Smith Micro Software Inc (SMSI) 2025 Q3 法說會逐字稿

(Operator Instructions)

（操作說明）

Please note that today's event is being recorded.

請注意，今天的活動正在錄影。

I would now like to turn the conference over to Charles Messman, Vice President of Marketing. Please go ahead, sir.

現在我將把會議交給行銷副總裁查爾斯·梅斯曼。請繼續，先生。

Thank you, operator. We appreciate you joining us today to discuss Smith Micro Software financial results for the third quarter ended September 30th, 2025.

謝謝接線生。感謝您今天蒞臨，與我們共同探討史密斯微軟體公司截至 2025 年 9 月 30 日的第三季財務表現。

By now you should have received a copy of our press release with the financial results. If you do not have a copy and would like one, please visit the investor relations section of our website at www.smithmicro.com.

現在您應該已經收到一份包含財務表現的新聞稿了。如果您沒有副本，並且想要一份，請訪問我們網站 www.smithmicro.com 的投資者關係部分。

On today's call, we have William Smith, our chairman of the board, President, and Chief Executive Officer.

在今天的電話會議上，我們有董事長、總裁兼執行長威廉史密斯。

And Timothy C. Huffmyer, our Chief Operating Officer and Chief Financial Officer.

還有我們的營運長兼財務長 Timothy C. Huffmyer。

Please note that some of the information you will hear during today’s discussion consists of forward-looking statements, including without limitations those regarding the company’s future revenue and profitability. Our plans and expectations, new product development and availability, new and expanded market opportunities, future product deployments, growth by new and existing customers, operating expenses, and the company’s cash reserves

請注意，您在今天的討論中將聽到的一些資訊包含前瞻性陳述，包括但不限於有關公司未來收入和盈利能力的陳述。我們的計劃和預期、新產品開發和上市情況、新的和擴大的市場機會、未來產品部署、新舊客戶的成長、營運費用以及公司現金儲備

Forward-looking statements involve risk and uncertainties which could cause actual results or trends to differ materially from those expressed or implied by our forward-looking statements.

前瞻性陳述涉及風險和不確定性，可能導致實際結果或趨勢與我們的前瞻性陳述中明示或暗示的結果或趨勢有重大差異。

For more information, please refer to the risk factors included in our most recently filed Form 10k.

有關更多信息，請參閱我們最新提交的 10-K 表格中所列的風險因素。

This micro assumes no obligation to update any forward-looking statements.

本微型企業不承擔更新任何前瞻性聲明的義務。

Which speak to the management's beliefs and assumptions only on the day they are made.

這些決策僅反映了管理階層在製定當日的信念和假設。

I want to point out that in our forthcoming prepared remarks we will refer to specific non-GAAP financial measures.

我想指出，在我們即將發表的準備好的發言稿中，我們將提及一些具體的非GAAP財務指標。

Please refer to our press release disseminated earlier today for a reconciliation of these non-GAAP financial measures.

有關這些非GAAP財務指標的調節表，請參閱我們今天早些時候發布的新聞稿。

With that said, I'll turn the call over to William.

話雖如此，我還是把電話交給威廉吧。

Thanks, Charlie, and thank you for joining us today for our 3rd quarter 2025 conference call.

謝謝查理，也謝謝您今天參加我們2025年第三季電話會議。

I am pleased with the progress we have made overall as we continue to advance our discussions around key customer initiatives and identify new opportunities aimed at broadening the reach of our products, setting the stage for future growth. More recently, we implemented some strategic changes across our organization as part of a broader effort to realign our cost structure in line with our long-term business goals. Strengthen our financial foundation and accelerate our path to profitability. These cost reduction measures will save the company approximately $7.2 million in annualized costs.

