Senestech Inc (SNES) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the SenesTech reports first quarter fiscal year 2026 financial results conference call. (Operator Instructions)

各位下午好，歡迎參加 SenesTech 公布 2026 會計年度第一季財務業績的電話會議。（接線員指示）

Please note, today's event is being recorded. At this time, I'd like to turn the conference call over to Robert Blum with Lytham Partners. Please go ahead.

請注意，今天的活動將被錄音。此刻，我想將電話會議交給 Lytham Partners 的 Robert Blum。請開始。

Thank you very much, Jamie, and thank you all for joining us today to discuss SenesTech's first quarter 2026 financial results is for the period ended March 31, 2026.

非常感謝你，Jamie，也感謝各位今天加入我們，一同討論 SenesTech 2026 年第一季財務業績，本季期間截至 2026 年 3 月 31 日。

With us on the call today are Michael Edell, the company's newly appointed President and Chief Executive Officer; and Tom Chesterman, the company's Chief Financial Officer.

今天與會的有公司新任命的總裁兼執行長 Michael Edell，以及公司財務長 Tom Chesterman。

At the conclusion of today's prepared remarks, we'll open the call for a question-and-answer session. As mentioned, if you are listening through the webcast portal and would like to ask a question, you can submit your question through the Ask a Question feature in the webcast player. Before we begin with prepared remarks, we submit for the record the following statement.

在今天的預先準備發言結束後，我們將開放問答環節。如前所述，若您透過網路直播入口收聽並希望提問，可在直播播放器中使用「提問」功能提交問題。在我們開始預先準備發言之前，我們先就記錄提交以下聲明。

Statements made by the management team of SenesTech during the course of this conference call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

SenesTech 管理團隊在本次電話會議期間所作之陳述，可能包含《1933 年證券法》（修訂後）第 27A 條及《1934 年證券交易法》（修訂後）第 21E 條所定義之「前瞻性陳述」，且該等前瞻性陳述係依據《1995 年私人證券訴訟改革法》之安全港條款作出。

Forward-looking statements describe future expectations, plans, results or strategies and are generally preceded by words such as may, future, plan or planned, will or should, expected, anticipates, draft, eventually or projected. Listeners are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements. including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors and other risks identified in the company's filings with the Securities and Exchange Commission.

前瞻性陳述描述未來的預期、計畫、結果或策略，通常以「可能」、「未來」、「計畫」或「已計畫」、「將」或「應」、「預期」、「預見」、「草擬」、「最終」或「預測」等字眼作為引導。提醒聽眾注意，此類陳述受多項風險與不確定性影響，可能導致未來情況、事件或結果與前瞻性陳述中所預測者存在重大差異，包括因各種因素而使實際結果可能與前瞻性陳述所預測者有重大差異之風險，以及公司向美國證券交易委員會提交之文件中所識別的其他風險。

All forward-looking statements contained during this conference call speak only of the date in which they were made and are based on management's assumptions and estimates as of such date. The company does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

本次電話會議中所包含的所有前瞻性陳述僅截至其作出之日有效，並以管理層於該日的假設與估計為基礎。公司不承擔公開更新任何前瞻性陳述之義務，無論係因取得新資訊、未來事件發生或其他原因。

With that said, let me turn the call over to Michael Edell, President and Chief Executive Officer. Michael, please proceed.

話不多說，讓我把電話交給總裁兼執行長 Michael Edell。Michael，請開始。

Thank you, Robert, and good afternoon to everyone joining us today. As this is my first earnings call with SenesTech Investors as President and Chief Executive Officer, I wanted to start by saying how excited I am to be formally joining the company.

謝謝你，Robert，也向今天加入我們的各位致上下午好。由於這是我以總裁兼執行長身分與 SenesTech 投資人進行的第一次法說會，我想先說，我非常興奮能正式加入公司。

I accepted this role as CEO with SenesTech because my conviction in the products and markets is strong. However, my conviction in our ability to dramatically scale this business is even stronger. The work now is to translate product strength into commercial execution at scale. That is the central priority of this management team. Although I have just been appointed CEO, I'm not coming into this business cold. I began working closely with SenesTech mid-2025, initially in a consulting capacity to evaluate the business and build a strategic plan focused on commercial growth.

我接受 SenesTech 的執行長職務，是因為我對產品與市場的信念非常堅定。然而，我對我們大幅擴張這項業務能力的信心更強。接下來的工作，是把產品優勢轉化為可規模化的商業執行力，這是本管理團隊的核心優先事項。雖然我剛被任命為執行長，但我並非對這項業務一無所知。我在 2025 年年中開始與 SenesTech 密切合作，最初以顧問身分評估業務並制定以商業成長為重點的策略計畫。

In October, I became the Interim Chief Operating Officer to lead implementation of that strategic plan. Over the past several months, we have been taking a hard look at the business and making practical changes designed to create a more scalable, more accountable and more data-driven operating model.

10 月，我成為代理營運長，負責推動該策略計畫的落地。過去幾個月，我們對業務進行了嚴格檢視，並做出務實的調整，旨在建立更可擴展、更具問責性且更以數據驅動的營運模式。

Those changes are not theoretical. We have streamlined operations. We have prioritized direct-to-consumer revenue as a core growth engine. We have moved the direct management of our Amazon account for the Evolve brand. We have restructured B2B processes and the sales organization to improve discipline, pipeline visibility, forecasting accountability and focus. We have advanced work on packaging, digital marketing efforts, subscription, customer education and our own e-commerce platform. The goal across all of these initiatives is quite simple: make the product easier to understand, easier to buy, easier to deploy and easily to reorder.

