Rezolve AI PLC (RZLV) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Rezolve AI second half and full-year 2024 financial review and 2025 Business Update conference call. All participants are in a listen-only mode. Please be advised that today's conference is being recorded.

大家好，感謝您的收看。歡迎參加 Rezolve AI 2024 年下半年及全年財務回顧及 2025 年業務更新電話會議。所有參與者均處於「僅收聽」模式。請注意，今天的會議正在錄音中。

I would now like to hand the conference over to your first speaker today, Michael Guido, VP of Invest Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言人，投資關係副總裁 Michael Guido。請繼續。

Good morning to everyone in the US, and good afternoon to everyone in Europe. Welcome to Rezolve's 2024 earnings conference call, where we will be discussing our second half and full year 2024 financial results, as well as providing a 2025 business update.

美國的各位早安，歐洲的各位下午好。歡迎參加 Rezolve 2024 年收益電話會議，我們將討論 2024 年下半年和全年的財務業績，並提供 2025 年業務更新。

Leading today's discussion are Dan Wagner, Rezolve's Founder and CEO; and Rich Burchill, Rezolve's CFO. We previously reported our 2024 financial results and issued an earnings relief on those results, as well as the year-to-date 2025 business update on Thursday, April 24.

主持今天討論的是 Rezolve 創辦人兼執行長 Dan Wagner 和 Rezolve 財務長 Rich Burchill。我們之前已報告了 2024 年的財務業績，並發布了該業績的盈利預測，以及 4 月 24 日星期四發布的 2025 年年初至今的業務更新。

The earnings release and SEC filings can be found on our Investor Relations website. Today's discussion will include statements that constitute forward-looking information or forward-looking statements. These statements reflect management's current beliefs and expectations and are subject to a number of factors that may cause actual results to differ materially from those statements. These factors include but are not limited to those discussed in our SEC filings.

收益報告和美國證券交易委員會 (SEC) 文件可以在我們的投資者關係網站上找到。今天的討論將包括構成前瞻性資訊或前瞻性陳述的陳述。這些聲明反映了管理層當前的信念和期望，並受到多種可能導致實際結果與這些聲明有重大差異的因素的影響。這些因素包括但不限於我們向美國證券交易委員會提交的文件中討論的因素。

These statements do not guarantee future performance and therefore undue reliance should not be placed upon them. We do not intend to update these forward-looking statements as a result of new information or future developments except as required by law.

這些聲明並不保證未來的表現，因此不應過度依賴它們。除非法律要求，否則我們不會根據新資訊或未來發展來更新這些前瞻性聲明。

Additionally, our discussion will include both GAAP and non-GAAP financial measures. These non-GAAP financial measures should be viewed in addition to and not as a substitute for Rezolve's reported results prepared in accordance with US GAAP. All non-GAAP financial measures referenced in today's call are reconciled in our annual report on Form 20-F. For the fiscal year ending December 31, 2024, to the most directly comparable GAAP measures.

此外，我們的討論將包括 GAAP 和非 GAAP 財務指標。這些非公認會計準則財務指標應被視為 Rezolve 依照美國公認會計準則編製的報告結果的補充，而非替代。今天電話會議中引用的所有非 GAAP 財務指標已在我們的 20-F 表年度報告中進行了調整。截至 2024 年 12 月 31 日的財政年度，採用最直接可比較的 GAAP 指標。

For more information regarding definitions of our non-GAAP measures, please see our annual report on Form 20-F for the fiscal year ending December 31, 2024, and earnings release, which are both available on the investors section of our website at www.rezolve.com and on the SEC's website at [www.SEC.gov]

有關我們非 GAAP 指標定義的更多信息，請參閱我們截至 2024 年 12 月 31 日的財政年度的 20-F 表年度報告和收益報告，這些報告均可在我們網站 www.rezolve.com 的投資者部分和美國證券交易委員會網站 www.sec.gov 上找到。[www.SEC.gov]

Finally, as a reminder, today's conference call is being recorded, and the replay will be available on our Investor Relations website. At this time, I'd like to turn the call over to Dan Wagner.

最後，提醒一下，今天的電話會議正在錄製，重播將在我們的投資者關係網站上提供。現在，我想將電話轉給丹·瓦格納。

Thank you, Michael, and good morning and good afternoon to everybody. I'm excited to welcome you to our first earnings call as a as a publicly traded company. Going public is a significant achievement for Rezolve, and I wanted to take a moment first to thank our team for their hard work and their dedication, as well as our investors for their support as we look to revolutionize the e-commerce experience for consumers worldwide.

謝謝你，邁克爾，大家早安，下午好。我很高興歡迎您參加我們作為一家上市公司的首次財報電話會議。上市對 Rezolve 來說是一項重大成就，首先我想感謝我們團隊的辛勤工作和奉獻精神，以及我們投資者的支持，我們致力於徹底改變全球消費者的電子商務體驗。

As I reflect on where we find ourselves today. I believe it's important to highlight that our journey is the culmination of decades of experience our team has dedicated to advancing search, commerce, and cloud technologies.

當我反思我們今天所處的位置。我認為有必要強調的是，我們的歷程是我們團隊數十年來致力於推進搜尋、商業和雲端技術的經驗的結晶。

In fact, throughout our careers we have a long history of being at the forefront of technological change and developing innovative solutions that have created value for merchants and consumers alike. I'd like to briefly highlight some of those achievements to provide greater context for why we believe we're well positioned to successfully level up commerce in a meaningful way.

事實上，在我們的職業生涯中，我們長期處於技術變革的前沿，開發創新解決方案，為商家和消費者創造價值。我想簡要介紹其中的一些成就，以便更好地說明為什麼我們相信我們有能力以有意義的方式成功提升商業水平。

Early in my career, I led a team that created the first commercial online information platform. Years before the concept of the World Wide Web was put forward, and as a result we were required to build our own search technologies, our own commerce technologies, as well as our own data centers because none of those things existed prior to us creating our platform.

在我職業生涯的早期，我領導一個團隊創建了第一個商業線上資訊平台。在萬維網的概念提出的幾年前，我們就被要求建立自己的搜尋技術、自己的商業技術以及自己的資料中心，因為在我們創建平台之前，這些東西都不存在。

We operated that business ultimately in 192 countries, taking payment in a variety of ways and licensed our search technology to companies such as IBM, Microsoft, and Fujitsu, amongst others. Eventually selling that business to Thompson, now Thomson Reuters, in 1999.

我們最終在 192 個國家開展這項業務，以多種方式收取付款，並將我們的搜尋技術授權給 IBM、微軟和富士通等公司。最終於 1999 年將該業務出售給湯普森（現為湯森路透）。

By which time we had become the global market leader, and this experience resulted in me and my team becoming quite adept at both search and payments. I then went on to build a cloud-based commerce stack prior to the inception of Salesforce that eventually became market leader in e-commerce spanning both Europe and the United States.

那時我們已經成為全球市場領導者，這段經歷使我和我的團隊在搜尋和支付方面都變得相當熟練。隨後，我在 Salesforce 成立之前建立了一個基於雲端的商業堆棧，並最終成為橫跨歐洲和美國的電子商務市場領導者。

That business was eventually sold to Oracle, and it serves as the foundation of its commerce cloud platform today. As a result, I became aware of the opportunities and shortfalls in e-commerce. Today my team and I find ourselves once again at the forefront of a technology rev revolution with AI, supported by the knowledge and experience we have gained throughout our careers at the intersection of tech and commerce, and we believe this is perhaps the most exciting opportunity yet. So let me just now introduce Rezolve AI.