我對我們所取得的整體進展感到滿意，我們繼續推進圍繞關鍵客戶計劃的討論，並尋找旨在擴大我們產品覆蓋範圍的新機遇，為未來的成長奠定基礎。最近，我們在整個組織內實施了一些策略性變革，作為調整成本結構以符合我們長期業務目標的更廣泛努力的一部分。夯實財務基礎，加快獲利的腳步。這些降低成本的措施每年將為公司節省約 720 萬美元的成本。

The strategic organizational changes we made affected approximately 30% of the overall workforce and were in part enabled by the completion of certain key development efforts. While difficult, these changes were a necessary and meaningful step forward toward enhancing organizational efficiencies and accelerating the company's path to profitability.

我們進行的策略性組織變革影響了約 30% 的員工，部分原因是由於某些關鍵發展工作的完成。雖然這些改變很困難，但卻是提高組織效率、加快公司實現獲利進程的必要且有意義的一步。

We are building a culture of continuous improvement and operational efficiency and will continue to assess and optimize our spending in the coming quarters while we continue to invest in strategic areas that support innovation and to deliver exceptional value to our customers and stakeholders. We have also made several structural changes to streamline operations and enhance agility, which will enable us to accelerate the delivery of our solutions to the market. The timing of these adjustments has been carefully planned and aligns with the completion of our core Safe Path 8 platform development efforts. With these initial changes complete, we believe we will be very close to breakeven and expect to be profitable in mid-2026.

我們正在建立持續改進和提高營運效率的企業文化，並將繼續在未來幾季評估和優化我們的支出，同時繼續投資於支持創新並為我們的客戶和利害關係人創造卓越價值的策略領域。我們也進行了一些結構性調整，以簡化營運並提高靈活性，這將使我們能夠加快向市場交付解決方案的速度。這些調整的時機經過精心規劃，與我們核心 Safe Path 8 平台開發工作的完成一致。完成這些初步調整後，我們相信我們將非常接近盈虧平衡點，並預計在 2026 年年中實現盈利。

Additionally, to further support our financial position and business objectives, we also announced a strategic round of financing, which Tim will cover in greater detail a little later in the call. With the opportunities that are in front of us and the efficiencies we have achieved, I truly believe we are entering a new phase of our journey as we progress to return the company back to growth and profitability. Regarding these opportunities, I am pleased to report that our pipeline remains strong and continues to grow. We are engaged in ongoing activities and customer trials in both North America and Europe. We are witnessing a meaningful shift in the carrier market that includes a renewed focus on family subscribers. As 5G growth begins to plateau, carriers are actively seeking new avenues for expansion, and families represent a high value opportunity.

此外，為了進一步支持我們的財務狀況和業務目標，我們還宣布了一輪策略融資，Tim 將在稍後的電話會議中詳細介紹。憑藉著眼前的機會和我們所取得的效率提升，我堅信，隨著公司逐步恢復成長和獲利能力，我們正進入發展歷程的新階段。關於這些機遇，我很高興地報告，我們的專案儲備依然強勁，並且持續成長。我們目前在北美和歐洲都開展了持續的活動和客戶試用。我們正在見證營運商市場的重大轉變，其中包括對家庭用戶的重新關注。隨著 5G 成長開始趨於平緩，營運商正在積極尋求新的擴張途徑，而家庭用戶代表著一個極具價值的機會。

They consistently demonstrate lower churn rates, higher lifetime value, and increased spending across devices, data plans, and services. Our expanded Safe Path platform now offers a more comprehensive ecosystem of tools and flexible delivery mechanisms. Tailored to family needs. This not only opens new revenue streams but more closely aligns with carriers’ core business strategies, such as selling devices and rate plans rather than relying on traditional secondary sales of value-added services, which have become less of a priority. We are very well position to capitalize on these changes. Now, let us turn the call over to Tim for a deeper dive into our financials. I will follow up with more updates later in the call, Timothy

他們始終表現出較低的客戶流失率、較高的客戶終身價值，以及在設備、數據套餐和服務方面的支出增加。我們擴展後的 Safe Path 平台現在提供更全面的工俱生態系統和靈活的交付機制。專為家庭需求量身訂做。這不僅開闢了新的收入來源，而且與營運商的核心業務策略更加緊密地契合，例如銷售設備和資費套餐，而不是依賴傳統的增值服務二級銷售，而增值服務已不再是優先事項。我們已做好充分準備，能夠充分利用這些變化。現在，讓我們把電話交給提姆，讓他更深入地分析我們的財務狀況。稍後我會在通話中提供更多最新信息，蒂莫西。

Thanks William. Let me start by covering a few recent transactions. As previously announced in July, we closed a follow-on offering of approximately $1.5 million prior to fees and expenses. In September, we closed on a few notes purchase agreements which provided approximately $1.2 million of cash to the company in exchange for short-term notes and warrants. In October, we announced a strategic cost reduction in our organization, as William indicated.