這些改變並非停留在理論層面。我們已精簡營運。我們將直面消費者（DTC）收入列為核心成長引擎。我們已將 Evolve 品牌的 Amazon 帳戶改為由我們直接管理。我們也重整了 B2B 流程與銷售組織，以提升紀律、銷售漏斗可視性、預測問責與聚焦。我們推進了包裝、數位行銷、訂閱制、客戶教育以及自有電商平台等工作。所有這些計畫的目標很簡單：讓產品更容易理解、更容易購買、更容易部署，也更容易再次訂購。

The direct-to-consumer channel is central to that strategy. During the first quarter, direct-to-consumer revenue increased 42% to a record $194,000 despite the disruption associated with moving the Amazon operations in-house. That is an important result because the Amazon transition was a deliberate strategic move. It was not just a channel change. It changed what we can see, what we can control and how quickly we can respond.

直面消費者通路是該策略的核心。第一季，儘管將 Amazon 營運內部化帶來一定干擾，直面消費者收入仍成長 42%，達到創新高的 19.4 萬美元。這是一個重要成果，因為 Amazon 的轉換是刻意的策略性舉措；它不只是通路變更，而是改變了我們能看見什麼、能控制什麼，以及我們能多快做出回應。

By managing Amazon directly, we gained better access to customer behavior, advanced advertising performance, subscription data, pricing visibility, media buying efficiency and just overall channel economics. We can learn faster, we could test faster, and we can improve conversion faster. We can test new products and new packaging more quickly, and that is the type of operating model that we need. We consider Amazon as a key pillar to our sales strategy.

透過直接管理 Amazon，我們能更好地掌握客戶行為、進階廣告成效、訂閱數據、定價可視性、媒體採買效率，以及整體通路經濟性。我們能更快學習、更快測試，也能更快提升轉換率。我們也能更快速測試新產品與新包裝，而這正是我們所需要的營運模式。我們將 Amazon 視為銷售策略的關鍵支柱。

There was a short-term disruption as we transition away from third-party e-commerce management and as existing third-party inventory continue to move through the channel. That was to be expected, but the early data after the transition are highly encouraging. April was the first full month completing, following the completion of the Amazon transition, and e-commerce sales increased 163% to a record $146,000 compared with approximately $55,000 in April of 2025.

在我們從第三方電商代營運轉為自營，以及既有第三方庫存仍在通路中消化的過程中，短期內確實出現干擾。這在預期之內，但轉換後的早期數據非常令人鼓舞。4 月是完成 Amazon 轉換後的第一個完整月份，電商銷售額較 2025 年 4 月約 5.5 萬美元大增 163%，達到創新高的 14.6 萬美元。

Amazon retail sales of the Evolve brand were approximately $96,000 in April, while sales through our own SenesTech website were approximately $50,000. We began taking control of advertising execution in mid-February, completed the broader transition in March, and the early trend is exactly the kind of signal that we want to see. We are now moving to improve our website sales platform as well, that being the second pillar in our strategy.

4 月 Evolve 品牌在 Amazon 的零售銷售約為 9.6 萬美元，而透過我們自有 SenesTech 網站的銷售約為 5.0 萬美元。我們在 2 月中旬開始接手廣告執行，並於 3 月完成更全面的轉換；目前的早期趨勢正是我們希望看到的訊號。我們也正著手改善網站銷售平台，這是我們策略中的第二個支柱。

Product like Evolve is not a onetime novelty purchase. It is intended to be part of an ongoing rodent management program. That is why recurring revenue is so important to our strategy with subscription revenue being a core part of the new direct-to-consumer strategy. We are now seeing meaningful evidence that this was the right focus.

像 Evolve 這樣的產品並非一次性的嘗鮮購買，而是希望成為持續性鼠害管理方案的一部分。這也是為什麼經常性收入對我們的策略如此重要，而訂閱收入是新直面消費者策略的核心組成。我們現在已看到有意義的證據，證明這個聚焦方向是正確的。

In just the first quarter, subscription revenue increased 44% to a new record at $56,000 compared with just 39,000 in the prior year period, and subscriber counts increased more than 50%. Then in April, subsequent to the quarter end, subscription-based revenue increased 198% year-over-year to approximately 36,000, another record. Subscription-based customers increased 109%.

僅在第一季，訂閱收入就成長 44%，達到 5.6 萬美元的新高，相較去年同期僅 3.9 萬美元；訂閱用戶數也增加超過 50%。而在季後的 4 月，訂閱型收入年增 198% 至約 3.6 萬美元，再創新高；訂閱型客戶數增加 109%。

Those are still early numbers, but they are important proof points. They indicate the product stickiness, the customer engagement and the potential to build a more predictable recurring revenue-based model.

這些仍是早期數字，但它們是重要的驗證指標，顯示產品黏著度、客戶參與度，以及建立更可預測、以經常性收入為基礎之模式的潛力。

Now we need to build on that. We are tracking weekly sales, new-to-brand sales, subscription metrics, conversion metrics, media ad buying performance and customer behavior. We have reactivated our Google advertising in April to begin collecting search data support online revenue.