該業務最終被出售給 Oracle，並成為其當今商業雲端平台的基礎。因此，我意識到了電子商務的機會和不足。今天，我和我的團隊再次站在人工智慧技術革命的前沿，憑藉我們在技術和商業交叉領域的職業生涯所獲得的知識和經驗，我們相信這也許是迄今為止最令人興奮的機會。那我現在就來介紹一下Rezolve AI。

Having touched on our deep experience in the areas of search and commerce, I'd like to take a few minutes to provide some background as to why we founded Rezolve in the first place and the reasons we believe we are leading, we are the leading solution to level up commerce, customer engagement and sales conversion in digital platforms today.

談到我們在搜尋和商業領域的豐富經驗後，我想花幾分鐘介紹一下我們最初創立 Rezolve 的原因以及我們相信我們處於領先地位的原因，我們是當今在數位平台上提升商業、客戶參與度和銷售轉換水平的領先解決方案。

Back in 2016, before the idea of AI permeated the public consciousness, we founded Rezolve AI to address the specific challenges of cart abandonment and customer attrition in e-commerce. You see, while seven out of ten customers visiting a physical retail store leave having purchased an item, the opposite of true is true when a customer visits a digital store.

早在 2016 年，在人工智慧的概念滲透到公眾意識之前，我們就創立了 Rezolve AI，以解決電子商務中購物車放棄和客戶流失的具體挑戰。您會發現，雖然造訪實體零售店的顧客中有七成會購買商品，但當顧客造訪數位商店時，情況卻恰恰相反。

In that case, seven out of ten customers leave without purchasing an item. This presents a significant challenge, but also a huge opportunity in the $30 trillion multi global retail sector. We believe this problem is a direct result of consumers' inability to get the right answers in a digital environment.

在這種情況下，十分之七的顧客不會購買任何商品就離開。這對價值 30 兆美元的全球零售業來說是一個重大挑戰，但也是一個巨大的機會。我們認為這個問題是消費者無法在數位環境中獲得正確答案的直接結果。

You see, the way we interact with e-commerce in terms of searching and filtering hasn't changed all that much in nearly 40 years. And so we applied our extensive knowledge and experience in search and commerce to solve this challenge.

您會發現，近 40 年來，我們與電子商務互動的搜尋和過濾方式並沒有太大變化。因此，我們運用我們在搜尋和商業方面的豐富知識和經驗來解決這項挑戰。

Which by doing so would have a material impact on our customers' revenues. We started by building our own proprietary large language model, which we call Brainpower, with the goal of creating the best salesperson on the planet. We built this foundational model specifically for digital channels, training it on over 300 billion tokens and resulting in a 30 billion parameter model with a focus on product catalogue.

這樣做會對我們客戶的收入產生重大影響。我們首先建立了我們自己的專有大型語言模型，我們稱之為 Brainpower，目標是打造地球上最優秀的銷售人員。我們專門為數位管道建立了這個基礎模型，在超過 3000 億個標記上對其進行了訓練，並形成了以產品目錄為重點的 300 億個參數模型。

We imbued it with natural language processing to provide retail retailers with a better understanding of consumer intent and shopping patterns, as well as an ability to drive actionable insights in real time. In order to create the world's greatest salesperson in an AI platform, we built our LLM with three key skills. First, we trained our model to have deep product and category knowledge.

我們為其註入了自然語言處理功能，使零售商能夠更好地了解消費者意圖和購物模式，並能夠即時提供可操作的見解。為了在人工智慧平台上打造世界上最優秀的銷售人員，我們打造了三項關鍵技能的 LLM。首先，我們訓練模型以獲得深入的產品和類別知識。

Second, we trained it to have empathy, to better connect with the customer, and attributes supported by our patent on prompt analysis. And third, we trained our [NLM] on the key techniques of closing a sale. Importantly, unlike many solutions touted in the market today, we built a product suite on top of our foundational language model that e-commerce and retail customers can readily implement off the shelf to support the customer journey, and the customer purchase journey right now.

其次，我們訓練它具有同理心，以便更好地與客戶建立聯繫，並使其具備我們專利所支援的快速分析屬性。第三，我們對我們的 [NLM] 進行了有關完成銷售的關鍵技巧的培訓。重要的是，與當今市場上吹捧的許多解決方案不同，我們在基礎語言模型之上構建了一套產品套件，電子商務和零售客戶可以隨時實施，以支持客戶旅程和客戶購買旅程。

The Brain Power product suite is comprised of three market ready solutions. First, Brain commerce, which is our conversational commerce piece that allows a customer to attain a more comprehensive set of answers to any query and quickly find products in any one of 96 languages.

Brain Power 產品套件由三個市場就緒的解決方案組成。首先是 Brain commerce，這是我們的對話式商務部分，它允許客戶獲得任何查詢的更全面的答案，並快速找到 96 種語言中的任何一種的產品。

Second brain checkout, which is a fast checkout solution that allows customers to avoid the challenges associated with the multi-step traditional checkout flow and also incorporates online and offline capabilities associated with triggers through geolocation.

第二個大腦結帳是一種快速結帳解決方案，可讓客戶避免與多步驟傳統結帳流程相關的挑戰，同時也結合了透過地理定位觸發相關的線上和離線功能。

And finally, brain assistant, our after sales customer service solution. As we think about our go to market strategy in deploying our product suite, we remain focused on three key areas to drive client acquisition and revenue growth. We believe those three key areas are a necessity to create a market leader.

最後，大腦助手，我們的售後客戶服務解決方案。當我們考慮部署產品套件的市場策略時，我們仍然專注於三個關鍵領域來推動客戶獲取和收入成長。我們相信這三個關鍵領域是打造市場領導者的必要條件。

First, direct sales, which we continue to build out. Second, strategic partnership, which we believe can be very helpful in lead generation and the validation of our product suite solution. And third, acquisitions which we believe provide us with upselling and cross-selling opportunities as well as a fast route to market presence.

首先，我們將持續拓展直銷業務。第二，策略夥伴關係，我們相信這對於潛在客戶的產生和我們產品套件解決方案的驗證非常有幫助。第三，我們相信收購不僅為我們提供了追加銷售和交叉銷售的機會，也為我們提供了快速進入市場的途徑。

When we look at our results for the first half year, sorry -- for the last half year of 2024, we built a solid foundation. An overview with that overview, of the business in mind, I'd like to recap 2024 and provide an update on how our business is trending in 2025.

當我們回顧上半年的業績時，抱歉——2024 年下半年，我們打下了堅實的基礎。概述一下業務概況，我想回顧一下 2024 年，並介紹我們的業務在 2025 年的發展趨勢。

In the second half of 2024, we began our next chapter as a publicly traded company. We secured landmark strategic partnerships, and we strengthened our financial position, establishing a solid foundation that we believe well positions Rezolve to drive customer acquisition and revenue growth.

2024年下半年，我們作為一家上市公司開啟了新的篇章。我們建立了具有里程碑意義的策略合作夥伴關係，並加強了我們的財務狀況，建立了堅實的基礎，我們相信這將使 Rezolve 能夠推動客戶獲取和收入成長。

As I previously mentioned, we completed our DESPAC process in August 2024 and began trading on Nasdaq on August 16, 2024. Becoming a publicly traded company was a pivotal step for us at Rezolve, as it provides us with the ability to access the capital markets to scale our organization and drive growth.