謝謝你，威廉。首先，讓我介紹一下最近的幾筆交易。正如我們在 7 月宣布的那樣，我們在扣除費用和支出之前完成了約 150 萬美元的後續發行。9 月份，我們完成了幾項票據購買協議，為公司提供了約 120 萬美元的現金，以換取短期票據和認股權證。正如威廉所指出的那樣，我們在十月份宣布了公司內部的策略性成本削減計劃。

This was primarily comprised of our workforce reorganization.

這主要包括我們的人員重組。

It will result in a cost savings of $1.8 million per quarter as compared to the second quarter of 2025 or $7.2 million reduction in costs for 2026.

與 2025 年第二季相比，這將使每季節省 180 萬美元的成本，或使 2026 年的成本減少 720 萬美元。

This excludes payment of employee separation costs.

這不包括支付員工離職補償金。

As Bill indicated, these efforts are part of our broader initiative to realign the company's cost structure with long-term business goals, strengthen the financial foundation, and accelerate our path to profitability.

正如比爾所指出的，這些努力是我們更廣泛的計劃的一部分，旨在調整公司的成本結構以適應長期業務目標，加強財務基礎，並加快實現盈利的步伐。

And finally yesterday we announced the completion of a private placement and follow-on offering.

最後，昨天我們宣布完成了私募配售和後續發行。

Both offerings have been priced based on the market value of the offered securities as of the time of signing the purchase agreements, and the company will issue approximately 4 million shares and an equivalent amount of warrants exercisable for one share of the company's common stock at an exercise price of $0.67 per share.

這兩項發行均以簽署購買協議時所發行證券的市場價值為定價依據，公司將發行約 400 萬股股票和等量的認股權證，每份認股權證可以每股 0.67 美元的價格兌換一股公司普通股。

The aggregate gross proceeds of the two offerings are expected to be approximately $2.7 million which includes a committed investment of $1.5 million from Bill and D Eva Smith.

預計這兩項發行的總收益約為 270 萬美元，其中包括 Bill 和 D Eva Smith 承諾的 150 萬美元投資。

We are excited about this additional funding round as the company pushes to expected break even in 2026.

我們對這輪額外的融資感到興奮，因為公司正努力實現預期目標，在 2026 年實現收支平衡。

Now let's cover the financial results for the 3rd quarter of 2025.

現在我們來看看2025年第三季的財務表現。

For the third quarter we posted revenue of $4.3 million compared to $4.6 million for the same quarter of 2024, a decrease of approximately 6%.

第三季度，我們的營收為 430 萬美元，而 2024 年同期為 460 萬美元，下降了約 6%。

When compared to the second quarter of 2025, revenue decreased by $73,000 or 2%.

與 2025 年第二季相比，收入減少了 73,000 美元，即 2%。

Last quarter we had guided to a revenue range of $4.4 million to $4.8 million, and we slightly missed that guidance. The reason for the lower-than-expected revenue is directly related to the company's expectation of launching an additional safe path feature with an existing carrier customer. The contract for that feature did not get finalized as expected, therefore, the revenue was not recognized. The company has completed the development effort related to this feature, and we will wait on prioritization from the carrier customer.