接下來我們需要在此基礎上持續推進。我們按週追蹤銷售、新客（new-to-brand）銷售、訂閱指標、轉換指標、媒體廣告採買成效與客戶行為。我們已於 4 月重新啟動 Google 廣告，以開始蒐集搜尋數據來支援線上收入。

We are continuing to redesign our e-commerce website at senestech.com with a focus on reducing friction, simplifying navigation, improving conversion and supporting subscription growth. We are also refreshing our packaging to improve shelf visibility and simplifying the consumer message. The updating packaging prominently features rat birth control messaging because we want the customers to immediately understand what makes this product different. We do not want ambiguity at the point of a decision. We want clarity.

我們持續重新設計 senestech.com 的電商網站，重點在於降低摩擦、簡化導覽、提升轉換率並支持訂閱成長。我們也在更新包裝，以提升貨架可視性並簡化消費者訊息。更新後的包裝將醒目呈現「老鼠避孕／生育控制」訊息，因為我們希望客戶能立刻理解這項產品的差異化之處。我們不希望在決策當下產生模糊地帶；我們要的是清晰。

The same principle applies to our B2B business, the third pillar to our commercial strategy. We believe there are large opportunities across pest management, agriculture, municipalities, distributor, commercial customers, national retailers and other professional channels. By capturing those opportunities requires focus and discipline. It is not enough to have a long list of prospects. We need a qualified pipeline clear ownership, better forecasting and a standardized sales process.

同樣的原則也適用於我們的 B2B 業務，也就是我們商業策略的第三個支柱。我們相信在病蟲害防治、農業、市政單位、經銷商、商業客戶、全國性零售商及其他專業通路方面存在龐大機會。要掌握這些機會需要聚焦與紀律。僅有一長串潛在客戶名單並不足夠；我們需要合格的銷售漏斗、清楚的責任歸屬、更好的預測能力，以及標準化的銷售流程。

Over the past several months, we have restructured the entire B2B team and processes around those objectives. We are concentrating resources on the largest and highest impact opportunities within each vertical while providing accountability around pipeline and forecast accuracy.

在過去幾個月中，我們已圍繞這些目標重整整個 B2B 團隊與流程。我們正將資源集中於各垂直領域中規模最大、影響力最高的機會，同時就管線（pipeline）與預測準確性建立問責機制。

Here again, we saw early proof in the quarter. B2B revenue increased 57% to $298,000 compared with approximately $190,000 in the first quarter of last year. We continue to see municipal deployment activity across major urban markets, including Chicago, Boston, Washington, D.C., New York and New York City. The previously announced 12-month New York City rat contraception pilot program is expected to conclude this month, and we look forward to those results.

同樣地，我們在本季看到了早期驗證。B2B 營收較去年第一季約 190,000 美元增加 57%，至 298,000 美元。我們持續看到主要都會市場的市政部署活動，包括芝加哥、波士頓、華盛頓特區、紐約以及紐約市。先前宣布的為期 12 個月的紐約市滅鼠避孕試點計畫預計將於本月結束，我們期待看到其結果。

We are also continuing to support distributors, pest management professionals, commercial customers and agricultural opportunities where the product can fit into a broader integrated pest management program. We will remain selective and disciplined, deemphasizing the smaller or longer-term opportunities, but we believe the B2B opportunity is significant.

我們也持續支援經銷商、病蟲害管理專業人士、商業客戶以及產品可納入更廣泛整合式病蟲害管理（IPM）方案的農業機會。我們將維持選擇性與紀律性，降低對較小或較長期機會的比重，但我們相信 B2B 機會相當可觀。

In addition, the work that we are doing with our focus on direct-to-consumer will bring more brand awareness, which will support our continuing efforts in the B2B. We are already seeing an increase in inbound opportunities and leads from these efforts.

此外，我們聚焦直面消費者（direct-to-consumer）的工作將提升品牌能見度，進而支持我們在 B2B 的持續努力。我們已經看到這些努力帶來的主動洽詢機會與潛在客戶（leads）增加。

Product expansion is another part of building a broader commercial platform. We plan to expand the Evolve brand with additional woven control products that can broaden our offering and strengthen our position in the category. We are also advancing launch readiness around potential related products such as an attractant and repellant products.

產品擴展也是打造更廣泛商業平台的一環。我們計畫以更多編織式控制產品擴展 Evolve 品牌，以拓寬產品組合並強化我們在該品類中的地位。我們也正推進與潛在相關產品（如誘引劑與驅避產品）上市準備相關的工作。

Now the idea is not to dilute the mission. It is to strengthen the ecosystem around the core fertility control solutions that give customers more tools to deploy with a complete program. I would note again, full control over Amazon and our own e-commerce website now gives us a very efficient launch platform for these potential new products, which have not been in place historically.

目前的想法不是稀釋使命，而是強化以核心生育控制解決方案為中心的生態系，讓客戶在完整方案中有更多工具可部署。我再次指出，現在我們已完全掌控 Amazon 與自有電商網站，為這些潛在新產品提供非常高效率的上市平台，而這在過去並不存在。

We are also improving how field activity, sales support, regulatory and product development work together. The field and sales teams have been reintegrated, generating higher quality B2B opportunities to drive near-term revenues.