正如我之前提到的，我們於 2024 年 8 月完成了 DESPAC 流程，並於 2024 年 8 月 16 日開始在納斯達克交易。成為一家上市公司對 Rezolve 來說是一個關鍵的一步，因為它使我們有能力進入資本市場來擴大我們的組織規模並推動成長。

During the second half of 2024, we also secured a number of strategic partnerships, none more important than those with the two of the largest players in AI today, Microsoft and Google. These multi-year partnerships ensure Rezolve AI powered solutions through our Brain Suite are available to cloud customers on both the Microsoft Azure marketplace and on the Google Cloud platform, together providing Rezolve with access to approximately 90% of enterprise retail customers.

2024 年下半年，我們也建立了多項策略合作夥伴關係，其中最重要的莫過於與當今人工智慧領域最大的兩家公司微軟和谷歌的合作。這些多年的合作夥伴關係確保透過我們的 Brain Suite 提供的 Rezolve AI 解決方案可供 Microsoft Azure 市場和 Google Cloud 平台上的雲端客戶使用，使 Rezolve 能夠接觸到約 90% 的企業零售客戶。

Furthermore, these partnerships support the adoption of Rezolve's Brain Suite by allowing their cloud customers to credit their Rezolve subscription spend against their cloud commitments and incentivizing sales agents by attributing subscriptions to Rezolve Brain Suite against their sales quotas. We believe these partnerships with two of the leaders in AI and Search validate our technology solution and provide a unique opportunity to significantly drive customer awareness and adoption.

此外，這些合作夥伴關係支援採用 Rezolve 的 Brain Suite，允許他們的雲端客戶將其 Rezolve 訂閱支出計入他們的雲端承諾，並透過將 Rezolve Brain Suite 訂閱歸因於他們的銷售配額來激勵銷售代理。我們相信，與人工智慧和搜尋領域的兩大領導者的合作驗證了我們的技術解決方案，並提供了顯著提高客戶認知度和採用率的獨特機會。

Additionally, during the second half of 2024, we announced a collaboration with Tether, the largest company in the digital asset industry, to develop a crypto payment solution that we believe will advance the use of cryptocurrency as an everyday method of payment, providing payment optionality for consumers and eliminating transaction fees for merchants.

此外，在 2024 年下半年，我們宣布與數位資產行業最大的公司 Tether 合作開發一種加密支付解決方案，我們相信該解決方案將推動加密貨幣作為日常支付方式的使用，為消費者提供支付可選性並消除商家的交易費用。

Finally, as 2024 drew to a close, we undertook a number of measures to strengthen our financial position heading into 2025. To discuss those measures in greater detail, as well as our 2024 financial results and 2025 outlook.

最後，隨著 2024 年接近尾聲，我們採取了一系列措施來加強我們 2025 年的財務狀況。更詳細地討論這些措施以及我們的 2024 年財務表現和 2025 年展望。

I'll now turn the call over to our CFO, Rich Burchill.

現在我將把電話轉給我們的財務長 Rich Burchill。

Good morning, everyone and thank you for joining us on our first earnings call. Just to reiterate what Dan has said, we're excited to be a public company and looking forward to engaging with our shareholders as well as the greater investment community on a consistent basis moving forward.

大家早安，感謝大家參加我們的第一次財報電話會議。重申丹所說的話，我們很高興成為一家上市公司，並期待在未來與我們的股東以及更廣泛的投資界持續合作。

Let me start by saying Rezolve's business of delivering software as a service supports a powerful financial model for us that is simple, scalable and highly flexible. We generate contracted recurring subscription revenue by licensing our brainpower suite of products to retailers and e-commerce customers.

首先我要說的是，Rezolve 的軟體即服務業務為我們提供了一個強大的財務模型，簡單、可擴展且高度靈活。我們透過向零售商和電子商務客戶授權我們的腦力產品套件來產生合約經常性訂閱收入。

And as we scale the business, this powerful model is supportive of both high gross margins and a cost base that is extremely flexible with, and we can flex with demand. With that being said, there are several key topics we'd like to review today, including a brief recap of our 2024 financial results, highlights of the actions we have taken to strengthen the financial position of Rezolve, as well as some thoughts on business outlook for 2025.

隨著我們業務規模的擴大，這種強大的模式既支援高毛利率，也支援極其靈活的成本基礎，我們可以根據需求進行調整。話雖如此，今天我們想回顧幾個關鍵主題，包括簡要回顧我們的 2024 年財務業績、重點介紹我們為加強 Rezolve 財務狀況所採取的行動，以及對 2025 年業務前景的一些想法。

Recapping highlights of the second half of 2024, we entered the public markets after completing our DESPAC transaction in August. We strengthened our balance sheet by clearing convertible debt instruments resulting from that transaction.

回顧 2024 年下半年的亮點，我們在 8 月完成 DESPAC 交易後進入了公開市場。我們透過清算該交易產生的可轉換債務工具來加強我們的資產負債表。

In addition to raising additional capital. We signed landmark partnerships with Microsoft and Google, thereby establishing a solid foundation to drive growth. Let me begin briefly by speaking about 2024 financial results. So we ended 2024 with revenue of $188,000 resulting primarily from an ancillary business activity.

除了籌集額外資本外。我們與微軟和谷歌簽署了具有里程碑意義的合作夥伴關係，從而為推動成長奠定了堅實的基礎。首先，我簡單談談 2024 年的財務表現。因此，到 2024 年，我們的收入為 188,000 美元，主要來自輔助業務活動。

On non-operating expenses or non-cash operating expenses, those including stock-based compensation, advisor's fees paid with shares, depreciation and amortization for the full year 2024, total $28.9 million. As a frame of reference, headcount drives approximately 50% of these cash operating expenses, with approximately 75% of that headcount.

非營業費用或非現金營業費用包括股票薪酬、以股票支付的顧問費、2024 年全年折舊和攤銷，總計 2,890 萬美元。作為參考，員工人數約佔這些現金營運費用的 50%，其中員工人數約佔 75%。

Focus on sales and marketing and research and development with the remainder on general and admin roles. If we add back advisor's fees, pay those shares, we entered '24 with a loss of approximately $43.8 million on an adjusted EBITDA data basis. It's important to note that we did have a GAAP net loss of $172.6 million.

專注於銷售、行銷和研發，其餘則負責一般和行政職務。如果我們加上顧問費，支付這些股份，那麼根據調整後的 EBITDA 數據，我們在 24 年的虧損約為 4,380 萬美元。值得注意的是，我們的 GAAP 淨虧損確實為 1.726 億美元。

This included $28.9 million related to one-time non-cash items associated with the DESPAC transaction. These non-cash items were primarily driven by cost-related tuitions of shares to third party advisors. Other non-cash expenses include $44.3 million. Loss on extinguishment of associated commercial debts. Promissory notes and advisory loans and a further $25 million of one time share-based compensation. Adds to that $10.6 million of interest expense.

其中包括與 DESPAC 交易相關的一次性非現金項目 2,890 萬美元。這些非現金項目主要由向第三方顧問支付的與成本相關的股票學費所驅動。其他非現金支出包括 4,430 萬美元。相關商業債務清償損失。本票和諮詢貸款以及另外 2500 萬美元的一次性股權補償。再加上 1,060 萬美元的利息支出。

Operating cash flow for the full year was a negative $21.6 million, with CapEx relatively low at only $3.5 million in the year. Before moving on to our business outlook, I wanted to briefly touch on the actions we've taken in the second half of 2024 and into the first quarter of 2025 in order to strengthen our balance sheets and bolster our liquidity position.