上個季度我們預計營收範圍為 440 萬美元至 480 萬美元，實際略低於預期。收入低於預期的原因與該公司預期將與現有營運商客戶推出額外的安全路徑功能直接相關。此項功能的合約未能如預期最終敲定，因此，該收入未能確認。公司已完成與此功能相關的開發工作，我們將等待營運商客戶的優先排序。

Year-to-date revenues through September 30th, 2025, were $13.4 million versus $15.6 million through the third quarter of last year, a decrease of approximately 14%. During the third quarter of 2025, family safety revenue was $3.5 million, which decreased by approximately 410,000 or 10% compared to the third quarter of the prior year.

截至 2025 年 9 月 30 日，今年迄今的營收為 1,340 萬美元，而去年同期為 1,560 萬美元，下降了約 14%。2025 年第三季度，家庭安全收入為 350 萬美元，與去年同期相比減少了約 41 萬美元，降幅達 10%。

Family safety revenues decreased by approximately $97,000 or 3% compared to the second quarter of 2025, primarily driven by the decline in the legacy sprint safe and found revenue.

與 2025 年第二季相比，家庭安全收入減少了約 97,000 美元或 3%，這主要是由於傳統 Sprint Safe 和 Found 收入的下降所致。

During the 3rd quarter of 2025, CommSuite revenue was $792,000, which increased by approximately 148,000 compared to the third quarter of 2024.

2025 年第三季度，CommSuite 的營收為 79.2 萬美元，比 2024 年第三季增加了約 14.8 萬美元。

Revenue from CommSuite revenue increased by approximately $15,000 compared to the second quarter of 2025.

CommSuite 的營收比 2025 年第二季增加了約 15,000 美元。

As previously mentioned, we sold our View Spot product for $1.3 million on June 3rd, and as such, other than transition services fees, we will no longer have any future revenue from this product.

如前所述，我們於 6 月 3 日以 130 萬美元的價格出售了 View Spot 產品，因此，除了過渡服務費之外，我們將不再從該產品獲得任何未來收入。

View Spot revenue was $26,000 and $65,000 for the third quarter of 2025 and 2024 respectively.

View Spot 在 2025 年第三季和 2024 年第三季的營收分別為 26,000 美元和 65,000 美元。

In the fourth quarter of 2025, we are expecting consolidated revenues to be in the range of approximately $4.2 million to $4.5 million.

我們預計 2025 年第四季合併收入將在 420 萬美元至 450 萬美元之間。

The upper end of this guidance range includes some initial revenue related to the launch of the previously referenced new feature at the existing carrier customer which we previously anticipated would have occurred in the 3rd quarter.

該指導範圍的上限包括與向現有營運商客戶推出先前提到的新功能相關的一些初始收入，我們之前預計該功能將在第三季推出。

For the third quarter of 2025, gross profit was $3.2 million compared to $3.3 million during the same period of the prior year, a decrease of 116,000, primarily due to the period over period decline in revenues.

2025 年第三季毛利為 320 萬美元，而去年同期為 330 萬美元，減少了 11.6 萬美元，主要是由於收入環比下降。

Gross margin was at 74% for the quarter compared to 72% realized in the third quarter of 2024. The gross profit of $3.2 million in the third quarter of 2025 matched sequentially the $3.2 million of gross profit realized in the second quarter of 2025.

本季毛利率為 74%，而 2024 年第三季毛利率為 72%。2025 年第三季毛利為 320 萬美元，與 2025 年第二季實現的 320 萬美元毛利為基本持平。

In the fourth quarter of 2025, we expect gross margin to be in the range of 74% to 76%.

我們預計 2025 年第四季的毛利率將在 74% 至 76% 之間。

The increased margin percentage is directly related to lower costs from the cost reductions completed in October. But the year-to-date period ended September 30, 2025. Gross profit was $9.8 million compared to $10.7 million during the corresponding period last year. Gross margin was 73% for the September 30, 2025, year-to-date period as compared to the 68% in the same period last year. Once we realize a full quarter of the cost benefits in 2026, we expect our margin percentages to be between 78% to 80%.