我們也在改善外勤活動、銷售支援、法規與產品開發之間的協作方式。外勤與銷售團隊已重新整合，產生更高品質的 B2B 機會，以推動近期營收。

Internationally, we're putting more structure around opportunity vetting to focus on opportunities that could produce near-term revenues. We shipped initial stocking orders to New Zealand and Bermuda during the quarter, and we will continue to pursue international opportunities where the regulatory process can move efficiently with limited incremental cost. Where a market requires significant regulatory investment for long periods of time, we will generally require local partners to assist us or fund that process. That is a disciplined approach to expansion.

在國際市場方面，我們正建立更完善的機會審核架構，以聚焦於可帶來近期營收的機會。本季我們已向紐西蘭與百慕達出貨首批鋪貨訂單（initial stocking orders），並將持續追求那些法規流程可在有限增量成本下高效率推進的國際機會。若某市場需要長時間且大量的法規投資，我們通常會要求當地合作夥伴協助或資助該流程。這是一種有紀律的擴張方式。

The first quarter also demonstrated the importance of operating discipline. Gross margin improved to a company record 68.6% compared with 64.5% in the prior year period. That reflects improved production efficiency and reduced reliance on discounted sales activity. We need to grow revenue, but we also need to protect the economics of the business as we grow. That is how we build a durable company, not just a bigger one.

第一季也展現了營運紀律的重要性。毛利率提升至公司紀錄的 68.6%，相較去年同期為 64.5%。這反映了生產效率提升以及對折扣促銷活動的依賴降低。我們需要成長營收，但在成長的同時也必須保護公司的經濟效益。這才是打造一家可長可久的公司，而不只是更大的公司。

But when I think about SenesTech's future, I think in very practical terms. We need to sell more products. We need to improve conversion. We need to focus on subscriptions for recurring revenue. We need to build, repeat, purchasing behavior.

但當我思考 SenesTech 的未來時，我會以非常務實的角度來看。我們需要賣出更多產品。我們需要提升轉換率。我們需要聚焦訂閱制以取得經常性收入。我們需要建立可重複的購買行為。

And we need to win larger B2B opportunities. We need to make Amazon, our own website at senestech.com, our distributors, the municipalities, pest management professionals and commercial customers working together as a coherent growth strategy. And we need to measure progress with real operating metrics, not anecdotes.

而且我們需要拿下更大型的 B2B 機會。我們需要讓 Amazon、我們在 senestech.com 的自有網站、經銷商、市政單位、病蟲害管理專業人士與商業客戶共同運作，形成一致的成長策略。我們也需要用真正的營運指標來衡量進展，而不是靠軼事。

That is the vision I want investors to understand. We are building a more scalable, data-driven recurring revenue business around a differentiated product in a market that needs better solutions for overall pest management. We have a lot of work ahead of us, and I do not want to overstate early results. but I am very encouraged by what we are seeing.

這就是我希望投資人理解的願景。我們正圍繞一項具差異化的產品，在一個需要更佳整體病蟲害管理解決方案的市場中，打造更可擴展、以數據驅動的經常性收入業務。我們前方仍有大量工作要做，我不想誇大早期成果，但我對目前所看到的情況感到非常鼓舞。

The record April e-commerce momentum, the record subscription growth, the B2B improvement, the record gross margins and the stronger operating infrastructure all point in the same direction. SenesTech is entering a new phase defined by commercial focus, execution discipline and accountability. And my job is to drive that every single day.

4 月電商動能創新高、訂閱成長創新高、B2B 改善、毛利率創新高，以及更強的營運基礎建設，都指向同一個方向。SenesTech 正進入一個由商業聚焦、執行紀律與問責所定義的新階段。而我的工作就是每天推動這些落實。

With that, let me turn it over to Tom Chesterman to review the financials in more detail, and then I will come back with a few closing comments before turning over the call to your questions. Tom?

接下來，我把時間交給 Tom Chesterman，請他更詳細地回顧財務狀況，之後我會在進入提問前再補充幾點結語。Tom？

Thank you, Michael, and good afternoon, everyone. I will provide a brief review of our first quarter 2026 financial results and add context around the operating trends that Michael discussed as I can. Note that we will be filing our 10-Q later today for a more detailed look at our results to date.

謝謝你，Michael，各位下午好。我將簡要回顧我們 2026 年第一季的財務結果，並在可能的情況下，補充 Michael 所談到的營運趨勢背景。請注意，我們將於今天稍晚提交 10-Q，以便更詳細地檢視截至目前的業績。

Revenue for the first quarter was $493,000, an increase of 2% compared with $485,000 in the first quarter of 2025. This result should be viewed in the context of our transition from third-party management to direct management of Amazon sales for the Evolve brand. That transition was substantially completed in mid-March.

第一季營收為 493,000 美元，較 2025 年第一季的 485,000 美元增加 2%。此結果應放在我們將 Evolve 品牌的 Amazon 銷售從第三方管理轉為自主管理的轉型背景下理解。該轉型在 3 月中旬已大致完成。

While it created short-term channel disruption, as Michael mentioned, it gives us greater control over customer data, advertising performance, pricing visibility, subscriptions and overall channel economics, which we believe will drive growth and profitability into the future.

雖然如 Michael 所提，這在短期內造成通路擾動，但它讓我們能更有效掌控客戶數據、廣告成效、定價能見度、訂閱以及整體通路經濟效益；我們相信這將在未來推動成長與獲利能力。

Direct-to-consumer revenue increased 42% to a record $194,000 compared with $137,000 in the prior year period. Of that, subscription revenue increased 44% to a record $56,000 compared to approximately $39,000 last year, while subscriber counts have increased more than 57%. These metrics support our view that recurring revenue can be a larger component of the business over time.

