring revenue and expanding market demand are aligning with operational discipline to drive sustainable growth.

如前文所述，本季是投資者和公司連續第三個季度取得正面成果。我們看到明顯的跡象表明，Rekor 正在達到一個關鍵階段，經常性收入的成長和不斷擴大的市場需求與營運紀律一致，從而推動永續成長。

These results reflect the momentum outlined in our prior announcement where we stated that Rekor expected record quarterly revenue along with a significantly improved and adjustment in EBITDA and gross margin. We continue to work towards these objectives.

這些結果反映了我們先前公告中概述的發展勢頭，當時我們表示，Rekor 預計季度收入將創歷史新高，同時 EBITDA 和毛利率也將大幅改善和調整。我們將繼續朝著這些目標努力。

In early October, we achieved a major milestone by securing our largest statewide multi-year contract with the Georgia Department of Transportation valued at a minimum of $50 million over the contract's full term. This contract further validates our leadership in roadway intelligence and data infrastructure, providing a long-term growth foundation in one of the most strategically important transportation markets in the country.

10 月初，我們取得了一項重大里程碑式的成就，與喬治亞州交通部簽訂了我們迄今為止最大的全州多年期合同，合約總價值至少為 5000 萬美元。該合約進一步鞏固了我們在道路智慧和數據基礎設施領域的領先地位，為該國最具戰略意義的交通運輸市場之一提供了長期成長基礎。

We also received recognition for our work in South Carolina, where Rekor technology powers the state's virtual weigh station network. The program was recently awarded a State Technology Innovation Award for establishing a nearly 100% accuracy rate in overweight truck targeting. A model that other states can follow. This project showcases Rekor's ability to effectively use AI and connected infrastructure to deliver measurable value and efficiency to state agencies.

我們在南卡羅來納州的工作也獲得了認可，Rekor 技術為該州的虛擬稱重站網路提供支援。該項目最近獲得了州技術創新獎，因為它在超重卡車定位方面實現了近 100% 的準確率。其他州可以效法的模式。該計畫展現了 Rekor 有效利用人工智慧和互聯基礎設施為州政府機構帶來可衡量的價值和效率的能力。

Furthermore, three new and very large states have begun using Rekor's Discover.

此外，三個新的、幅員遼闊的州已經開始使用 Rekor 的 Discover 系統。

Beyond our core operations, I'd like to briefly mention a new initiative Rekor plans to enter the global Deepfake detection market. While we can't speak in detail yet, this opportunity builds on Rekor's years of experience in the video analytics for government agencies and particularly law enforcement.

除了我們的核心業務之外，我還想簡單提及Rekor計劃進軍全球Deepfake檢測市場的一項新舉措。雖然我們現在還不能透露更多細節，但這次機會建立在 Rekor 多年來為政府機構，特別是執法部門提供視訊分析服務的經驗之上。

For some time, even before Deepfake were in notion in the public's mind, we've considered the evidential implications of synthetic media and Deepfake technologies and position ourselves to protect our customers and the public at large in this critical area. These efforts have now been concentrated in Rekor Labs, which is operating as an independent entity, and there's more to come on this when the time is right.

一段時間以來，甚至在「深度偽造」概念進入公眾視野之前，我們就一直在考慮合成媒體和深度偽造技術的證據影響，並在此關鍵領域採取措施保護我們的客戶和廣大公眾。這些努力現在都集中在 Rekor Labs，該公司作為一個獨立實體運營，時機成熟時會有更多相關消息公佈。

We continue to see strong performance across our core portfolio. Rekor, Discover, and Command have generated considerable attention and adoption in the market. More importantly, we are now seeing an organic convergence of these two technologies and new RFPs issued by transportation authorities.

我們的核心投資組合持續保持強勁表現。Rekor、Discover 和 Command 在市場上引起了相當大的關注和採用。更重要的是，我們現在看到這兩種技術正在有機地融合，交通管理部門也發布了新的招標書。

This reflects a growing industry movement towards integrated data and intelligent solutions, an approach that Rekor has been pioneering for years. Importantly, too, our data as a service business model is proving to be a major differentiator.

這反映了產業向整合數據和智慧解決方案發展的趨勢，而 Rekor 多年來一直引領著這一趨勢。更重要的是，我們的數據即服務商業模式正成為一項重要的差異化優勢。

Agencies increasingly want data without the hardware burden, deployment headaches, and maintenance issues. Rekor is perfectly positioned to meet that demand with AI-driven solutions that are scalable, cloud-based, and high margin.

