Algorhythm Holdings Inc (RIME) 2025 Q2 法說會逐字稿

Good morning, everyone. Welcome to Algorhythm Holdings' second-quarter 2025 financial results earnings call.

各位早安。歡迎參加 Algorhythm Holdings 2025 年第二季財務業績電話會議。

My name is [Jen]. I will be your operator.

我的名字是[Jen]我將成為你的操作員。

As a reminder, today's call is being recorded. We have a brief Safe Harbor and then, we'll get started.

再次提醒，今天的通話將會被錄音。我們先做一個簡短的安全港聲明，然後正式開始。

This call contains forward-looking statements under U. Federal Securities Laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations.

本次通話包含美國聯邦證券法規定的前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與歷史經驗或當前預期有重大差異。

A description of some of the risks and uncertainties can be found in our reports that we file with the Securities and Exchange Commission, including the cautionary statements included in our current and periodic filings.

有關一些風險和不確定性的描述，請參閱我們向美國證券交易委員會提交的報告，包括我們目前和定期文件中包含的警示性聲明。

I would now like to turn the call over to Gary Atkinson, company's CEO.

現在我將把電話交給公司執行長加里·阿特金森。

Thank you. Good morning, ladies and gentlemen. Thank you, all, for joining us for our second-quarter 2025 earnings call.

謝謝。女士們、先生們，早安。感謝各位參加我們2025年第二季財報電話會議。

As mentioned, my name is Gary Atkinson, company's CEO. I am also joined this morning by Alex Andre, company's CFO, who will be providing a detailed update on the results of operations.

如前所述，我叫加里·阿特金森，是公司的執行長。今天上午，公司財務長亞歷克斯·安德烈也將與我一同出席，他將詳細介紹公司的營運表現。

Before we start, I'd like to focus on two key topics for today. The first is the strategic sale of the Singing Machine, our legacy consumer electronics business; and the second is the accelerated growth and outlook for SemiCab, our high-growing AI logistics platform.

在正式開始之前，我想重點談談今天的兩個關鍵主題。第一點是策略性出售我們的傳統消費性電子業務“唱歌機”；第二點是加速發展我們的高成長人工智慧物流平台“SemiCab”，並展望其前景。

I'll start this morning with Singing Machine. This business has been the leader in its category for over 40 years as the number 1 brand for home karaoke. However, the consumer electronics market -- particularly, consumer karaoke -- has faced persistent headwinds over the last few years. The business has experienced declining sales year over year, rising costs, uncertain global tariffs, inflation, and supply chain disruptions.

今天早上我先從《歌唱機器》開始。這家公司在家用卡拉OK領域已連續40多年保持領先地位，是排名第一的品牌。然而，在過去幾年裡，消費電子市場，尤其是消費卡拉OK市場，一直面臨持續的逆風。該企業經歷了銷售額逐年下降、成本上升、全球關稅不確定性、通貨膨脹和供應鏈中斷等問題。

To position Algorhythm for long-term growth, we made the strategic decision to divest the Singing Machine business. The recent sale we announced earlier this month generated $4.5 million in total consideration, which reduced our liabilities by approximately $4 million and has materially strengthened our balance sheet.

為了使 Algorhythm 能夠實現長期成長，我們做出了剝離 Singing Machine 業務的策略決定。我們本月稍早宣布的最新出售交易共獲得 450 萬美元的總對價，使我們的負債減少了約 400 萬美元，並大大增強了我們的資產負債表。

More importantly, this move lowers our ongoing cash burn and allows us to dedicate capital and resources to areas with the greatest growth potential, that being our SemiCab business.

更重要的是，此舉降低了我們持續的現金消耗，使我們能夠將資金和資源投入到最具成長潛力的領域，也就是我們的半拖車業務。

This was not just a financial decision. This was a complete strategic pivot. SemiCab operates in a massive addressable market and has tremendous scaling opportunities for growth and is already transacting with some of the largest, biggest household names in the consumer product space.

這不僅僅是一個財務決定。這是一次徹底的策略轉型。SemiCab 的目標市場規模龐大，具有巨大的成長潛力，並且已經與消費品領域中一些最大的、家喻戶曉的品牌進行了交易。

We do business with companies like Kellogg's Kellanova, Apollo Tyres, Asian Paints, Procter & Gamble, and Unilever, which are our customers in India. They're hungry for us to do more. Over the past several quarters, it has become clear that SemiCab have deserved the resources to scale aggressively, rather than coexisting alongside the Singing Machine business.

我們在印度的客戶包括 Kellogg's Kellanova、Apollo Tyres、Asian Paints、Procter & Gamble 和 Unilever 等公司。他們渴望我們做得更多。在過去的幾個季度裡，很明顯，SemiCab 應該獲得資源進行積極擴張，而不是與 Singing Machine 業務共存。

This past quarter was a breakthrough quarter in our strategy to pivot into AI technology, which has the power to disrupt the legacy freight brokerage business. In May, we closed the acquisition of SemiCab India, bringing their team, their technology, operations, all under our SemiCab Holdings subsidiary.