直面消費者營收增加 42%，至創新高的 194,000 美元，較去年同期的 137,000 美元成長。其中，訂閱營收增加 44%，至創新高的 56,000 美元，較去年約 39,000 美元成長；同時，訂閱者數量增加超過 57%。這些指標支持我們的看法：隨時間推進，經常性收入可成為業務中更大的組成部分。

Note that the year ago metrics exclude the third-party e-commerce revenue as we want to provide a clear understanding of the growth we are seeing. Third-party e-commerce revenue in the year ago period was $158,000. We expect that third-party e-commerce revenue has strong potential for growth, and we expect future announcements about expansion in this area.

請注意，去年同期的指標不包含第三方電商營收，因為我們希望清楚呈現目前所看到的成長。去年同期的第三方電商營收為 158,000 美元。我們預期第三方電商營收具有強勁的成長潛力，並預期未來會就此領域的擴展發布相關公告。

B2B revenue increased 57% to $298,000 compared with $190,000 in the first quarter of 2025. We saw continued traction across distributor, municipal, professional and commercial channels. We're also improving process discipline in the B2B organization with a greater focus on standardized sales processes, pipeline validation, forecasting accuracy and larger dollar opportunities within the targeted verticals.

B2B 營收增加 57%，至 298,000 美元，較 2025 年第一季的 190,000 美元成長。我們在經銷商、市政、專業與商業通路持續取得進展。我們也在 B2B 組織中提升流程紀律，更聚焦於標準化銷售流程、管線驗證、預測準確性，以及在目標垂直領域中更高金額的機會。

Subsequent to quarter end, April provided an encouraging early proof point for the e-commerce transition. E-commerce sales increased 163% year-over-year to approximately $146,000 and increased 47% compared to March. Amazon retail sales of Evolve products were approximately $96,000 and sales through the senestech.com website were approximately $50,000.

在季後，4 月為電商轉型提供了令人鼓舞的早期驗證點。電商銷售年增 163% 至約 146,000 美元，並較 3 月增加 47%。Evolve 產品在 Amazon 的零售銷售約為 96,000 美元，透過 senestech.com 網站的銷售約為 50,000 美元。

Subscription-based revenue also increased 198% year-over-year in April to approximately $36,000. While April was only one month, the early data supports the strategic rationale for direct management of our e-commerce channels.

以訂閱為基礎的營收在 4 月也年增 198% 至約 36,000 美元。雖然 4 月僅是一個月，但早期數據支持我們對電商通路採取自主管理的策略理由。

Gross profit increased 8% to $338,000 compared with $313,000 in the prior year period. Gross margin improved to 68.6%, another company record compared with 64.5% in the first quarter of 2025. This margin improvement reflected improved production efficiency and a lower reliance on discounted sales activity. We view this as an important indicator of the underlying economics of the business as we scale. This becomes manifest when gross profit dollars are growing faster than top line revenue.

毛利增加 8% 至 338,000 美元，較去年同期的 313,000 美元成長。毛利率提升至 68.6%，再創公司紀錄，較 2025 年第一季的 64.5% 提升。此毛利率改善反映了生產效率提升以及對折扣促銷活動的依賴降低。我們將其視為在規模化過程中，業務底層經濟效益的重要指標。當毛利金額的成長速度快於營收（top line）成長時，這一點就會更為明顯。

Operating expenses reflected, among other factors, severance costs, onetime legal costs and other extraordinary onetime items associated with the organizational transition and strategic restructuring currently underway. First quarter 2026 results included approximately $443,000 of onetime expenses as mentioned above.

營運費用反映了多項因素，包括遣散費、一次性法律費用，以及與目前進行中的組織轉型與策略重整相關的其他特殊一次性項目。2026 年第一季結果包含上述約 443,000 美元的一次性費用。

On a pro forma basis, adjusting for these items, adjusted EBITDA loss, a non-GAAP measure, was $1.6 million compared with $1.5 million in the prior year period. Reconciliations on these non-GAAP measures are included in today's press release.

以備考（pro forma）基礎計算，剔除上述項目後，調整後 EBITDA 虧損（非 GAAP 指標）為 160 萬美元，較去年同期的 150 萬美元增加。這些非 GAAP 指標的調節表已包含在今日的新聞稿中。

Turning to the balance sheet. We ended the first quarter with $6.8 million of cash and cash equivalents. Based on our current operating plan, we believe this provides operating runway into the third quarter of 2027. We remain focused on managing expenses carefully while supporting the commercial initiatives that we believe can drive higher quality revenue growth over time.

接著談資產負債表。我們在第一季結束時持有680萬美元的現金及約當現金。根據我們目前的營運計畫，我們相信這可提供營運資金跑道延伸至2027年第三季。我們仍專注於審慎管理費用，同時支持我們認為可隨時間推動更高品質營收成長的商業化舉措。

With that financial overview, I will turn the call back to Michael for closing remarks.

以上為財務概述，我將把電話會議交回Michael作結語。

Thank you, Tom. I want to close by bringing the discussion back to the central point, which is our focus in driving revenues with product that we know works and how we can disrupt this category. We have a product we believe in. We have a market that needs better options, and we have clear evidence that customers are engaging with Evolve through the direct-to-consumer channels, that subscription behavior is building, that Amazon become a more effective channel under our direct management and that B2B opportunities are beginning to move with more discipline.