全年營運現金流為負 2,160 萬美元，資本支出相對較低，全年僅 350 萬美元。在談到我們的業務展望之前，我想簡要介紹一下我們在 2024 年下半年和 2025 年第一季為加強資產負債表和增強流動性狀況所採取的行動。

Prior to the close of the DSPA transaction, the company incurred circa [$2,094 million] in fixed rate convertible debts. $53.8 million of this debt was successfully converted into equity by year end 2024, leaving 40.5 million.

在 DSPA 交易結束之前，該公司產生了約 [20.94 億美元] 的固定利率可轉換債務。其中 5,380 萬美元在 2024 年底前成功轉換為股權，剩下 4,050 萬美元。

At the end of the year. Of this, $31 million was subsequently converted into equity in February 2025 and $3.5 million was repaid with cash. We believe the elimination of these debts from our balance sheets strengthens the company financially.

年底了。其中，3,100萬美元隨後於2025年2月轉換為股權，350萬美元以現金償還。我們相信，從資產負債表中消除這些債務可以增強公司的財務實力。

As of the end of the first quarter of 2025, the company's remaining debt on the balance sheet is comprised of $30 million of traditional interest bearing bank loans we recently secured from Berenberg, and $6 million of convertible debt and promissory notes, which will be converted to equity over the remainder of 2025.

截至 2025 年第一季末，公司資產負債表上的剩餘債務包括我們最近從貝倫貝格獲得的 3,000 萬美元傳統有息銀行貸款，以及 600 萬美元可轉換債務和本票，這些債務和本票將在 2025 年剩餘時間內轉換為股權。

Additionally, the company maintains a strong liquidity position to support growth and strategic initiatives with approximately $18.9 million in cash on hand as at the end of the first quarter of 2025. This compares to a monthly cash burn rate of approximately $2.2 million, primarily driven by employee-related costs as well as professional service fees.

此外，該公司保持強大的流動性狀況，以支持成長和策略計劃，截至 2025 年第一季末，公司手頭現金約為 1,890 萬美元。相較之下，每月現金消耗率約為 220 萬美元，主要由員工相關成本以及專業服務費用造成。

Furthermore, this cash position is bolstered by our access up to $48.3 million shares in our e-lock equity line of credits. As we look ahead, we want to provide some thoughts on our business outlook in terms of the full year 2025. We expect to achieve a $100 million estimated annual recurring revenue target by the end of 2025, which will include both organic and acquired revenue.

此外，我們的電子鎖股權信用額度高達 4,830 萬美元，進一步增強了我們的現金狀況。展望未來，我們想就 2025 年全年的業務前景提出一些想法。我們預計在 2025 年底實現 1 億美元的年度經常性收入目標，其中包括有機收入和獲得的收入。

Additionally, we expect cost growth, which is highly elastic and primarily driven by headcount, marketing expenses and hosting costs to increase in line with that revenue as we scale the organization with a focus on revenue generating roles, particularly in sales and marketing.

此外，我們預計成本成長將隨著我們擴大組織規模並專注於創收角色（尤其是銷售和行銷方面）而成長，而成本成長具有高度彈性，主要受員工人數、行銷費用和託管成本的推動，並將與收入同步增加。

As a result, we now expect to achieve break even operating performance at $90 million ARR. This is an -- this update represents an improvement from the prior estimate of achieving break even at $100 million ARR as we plan to align our resource additions with revenue growth to position us for success.

因此，我們現在預計將實現 9,000 萬美元 ARR 的收支平衡營運表現。這是一個 - 這次更新代表著對實現 1 億美元 ARR 收支平衡的先前估計的改善，因為我們計劃將資源增加與收入增長相結合，以使我們獲得成功。

Let me now turn the call back over to Dan to discuss the momentum we are seeing in the business at the start of 2025.

現在，讓我將電話轉回給丹，討論我們在 2025 年初看到的業務發展勢頭。

Thanks, Rich. So we entered 2025 with a solid foundation that we believe well positions the business to acquire enterprise customers and drive revenue growth, and early developments year-to-date have demonstrated clear business momentum as we successfully execute on our go to market strategy.

謝謝，里奇。因此，我們帶著堅實的基礎進入了 2025 年，我們相信，這將為企業贏得企業客戶和推動收入成長奠定良好的基礎，而且，隨著我們成功執行市場策略，年初至今的早期發展已經顯示出明顯的業務勢頭。

Some of our early successes include the completion of key strategic acquisition, the growth of enterprise customers adopting our AI powered solution -- solutions, and the build out of our customer sales pipeline. To begin, we recently announced the strategic acquisition of GroupBy, a leader in enterprise search, product discovery and merchandizing solutions.

我們早期取得的一些成功包括完成關鍵策略收購、採用我們的人工智慧解決方案的企業客戶數量增長以及客戶銷售管道的建立。首先，我們最近宣布了對企業搜尋、產品發現和商品銷售解決方案領導者 GroupBy 的策略性收購。

This acquisition enhances Rezolve's Salesforce, expands our customer footprint in North America, and deepens our commercial relationships with some of the most recognized brands who will gain access to our AI commerce driven solutions.

此次收購增強了 Rezolve 的 Salesforce，擴大了我們在北美的客戶覆蓋範圍，並加深了我們與一些最知名品牌的商業關係，這些品牌將可以使用我們的 AI 商業驅動解決方案。

We view this acquisition as part of a greater roll up strategy that we believe will accelerate enterprise customer adoption of our brain commerce technology suite. Turning to our expanding roster of customer partnerships, we believe that the early momentum we've seen in customer adoption has been supported in large part by our strategic partnerships with Microsoft and Google, as well as our strategic acquisition of GroupBy.

我們將此次收購視為更大策略的一部分，我們相信這將加速企業客戶採用我們的大腦商務技術套件。談到我們不斷擴大的客戶合作夥伴名單，我們相信，我們在客戶採用方面看到的早期勢頭在很大程度上得益於我們與微軟和谷歌的戰略合作夥伴關係，以及我們對 GroupBy 的戰略收購。

These enterprise customers include recognized brands across the globe, such as BJ's Wholesale Club, Phoenix Suns, KFC and Ace Hardware in the United States, Kohl's supermarkets in Australia, and more recently, Mexico's premier department store chain, Liverpool, with whom we recently announced a multi-year agreement at nearly $10 million a year. Moreover, we've been encouraged by the commercial improvements our retail partners are experiencing.

這些企業客戶包括全球知名品牌，如美國的 BJ's Wholesale Club、鳳凰城太陽隊、肯德基和 Ace Hardware、澳洲的 Kohl's 超市，以及最近的墨西哥首屈一指的百貨連鎖店 Liverpool，我們最近宣布與其達成協議一項每年近 1000 萬美元的多年期協議。此外，我們的零售合作夥伴所經歷的商業改善也令我們感到鼓舞。

Including stronger customer conversion rates, higher average order values, as well as greater omnichannel adoption with increased usage of services like click and collect. This early momentum in customer adoption and in our product solutions ability to drive positive outcomes for commerce has translated into significant commerce activity and usage across our platform, highlighted by over $50 billion in gross merchandise value transacted through us through our platform in the first part of this year, and over $13.5 million transactions occurring year-to-date through April 19.

包括更高的客戶轉換率、更高的平均訂單價值，以及更大的全通路採用率和更多使用點擊和收集等服務。客戶採用和我們的產品解決方案能夠為商業帶來積極成果的早期勢頭已經轉化為我們平台上顯著的商業活動和使用，其中最突出的是今年上半年透過我們平台交易的商品總額超過 500 億美元，截至 4 月 19 日，年初至今的交易額超過 1,350 萬美元。

In addition to the successes in customer adoption and usage, we continue to expand our enterprise customer sales pipeline. It's also important to note that the average deal size we've executed or are pursuing with potential customers in our pipeline has been greater than we anticipated in previous internal estimates.