上個季度是我們向人工智慧技術轉型策略取得突破性的一個季度，人工智慧技術有能力顛覆傳統的貨運經紀業務。5 月，我們完成了對 SemiCab India 的收購，將其團隊、技術和營運全部納入我們的 SemiCab Holdings 子公司旗下。

During the integration period, we prioritized funding their working capital, strengthening their vendor relationships, and starting to build out their operations, marketing, and accounting teams in India to support the anticipated growth. I believe the results now speak for themselves.

在整合期間，我們優先考慮為其提供營運資金，加強其與供應商的關係，並開始在印度建立其營運、行銷和會計團隊，以支持預期的成長。我相信現在的結果已經說明了一切。

During this last quarter, we announced SemiCab has secured five new contracts with some of India's largest fast-moving consumer group companies. We also announced, during the quarter, four existing clients have expanded their geographic lanes and volume by over 100%; and in some cases, upwards of 200%. These expansions were with some of the companies that I mentioned earlier, brands like Apollo Tyres, Procter & Gamble, Asian Paints, Kellogg's Kellanova.

上個季度，我們宣布 SemiCab 已與印度一些最大的快速消費品集團公司簽訂了五份新合約。本季我們也宣布，四家現有客戶的地理線路和業務量增加了 100% 以上；在某些情況下，成長幅度甚至超過了 200%。這些擴張涉及我之前提到的一些公司，例如 Apollo Tyres、寶潔、亞洲塗料、家樂氏 Kellanova 等品牌。

During the quarter, we also announced a fleet expansion, where we grew our fleet from 140 to 450 trucks, clearing a runway of supply of trucks to increase our annualized revenue run rate to approximately $23 million.

本季度，我們還宣布了車隊擴張計劃，將車隊規模從 140 輛卡車增加到 450 輛卡車，從而為卡車供應創造了充足的空間，使我們的年化收入運行率提高到約 2300 萬美元。

Over the past 12 months, our annualized revenue run rate has increased by almost 300% to now approximately $7 million in ARR. We anticipate in the coming quarters for that growth trend to continue.

過去 12 個月，我們的年化收入運行率成長了近 300%，目前 ARR 約為 700 萬美元。我們預計未來幾季這一成長趨勢將持續。

In summary, SemiCab's growth trajectory is accelerating. The combination of new wins, expanded contracts, and fleet growth has created a strong flywheel effect; that is, more volume on our platform drives network effects.

總而言之，SemiCab 的成長軌跡正在加速。新訂單的贏得、合約的擴大以及車隊規模的成長，共同產生了強大的飛輪效應；也就是說，我們平台上的交易量越大，產生的網路效應就越大。

This results in increased optimization opportunities to reduce empty miles; therefore, unlocking significant value for our customers and driving our margin expansion.

這將帶來更多優化機會，以減少空駛里程；從而為我們的客戶釋放巨大價值，並推動我們的利潤成長。

At this point, I will turn the call over to Alex Andre, who will walk you through our second-quarter results in detail.

接下來，我會把電話交給 Alex Andre，他將詳細向大家介紹我們第二季的表現。

Thank you, Gary. Hello, everyone.

謝謝你，加里。大家好。

The quarterly report that we filed yesterday presents information for the three and six months ended June 30, 2025, and '24.

我們昨天提交的季度報告提供了截至 2025 年 6 月 30 日和 2024 年 6 月 30 日止三個月和六個月的資訊。

We had an exciting quarter with the acquisition of SemiCab India. SemiCab is included in our financial results of May 2, 2025, which was the acquisition date; and contributed to our financial results for the months of May and June.

本季我們完成了對 SemiCab India 的收購，這令人振奮。SemiCab 已計入我們 2025 年 5 月 2 日（收購日）的財務業績；並對我們 5 月和 6 月的財務業績做出了貢獻。

As Gary mentioned, we sold Singing Machine on August 1. Accordingly, our third-quarter results will include Singing Machine for just the month of July. Thereafter, our future financial results will only reflect our SemiCab business. We expect to reflect the sales of Singing Machine as discontinued operations for our third quarter.

正如 Gary 所提到的，我們已於 8 月 1 日將 Singing Machine 出售。因此，我們第三季的業績將只包含 Singing Machine 七月的業績。此後，我們未來的財務表現將只反映我們的半拖車業務。我們預計將把 Singing Machine 的銷售額計入第三季的終止經營業務收入。

Moving on to our third-quarter results, sales for the three months ended June 30, 2025, increased to $2.7 million from $2.4 million for the corresponding period last year, primarily due to the addition of SemiCab India on May 2. Our Singing Machine business accounted for $1.5 million of our sales, while our SemiCab business accounted for the remaining $1.2 million.