各機構越來越希望取得數據，但又不想承擔硬體負擔、部署難題和維護問題。Rekor憑藉其可擴展、基於雲端且利潤豐厚的AI驅動型解決方案，完全有能力滿足這項需求。

I also want to take a moment to recognize the continued strength of Rekor Scout.

我還要藉此機會表達對 Rekor Scout 持續強勁勢頭的讚賞。

While Discover and Command receive much of the public attention, a significant portion of our revenue continues to come from Scout, which remains a cornerstone of our technology portfolio and a recognized leader in vehicle and license plate recognition.

雖然 Discover 和 Command 獲得了公眾的廣泛關注，但我們相當一部分收入仍然來自 Scout，它仍然是我們技術組合的基石，也是車輛和車牌識別領域的公認領導者。

As part of our ongoing effort to strengthen and expand this business, I am pleased to announce that Jennifer Candelaria will join Rekor as General Manager of Scout. Jen will be based in our Columbia, Maryland office and report directly to me.

作為我們持續加強和擴展這項業務努力的一部分，我很高興地宣布，Jennifer Candelaria 將加入 Rekor，擔任 Scout 的總經理。Jen 將在我們位於馬裡蘭州哥倫比亞市的辦公室工作，並直接向我報告。

Jen brings more than a decade of global leadership experience across North America, Europe, Asia, and Latin America and the Caribbean. She has a strong track record in technical sales, product management, and business development with prior leadership roles at Motorola Solutions and Milestone Systems AI business unit, Brief Camp.

Jen擁有超過十年的全球領導經驗，足跡遍及北美、歐洲、亞洲、拉丁美洲和加勒比海地區。她擁有豐富的技術銷售、產品管理和業務拓展經驗，曾在摩托羅拉解決方案公司、Milestone Systems AI 業務部門和 Brief Camp 擔任領導職務。

Her experience building high performance teams and driving strategic growth aligns perfectly with our goals for scout. Jen will oversee the full P&L for scout business, lead sales strategy, market share expansion, and partner channel engagement to accelerate both revenue and margin.

她擁有組建高效團隊和推動策略成長的經驗，這與我們對 Scout 的目標完美契合。Jen 將全面負責偵察業務的損益、銷售策略、市佔率擴張和合作夥伴通路參與，以加速收入和利潤成長。

Her appointment significantly strengthens our overall leadership team and reinforces our commitment to operational excellence across all business lines. As we enter the first quarter of the year and look ahead to 2026, Rekor continues to be positioned for substantial growth. The momentum we've built across our technology platforms, customer base, and financial performance underscores that Rekor's transformation is delivering lasting value.

她的任命大大增強了我們的整體領導團隊，並強化了我們對所有業務線卓越營運的承諾。隨著我們進入今年第一季並展望 2026 年，Rekor 繼續保持著大幅成長的勢頭。我們在技術平台、客戶群和財務表現方面所取得的進展表明，Rekor 的轉型正在創造持久價值。

And we would like to thank our shareholders, employees, and partners for their continued trust and support. And lastly, I'd like to publicly thank Eyal, once again for his dedicated service to Rekor.

我們衷心感謝股東、員工和合作夥伴一直以來的信任與支持。最後，我要再次公開感謝 Eyal 對 Rekor 的盡心服務。

And with that, operator will now turn the call over for questions.

隨後，接線員將把電話轉接給提問者。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

Good afternoon, Robert, Eyal, and Jonah, and Eyal, it was a pleasure working with you and congrats, Jonah, on your appointment as CFO. My first question for Robert, what type of product Does the Rekor team envision developing with the Deepfake detection division and would the product be software as a service or do you imagine it would be more of a solution in which it requires your personnel combined with your software?

下午好，羅伯特、埃亞爾和喬納，埃亞爾，很高興與你共事，祝賀喬納被任命為首席財務官。我的第一個問題是問羅伯特，Rekor 團隊設想與 Deepfake 檢測部門合作開發什麼類型的產品？該產品是軟體即服務 (SaaS) 還是您認為它更像是一種解決方案，需要貴公司人員與貴公司軟體結合？

So this is Robert and thanks for the question and by the way, it's Joe Nalepa, right? So who is assuming the role of CFO but let me answer you by saying that the product that we had previously announced is being developed by a subsidiary which is operating independently as Rekor Labs under the management of the director.