除了在客戶採用和使用方面取得成功之外，我們也持續擴大企業客戶銷售管道。值得注意的是，我們已經執行的或正在與潛在客戶進行的交易平均規模已經超過了我們先前內部估計的規模。

We believe this is attributable, at least in part, to our partnerships with Microsoft and Google, who are driving larger customers to us than we had previously anticipated. As a result of the early momentum. We are seeing in enterprise customer adoption, our sales pipeline, deal size, as well as group price contribution. We continue to expect to achieve over $100 million in ARR target by year end.

我們相信這至少部分歸功於我們與微軟和谷歌的合作，他們為我們帶來了比我們之前預期更多的客戶。由於早期的勢頭。我們看到了企業客戶的採用、我們的銷售管道、交易規模、團體價格貢獻。我們仍然期望到年底實現超過 1 億美元的 ARR 目標。

And overall I'm extremely pleased with the solid foundation we've built and the tremendous progress the team has made to the start of the year. But there is much to get done in terms of educating the marketplace, driving customer adoption and increasing market share. 2025 stands to be an important and exciting year for Rezolve, and I'm thrilled with the momentum we generated to date.

總的來說，我對我們建立的堅實基礎以及團隊在今年年初取得的巨大進步感到非常高興。但在教育市場、推動客戶採用和增加市場份額方面還有很多工作要做。 2025 年對 Rezolve 來說將是重要且令人興奮的一年，我對我們迄今為止所取得的進展感到非常興奮。

We are set to be one of the market leaders in this space. Our objective is to win and build a platform that dominates this category. And we very much thank you for your support to date.

我們將成為該領域的市場領導者之一。我們的目標是贏得勝利並建立一個主導這一類別的平台。我們非常感謝您迄今為止的支持。

I'd now like to turn back the calls to Michael.

現在我想把電話轉回給麥可。

Thanks, Dan. Prior to our call, we asked participants, both including analysts and investors to submit questions that they would like asked to management. We have organized those questions around a few major topics, many of which were asked by multiple participants.

謝謝，丹。在電話會議召開之前，我們要求參與者（包括分析師和投資者）提交他們希望向管理層提出的問題。我們圍繞著幾個主要主題組織了這些問題，其中許多問題是由多位參與者提出的。

So let's move to the Q&A portion of our call. Our first question comes from Mike Latimore of Northland Securities and is related to the recently announced Liverpool deal. This first one is for you, Dan.

那麼讓我們進入通話的問答部分。我們的第一個問題來自 Northland Securities 的 Mike Latimore，與最近宣布的利物浦交易有關。第一個是給你的，丹。

Can you provide additional detail as to how the Liverpool deal came about and to what extent Group and Google played a role in that process, and can you elaborate on any terms of the deal?

您能否提供更多細節，說明利物浦交易是如何達成的，以及集團和谷歌在這一過程中發揮了多大作用，您能否詳細說明交易的任何條款？

Yeah, of course. I'd like to say that we are thrilled to announce our landmark deal with Liverpool, Mexico, the country's premier department store chain on April 15. We believe the deal demonstrates the ability of our product suite to deliver tangible positive results to our enterprise customers, driving higher engagement, greater conversion, and increased revenue.

是的，當然。我想說的是，我們非常高興地宣布，我們於 4 月 15 日與墨西哥利物浦這家該國首屈一指的百貨連鎖店達成了具有里程碑意義的交易。我們相信，這筆交易證明了我們的產品套件能夠為企業客戶帶來實際的正面成果，從而提高參與度、實現更高的轉換率並增加收入。

In terms of economics, these deals are typically two to three years, and this multi-year deal specifically delivers nearly $10 million annually, which is greater than the average deal size we anticipated in previous internal estimates.

從經濟角度來看，這些交易通常為期兩到三年，而這項多年交易每年帶來近 1000 萬美元的收入，高於我們先前內部估計的平均交易規模。

We -- the Liverpool deal is emblematic of the success in our go to market strategy, as Liverpool, which was a customer previously of GroupBy for some of its services, was upsold to our Brain commerce product solution, which includes the SEO studio, a product developing collaborate a product which was developed in collaboration with Google by Rezolve.

我們－利物浦的交易象徵著我們的市場策略的成功，因為利物浦之前是 GroupBy 的部分服務客戶，後來我們向其追加銷售了我們的 Brain 商務產品解決方案，其中包括 SEO 工作室，這是一款由 Rezolve 與 Google 合作開發的產品。

Would you like some more color on that?

您想要更多顏色嗎？

Great, thanks Dan. In terms of -- just terms of the deal, effective date, is that deal live today?

太好了，謝謝丹。就交易條款、生效日期而言，該交易今天生效嗎？

Yes, the deal is live today with the SEO studio and is being enhanced with other capable. We're working on other projects together with Liverpool. I was just there actually, last week with the management in Mexico City.

是的，該交易今天已與 SEO 工作室達成，並且正在與其他功能相結合進行增強。我們正在與利物浦合作其他項目。事實上，上週我才剛和管理階層一起去過墨西哥城。

Perfect, thank you. Our second question comes from Yi Fu Lee of Cantor and is focused on Rezolve's sales pipeline. This one again is for you, Dan. Can you elaborate on the progress you are seeing in the sales pipeline and how each of your go to market strategies, including your partnerships with Microsoft and Google, are contributing to that to that progress, and secondly, where are you seeing the most traction?

非常好，謝謝。我們的第二個問題來自 Cantor 的 Yi Fu Lee，聚焦在 Rezolve 的銷售管道。這又是一個給你的，丹。您能否詳細說明您在銷售管道中看到的進展，以及您的每個市場策略（包括與微軟和谷歌的合作）是如何為這一進展做出貢獻的？其次，您認為哪些方面最具吸引力？

So we are seeing traction across all three areas of our go to market strategy, both direct sales, partnerships, and through our acquisition. In addition to our early success in customer adoption and usage, we continue to gain momentum in our go to market strategy across the Board.

因此，我們看到我們的市場策略的三個領域，包括直銷、合作夥伴關係和收購，都取得了進展。除了我們在客戶採用和使用方面取得的早期成功之外，我們的全面市場策略也持續獲得發展動能。

While we continue to build our direct sales team, which will be a focus of investment for us throughout 2025, we are seeing significant progress in our sales pipeline from our partnerships, notably those with Microsoft and Google, as well as our strategic acquisitions, namely GroupBy.

我們將繼續建立直銷團隊，這將是我們 2025 年全年的投資重點，同時，我們也看到透過合作夥伴關係（尤其是與微軟和Google的合作夥伴關係）以及策略性收購（即 GroupBy），我們的銷售管道取得了重大進展。

In terms of our partnerships with Microsoft and Google, we continue to see growth in terms of the number of potential enterprise customers and importantly the average size of those potential accounts. So we'd originally forecast or estimated that our customers would drive around $1 million per annum in revenue for the company, about each customer would be about a million dollars a year customer.

就我們與微軟和Google的合作而言，我們持續看到潛在企業客戶數量的成長，更重要的是這些潛在帳戶的平均規模也在成長。因此，我們最初預測或估計我們的客戶每年將為公司帶來約 100 萬美元的收入，而每個客戶每年的收入將達到 100 萬美元。

But as you can see from the win with Liverpool, that customer is a [10X] of that estimate. So you can see that the value of these customers, have the potential to be significantly greater than we originally expected. And although it's been quite recent since our strategic acquisition of GroupBy.