接下來來看我們第三季的業績，截至 2025 年 6 月 30 日的三個月，銷售額從去年同期的 240 萬美元增至 270 萬美元，這主要是由於 5 月 2 日 SemiCab India 的加入。我們的唱歌機業務貢獻了 150 萬美元的銷售額，而我們的半拖車業務貢獻了剩餘的 120 萬美元。

Sales of our Singing Machine business were negatively impacted by increased inflation and the tariffs that were implemented on April 2, as all of our Singing Machine products are manufactured in China. Our Singing Machine business is also seasonal, with most sales being generated in the second half of the calendar year.

由於我們所有的唱歌機產品都是在中國生產的，因此通貨膨脹加劇以及4月2日實施的關稅對我們的唱歌機業務的銷售產生了負面影響。我們的唱歌機業務也有季節性，大部分銷售都發生在下半年。

On the SemiCab side of our business, our revenue run rate has tripled to more than $7 million since January 2025. We expect SemiCab to generate between $2 million and $2.5 million of revenue during our third quarter.

自 2025 年 1 月以來，我們半拖車業務的收入成長了兩倍，達到 700 多萬美元。我們預計 SemiCab 在第三季將創造 200 萬至 250 萬美元的收入。

We also expect revenue generated from SemiCab to increase substantially over the next 12 months, with SemiCab's revenue run rate projected to increase to between $15 million and $20 million over the next 12 months.

我們也預期 SemiCab 在未來 12 個月內產生的營收將大幅成長，SemiCab 的營收運行率預計將在未來 12 個月內成長至 1,500 萬美元至 2,000 萬美元之間。

Gross profit for the three months ended June 30, 2025, increased to $954,000 from $324,000 for the same period last year, with gross margin increasing to 35% from 13%. The increase was due primarily to one-time adjustments made to inventory reserves and co-ops associated with our Singing Machine business. We expect gross profit to decrease to closer to breakeven in the near term to reflect SemiCab's current margins, as SemiCab incurs freight handling and servicing costs in its business that are included in cost of goods sold.

截至 2025 年 6 月 30 日的三個月，毛利從去年同期的 324,000 美元增至 954,000 美元，毛利率從 13% 增至 35%。此次成長主要是由於與我們的歌唱機業務相關的庫存儲備和合作項目進行了一次性調整。我們預計短期內毛利將下降至接近損益平衡點，以反映 SemiCab 目前的利潤率，因為 SemiCab 的業務將產生貨運處理和服務成本，這些成本已計入銷售成本。

Selling expenses for the three months ended June 30, 2025, decreased to $234,000 from $547,000 in the prior year period due to decreases in online marketing and social media advertising campaigns associated with decreases in sales of Singing Machine's karaoke products. We expect selling expenses to decrease substantially over the next 12 months due to the sale of our Singing machine business, as virtually all of our selling expenses were incurred by Singing Machine. SemiCab does not currently incur selling expenses.

截至 2025 年 6 月 30 日止三個月的銷售費用從去年同期的 547,000 美元減少至 234,000 美元，原因是 Singing Machine 卡拉 OK 產品銷量下降導致線上行銷和社群媒體廣告活動減少。由於出售了我們的歌唱機業務，我們預計未來 12 個月的銷售費用將大幅下降，因為我們幾乎所有的銷售費用都是由歌唱機業務產生的。SemiCab目前沒有銷售費用。

General and administrative expenses for the month ended June 30, 2025, decreased to $1.5 million from $2.1 million for the same period last year. The decrease is due primarily to decreases in general and administrative expenses incurred by our Singing machine business, partially offset by increases in the same expenses incurred in the growth and development of our SemiCab business. We expect G&A expenses to decrease over the next 12 months due to the sale of Sing machine However, we expect the reductions achieved to be partially offset by an increase in expenses that we expect to incur as we continue to invest in the growth and development of our SemiCab business.

截至 2025 年 6 月 30 日止月份的一般及行政費用從去年同期的 210 萬美元減少至 150 萬美元。此下降主要是由於我們的歌唱機業務產生的一般及行政費用減少，但部分被我們的半拖車業務增長和發展過程中產生的相同費用增加所抵消。由於出售 Sing 機器，我們預計未來 12 個月的 G&A 費用將有所下降。然而，我們預計隨著我們繼續投資於半拖車業務的成長和發展，預計會產生更多費用，從而部分抵消所實現的減少。

Finally, net loss for the three months ended June 30 decreased to $809,000 from $6.2 million for the comparable period last year. The decrease was due primarily to $3.9 million for operating lease impairment expenses that we incurred in 2024 in connection, with the termination of a lease that we no longer needed for our business and lower general and administrative expenses. Net loss is expected to decrease during the next 12 months, primarily due to the sale of our Singing Machine business, which accounted for a significant portion of our losses. The decrease in net loss is expected to be partially offset by increases in net loss resulting from our continued investment in the growth and development of SemiCab.