我是羅伯特，謝謝你的提問。順便問一下，你是喬·納萊帕，對吧？那麼誰將擔任財務長一職呢？讓我來回答你：我們先前宣布的產品是由一家名為 Rekor Labs 的子公司開發的，該公司在董事的管理下獨立運作。

And given what's going on in that space and the competition and -- competition for IT and other things, there's not much more we can say about, what we're doing than what we've said. I know that's probably not satisfying, but, we expect to get a product in the market in '26 and we just want to be careful.

鑑於該領域目前的情況以及IT和其他領域的競爭，關於我們正在做的事情，除了我們已經說過的情況之外，我們沒有什麼可說的了。我知道這可能不太令人滿意，但是，我們預計在 2026 年將產品推向市場，所以我們想謹慎一點。

Look, Rekor has a long history of working with AI and machine vision, which is video and audio, and this came to our attention back in '23, so it's not something that just kind of popped up one day and we decided, oh my God, Deepfakes, right.

你看，Rekor 在人工智慧和機器視覺（包括視訊和音訊）領域有著悠久的歷史，早在 2023 年我們就注意到了這一點，所以這並不是哪天突然冒出來，然後我們才決定，哦，我的天哪，深度偽造技術，對吧。

So we had been looking at it, we actually started developing some technology around it for our customers that were requesting, okay, this technology, so that's really all we can say about it at this point in time. I wish I could say more, but really can't.

所以我們一直在研究它，實際上我們已經開始圍繞它開發一些技術，以滿足客戶的要求，好吧，這項技術，所以目前我們只能說這麼多了。我真希望我能說得更多，但我真的無能為力。

Definitely exciting, and how should we think about the EBITDA trajectory and margins over the next several quarters? I think you've been able to take [OE], out of the model, and you're also in the process of scaling, the Georgia contract. So how should we think of margins and keep it?

這確實令人興奮，我們該如何看待未來幾季的 EBITDA 趨勢和利潤率呢？我認為你已經能夠從模型中剔除 [OE]，並且你也正在擴大喬治亞州合約的規模。那麼我們應該如何考慮利潤率並維持利潤率呢？

I think the way you should think about it is exactly what we've been saying. We've always said that we expect as things progress that our margins will increase, we expect that they will stabilize higher than we've reported this quarter.

我認為你應該像我們一直說的那樣去思考這個問題。我們一直都說，隨著事情的發展，我們預計利潤率會提高，我們預計利潤率將穩定在高於本季報告的水平。

And, that's just part of the development process of the technology that we're putting in the field, I think the most important thing is what -- was said earlier about our clients are looking for the data as a service business model, they're not interested in technology and hardware and maintenance contracts and so forth they need the data that they need to operate the roadways.

而且，這只是我們正在投入使用的技術開發過程的一部分。我認為最重要的是——正如之前所說，我們的客戶正在尋找數據即服務的商業模式，他們對技術、硬體和維護合約等等不感興趣，他們需要的是運營道路所需的數據。

Look, everyone here understands what's happening. You hear all these things about robotaxis and, companies doing this, that and the other thing. Well, the [GDOTs] have to [keep pace]. They've got to keep the roadways safe.

你看，這裡每個人都明白發生了什麼事。你經常聽到關於無人駕駛出租車以及各種公司做這做那之類的事情。嗯，[GDOTs]必須[保持步伐]。他們必須保障道路安全。

And they have to do that through managing data and the idea of delivering the data as a service as opposed to delivering technology and supplying it, maintaining it as a contractor is where it's headed and that means higher margins, longer-term contracts, and a better business model for a company like Rekor.

他們必須透過管理數據來實現這一點，並將數據作為一項服務來交付，而不是交付技術和供應，以承包商的身份維護數據，這是未來的發展方向，這意味著更高的利潤率、更長期的合同，以及像 Rekor 這樣的公司更好的商業模式。

So I think it's consistent with where we projected that we were going and we're seeing that and we're seeing that in results today.

所以我認為這與我們先前的預測一致，我們現在也看到了這一點，而且從今天的業績中也可以看出這一點。

Great and do you see many other contracts similar to the Georgia contract in your pipeline such that other states will look at. Georgia as the model or the paradigm and you know they perhaps won't need to do a rigorous RFP process they can trust that Georgia did the proper due diligence and they can, expedite the process and go straight with straight with you.

太好了，您是否看到您手頭上還有很多與佐治亞州合同類似的合同，以便其他州可以考慮？以格魯吉亞為榜樣或典範，他們或許不需要進行嚴格的招標流程，他們可以相信格魯吉亞已經進行了適當的盡職調查，他們可以加快流程，直接與你合作。

Yeah, well, I look -- I think, obviously, states procure the way they procure, but I think the good news is that they do follow each other, and at the end of the day, I believe that what we're seeing. Okay, which we pioneered was the concept of data as a service, and delivering, the solutions that these agencies are looking for.