但正如你從利物浦的勝利中看到的那樣，那個客戶是這個估計的[10倍]。所以你可以看到，這些客戶的價值有可能遠大於我們最初的預期。儘管我們對 GroupBy 進行策略性收購才剛剛過去不久。

It has provided for direct access to an established customer base that's resulted in accelerated opportunities to upsell Rezolve Suite, and of course, again, that was highlighted by the announcement with Liverpool.

它提供了直接接觸現有客戶群的機會，從而加速了 Rezolve Suite 的追加銷售機會，當然，與利物浦的合作再次凸顯了這一點。

Though it's early, the momentum we've generated so far gives us enormous confidence that our premier partnerships and acquisition strategy have provided the launch pad for our business to drive customer adoptions, do so at an accelerated rate and at a greater deal of sizes than previously estimated, and we believe that our strategy, now is starting to really show that it is founded on, quality, common sense, and can be built on moving forward.

儘管還處於早期階段，但迄今為止我們所取得的進展讓我們充滿信心，我們的主要合作夥伴關係和收購戰略為我們的業務提供了啟動平台，以推動客戶採用，並以比之前估計的更快的速度和更大的規模實現這一目標，我們相信，我們的戰略現在開始真正表明它建立在質量、常識的基礎上，並且可以繼續向前發展。

Tom forte, Maxim. And it's a continuation of that go to market strategy theme related specifically to partnership stand. On this question, can you provide additional detail as to how Microsoft and Google are marketing Rezolve the potential enterprise customers and driving client wins? And what does that sales cycle look like?

湯姆福特，馬克西姆。這是與合作夥伴關係相關的市場策略主題的延續。關於這個問題，您能否提供更多細節，說明微軟和谷歌如何向潛在企業客戶推銷 Rezolve 並推動客戶贏得勝利？那麼銷售週期是什麼樣的呢？

Well, obviously the sales cycle will change on a per customer basis, sometimes it can take a number of months and sometimes it can be quite accelerated into a matter of weeks. But in terms of how Microsoft and Google are marketing Rezolve, they're both doing it in a very similar way, and they both see Rezolve as a platform that enhances the stickiness of their services to their customers, their large customers.

嗯，顯然銷售週期會根據每個客戶而變化，有時可能需要幾個月的時間，有時可能會縮短到幾週的時間。但就微軟和Google如何行銷 Rezolve 而言，他們都採取了非常相似的方式，並且都將 Rezolve 視為一個可以增強其服務對客戶（大客戶）的黏性的平台。

So right now, both of them are offering incentives to their customers to use committed, contractual funds. To buy Rezolve and it would decrement those committed funds that they have to Microsoft and Google. So if a customer has a $10 million a year contract with Microsoft to provide services, if they spend any dollars with Rezolve, those come off a dollar for dollar from their commitment to Microsoft. That's great for us, of course, and we don't pay Microsoft or Google any commission.

因此，目前兩家公司都在向客戶提供使用承諾的合約資金的激勵措施。收購 Rezolve 將會減少他們向微軟和Google承諾的資金。因此，如果客戶與微軟簽訂了每年 1000 萬美元的服務合同，那麼如果他們在 Rezolve 上花費任何錢，這些錢都會從他們對微軟的承諾中一一扣除。當然，這對我們來說很好，而且我們不會向微軟或谷歌支付任何佣金。

As I said before, this is strategic for them because they want Rezolve as a product in their cloud services to create that stickiness with their customer because it obviously ties those customers in long-term to that platform.

正如我之前所說，這對他們來說具有戰略意義，因為他們希望 Rezolve 作為其雲端服務中的一款產品來與客戶建立黏性，因為它顯然將這些客戶與該平台長期聯繫起來。

They're also incentivizing their sales organization by providing sales incentives and also if they make sales Rezolve to respective Google or Microsoft customers, it does not -- it counts towards their, sales quota. So they're not then then they're incentivized to sell our products as if they are Microsoft slash Google products.

他們還透過提供銷售獎勵來激勵他們的銷售組織，如果他們向各自的 Google 或 Microsoft 客戶銷售 Rezolve，這不會計入他們的銷售配額。因此，他們不會像銷售微軟和Google的產品那樣受到激勵去銷售我們的產品。

And as a result of those those factors, you've got like a double whammy. You've got the sales organization incentivized to sell our solutions, and you've got the customers incentivized to buy our solutions because it comes off their commitment.

由於這些因素，你會遭遇雙重打擊。您有動力讓銷售組織銷售我們的解決方案，並且您有動力讓客戶購買我們的解決方案，因為這源自於他們的承諾。

And of course it's a sexy product. It's a compelling product. That has a product suite that has, a real measurable ROI output and so for all of those things, we, for all those reasons we see, really good engagement from both the partners and really good engagement from their respective customers.

當然，它是一款性感的產品。這是一款引人注目的產品。它擁有一套產品套件，具有真正可衡量的投資回報率輸出，因此對於所有這些事情，我們出於所有這些原因看到，合作夥伴和各自客戶的參與度都非常良好。

Excellent, thanks for that additional color, Dan. I want to switch gears a little bit here. Our next question comes from Scott Buck at HC Wainwright and focuses on the topic of M&A. This one's again for you, Dan. Dan, can you walk us through your target criteria when evaluating M&A opportunities? And secondly, you discuss your approach when funding M&A transactions in terms of cash versus equity.

非常好，謝謝你添加的顏色，丹。我想在這裡稍微轉換一下話題。我們的下一個問題來自 HC Wainwright 的 Scott Buck，主要討論併購主題。丹，這又是一個給你的。丹，您能向我們介紹一下評估併購機會時的目標標準嗎？其次，您討論了在現金與股權方面為併購交易提供資金的方法。

So first of all, I mean, any, target, must fit with our model, must be part of, must be additive to our proposition. And now some acquisitions are going to be, geographic, where we might find an organization. That has that provides maybe site search, a bit like GroupBy in Spain, for example, right?

所以首先，我的意思是，任何目標都必須符合我們的模型，必須是我們命題的一部分，必須是我們命題的補充。現在，一些收購將根據地理位置進行，我們可能會在那裡找到一個組織。這可能提供站點搜索，有點像西班牙的 GroupBy，對嗎？

And by acquiring that company, we not only get customers who are on the horse and cart, we would argue versus the [Model T4] that we're offering, that we can very quickly upsell to our solution, but we can do so, in a very easy, elegant way as an upgrade to their existing solution. It also gives us presence in a market that we do not currently operate.

透過收購該公司，我們不僅可以獲得那些使用馬車的客戶，而且我們可以非常快速地向他們推銷我們的解決方案，還可以透過非常簡單、優雅的方式，作為他們現有解決方案的升級。這也使我們在目前尚未營運的市場中佔有一席之地。

It gives us people on the ground, all those kinds of things. And given that we are looking to become the global market leader, and we want to do that, in an accelerated way, acquiring businesses in different territories gives us a footprint in markets which otherwise we wouldn't get to for some period of time.

它為我們實地人員提供了所有這些東西。鑑於我們希望成為全球市場領導者，並且希望以更快的方式實現這一目標，收購不同地區的企業可以讓我們在一段時間內無法進入的市場中佔有一席之地。

We prefer obviously to have to go for target customers that have established businesses, there are situations where we might find companies that have compelling technology that will be additive to what we're doing. We have not as as yet seen anyone -- we've not made any acquisitions in that in that area, but it's possible.