利潤率的提高與10月完成的成本削減所帶來的成本降低直接相關。但截至 2025 年 9 月 30 日的年初至今期間已結束。毛利為 980 萬美元，而去年同期為 1,070 萬美元。截至 2025 年 9 月 30 日的年初至今毛利率為 73%，去年同期為 68%。一旦我們在 2026 年實現四分之一的成本效益，我們預計我們的利潤率將在 78% 到 80% 之間。

Our longer-term gross margin target is 85%, which we will continue to work towards.

我們的長期毛利率目標是 85%，我們將繼續朝著這個目標努力。

GAAP operating expenses for the third quarter of 2025 were $7.7 million a decrease of $2.1 million or 22%, compared to the third quarter of 2024.

2025 年第三季的 GAAP 營運費用為 770 萬美元，比 2024 年第三季減少了 210 萬美元，降幅為 22%。

The difference was a result of changes in personnel, stock, compensation costs, and other cost reduction activities.

造成這種差異的原因是人員、庫存、薪資成本和其他成本削減措施的變化。

GAAP operating expenses for the year-to-date period ended September 30th, 2025 for $34.5 million compared to $55.6 million in the prior year-to-date period, a decrease of $21.1 million, or 38% compared to last year.

截至 2025 年 9 月 30 日的本年度 GAAP 營運費用為 3,450 萬美元，而去年同期為 5,560 萬美元，減少了 2,110 萬美元，降幅為 38%。

This period over period decrease was primarily attributable to the goodwill impairment charge of $24 million recorded in the first quarter of 2024 as compared to the goodwill impairment charge of $11.1 million in the second quarter of 2025 coupled with the cost reduction activities that we have executed along with a decrease in amortization expense associated with our intangible assets.

與去年同期相比，這一下降主要歸因於 2024 年第一季提列的商譽減損費用為 2,400 萬美元，而 2025 年第二季提列的商譽減損費用為 1,110 萬美元，再加上我們執行的成本削減活動以及與無形資產相關的攤銷費用的減少。

Non-GAAP operating expenses for the third quarter of 2025 were $5.7 million compared to $6.8 million in the third quarter of 2024, a decrease of approximately $1.1 million or 16%.

2025 年第三季的非 GAAP 營運費用為 570 萬美元，而 2024 年第三季為 680 萬美元，減少了約 110 萬美元，降幅達 16%。

Sequentially, non-GAAP operating expenses decreased by approximately 200,000 or 3% from the second quarter of 2025. We expect an approximate 15% decline in non-GAAP operating expenses in the fourth quarter of 2025 as compared to the third quarter of 2025 as we begin to see some of the impact of our most recent reorganization.

與 2025 年第二季相比，非 GAAP 營運費用較上季減少了約 20 萬，降幅為 3%。我們預計，隨著我們開始看到最近一次重組的一些影響，2025 年第四季的非 GAAP 營運費用將比 2025 年第三季下降約 15%。

Non-GAAP operating expenses for the year-to-date period through September 30, 2025 were $17.8 million compared to $22.4 million for the year-to-date period ended September 30, 2024, a decrease of $4.7 million or 21% compared to last year.

截至 2025 年 9 月 30 日的本年度至今的非 GAAP 營運費用為 1,780 萬美元，而截至 2024 年 9 月 30 日的本年度至今的非 GAAP 營運費用為 2,240 萬美元，與去年相比減少了 470 萬美元，降幅為 21%。

As previously mentioned, we expect our 2026 non-GAAP operating expenses to be reduced by approximately $7.2 million as we realize the full benefit of the recent reorganization.

如前所述，隨著近期重組帶來的全部好處得以實現，我們預計 2026 年非 GAAP 營運費用將減少約 720 萬美元。

The GAAP net loss attributable to common stockholders for the third quarter of 2025 was $5.2 million or $0.25 loss per share compared to a GAAP net loss of $6.4 million or $0.54 loss per share in the third quarter of 2024.

2025 年第三季歸屬於普通股股東的 GAAP 淨虧損為 520 萬美元，即每股虧損 0.25 美元，而 2024 年第三季的 GAAP 淨虧損為 640 萬美元，即每股虧損 0.54 美元。

GAAP net loss attributable to common stockholders for the nine months ended September 30th, 2025 was $25.4 million or $1.30 loss per share compared to GAAP net loss attributable to common stockholders of $44.3 million or $4.17 loss per share for the nine months ended September 30th, 2024.