是的，嗯，我認為——很顯然，各國都有各自的採購方式，但我認為好消息是它們確實會互相效仿，而且最終，我相信我們所看到的就是這樣的結果。我們率先提出了數據即服務的概念，並提供了這些機構正在尋找的解決方案。

And that's where it's headed and what we're seeing now, which I think we said during the call is that, this is unprompted we're seeing RFPs come out that we're responding to that are asking for this business model with the solutions that we have and what's really interesting about it is we're seeing a convergence of both the Discover and the command platform.

這就是它的發展方向，也是我們現在看到的，我想我們在電話會議中也說過，這是自發性的，我們看到一些 RFP 發布，我們正在回應，這些 RFP 要求採用這種商業模式以及我們現有的解決方案，而真正有趣的是，我們看到 Discover 平台和 command 平台正在融合。

And what I mean by that is, when people think about [GDOTs] they have two sides. They have operations which is maintaining roadways, operating the roadways, public safety, and all the things that go along with that, and then you have more longer-term things like planning, for how you, maintain your roadways over the next, 10 years,15 years, 20 years, and what we're seeing is now that the GDOTs are looking to combine that into a single pane of glass where they can get the data that they need through one supplier.

我的意思是，當人們想到[GDOT]時，他們有兩個面向。他們的日常運作包括道路維護、道路運作、公共安全以及所有相關的事項，此外還有更長遠的規劃，例如未來 10 年、15 年、20 年的道路維護規劃。我們現在看到的是，喬治亞州交通部正在尋求將這些資訊整合到一個統一的平台上，以便透過一個供應商來獲取所需的數據。

Okay, not by buying hardware and not by having a contractor install equipment and have to worry about, is it working -- is it not working, but by a company like Rekor that says, guess what, we'll give you all of this data that you need to do both planning and operations with and pay us for the data and if it's not giving you what you need to operate your roadway system, then don't pay us.

好吧，不是通過購買硬件，也不是通過讓承包商安裝設備，然後還要擔心它是否正常工作，而是通過像 Rekor 這樣的公司，他們會說，猜猜看，我們會提供你進行規劃和運營所需的所有數據，你為這些數據付費，如果它不能提供你運營道路系統所需的數據，那就不要付錢給我們。

Right, and if people think about today's world, everyone's used to getting things as a service, and that's something that I'm proud to say we pioneered.

沒錯，想想當今世界，每個人都習慣以服務的形式獲取東西，我很自豪地說，這是我們開創的先河。

Okay, and we fought long and hard to make that business model work and when we first started, years ago, people said, well, I'm not sure that that's going to work, but that, that's exactly what we're starting to see. So we're seeing RFPs come from states that again are unprompted, they're just showing up and they're looking for exactly.

好吧，我們為了讓這種商業模式奏效，付出了長期而艱苦的努力。幾年前我們剛開始的時候，人們說，嗯，我不確定這是否會成功，但現在，這正是我們開始看到的。所以我們看到一些州主動發出 RFP，他們只是出現，而且他們正在尋找的正是我們所需要的。

What Rekor does and the way we do business, more importantly, they're asking for that from, the companies that are going to bid that, and I think, Rekor is uniquely positioned to offer, those services and, solutions, because, frankly, we pioneered a lot of it.

Rekor 的業務模式和經營方式，更重要的是，他們要求參與競標的公司提供這些服務和解決方案。我認為，Rekor 擁有獨特的優勢來提供這些服務和解決方案，因為坦白說，我們開創了許多先河。

Thanks, Robert, and thanks everyone.

謝謝羅伯特，也謝謝大家。

(Operator Instructions)

（操作說明）

Tim Moore, Clear Street.

提姆摩爾，克利爾街。

Thanks, all, best wishes for your next phase outside of Rekor. I remember meeting at your headquarters a year ago and speaking, many times since then. So, good luck with everything .

謝謝大家，祝福你們在離開Rekor後的新階段一切順利。我記得一年前在貴公司總部見過面，從那時起我們多次交談。祝你一切順利。

And my first question is about your command when that you were [piloting], a few years back in Austin, Texas, and, that contract clearly came through quite well in June or so I just wondering, is Austin starting to ramp up is the plan there to kind a tackle Austin because that's where the pilot was and then really go out to Dallas, Fort Worth, and then, do Houston, is there any kind of just color you can add on that in the ramp up?