我們顯然更傾向於尋找已經建立業務的目標客戶，在某些情況下，我們可能會找到擁有引人注目的技術的公司，這些技術可以為我們正在做的事情增添助力。我們目前還沒有看到任何人——我們還沒有在該領域進行任何收購，但這是可能的。

And thirdly, we may make talent acquisitions where we bring on organizations that have large AI or natural language processing developers, and that will then quickly give us the resources that we need that we would otherwise have to go and source in the market which is more costly and more time consuming. Is that -- would you like me to cover anything else, Michael?

第三，我們可能會進行人才收購，引入擁有大量人工智慧或自然語言處理開發人員的組織，這將迅速為我們提供所需的資源，否則我們將不得不去市場上尋找，這會更加昂貴且耗時。那是──你還想讓我講點別的嗎，麥可？

Yes, just in terms of the second part to that question in terms of funding the transactions and your thoughts on that.

是的，就該問題的第二部分而言，關於交易資金以及您對此的想法。

Yeah, I mean, look, we don't want to use cash because -- we don't want to use the valuable cash we're using to fund our business, so the group by acquisition was done. Using our paper, we paid a very -- what we felt it was a very fair price, $55 million and we paid it in equity at about $3 a share, so we -- from a purchase price we felt we got good value and from a --- from an equity from the cost of our equity, obviously we think our equity is depressed, was depressed at $3 is even more depressed currently. So we don't -- we're not very comfortable about using our valuable equity for acquisitions right at this time.

是的，我的意思是，看，我們不想使用現金，因為——我們不想使用我們用來資助我們業務的寶貴現金，所以透過收購來完成分組。使用我們的票據，我們支付了一個我們認為非常公平的價格，5500 萬美元，並以每股約 3 美元的價格以股權形式支付，因此，從購買價格來看，我們覺得我們獲得了良好的價值，從股權成本來看，顯然我們認為我們的股權被壓低了，在 3 美元時被壓低了，目前甚至更低。因此，我們不太願意在此時使用我們寶貴的股權進行收購。

However, we're still keen to carry through our strategy. So I would answer by saying that. We will use cash, where the cash is not too meaningful because we don't want to sell equity or use equity at these levels, but equity is the resource that we have the capacity to utilize, mindful, of course, of the impact it has on a shareholder dilution.

然而，我們仍然熱衷於執行我們的策略。所以我會這樣回答。我們將使用現金，但現金意義不大，因為我們不想出售股權或以這樣的水平使用股權，但股權是我們有能力利用的資源，當然，我們也要考慮到它對股東稀釋的影響。

Excellent, thanks, Dan. Thanks for that call. Our next question comes from Rohit Kulkarni of Roth Capital Partners and focuses on Rezolve's competitive advantage. Dan, can you discuss the factors that underpin the advantage Rezolve's proprietary LLM has versus AI solutions available in the marketplace today?

非常好，謝謝，丹。謝謝你的來電。我們的下一個問題來自 Roth Capital Partners 的 Rohit Kulkarni，重點在於 Rezolve 的競爭優勢。丹，您能討論一下 Rezolve 專有的 LLM 與目前市場上可用的 AI 解決方案相比的優勢因素嗎？

Yes, so AI solutions, so there is this idea of boiling the ocean. You know that many AI players have this concept of, let's absorb everything that's out there and be the expert on everything, and then when people ask us a question, we'll be able to answer that.

是的，所以有人工智慧解決方案，所以有煮沸海洋的想法。你知道，許多人工智慧玩家都有這樣的概念，讓我們吸收一切知識，成為所有領域的專家，然後當人們問我們問題時，我們就能回答。

That's kind of the fundamental LLM proposition today. And we were, very familiar with how Gen AI came about, the algorithms and so on, as I mentioned before with my background. And so when we started this approach in 2016, we had one objective to create a vertical LLM to create something very specific that would allow -- that would allow us to solve a very specific problem.

這就是當今法學碩士 (LLM) 的基本主張。正如我之前提到的，我們非常熟悉 Gen AI 的產生過程、演算法等等。因此，當我們在 2016 年開始這種方法時，我們有一個目標，即創建一個垂直的 LLM，以創建一些非常具體的東西，使我們能夠解決一個非常具體的問題。

So we never, we didn't come at this by saying. We didn't come at this by saying we have a bag of cement and a pane of glass, and, here you are, customer, go and build yourself a skyscraper. We came out saying that we're going to provide a skyscraper, right, and offer apartments in that skyscraper.

所以我們從來沒有，我們沒有這樣說過。我們並不是說，我們有一袋水泥和一塊玻璃，顧客，你去蓋一座摩天大樓吧。我們說我們將提供一座摩天大樓，並在那座摩天大樓提供公寓。

So we wanted to provide a solution to our customers' problem. And right now the majority of the AI technologies out there are building blocks that are provided to customers to build on, and the customers don't -- I don't believe, fully understand what they have to build, how to build it, and what skills they need to do it, how long it's going to take, and so on and so forth. So we set out to do a number of things.

因此，我們希望為客戶的問題提供解決方案。目前，大多數人工智慧技術都是提供給客戶建置的模組，但我認為客戶並不完全了解他們要建造什麼、如何建置、需要什麼技能、需要多長時間等等。因此我們著手做一些事。

First of all is to create a language model that was sophisticated. In sales, and we had to deal with some challenges there because product catalogs have got a greater propensity to what's known as hallucinate or drift, and so we wanted to solve that problem, and an example of that would be that if, AI is not very intelligent when it comes to words. It's all using algorithms and mathematics and guesswork.

首先是創建一個複雜的語言模型。在銷售方面，我們必須應對一些挑戰，因為產品目錄更容易出現所謂的幻覺或漂移，所以我們想解決這個問題，其中一個例子就是，人工智慧在語言方面不是很聰明。這一切都使用演算法、數學和猜測。

So even if the product catalogue of cosmetics and fragrances, and the fragrances are called beast or savage and the descriptions are sandalwood and blackberries and barbecue notes, we understand that we're talking about an aftershave there, but AI doesn't. Okay, AI think it's a beast in the wood, eating blackberries, right?

因此，即使化妝品和香水的產品目錄中的香水被稱為野獸或野蠻，並且描述是檀香、黑莓和燒烤香調，我們也知道我們談論的是須後水，但 AI 不知道。好的，我認為它是森林裡的一隻野獸，正在吃黑莓，對嗎？

So we had to solve that problem of structuring product catalogue in a way that AI could understand, and we have patented that process. That's one of the reasons why AI by Google and Microsoft have partnered with us because they have not done that, and they recognize that what we've done is pretty smart.

因此，我們必須以人工智慧能夠理解的方式解決建構產品目錄的問題，並且我們已經為該流程申請了專利。這就是為什麼谷歌和微軟的人工智慧與我們合作的原因之一，因為他們還沒有這樣做過，而且他們認識到我們所做的事情非常聰明。

Then when we -- when a customer asks a question, we want the AI to be empathetic. I'll give you an example of that. If I ask the question, I need two AA batteries, the answer must be, here is your two AA batteries. Click here. It isn't.

然後，當客戶提出問題時，我們希望人工智慧能產生同理心。我給你舉個例子。如果我問「我需要兩節 AA 電池」這個問題，答案肯定是「這是你的兩節 AA 電池」。點這裡。事實並非如此。

Thank you for coming to our store. We've got lots of batteries, we've been in batteries a long time. Nobody wants to hear that answer from an individual or from a -- from an AI generated answer. So understanding the prompt, which was in that case an urgent, I need to dominate batteries, to another question that might be, I've got a electric toothbrush and I'm not sure whether to get a disposable batteries or rechargeable batteries, that question requires a bit more of a sensitive answer than the first one.