謝謝你，Tom。我想以回到核心重點作結，也就是我們專注於以我們確信有效的產品來推動營收，以及我們如何能顛覆這個品類。我們有一個我們深信的產品。我們面對的是一個需要更好選擇的市場，而且我們有明確證據顯示，客戶正透過直面消費者（D2C）通路與Evolve互動，訂閱行為正在建立，Amazon在我們直接管理之下成為更有效的通路，而B2B機會也開始以更有紀律的方式推進。

But the company will not be defined by belief alone. It will be defined by execution. That means increasing revenue through channels where we can see the customer, understand performance and control the economics. It means improving conversion on Amazon and our own e-commerce website. It means increasing the number of subscription customers and retaining them. It means using the website redesign, packaging refresh, paid media, social efforts and customer education to reduce friction.

但公司不會只由信念來定義，而是由執行力來定義。這意味著要透過我們能看見客戶、理解績效並掌控經濟效益的通路來提升營收；意味著要改善Amazon與我們自有電商網站的轉換率；意味著要增加訂閱客戶數並提高留存；意味著要運用網站改版、包裝更新、付費媒體、社群行動與客戶教育來降低摩擦。

It means going after the largest and most attractive B2B opportunities with a validated pipeline and accountability to the sales process. It means supporting municipalities, pest management professionals, agricultural customers, distributors and commercial accounts with a clear value proposition and better field support. It means expanding the Evolve platform in ways that make sense for the customer and for the company's economics.

這也意味著要以經驗證的商機管線與對銷售流程的問責，去爭取最大且最具吸引力的B2B機會；意味著要以清晰的價值主張與更好的前線支援，服務市政單位、病媒防治專業人士、農業客戶、經銷商與商用客戶；意味著要以對客戶與公司經濟效益都合理的方式擴展Evolve平台。

I'm very encouraged by the April data, but I view it as just the starting point. We need to convert early momentum into repeatable performance. We need to make every dollar of marketing, every customer interaction, every sales meeting and every product initiative contribute to growth. That is the standard I am setting for the organization.

我對4月的數據非常受到鼓舞，但我把它視為起點。我們需要把早期動能轉化為可重複的績效。我們需要讓每一美元的行銷投入、每一次客戶互動、每一場銷售會議以及每一項產品計畫都能對成長有所貢獻。這就是我為組織所設定的標準。

SenesTech's mission is to create cleaner cities, more efficient businesses and healthier communities through effective and sustainable pest management solutions. That mission is powerful, but it must be matched with disciplined commercial execution.

SenesTech的使命，是透過有效且永續的病媒防治解決方案，打造更潔淨的城市、更有效率的企業與更健康的社區。這個使命很有力量，但必須以有紀律的商業執行來相匹配。

As CEO, my commitment is to bring that discipline to this business every day. We will focus resources on the highest impact commercial opportunities, improve sales execution, build scalable operating processes and hold ourselves accountable to those metrics that matter.

作為CEO，我的承諾是每天都把這份紀律帶進這個事業。我們將把資源聚焦在影響力最高的商業機會上，提升銷售執行力，建立可擴展的營運流程，並以那些真正重要的指標來要求自己負責。

Thank you to our employees, our customers, our partners and our shareholders for your continued support. We are very excited about the path ahead, and we are focused on turning the opportunity in front of us into measurable growth.

感謝我們的員工、客戶、合作夥伴與股東持續支持。我們對前方的道路感到非常振奮，並專注於把眼前的機會轉化為可衡量的成長。

Robert, we're now ready to open the call for questions.

Robert，我們現在準備開放提問。

Very good. Thank you very much, Michael and Tom, for your prepared remarks there. (Event Instructions) First one is, given the early results from April, is it fair to expect Q-over-Q quarter-over-quarter revenue growth and a reasonable chance at record revenue?

很好。非常感謝Michael和Tom的事先準備發言。（活動說明）第一個問題是：鑑於4月的初步結果，是否可以合理預期營收季對季（Q-over-Q）成長，並且有相當機會創下營收新高？

Thank you, Robert. I believe that from the results that we're already seeing and what we've talked about bringing in and direct control over our D2C efforts, I do believe that we can see reasonable growth quarter-over-quarter. And I do believe that we will continue to break records.

謝謝你，Robert。我認為，從我們已經看到的結果，以及我們所談到的把D2C工作納入並由我們直接掌控，我確實相信我們可以看到合理的季對季成長。我也相信我們將持續刷新紀錄。

All right. Very good. Next question here is, are you seeing any expansion internationally, especially with the Hantavirus breakout?

好，很好。下一個問題是：你們是否看到任何國際擴張，特別是在漢他病毒（Hantavirus）爆發的情況下？

Thank you, Robert. That's a very interesting question. I think the Hantavirus really points out the potential risks involved with rodent or rat infestations. Obviously, our position is one to where we think we have a solution that can take care of rodent infestations long term. Related to the international parts of our business, as I mentioned before, we really want to focus in international, on those countries that we can make an impact short term.