最後，截至 6 月 30 日的三個月淨虧損從去年同期的 620 萬美元減少至 80.9 萬美元。減少的主要原因是我們在 2024 年產生了 390 萬美元的經營租賃減損費用，這與我們終止一項不再需要用於我們業務的租賃有關，以及一般和行政費用的減少。預計未來 12 個月淨虧損將減少，主要原因是出售了我們的歌唱機業務，該業務曾占我們虧損的很大一部分。預計淨虧損的減少將被我們持續投資於SemiCab的成長和發展所導致的淨虧損增加部分抵銷。

That concludes my overview of the second-quarter financial results, Gary.

加里，我的第二季財務業績概述就到此結束了。

Thank you, Alex.

謝謝你，亞歷克斯。

I just want to say that I am extremely proud of the work that we have completed during the second quarter. Today, we shared how the strategic sale of Singing Machine and the acceleration of SemiCav are two sides of the same coin.

我只想說，我對我們在第二季完成的工作感到無比自豪。今天，我們分享了 Singing Machine 的策略性出售和 SemiCav 的加速發展是如何成為同一枚硬幣的兩面。

The Singing Machine sales strengthens our balance sheet, reduces our cash burn on a go-forward basis, and frees up capital for high-growth opportunities.

歌唱機的銷售增強了我們的資產負債表，減少了我們未來的現金消耗，並釋放了資金用於高成長機會。

Our focus is now on SemiCab to be fully resourced to capture market share in a fast-growing untapped sector. We are extremely confident in our path forward with SemiCab positions for continued contract wins, geographic expansions, fleet expansion, and revenue growth.

我們現在的重點是為 SemiCab 提供充足的資源，以便在快速成長且尚未開發的領域中搶佔市場份額。我們對 SemiCab 的發展前景充滿信心，相信我們能夠繼續贏得合約、擴大地域覆蓋範圍、擴大車隊規模並實現收入成長。

We look forward to updating everyone on our progress over the coming few months; and appreciate your continued interest and support.

我們期待在接下來的幾個月向大家報告我們的進展；並感謝大家一直以來的關注和支持。

With that, we have reserved some time for some Q&A. So I would like to, at this point, open it up to any questions.

接下來，我們預留了一些時間進行問答環節。所以，現在我想接受大家的提問。

(Operator Instructions)

（操作說明）

Theodore O'Neill, Litchfield Hills Research.

西奧多·奧尼爾，利奇菲爾德山研究。

Congratulations on the margin and expense reductions.

恭喜你們降低了利潤率和成本。

I was wondering if you could give us -- how to think about profit margins and the operating expense going forward into the fourth quarter, when you have your first clean quarter.

我想請教一下，在你們迎來第一個獲利季度後，也就是第四季度，該如何考慮利潤率和營運費用？

Sure. That's a good question.

當然。這是個好問題。

Yeah. We can certainly give a little guidance. Maybe, Alex, you can talk about some of the anticipation with total operating expenses? I can address the margin.

是的。我們當然可以提供一些指導。Alex，或許你可以談談對總營運費用的一些預期？我可以解決利潤率問題。

As we move ahead, obviously, now with the sale of Singing Machine coming off of the books, we do anticipate total operating expenses to come down. We are expecting the margin to be in line with what the SemiCab business is generating.

隨著我們繼續推進，很顯然，現在 Singing Machine 的出售已從帳面上移除，我們預計總營運費用將會下降。我們預計利潤率將與半拖車業務的利潤率保持一致。

Their margins, to start, will not be indicative of what the Singing Machine margins used to be. We used to see with Singing Machine margins, they were well north of 25% to 30% gross margins. The SemiCab business obviously, from a margin perspective, is a smaller margin.

一開始，他們的利潤率並不能反映出歌唱機器公司過去的利潤率。我們過去看到的 Singing Machine 的毛利率遠高於 25% 到 30%。從利潤率的角度來看，半拖車業務的利潤率顯然較低。

So we would anticipate anywhere, I would say, from 5% to 10% margins. But we expect the growth to be far outweighing the growth opportunities that Singing Machine had.

因此，我們預計利潤率將在 5% 到 10% 之間。但我們預計，其成長將遠遠超過 Singing Machine 曾經擁有的成長機會。

So what we would lose in, let's say, margin percentages, we anticipate to make up for in dollars and growth, if that makes sense.

所以，如果這樣說你能理解的話，我們預期會透過增加收入和實現成長來彌補我們在利潤率方面的損失。

Alex, if you want to maybe touch on the operating expense side?

Alex，你願意稍微談談營運費用方面嗎？

Yeah. The operating expense side will be, as Gary indicated, much lower because of the sale of Singing Machine. We do expect operating expenses increase gradually, over time. But that's associated with the growth in the SemiCab business.