截至 2025 年 9 月 30 日的九個月，歸屬於普通股股東的 GAAP 淨虧損為 2,540 萬美元，即每股虧損 1.30 美元；而截至 2024 年 9 月 30 日的九個月，歸屬於普通股股東的 GAAP 淨虧損為 4,430 萬美元，即每股股東的 4.17 美元。

The non-GAAP net loss attributable to common stockholders for the third quarter of 2025 was $2.6 million, or $0.12 loss per share, compared to a non-GAAP net loss attributable to common stockholders of approximately $3.6 million or a $0.30 loss per share in the third quarter of 2024.

2025 年第三季歸屬於普通股股東的非 GAAP 淨虧損為 260 萬美元，即每股虧損 0.12 美元，而 2024 年第三季歸屬於普通股股東的非 GAAP 淨虧損約為 360 萬美元，即每股虧損 0.30 美元。

Non-GAAP net loss attributable to common stockholders for the nine months ended September 30, 2025 was $8.2 million or $0.42 loss per share compared to non-GAAP net loss attributable to common stockholders of $11.8 million or $1.11 loss per share for the nine months ended September 30, 2024.

截至 2025 年 9 月 30 日的九個月，歸屬於普通股股東的非 GAAP 淨虧損為 820 萬美元，即每股虧損 0.42 美元；而截至 2024 年 9 月 30 日的九個月，歸屬於普通股股東的非 GAAP 淨虧損為 1,180 萬美元，即每股1.1.1.每股。

Within today's press release, we have provided a reconciliation of our non-GAAP metrics to the most comparable GAAP metric.

在今天的新聞稿中，我們提供了非GAAP指標與最可比較GAAP指標的調節表。

For the third quarter of 2025, the reconciliation includes adjustments for intangible asset amortization of $1.3 million, stock compensation expense of 600,000.

2025 年第三季的調整包括無形資產攤提 130 萬美元和股票補償費用 60 萬美元。

Depreciation expense of 71,000 changes to the fair value of warrants of 34,000.

折舊費用 71,000 使認股權證的公允價值變動 34,000。

And a deemed dividend of 635,000.

以及 635,000 的視同股息。

For the year-to-date period, the non-GAAP reconciliation includes adjustments for intangible asset amortization of $3.8 million.

截至目前，非GAAP調整包括對無形資產攤銷380萬美元的調整。

Stock compensation expense of $2.8 million.

股票補償支出為 280 萬美元。

Goodwill impairment charge of $11.1 million.

商譽減損支出1110萬美元。

Executive transition costs of 78,000, depreciation of $217,000 changes to the fair value of warrens of $137,000 a deemed dividend of 635,000 partially offset by the view spot sale of $1.3 million.

高階主管過渡費用 78,000 美元，折舊 217,000 美元，沃倫斯公允價值變動 137,000 美元，視同股息 635,000 美元，部分被 130 萬美元的現場銷售抵消。

Due to our cumulative net losses over the past few years, our GAAP tax expense is primarily due to certain state and foreign income taxes. For non-GAAP purposes, we utilize a 0% tax rate for the third quarter of 2025 and 2024.

由於過去幾年我們累積淨虧損，我們的 GAAP 稅務支出主要來自某些州和外國所得稅。對於非GAAP會計準則，我們對2025年及2024年第三季採用0%的稅率。

The resulting non-GAAP tax expense reflects the actual income tax expense during the period.

由此產生的非GAAP稅項支出反映了該期間的實際所得稅支出。

From a balance sheet perspective, we reported $1.4 million of cash and cash equivalents as of September 30, 2025.

從資產負債表角度來看，截至 2025 年 9 月 30 日，我們報告的現金及現金等價物為 140 萬美元。

This concludes my financial review. Now back to you, William

我的財務回顧到此結束。現在把鏡頭交還給你，威廉。

Thanks, Tim.