謝謝你，Robert。這是個非常有意思的問題。我認為漢他病毒確實凸顯了鼠類或老鼠侵擾所涉及的潛在風險。很明顯，我們的立場是：我們認為我們有一個能長期處理鼠害侵擾的解決方案。至於我們業務的國際部分，如我先前提到的，我們在國際市場上，會聚焦於那些我們能在短期內產生影響的國家。

A lot of the regulatory requirements for certain parts of the world can take anywhere from two to three years to get through those processes. So, unless we have a partner in place that's going to support and bear some of those costs, we are going to focus only on those international opportunities that could bring in short-term, near-term revenues.

世界某些地區的法規要求，完成相關流程可能需要兩到三年。因此，除非我們有合作夥伴願意支持並承擔其中部分成本，否則我們只會聚焦於那些能帶來短期、近期營收的國際機會。

All right. Very good. Next question here, sort of broadly relating to the New York City test or trial there. What sort of announcements do you expect them to make relating to the results? Really anything more that you can add related to New York City?

好，很好。下一個問題較廣泛，與紐約市的測試或試點有關。你預期他們會就結果發布哪些類型的公告？關於紐約市，你還能補充些什麼嗎？

There's nothing I can really speak to today on the New York City test or the trials at this point because we're getting prepared to announce some of the data and some of the results from the various areas that we've been testing.

就紐約市的測試或試點而言，目前我今天沒有太多可以談的，因為我們正在準備公布一些數據，以及我們在各個測試區域所取得的部分結果。

I would say that longer term, these types of solutions and these types of pilot programs require those partnerships in a city like New York that are willing to not only implement these types of pilots, but do all of the necessary work that is necessary beyond just the Evolve products because it's all about the environment that an area is creating for pests like rats. So, we want to make sure that it's a unified approach and an approach that is one where we have buy-in from the partners that we're working on at a trial or a test like New York City.

我會說，從長期來看，這類解決方案與這類試點計畫，需要在像紐約這樣的城市建立合作夥伴關係；合作方不僅要願意導入這些試點，也要完成除Evolve產品之外所有必要的工作，因為關鍵在於某個區域為像老鼠這類害蟲所創造的環境。因此，我們希望確保採取一致的做法，並確保我們在像紐約市這樣的試驗或測試中合作的夥伴能夠認同並投入。

Okay. Very good. Next question here is, can you please explain the rationale behind the direct-to-consumer focus?

好的，很好。下一個問題是：你能否解釋一下聚焦直面消費者（D2C）的理由？

Thank you. The direct-to-consumer focus, the company historically has led with B2B options. And I think what the company found and learned very, very quickly is the brand aware, without brand awareness, it's very hard to drive partner business if the consumers are not aware of the product. That is especially true in large brick-and-mortar retailers.

謝謝。公司過去在歷史上主要以B2B選項作為切入。我認為公司非常、非常快就發現並學到的是：在缺乏品牌知名度的情況下，如果消費者不知道這個產品，就很難推動合作夥伴端的業務。這在大型實體零售商尤其如此。

So, implementing the changes that we are leading with D2C is going to create significant brand awareness. It's going to create significant success and exposure for the brand and the wins there, which then will carry over into the B2B efforts that we have going on right now.

因此，我們以D2C作為優先所推動的變革，將會大幅提升品牌知名度，為品牌帶來顯著的成功與曝光，以及在那裡取得的勝利；而這些成果接著會外溢到我們目前正在推進的B2B工作上。

All right. And sort of an extension of that, discuss sort of the reviews regarding Amazon, quality control, sort of the broader work that's being done to ensure customers sort of understand how the product is utilized.

好。作為延伸問題，請談談Amazon上的評論、品質控管，以及為確保客戶理解產品如何使用而正在進行的更廣泛工作。

That's a great question. And it's been one of the main focus for us in our online presence is to really educate the consumers on how the product works, how it's going to be impactful, how long is it going to take. It's not a matter of just simply putting our product out in the field. It really is a matter of deploying it in a manner that is going to be successful for the environment that it's being used in. So, education is a key part of that effort.

這是個很好的問題。我們在線上布局的一個主要重點，就是要真正教育消費者產品如何運作、會如何產生效果、需要多久時間。這不只是把我們的產品放到現場而已；更重要的是，要以能在其使用環境中取得成功的方式來部署。因此，教育是這項工作的關鍵部分。

I think historically we've not provided as much information, whereas now we're going to be providing significantly more information and trying to set the proper expectations for a long-term solution to solve this problem.

我認為過去我們提供的資訊沒有那麼多；而現在我們將提供顯著更多的資訊，並嘗試設定正確的期待，作為解決這個問題的長期方案。

Okay. Next question here is, were these changes that are being discussed already sort of in effect under your prior role? Or did they become more of a priority once Joel Fruendt retired?

好的。下一個問題是：目前討論的這些變革，在你先前的職務下是否已經某種程度上在進行？還是說在Joel Fruendt退休後才變得更優先？

It really was an early priority as I had come in initially as a consulting effort to really help understand what was driving the business and what the strategic focus and strategic plan should be. We started to implement those changes very, very quickly. And a lot of those changes were started back in Q4 and really took final shape as we moved into Q1 of this year. That's why we've been able to see some of the incredible results of, that you're seeing right now just in Q1, very, very early, but pretty significant in terms of the results we're seeing.