是的。正如 Gary 所指出的，由於出售了 Singing Machine，營運費用方面將會大幅降低。我們預計營運費用會隨著時間的推移而逐步增加。但這與半拖車業務的成長有關。

It's an intentional decision by us to invest heavily into it. That's also the reason why we expect revenue to increase so quickly.

這是我們有意決定大力投資該項目的。這也是我們預期營收成長如此迅速的原因。

But, overall, we will experience a major reduction at the outset because Singing Machine accounted for a significant portion of our operating expenses.

但總體而言，由於 Singing Machine 占我們營運費用的很大一部分，因此我們初期將會經歷大幅削減。

And as a follow-up, it may be too soon to tell but given what's going on with tariffs here in this country -- and I've only seen stories about potential mass layoffs of people in India -- can you give a viewpoint on the tariffs and the impact in India and if that will have some impact on your business in the SemiCab business?

作為後續問題，現在下結論可能還為時過早，但鑑於我國目前的關稅情況——而且我只看到有關​​印度可能出現大規模裁員的報道——您能否就關稅及其對印度的影響談談您的看法，以及這是否會對您的半掛車業務產生一些影響？

Yeah. The nice thing with tariffs is, for instance, with Singing Machine's business, we were directly exposed to tariffs. Like, for instance, the increase on tariffs to products made in China, that was a direct hit to the Singing Machine business. Fortunately, with SemiCab, we don't have that same exposure. So there's no physical products that we're importing from any other country.

是的。關稅的好處在於，例如，就 Singing Machine 的業務而言，我們直接受到關稅的影響。例如，對中國製造的產品提高關稅，就直接打擊了唱歌機業務。幸運的是，有了SemiCab，我們就不需要承擔同樣的風險。因此，我們沒有從任何其他國家進口任何實體產品。

Now, that being said, if there is a reduction in overall goods flowing into and out of India, that will have some consequences in terms of just overall freight that needs to be moved around the country. But the nice thing is with the customers that we're doing business with, these are some of the largest Fortune 500, Fortune 100 multinational companies in the world.

也就是說，如果流入和流出印度的貨物總量減少，那麼僅就全國範圍內需要運輸的貨物總量而言，就會產生一些影響。但令人欣慰的是，我們合作的客戶都是世界500強、100強等全球最大的跨國公司。

So there will be significant demand still within the country of India for their products. We're not anticipating that to impact our business.

因此，印度國內對他們的產品仍將有很大的需求。我們預計這不會對我們的業務造成影響。

Again, our percentage of transportation that we're doing with these large companies is very, very small in the grand scheme of how much volume flows through those customers.

再次強調，我們與這些大公司合作的運輸業務佔比非常非常小，與這些客戶的運輸量相比，簡直微不足道。

So if anything, we're expecting to receive more and more and more of their demand. As our platform continues to perform, we continue to save our customer's money; and where our early indications in India show that we're now able to optimize upwards of 85% of truck utilization, which is a significant increase from the industry average of around 66%.

所以，如果有什麼變化的話，那就是我們預計會收到越來越多的訂單。隨著我們的平台持續運行，我們不斷為客戶節省資金；我們在印度的早期跡象表明，我們現在能夠優化高達 85% 的卡車利用率，這比行業平均水平 66% 左右有了顯著提高。

Basically, long story short, the platform is working. The optimizations are real. We're able to save our customers' money. They're going to be giving us more and more.

簡而言之，該平台運作正常。這些優化措施是真實存在的。我們能夠為客戶省錢。他們會給我們越來越多的東西。

Early -- the indications are that they are planning to give us more and more and more of their business. So I don't see tariffs impacting us here.

種種跡象表明，他們計劃將越來越多的業務交給我們。所以我認為關稅不會對我們造成影響。

Eric Nickerson, Third Century Partners.

Eric Nickerson，第三世紀合夥公司。

Say, have you guys rehired Brendan Hopkins as your IR guy?

話說，你們重新聘用了 Brendan Hopkins 擔任投資人關係負責人嗎？

Yes. That's a good point. We are working with Brendan again, just very recently, to help engage and just be a -- now that we've sold our Singing Machine and we're looking to rebuild up the story with SemiCab, we felt like it was important to have a dedicated person that could answer questions from shareholders on a go-forward basis and just be an additional resource and communications.

是的。說得有道理。我們最近再次與 Brendan 合作，以幫助他參與並發揮作用——既然我們已經出售了 Singing Machine，並且正在尋求透過 SemiCab 重建品牌故事，我們覺得有必要安排一位專人來回答股東們未來提出的問題，並作為額外的資源和溝通管道。

Okay. On your recent filings, you made it pretty clear that you're going to have to raise more money to finance this SemiCab growth. Is it fair to assume that you'll be doing that again with equity sales? Or is there some other plan afoot?