我的第一個問題是關於您幾年前在德克薩斯州奧斯汀擔任飛行員時的指揮工作，那份合約顯然在六月左右順利完成。我想知道，奧斯汀的業務是否開始逐步增加？計劃是先集中精力解決奧斯汀的業務，因為飛行員當時在那裡，然後再真正擴展到達拉斯、沃斯堡，最後再到休斯頓。您能否就業務逐步增加的情況補充一些細節？

That that's a great question. Austin, has issued a PO, okay, under the RFP that core one, so we have an expanded contract with them. Eyal, I think it's a joe, it's what, three years, I'm not sure what it is, but it took the full benefit of the pricing that was in the RFP, and we've been working, closely with, tech stocks procurement group.

那真是個好問題。Austin 已經根據 RFP 發出採購訂單，好的，就是那個核心訂單，所以我們和他們簽訂了一份擴展合約。Eyal，我想是喬，大概有三年了吧，我不確定具體時間，但它充分利用了 RFP 中的定價，我們一直在與科技股票採購集團密切合作。

To they wanted to kind of roll this out to the other, districts in a certain way, and when you work with states you follow their lead and you do the best you can to support, what they're asking you to do. So I think we'll see a successful rollout in Texas beyond Austin, right?

他們希望以某種方式將這種模式推廣到其他地區，當你與各州合作時，你會遵循他們的領導，盡你所能地支持他們要求你做的事情。所以我認為除了奧斯汀以外，我們還會在德克薩斯州看到成功的推廣，對吧？

And we're just in that process right now the tech, procurement team, right? But look, I just, one additional thing about our business is, it's B2G always hard, but the good news is that when you win, you're in and you're there for a long time, and that's the nice thing about this business, right? So, it's a double-edged sword, a little painful on the front end, but on the back end it's very rewarding. And I think that that's more on the back end, especially given, Georgia and other states like Texas and others as well.

我們現在正處於技術和採購團隊的這個階段，對吧？但是，我還要補充一點，關於我們的業務，B2G 總是很困難的，但好消息是，一旦你成功了，你就能長期佔據優勢，這就是這個行業的妙處，對吧？所以，這是一把雙面刃，前期可能會有點痛苦，但後期會有很大的回報。我認為這更多是後端的問題，特別是考慮到喬治亞州以及德克薩斯州等其他州的情況。

So great, just to play on that thread of you're winning you're in, which is great, how does the Caltran value of Discover contracts stack up, and you think that's like a third the value of, what you'd be doing, either in Georgia or, Texas? I'm just kind of curious.

太好了，就順著「你贏了你就參與了」這個話題繼續說下去，這很棒，那麼Caltran持有的Discover合約的價值如何？你認為它的價值大約是你在喬治亞州或德克薩斯州所做事情價值的三分之一嗎？我只是有點好奇。

Look, California is a large state. And I'd love to talk about the size of that potential opportunity, but I'd hate to get ahead of ourselves and then, have the folks at Caltrans get, all upset and say, wait a second, we're just doing this, that or the other thing, but look, it's a massive opportunity.

你看，加州是個幅員遼闊的州。我很想談談這個潛在機會的規模，但我不想操之過急，然後讓加州交通局的人很不高興，說，等等，我們只是在做這個、那個或其他的事情，但是聽著，這是一個巨大的機會。

And we were pleased to be asked by them to come out and showcase the tech for Caltrans and all their districts, and that's exactly what we're doing. But look, we're going to slow things down a bit and you know be more methodical about you know what we're telling the market, but the good news is tech is being adopted, the business model is being adopted.

我們很高興受邀前來向加州交通局及其所有轄區展示這項技術，而我們也正是這樣做的。但是，我們會放慢腳步，更有條不紊地向市場傳達訊息，但好消息是，這項技術正在被採用，而這種商業模式也正在被採用。

The states have to do this stuff and Rekor is in a premium, position to be able to deliver these services because again we pioneered a lot of this, so I think, it just makes us very unique, right.

各州必須做這些事情，而 Rekor 處於有利地位，能夠提供這些服務，因為我們再次開創了很多先河，所以我認為這使我們非常獨特，對吧。

Okay, good. I just have one last question and you know it's for Eyal, Joe, you, Robert, whoever wants to answer it, now that you've nailed down the Texas contract, the extended higher value Georgia contract, the Caltrans.