謝謝你，提姆。

As I mentioned at the beginning of the call, our Safe Path platform is tailored for families and includes Safe Path OS for kids' phones and Safe Path OS for senior phones.

正如我在通話開始時提到的，我們的 Safe Path 平台是為家庭量身定制的，包括適用於兒童手機的 Safe Path OS 和適用於老年人手機的 Safe Path OS。

Carriers can deploy our Safe Path OS software solution to offer devices from existing inventory that are tailored to meet the needs of kids and seniors and their families.

營運商可以部署我們的 Safe Path OS 軟體解決方案，從現有庫存中提供專為滿足兒童、老年人及其家庭的需求而量身定制的設備。

This expansion has generated meaningful interest and opened several new conversations with our current and prospective carrier partners, and we have trials currently underway with mobile operators around the world.

此次擴張引起了廣泛關注，並與我們現有和潛在的營運商合作夥伴展開了多項新的對話，目前我們正在與世界各地的行動營運商進行試驗。

We remain focused on delivery and expect to get them to the finish line in the next few quarters.

我們將繼續專注於交付，並預計在未來幾季內完成交付。

Now let me provide a quick update on our current customers.

現在讓我簡要介紹一下我們目前的客戶狀況。

We remain enthusiastic with the continued rollout of our Safe Path Kids solution with Orange Spain, which supports the two-year rate plan for kids.

我們對與西班牙 Orange 合作繼續推出 Safe Path Kids 解決方案感到非常興奮，該方案支援兒童兩年費率計劃。

We've maintained a strong partnership with the Orange Spain team, collaborating closely on new go to market opportunities.

我們與 Orange Spain 團隊保持著牢固的合作關係，在開拓新市場方面密切合作。

Concurrently, we are advancing the next phase of the product roadmap with a plan launched later this year that introduces new functionality designed to broaden our market reach. These enhancements have been strategically developed to meet evolving customer needs and are expected to be well received, strengthening our position in the region.

同時，我們正在推進產品路線圖的下一階段，並計劃於今年稍後推出，該計劃將引入旨在擴大市場覆蓋範圍的新功能。這些改進措施是經過策略性開發的，旨在滿足不斷變化的客戶需求，預計將受到歡迎，從而鞏固我們在該地區的地位。

We're also making solid progress with the expansion of our footprint beyond Spain with ongoing conversations across other orange entities.

我們正與西班牙以外的其他橙色實體進行持續對話，在拓展業務範圍方面也取得了穩步進展。

These discussions are gaining traction and reflect growing interest in our solutions.

這些討論越來越受關注，反映出人們對我們解決方案的興趣日益濃厚。

More broadly, we have active trials and engagements across Europe, and I remain highly encouraged by the momentum of our current pipeline. With AT&T, we're actively collaborating on new marketing initiatives as we gear up for the upcoming holiday season.

更廣泛地說，我們在歐洲各地都有積極的試驗和合作項目，我對我們目前的研發管線的發展勢頭感到非常鼓舞。我們正與 AT&T 積極合作，開展新的行銷活動，為即將到來的假期季節做好準備。

Many of these efforts are tied to a recent product update that significantly expands our market potential.

這些努力大多與最近的產品更新有關，該更新顯著擴大了我們的市場潛力。

Secure family is now available to any family regardless of their mobile carrier that they use. It's no longer limited to AT&T wireless customers.

現在，無論使用哪家行動電信商，任何家庭都可以使用安全家庭服務。現在不再僅限於AT&T無線用戶。

This expansion not only broadens our addressable market but also unlocks new cross-promotion opportunities.

此次擴張不僅擴大了我們的目標市場，也帶來了新的交叉推廣機會。

I am optimistic about the road ahead as we continue to build on our strong and trusted partnership with AT&T.

我對未來的發展道路充滿信心，我們將繼續鞏固與 AT&T 之間牢固且值得信賴的合作夥伴關係。

I remain optimistic about our progress with Boost, especially as we explore new opportunities following the announcement of our expanded Safe path platform capabilities. These expanded offerings have sparked fresh conversations and opened the door to broader engagement.