好的。在您最近提交的文件中，您已經非常明確地表示，您需要籌集更多資金來為SemiCab的成長提供資金。是否可以合理假設你也會在股權出售方面採取同樣的做法？或者，背後有其他計劃？

Yeah. Obviously, there's two options with raising capital, right? There's debt and there's equity. We have taken on a little bit of debt in the recent quarter, not a lot. I think as -- we did bring in some cash from the sale of Singing Machine. But you're certainly right, over the next coming few quarters, we're definitely going to need to continue to bring in working capital to fund the growth of SemiCab. I would imagine equity is going to be a piece of that.

是的。顯然，籌集資金有兩種途徑，對吧？有債務，也有權益。最近一個季度我們增加了一些債務，但不多。我認為——我們確實從出售唱歌機中獲得了一些現金。但您說的沒錯，在接下來的幾個季度裡，我們肯定需要繼續引入營運資金來支持 SemiCab 的發展。我認為公平性將是其中的一部分。

Now, the nice thing that I want to point out is that it's not -- without now the Singing Machine business, the needs of SemiCab are much smaller, the overall working capital fee. So any kind of equity capital raising that we might need to do will be much, much more minimal and light than what we had to do in the past to support Singing Machine.

現在，我想指出的一件好事是——如果沒有了 Singing Machine 業務，SemiCab 的需求就小得多，整體營運資金費用也低得多。因此，我們可能需要進行的任何股權融資都將比我們過去為了支持 Singing Machine 而進行的融資要少得多、輕得多。

Okay. When we talked before, you said most of the capital needs for SemiCab is to finance receivables since you're having to pay out money quicker and the truckers tend to pay later. That sounds like something that you could either get bank financing for or maybe even a factoring relationship.

好的。我們之前談話時，您說過 SemiCab 的大部分資金需求都是為了支付應收帳款，因為您需要更快地支付款項，而卡車司機往往付款較晚。聽起來你或許可以從銀行獲得貸款，甚至可以考慮建立保理關係。

Do you consider it along those lines?

你也是這樣考慮的嗎？

Yeah. We have. In fact, we are in the process of putting, essentially, a factory facility in place in India to help just balance out that cash-to-cash timing that's been challenging us in the past. So that will be one way of solving the working capital needs of the India business.

是的。我們有。事實上，我們正​​在印度建立一家工廠，以幫助平衡過去一直困擾我們的現金週轉時間問題。所以這將是解決印度企業營運資金需求的一種方法。

Okay. Well, okay, that sounds good. I can tell you, this is just as one little guy out here in the peanut gallery and stock market land, if you want to raise your credibility, probably the fastest way to do it is to sell some new shares at a price at or above current market -- that the company has been able to do.

好的。好的，聽起來不錯。我可以告訴你，我只是個在股市裡旁觀一切的小人物，如果你想提高你的信譽，最快的方法可能就是以等於或高於當前市場價格的價格出售一些新股——而這家公司已經做到了。

So I wish you luck in that. I hope you can do it.

祝你好運。希望你能做到。

Yeah. That's all I have. I'll go back in the queue.

是的。這就是我全部的資料了。我重新排隊。

(Operator Instructions)

（操作說明）

[Brian Tantalo].

[布萊恩坦塔洛]

Obviously, with the spin-off or sale of Singing Machine, there's a lot of benefits, specifically from the negative cash burn, which is great. You've addressed some of my initial questions on how that's going to directly impact the company from a financial perspective, which is obviously significant.

顯然，透過分拆或出售 Singing Machine，可以帶來許多好處，特別是減少現金消耗，這非常棒。你已經解答了我最初的一些問題，這將如何從財務角度直接影響公司，這顯然意義重大。

Could you also talk a little bit about the focus on SemiCab and its current customers and the growth? Meaning, will we likely see deeper penetration into the current customer base or an expansion of new customers? How should we look at it, as far as the opportunity going forward?

您能否也談談 SemiCab 的發展重點、現有客戶以及成長情況？也就是說，我們更有可能看到現有客戶群的進一步滲透，還是新客戶的擴張？從未來發展機會的角度來看，我們該如何看待這個問題？

Yeah. No. That's a great question.

是的。不。這是一個很好的問題。

Just touching on the first part now with the sale of Singing Machine, obviously, like you said, there's a lot of additional advantages. But the main thing that I think of is the focus, right?

現在我們來談談出售唱歌機的第一部分，顯然，正如你所說，它有很多額外的優勢。但我最主要考慮的是專注力，對吧？

Prior to August 1, there was a capital allocation problem. We had to take the limited dollars that we had and decide whether to put it into Singing Machine or put it into SemiCab.

8月1日之前，有資金配置問題。我們必須拿出有限的資金，決定投入 Singing Machine 公司還是投入 SemiCab 公司。

Now, we don't have that problem anymore. Now, we know exactly where our focus is. We know to allocate capital. It's into the fast-growing AI trucking logistics platform.

現在，我們已經不再有這個問題了。現在，我們清楚地知道我們的重點在哪裡了。我們知道如何配置資本。它進入了快速發展的AI卡車物流平台。

Now, in terms of just customers and penetration, look, we've seen now in these first contracts with our customers, they're all very, very, very excited. There's a buzz in India. There's a word of mouth that's going on.