好的。我還有一個問題，你知道這個問題是問 Eyal、Joe、你、Robert，或者任何想回答的人的，既然你們已經敲定了德克薩斯州的合同、價值更高的佐治亞州延長合同以及加州交通部的合同。

Does, do you expect to do, revenue sharing note again because I mean that would definitely help improve liquidity. I'm just kind of curious what the thoughts are around that.

您是否打算再發行收益分成債券？因為那肯定會有助於改善流動性。我只是有點好奇大家對此有什麼看法。

All -- you can, certainly handle that because you've been working on transferring it over to Joe, but.

一切——你當然可以處理好這件事，因為你一直在努力把它移交給喬，但是。

Yeah, we are working as part of, improving [H1st] with you. We are working with the banker as we announced before, to have another series of this note now with Georgia and Texas coming in, to add to the pool, that give us the opportunity to, raise money through this, revenue sharing notes, tool that we had last year and a half.

是的，我們正在與您一起努力，改進[H1st]。正如我們之前宣布的那樣，我們正在與銀行家合作，發行另一系列此類票據，現在佐治亞州和德克薩斯州也加入了進來，以增加資金池，使我們有機會通過這種收益分成票據工具籌集資金，這是我們在一年半前推出的工具。

So definitely, yes, we are working towards this, and, you will know when, it's being executed, but we are working with the banker as we know before through this second series of notes.

所以，是的，我們正在朝著這個方向努力，當它開始執行時，你們就會知道了。但正如我們之前透過第二批票據所了解的那樣，我們正在與銀行家合作。

Okay. Well, thanks to all and best wishes again. I'll turn it back over.

好的。好的，謝謝大家，再次祝一切順利。我把它翻過來。

Thank you.

謝謝。

Mike Lattimore, Northland Capital Markets.

Mike Lattimore，北地資本市場。

Hey, hi, this is [VJ Dear] for Mike Lattimore. Should you get a full rate of portion of the new Georgia contract in the fourth quarter.

嘿，大家好，我是 [VJ Dear]，為您帶來 Mike Lattimore 的報導。第四季度，您是否能獲得喬治亞州新合約的全部或部分款項？

I'm not sure what they call it that, they all joe.

我不太清楚他們管那叫什麼，他們都叫喬。

Can you repeat the question, please?

請您重複問題好嗎？

You repeat the question, please?

請你再說一次問題？

Yeah, do you expect a full pro rata portion of the new Georgia contract in the fourth quarter?

是的，你預計第四季能按比例獲得喬治亞州新合約的全部款項嗎？

Yes, we do, Georgia, contract is in effect, since October, and we anticipate to, build them under the new contract.

是的，我們在喬治亞州有合同，該合約自 10 月起生效，我們預計將根據新合約進行建設。

Okay, and, tell me the status of the Discovered deployments in Georgia.

好的，請告訴我喬治亞州已發現部署的現狀。

Can can you repeat the question again?

您能再重複一次問題嗎？

The status of discovered deployments in Georgia.

格魯吉亞已發現部署的狀態。

Yeah, I think we can't get into the detail, but we have new discovered deployments going in in Georgia, in Florida, and a couple of other states as well.

是的，我想我們不能透露細節，但我們在喬治亞州、佛羅裡達州以及其他幾個州發現了新的部署項目。

So, I'm not sure that we have all those exact numbers and just so kind of towards the end of the year, we shift our resources around because some states, slow down work over the thanksgiving to. [New Year's] holiday and other states allow the work.

所以，我不確定我們是否掌握了所有確切的數字，而且到了年底，我們會調整資源配置，因為有些州會在感恩節和新年假期期間放慢工作進度，而有些州則允許繼續工作。

So, but trust that we're taking full advantage of working everywhere we can, getting as many systems in as possible. I think we put a record number of systems in in Florida in a very short period of time, and, Joe, I'm not sure I have, you guys have those numbers handy, but. They're going in. All right.

所以，請相信我們正在充分利用一切可以利用的機會，盡可能多地接入系統。我認為我們在很短的時間內就在佛羅裡達州安裝了創紀錄數量的系統，喬，我不確定我有沒有，你們手頭上有這些數字，但是。他們要進去了。好的。

And finally, are cities joining the Georgia procurement contract yet?

最後，各城市是否已經加入喬治亞州的採購合約？

I'm sorry, the Georgia contract is.

很抱歉，喬治亞州的合約是…

In full effect. Sorry, the Georgia contract is in full effect. We have a PO from them for the next year, so it went through the whole processes within the state and it's in effect as we speak.

全面生效。抱歉，喬治亞州的合約仍然有效。我們已經收到他們明年的採購訂單，所以它已經走完了州內的所有流程，現在已經生效了。

Okay, got it. Thank you.