我對與 Boost 的合作進展仍然保持樂觀，尤其是在我們宣布擴展安全路徑平台功能後，我們正在探索新的機會。這些擴展後的產品和服務引發了新的討論，並為更廣泛的參與打開了大門。

Additionally, we are seeing continued momentum through targeted holiday marketing campaigns and ongoing monthly messages, most notably around visual voicemail.

此外，我們看到，透過有針對性的節日行銷活動和持續的每月訊息，尤其是在可視語音郵件方面，我們正保持著持續的成長勢頭。

These messages are set to run through the end of the year and further support our growth efforts with T-Mobile. We remain energized by our continued discussion around the expansion of the Safe Path platform and the new opportunities that it can deliver.

這些宣傳訊息將持續到年底，進一步支持我們與 T-Mobile 的合作發展。我們持續討論「安全路徑」平台的擴展及其可能帶來的新機遇，這讓我們倍感振奮。

As I discussed on our last call, T-Mobile has added additional team members to our working group who are very interested and engaged in our current solution as well as our portfolio expansion. With relationships continuing to strengthen across the organization, I believe there remains substantial growth potential ahead with T-Mobile.

正如我在上次電話會議中討論的那樣，T-Mobile 已向我們的工作小組增加了更多團隊成員，他們對我們當前的解決方案以及產品組合的擴展都非常感興趣並積極參與其中。隨著公司內部各部門關係的不斷加強，我相信 T-Mobile 未來仍有巨大的成長潛力。

In conclusion, We believe we have taken key steps to strengthen the company's financial position.

總之，我們相信我們已經採取了關鍵措施來加強公司的財務狀況。

Establishing a firm foundation from which we can grow.

為我們未來的發展奠定堅實的基礎。

I truly believe the renewed family focus occurring in the carrier market worldwide.

我真心相信全球營運商市場正在重新重視家庭。

Opens an enormous new opportunity for Smith Micro software.

這為史密斯微軟體公司開闢了一個巨大的新機會。

With the core development of our Safe Path 8 platform complete, coupled with a new, faster and more agile delivery organization going forward, we are aligned well with the market today.

隨著 Safe Path 8 平台的核心開發完成，再加上未來將建立新的、更快、更敏捷的交付組織，我們與當今市場高度契合。

Our connected life vision brings what I believe is the most expansive and powerful offering in the market today.

我們互聯生活願景帶來的，我認為是當今市場上最廣泛、最強大的產品和服務。

Our family digital lifestyle ecosystem spans the entire family digital safety journey for families, from kids to seniors and every family member in between.

我們的家庭數位生活方式生態系統涵蓋了家庭數位安全​​之旅的方方面面，從兒童到老年人，以及介於兩者之間的每位家庭成員。

We are confident we are on a path to profitability.

我們有信心走上獲利之路。

Our mission is not yet complete, but we have implemented the necessary steps to get us there. I am extremely confident in our plan and in our team's ability to execute. With that, let me turn the call back to the operator for questions. Operator.

我們的使命尚未完成，但我們已經採取了必要的步驟來實現目標。我對我們的計劃和團隊的執行能力充滿信心。那麼，我將把電話轉回給接線生，回答大家的問題。操作員。

(Operator Instructions)

（操作說明）

Thank you. We will now begin the question-and-answer session.

謝謝。現在開始問答環節。

At this time, we are showing no questions in the queue, so I would like to turn the conference call back over to Charles Messman for any closing remarks.

目前隊列中沒有任何問題，所以我想把電話會議交還給查爾斯·梅斯曼，請他做總結發言。

I want to thank everybody for joining today. Should you have further questions, please feel free to call us.

感謝各位今天到場。如有任何疑問，請隨時致電我們。

Thank you, guys and have an awesome day.

謝謝大家，祝你們今天過得愉快！

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation. You may now disconnect your lines.

感謝各位參加今天的報告會。現在您可以斷開線路了。