感謝您來到我們的商店。我們有很多電池，我們從事電池行業已經很長時間了。沒有人願意聽到來自個人或人工智慧生成的答案。因此，理解提示，在那種情況下很緊急，我需要控制電池，另一個問題可能是，我有一把電動牙刷，我不確定是否要買一次性電池或可充電電池，這個問題需要比第一個更敏感的答案。

So those kind of empathetic understanding of prompts is another element of our large language model. And then the third is we have trained our language model on sales techniques. ABC will always be closing and all the other sales techniques associated with sales psychographics.

因此，對提示的這種同理心理解是我們大型語言模型的另一個要素。第三，我們對銷售技巧的語言模型進行了訓練。ABC 永遠是成交量，並且所有其他銷售技巧都與銷售心理有關。

Now, as a result of those three things empathy, sales techniques, and deep products and domain expertise and the ability not to hallucinate sets our brainpower and them apart. There's nothing like it on the market in our view, or certainly something that nothing that we have come across that's on the market. And as a result, we have then built on top of that, these three-products brain checkout, Brain commerce, and Brain assistance.

現在，由於這三件事，同理心、銷售技巧、深厚的產品和領域專業知識以及不產生幻覺的能力將我們的智力與它們區分開來。我們認為市場上沒有類似產品，或肯定沒有我們在市場上遇到的產品。因此，我們在此基礎上建構了這三種產品：腦力結帳、腦力商務和腦力援助。

That take the customers of our customers through the digital journey in an elegant and effective way. You have to always remember that our solutions are designed to replace the in-store experience online. Because in store 7 out of 10 people end up buying and online 7 out of 10 people don't end up buying.

以優雅而有效的方式帶領我們客戶的客戶完成數位旅程。您必須始終記住，我們的解決方案旨在取代線上店內體驗。因為在商店裡，10 個人中最終會有 7 個人購買，而在網路上，10 個人中最終會有 7 個人不購買。

And if we can build the relationship that you have and the experience that you have in store into a digital environment, then we have the ability to have a massive improvement in our customers' revenues online.

如果我們能夠將您現有的關係和您在店內的體驗融入到數位環境中，那麼我們就有能力大幅提高客戶的線上收入。

Excellent Dan. Thanks for that color. I want to move to the financial model and outlook, and we've received a number of questions for our CFO Rich, which are, I would say almost universal amongst analysts, with the first regarding expense growth, and Rich, I know you've touched on some of these, but maybe you could dive a bit more, the question is, as you scale the organization and ramp revenue throughout the year. Can you discuss the areas of investment and levels of increased expense needed to support this growth?

非常棒的丹。謝謝你這個顏色。我想談談財務模型和前景，我們收到了許多針對財務長 Rich 的問題，我想說，這些問題在分析師中幾乎是普遍存在的，第一個問題是關於費用增長的，Rich，我知道您已經談到了其中的一些，但也許您可以再深入一點，問題是，隨著您擴大組織規模並在全年增加收入。您能討論一下支持這一成長所需的投資領域和增加的支出水準嗎？

Yeah, sure, so just I mean -- just to reiterate, we are highly elastic we've spent several years flexing our cost base and I would say we're pretty good at it, so as the underlying business continues to gain traction and grow, we will see some costs of sales, increases along with sales and marketing expense as we grow those teams, to generate sales.

是的，當然，所以我的意思只是——只是重申一下，我們具有高度的彈性，我們花了幾年時間來調整我們的成本基礎，我想說我們在這方面做得很好，所以隨著基礎業務的持續增長和發展，我們會看到一些銷售成本，隨著我們擴大這些團隊以產生銷售，銷售和營銷費用也會增加。

But it is important to reiterate, that we do not see any meaningful step change in any of our cost buckets. So we will grow costs but we'll grow costs in line with revenue. And we expect to scale relatively quickly given the operational leverage inherent in the business model and thus believe we're both well positioned from a liquidity standpoint to get through this initial startup period that we're in, and that we feel will be relatively brief prior to achieving break even, which we expect to do at the at or around the $80million to $90million -- the $90 million ARR level.

但必須重申的是，我們沒有看到任何成本方面有任何有意義的變化。因此，我們的成本會增加，但成本的成長將與收入的成長一致。考慮到商業模式中固有的營運槓桿，我們預計規模將相對較快，因此相信從流動性的角度來看，我們都已做好準備，度過我們所處的初始啟動期，並且我們認為在實現收支平衡之前，這一時間會相對較短，我們預計收支平衡將在 8000 萬美元至 9000 萬美元左右——即 9000 萬美元的 ARR 水平。

A perfect rich and that sort of our last question here that dovetails into our last topic which is again something that was highly requested which is related to the profitability outlook. And you've touched on this a little bit rich but just to put a finer point on it.

這是我們最後一個問題，與我們上一個主題相吻合，這也是人們強烈要求回答的問題，與獲利前景有關。您對此的論述有些過於複雜，但我只是將其闡述得更詳細一些。

Question is Rich, given that your staff's business model should have a significant amount of operating leverage, how are you thinking about the level of annual recurring revenue at which the company is able to achieve operating profitability. Now I know you've mentioned this, Rich, but maybe if you could put a finer point on this as well.

問題是，Rich，鑑於您員工的商業模式應該具有相當大的經營槓桿，您如何看待公司能夠實現經營盈利的年度經常性收入水平。現在我知道你已經提到了這一點，Rich，但也許你也可以對此進行更詳細的闡述。

Sure, so the SaaS model, certainly puts Rezolve in a good position, to achieve break even, profitability with from relatively modest growth or modest revenue, should I say. Achieving profitability, which we view as a measure of adjusted EBITDA, is what we think is the first of multiple milestones which will accomplish over the 12 to 24 month period. As I've mentioned, we expect to reach adjusted EBITDA down a break even.

當然，SaaS 模式無疑使 Rezolve 處於有利地位，可以透過相對溫和的成長或適度的收入實現收支平衡和盈利。我們認為，實現盈利是調整後 EBITDA 的衡量標準，這是未來 12 至 24 個月內要實現的多個里程碑中的第一個。正如我所提到的，我們預計調整後的 EBITDA 將達到收支平衡。

At the $90 million level, we have initially, targeted $100 million, but given the flexibility we have in our cost base, we are confident that we will do it at $90 million. Now just to caveat that breakeven will depend on sales mix, direct versus channel partners, etc. And also, will be contract specific, but at this juncture, we believe that $90 million ARR is a sensible number to pin and break even on.

在 9,000 萬美元的水平上，我們最初的目標是 1 億美元，但考慮到我們成本基礎的靈活性，我們有信心以 9,000 萬美元實現這一目標。現在需要注意的是，損益平衡將取決於銷售組合、直接合作夥伴與通路合作夥伴等。此外，還將取決於合同，但在這個關鍵時刻，我們認為 9000 萬美元的 ARR 是一個合理的數字，可以確定並實現盈虧平衡。

Excellent, thanks for those comments, Dan and Rich, and thanks for your -- the answers to your questions. I also want to thank everyone, for joining this call. We really appreciate you taking the time to staying with to being with us today. Please feel free to reach out, contact us with any questions. We look forward to speaking with you all again in the near future. Thank you.

非常好，感謝 Dan 和 Rich 的評論，也感謝你們對問題的回答。我還要感謝大家參加這次電話會議。我們非常感謝您今天抽出時間與我們在一起。如有任何疑問，請隨時與我們聯繫。我們期待在不久的將來再次與大家交談。謝謝。