現在，就客戶和市場滲透率而言，我們已經從與客戶的首批合約中看到，他們都非常非常非常興奮。印度現在很熱鬧。現在正透過口耳相傳的方式進行宣傳。

We've been picking up additional customers that are outside of the NDFE, which is the National Digital Freight Exchange. Our customers are talking and we're getting free marketing and biz dev from word of mouth.

我們一直在吸引NDFE（全國數位貨運交易平台）以外的更多客戶。我們的客戶都在談論我們，口碑傳播為我們帶來了免費的​​行銷和業務拓展。

So we are seeing some new customer wins that are coming in outside of the NDFE. And then, with our existing customer base, which I would consider like our Big 4, which is Asian Paints, Apollo Tyres, Procter & Gamble, and Kelloggs', they're all looking to expand pretty aggressively.

所以我們看到一些來自 NDFE 以外的新客戶。此外，我們現有的客戶群，我認為就像我們的四大客戶一樣，分別是亞洲塗料、阿波羅輪胎、寶潔和家樂氏，他們都在積極尋求擴張。

We haven't really given all the details of those expansions. I would expect that we will be able to announce them, I think, fairly soon. But there are material, material increases to overall volume lanes, traffic that they're expecting to be giving us here.

我們還沒有完全公佈這些擴建計劃的細節。我認為我們很快就能宣布這些消息。但是，他們預計這裡的整體交通流量和車道數量將出現實質的增長。

So again, I have to be a little vague, unfortunately, just because we haven't publicly announced those yet. But yes, we're seeing solid growth coming.

所以很遺憾，我只能說得比較含糊，因為我們還沒有公開宣布這些消息。是的，我們看到了穩健的成長。

Okay. It sounds like there's a ton of runway with the current customers and other customers in India, which will keep you busy. At the same time, are you looking to expand outside of India?

好的。聽起來你們在現有客戶和印度其他客戶方面還有很大的發展空間，夠你們忙一陣子的了。同時，您是否正在考慮將業務拓展到印度以外的地區？

Yeah. The challenge we're running into is there's plenty of demand. Like, we get there's plenty of demand to grow this business, just in India. Where we're a little bit constrained is just access to the trucks.

是的。我們面臨的挑戰是需求量很大。我們知道，光是在印度，這項業務就有很大的發展需求。我們目前遇到的一點限制是卡車的進出。

Certainly, having additional working capital will help us expand the number of the fleet size of the trucks; and just make sure we always have a pool of carriers that are available to deploy trucks, like, in real time when we need them.

當然，擁有額外的營運資金將有助於我們擴大卡車車隊規模；並且要確保我們始終擁有一批承運商，以便在我們需要時能夠即時部署卡車。

And then, in terms of expansion outside of India, that is on the table. The nice thing about doing business with these large multinational companies is when they see something working, it's very easy for them to walk us into new territories.

至於向印度以外地區擴張，這也在考慮之中。與這些大型跨國公司做生意的好處是，當他們看到某種模式行之有效時，很容易就能帶領我們進入新的領域。

So if we have a basically a case study where we're showing them even single-digit margin improvements from their transportation spend, that's good enough for them to try to open up doors in other countries like Australia, the Middle East, Europe. And then, there's plans here for the US as well, which, again, we haven't discussed yet.

因此，如果我們有一個案例研究，向他們展示即使運輸支出只有個位數的利潤率提升，也足以讓他們嘗試在澳洲、中東、歐洲等其他國家打開市場。此外，這裡還有一些針對美國的計劃，不過我們還沒有討論過這些計劃。

But yes, the nice thing about this business model is it's certainly not limited to just India. This is a global business model.

但沒錯，這種商業模式的好處是它絕不限於印度。這是一個全球性的商業模式。

We'll hear next from Brendan Hopkins, with RIME.

接下來我們將聽到 RIME 的 Brendan Hopkins 的演講。

Hi. Gary, thanks for bringing me back on board. I just want to introduce myself to everybody.

你好。加里，謝謝你讓我重新加入團隊。我只是想向大家介紹一下自己。

I've worked with Gary in the past. We've had a great relationship.

我以前和加里共事過。我們關係一直都很好。

One of the things I saw with the company recently is an inability for investors to actually get a hold of people at the company and get more color on developments, somewhat limited access to management.

我最近發現這家公司存在一個問題，那就是投資者無法真正聯繫到公司內部人員，也無法更詳細地了解公司的發展情況，與管理階層的接觸也受到一定限制。

I just want to let everyone know I'm always available to add additional color to any press releases, which we're going to try and be very transparent, as the stage of the growth go. I'm always available to give more color or if you set up a call with management -- off-line call with management.