好的，明白了。謝謝。

[Ray Yakko], Private Investor.

[Ray Yakko]，私人投資者。

Yes, hi, thanks for taking my call. The international market, I believe, Rekor attended the ITS European back on May 19, and mark was over there earlier in the year. Can you give us any feedback on any of that?

是的，你好，謝謝接聽我的電話。我認為，Rekor 參加了 5 月 19 日的 ITS 歐洲展，而 Mark 今年早些時候也去過那裡。您能否就以上內容提供任何回饋意見？

Sure, I mean this is new for us, right, because we haven't, looked to do business outside of the US borders other than with the Scout platform, but we are actively engaged with a number of customers in Europe, and, look, technology works here, it works there.

當然，這對我們來說是新的，對吧，因為除了 Scout 平台之外，我們還沒有在美國境外開展業務，但我們正在積極與歐洲的許多客戶合作，而且，你看，技術在這裡行得通，在那裡也行得通。

So, we hope to be doing business, in Europe and outside of the US, in 2026.

因此，我們希望在 2026 年能夠在歐洲和美國以外的地區開展業務。

And the QSR sector, is that any push for that or are you just, no revenue there, or?

那麼，快餐業方面，是否有任何推動力？還是說，這方面根本沒有收入？

Again, it's more scout, and it's not something that, we're prepared to talk to you today about, but look, we are, record, with its vehicle recognition software, has some unique tools which allows for property owners to extract.

再說一遍，這更像是偵察，而且我們今天也不打算和你們談論它，但是，我們確實在記錄，憑藉其車輛識別軟體，它有一些獨特的工具，可以讓業主提取資訊。

Anonymized information from vehicles that are on their property. So, that's something that has a lot of commercial application and I think that's an area that we're going to be focused on in '26, and hopefully, with Jen joining us we'll be able to, produce some real results with that, but I think that's something that we think has.

來自其物業範圍內車輛的匿名資訊。所以，這方面有很多商業應用，我認為這是我們在 2026 年要重點關注的領域，希望 Jen 加入我們後，我們能夠在這方面取得一些真正的成果，但我認為這方面我們認為有發展空間。

Some strong opportunity. Look, companies want to know, who's on the property, where they're coming from, and if you can do that in an anonymized way, which we can do, and we have some IP and we have some patents on what, on how we do that, then we expect to take advantage of that in the commercial sector. So it's an area we're certainly focused on. So that's a good question. So thank you.

一些絕佳的機會。你看，公司想知道誰在物業上，他們從哪裡來，如果你能以匿名的方式做到這一點（我們可以做到，而且我們在這方面有一些知識產權和專利），那麼我們希望在商業領域利用這一點。所以這無疑是我們重點關注的領域。這是個好問題。所以，謝謝你。

And do you see the technology being used anywhere else, for example, maybe sea ports for shipping containers, for example,

你認為這項技術在其他地方也有應用嗎？例如，在海運貨櫃港？

Well, that, that's a really good question and without getting into too much detail I could just tell you that state GDOTs and the federal government have a strong interest in tracking, what comes in through a port, onto a tractor trailer onto a highway and so forth.

嗯，這確實是個好問題。不多贅述，我只能說，各州交通部和聯邦政府都非常關注貨物從港口進入，裝上拖車，再運到高速公路等等的整個過程。

And that's what makes again record unique because not only do we have the ability to do -- what we do. On the roadways with respect to discover, but given the ability to, recognize vehicles, also the ability to recognize GDOT numbers and other things related to what might be on the side of the shipping container.

而這正是唱片公司獨一無二的原因，因為我們不僅有能力做──我們正在做的事情。在道路上，就發現而言，並且具備識別車輛的能力，以及識別 GDOT 編號和與貨櫃側面可能存在的其他資訊的能力。

So, yes, that's very much something that we're looking at and working on. And I think it's a really good question, and I think that's at the end of the day how all of this kind of, gets stitched together and, why it has value.

是的，這正是我們正在關注和努力的方向。我認為這是一個很好的問題，我認為歸根結底，這就是所有這一切是如何串聯起來的，以及它為何有價值的原因。

And my last question as a long-term shareholder, do you believe profitability is what's holding the elevation in the share price and maintaining it there, in your opinion?

身為長期股東，我的最後一個問題是：您認為獲利能力是支撐並維持股價高點的關鍵因素嗎？

Look, it's tough being a small public company in this world, right? It's just tough, right? But I think, the good news is that I think, we've proven that we can advance the company, we can increase our revenue, we can control our costs, we can do so without impairing revenue, and we can drive the company to profitability and at the end of the day it's really the value of the technology.