我只想讓大家知道，我隨時可以為任何新聞稿增添更多色彩，我們將努力隨著公司發展階段的推進而保持高度透明。我隨時可以提供更多信息，或者如果您安排與管理層進行線下通話，我也很樂意效勞。

Now, one of the things I'm getting in my initial feedback is what distinguishes SemiCab from a digital freight broker?

現在，我從初步回饋中得到的一個問題是：SemiCab 與數位貨運經紀商有何不同？

Great. Thank you, Brendan. Definitely excited to have you come back on board. That's a great question.

偉大的。謝謝你，布倫丹。非常高興你能回歸。這是一個很好的問題。

I'll be honest, that's probably the number 1 question that I know I get from potential investors and shareholders that are new to SemiCab story.

說實話，這可能是我從那些剛了解 SemiCab 故事的潛在投資者和股東那裡聽到的最多的問題。

Yeah. Let me spend just a quick minute. I know we're getting close to time. But it's a very important point. So I think it would be great to end there.

是的。請容許我佔用您一分鐘時間。我知道時間快到了。但這一點非常重要。所以我覺得到此為止就很好了。

I want to be very clear: SemiCab is not just a digital freight broker. When I think of a digital freight broker, I think of basically a huge load board that all they do is they just try to pair supply to trucks with demand with loads. That's all they do. They're not built from the ground up to solve this pervasive problem in the transportation industry, which is this concept of deadhead miles and empty miles.

我想非常明確地說明：SemiCab 不僅僅是一個數位貨運經紀公司。當我想到數位貨運經紀人時，我腦海中浮現的基本上就是一個巨大的貨運資訊平台，他們所做的就是嘗試將供應方與卡車和需求方與貨運需求進行匹配。他們只會做這些事。它們並非從一開始就為了解決運輸業普遍存在的空駛里程和空載里程問題而建造的。

Again, just to restate what the mission of SemiCab is, approximately 33% of all miles that trucks drive are being driven empty. That's not just US. It's not just India. That's global. You're talking about a 66% utilization of a truck, on average.

再次重申 SemiCab 的使命，卡車行駛的所有里程中，約有 33% 是空載行駛。不僅僅是我們。不僅僅是印度。這是全球性的。你指的是卡車的平均利用率達到 66%。

SemiCab is a software platform built specifically to address that problem. And so what they do, what we do is our technology enables better utilization of trucks, better routing of where trucks are going to be able to increase that truck utilization from industry average of 66%.

SemiCab 是一個專門為解決問題而建構的軟體平台。因此，他們所做的，我們所做的，是我們的技術支援更好地利用卡車，更好地規劃卡車行駛路線，從而將卡車利用率從行業平均 66% 提高到更高水平。

We've seen it with our platform, upwards of 90%. I think, in India, we're probably averaging around 85% utilization on trucks.

我們的平台已經證明了這一點，成功率高達 90% 以上。我認為，在印度，卡車的平均利用率可能在 85% 左右。

So the consequence of that is we're saving money, right? There's less wasted miles, less fuel being burns, less labor, less depreciation and usage of the actual trucks itself. It's working. It's working. We're seeing it working.

所以這樣做的結果就是我們省錢了，對吧？這樣可以減少浪費的里程、減少燃料消耗、減少人力成本、減少折舊，並降低卡車本身的使用率。它奏效了。它奏效了。我們看到它奏效了。

So it's an important distinction. We are not just a digital freight broker. We're solving a real-world problem that is costing companies hundreds of millions of dollars, annually.

所以這是一個重要的區別。我們不僅僅是一家數位貨運經紀公司。我們正在解決一個現實世界中每年對企業造成數億美元損失的問題。

I appreciate the opportunity to clarify that.

我很感謝有機會澄清這一點。

Great. That's it for me.

偉大的。就這些了。

Okay. Thanks, Brendan. I think that's it for time. I just saw we bumped up to the 10:30.

好的。謝謝你，布倫丹。我想時間就到此為止了。我剛剛看到我們提前到 10:30 了。

I do appreciate everybody taking the time. I love all the great questions.

我非常感謝大家抽出時間。我喜歡所有這些精彩的問題。

We look forward to updating everybody with progress over the coming few months and quarters.

我們期待在接下來的幾個月和幾季向大家報告進度。

Obviously, as Brendan has just introduced himself, his e-mail and his phone number are now on the bottom of press releases. So I encourage everybody that has questions, feel free to reach out to Brendan.

顯然，正如布倫丹剛才自我介紹的那樣，他的電子郵件地址和電話號碼現在都印在新聞稿的底部。所以，我鼓勵所有有疑問的人隨時聯絡 Brendan。

We look forward to continuing the dialogue. So thank you, everybody.

我們期待繼續對話。所以，謝謝大家。

With that, we will conclude today's call.

今天的電話會議到此結束。

Thank you. This does conclude today's second-quarter 2025 earnings call.

謝謝。今天2025年第二季的財報電話會議到此結束。

Thank you, all, for your participation. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。