你看，在這個世界做一家小型上市公司真不容易，對吧？確實很艱難，對吧？但我認為，好消息是，我們已經證明我們可以推動公司發展，增加收入，控製成本，而且不會影響收入，最終使公司實現盈利，而歸根結底，這才是技術真正的價值所在。

And there's a lot of value to what we've developed that it took years to do, and it's not easily replicated, so, I personally expect that that value is going to monetize in the share price at some point, people are going to realize it.

我們所開發的東西很有價值，這是花了數年時間才完成的，而且不容易複製，所以我個人預計，這種價值遲早會在股價上體現出來，人們會意識到這一點。

And you don't expect a slowdown in this quarter with the holidays, Thanksgiving, Christmas, New Year's?

你不認為本季度，也就是感恩節、聖誕節和新年假期期間，業務會放緩嗎？

Well, look, there, there's some seasonality in our business. Certain GDOTs do limit the amount of work that you do roadside from Thanksgiving to New Year's, but we're shifting our manpower around to those states where we can work.

你看，我們的生意確實存在一些季節性因素。某些州交通部門確實限制了感恩節到新年期間在路邊進行的工作量，但我們正在將我們的人力轉移到那些我們可以工作的州。

And we think there's a good chance that the growth, can overcome, the little bit of seasonality that you have, but at the end of the day, this stuff really doesn't matter because once the company gets its sea legs, and it grows, it's just going to grow because it's still very early, right.

我們認為，成長很有可能克服這點季節性因素，但歸根結底，這些都不重要，因為一旦公司站穩腳跟並發展壯大，它就會一直成長下去，因為現在還處於非常早期的階段，對吧。

And the more important thing is that the pipeline is there, the adoptions there, the expansions there. And as I said earlier, the RFPs that we're seeing unprompted from, our customers, it just tells you that, we report is headed in the right direction and that, we're providing what they want, right? So, it's a really big market and we haven't even touched the tip of the iceberg.

更重要的是，通路已經到位，採用率已經達到，擴張也已經實現。正如我之前所說，我們看到客戶主動提出的 RFP，這說明我們的方向是正確的，我們正在提供他們想要的東西，對吧？所以，這是一個非常大的市場，我們甚至還沒觸及到冰山一角。

Okay, thank you for answering all my questions, and I appreciate all the hard work everyone's doing at Recore.

好的，謝謝你們回答我的所有問題，我也非常感謝Recore的每位成員所做的辛勤工作。

Yeah, thank you. Appreciate it. Thanks for the support.

是啊，謝謝。謝謝。感謝您的支持。

If there are no further questions at this time, I'd like to pass the call back over to Robert for any closing remarks.

如果目前沒有其他問題，我想把電話轉回給羅伯特，請他做總結發言。

Yeah, operator, I just want to make sure that there's no further questions from any shareholder because sometimes we hear that they're, that there were and that people didn't get a chance to ask, but, there are no further questions. The queue is clear.

是的，接線員，我只是想確認是否還有其他股東的問題，因為我們有時會聽到有人說有問題，但沒機會提問，但是，現在沒有其他問題了。隊伍已空。

Yes, that's correct.

是的，沒錯。

Okay. Well, look, everyone, thank you so much for the support, thank you for joining the call and, it's early, it's early in the game for Rekor, but I think, we've proven that we're headed in the right direction. You just don't land contracts with states, the likes of Rekor has -- and not have something that's really there, okay?

好的。好了，各位，非常感謝大家的支持，也感謝大家參與這次電話會議。雖然現在對 Rekor 來說還處於早期階段，但我認為，我們已經證明我們正朝著正確的方向前進。像 Rekor 這樣的公司，如果沒真有實力，就不可能和國家簽約，懂嗎？

So it's a good sign. And again, I think we're headed in the right direction both with the company's technology as well as the business model, and we're looking forward to a great year in 2026 and seeing you all on the next call.

所以這是個好兆頭。再次重申，我認為無論從公司的技術還是商業模式來看，我們都朝著正確的方向前進，我們期待著 2026 年取得輝煌的成績，並期待在下次電話會議上與大家見面。

So thank you all. I appreciate it.

所以，謝謝大家。謝謝。

This concludes today's teleconference. We may disconnect your line at this time.

今天的電話會議到此結束。我們可能會在此時斷開您的線路。

Thank you for your participation.

感謝您的參與。