這其實在很早期就是優先事項。我最初以顧問形式加入，是為了協助理解是什麼在驅動業務，以及策略重點與策略計畫應該是什麼。我們非常、非常快就開始推動這些變革。其中很多變革在第四季就已啟動，並在今年第一季逐步定型。這也是為什麼我們能在第一季就看到一些你現在所看到的驚人結果——雖然仍非常早期，但就我們看到的成果而言相當顯著。

Okay. Very good. Our next question here is SG&A remains high for the level of revenue this quarter, including the sort of onetime severance and legal that were discussed there. Is there a plan to optimize SG&A to better match the levels of the business?

好的，很好。下一個問題是：本季在營收規模下，SG&A仍然偏高，其中包含先前提到的一次性資遣費與法律費用。是否有計畫優化SG&A，使其更符合業務規模的水準？

That's a great question. And I'm going to let Tom take that question, so he can speak more specifically to the amount of onetime out of the norm costs that we were dealing with as we were in this quarter.

這是個很好的問題。我會讓 Tom 來回答，讓他能更具體地說明我們在本季所面臨的、一次性且非正常的成本金額。

Yes. Thanks, Michael. I think it's important to view these as part of the investment we're making in this strategic transition. We're bringing in new personnel to cover, to have new skills, et cetera. We've taken out of the picture some litigation and other legal issues that were frankly just distracting to the business.

是的。謝謝你，Michael。我認為把這些視為我們在這項策略轉型中所做投資的一部分很重要。我們引進新的人員來補足、帶來新技能等等。我們也把一些訴訟及其他法律問題從整體中移除，坦白說，那些只是分散了業務的注意力。

So yes, there was a bit of what I would call investment in the SG&A in Q1. The focus here is now that we've gotten those things kind of out of the way, we're able to provide a more streamlined SG&A. That's one of the reasons why we wanted to make sure that we put in as much detail about those onetime expenses to provide a more normalized view of what the burn rate would look as we move forward.

所以是的，第一季在我所稱的 SG&A（銷售、一般及行政費用）方面確實有一些投資。重點是，現在我們已經把那些事情大致處理完畢，就能提供更精簡的 SG&A。這也是我們希望就那些一次性費用提供盡可能多細節的原因之一，以便更常態化地呈現未來的資金消耗率（burn rate）會是什麼樣子。

So yes, there is a plan to optimize SG&A. We needed to take these expenses in Q1 in order to make this transition and make it well and make it quickly. So we can then move on to all of the growth initiatives that Michael has been talking about.

所以是的，我們有優化 SG&A 的計畫。我們需要在第一季承擔這些費用，才能完成這次轉型，而且要做得好、做得快。如此一來，我們就能接著推進 Michael 一直在談的各項成長計畫。

All right. Our next question here. (Event Instructions)

好的。接下來是我們的下一個問題。（活動說明）

Michael and Tom, there's a follow-up here pertaining to Hantavirus. Has there been an uptick in incoming inquiries regarding the heightened Hantavirus awareness?

Michael 和 Tom，這裡有一個關於漢他病毒（Hantavirus）的追問。隨著漢他病毒的關注度提高，收到的相關詢問是否有所增加？

Yes. There's been a significant uptick in search for options looking to solve rodent and pest-related problems. we have seen an increase in uptick.

是的。針對解決鼠害與害蟲相關問題的方案搜尋量顯著上升。我們確實看到詢問量增加。

Okay. Very good. Next question here. Is there any update on sort of the brick-and-mortar, Home Depot, other brick-and-mortar companies moving from online to in-store?

好的，非常好。下一個問題。關於實體通路方面，有沒有任何更新，例如 Home Depot 等其他實體零售商，是否會從線上轉向門市上架？

That's a great question, Robert. What I will say about Home Depot and other brick-and-mortar retailers is something I mentioned early on. The large retailers are not in the business of promoting a product. They're in the business of selling product.

這是個很好的問題，Robert。關於 Home Depot 和其他實體零售商，我想說的是我一開始就提到的：大型零售商不是在做產品推廣的生意；他們是在做賣產品的生意。

And so what they look for in a brand is the brand awareness. And our people, our consumers is going to come into their store, understand that product, look for that product, ask for that product and then purchase that product in store.

因此，他們在品牌上尋找的是品牌知名度。他們希望我們的消費者會走進他們的店裡，了解那個產品，尋找那個產品，詢問那個產品，然後在店內購買。

I think historically, as I mentioned before, we didn't have the proper focus in creating brand awareness through our D2C and through Amazon, which is one of the main focuses that we have been talking about on this call and through this quarter. I do believe there is quite a bit of opportunity in the large brick-and-mortar retailers, but we have to demonstrate clearly to them that these consumers are looking for this type of product and can expand their revenues in that category.

我認為過去如我先前提到的，我們沒有透過 D2C 以及 Amazon 來建立品牌知名度的正確聚焦；而這正是我們在這通電話以及本季一直在談的主要重點之一。我確實相信在大型實體零售商方面有相當多的機會，但我們必須清楚向他們證明，消費者正在尋找這類產品，並且能夠擴大他們在該品類的營收。

Very good. Again, just a quick reminder, everyone. (Event Instructions)

非常好。再次快速提醒各位。（活動說明）

Another question here. Has there been any thoughts on capital structure and valuing the company equity? Is there any update on when the company might get close to self-funding or being able to adjust the cap structure, so it's not purely equity funded?

這裡還有一個問題。關於資本結構以及公司股權估值，有沒有任何想法？公司何時可能接近自給自足（self-funding），或能夠調整資本結構，使其不再完全依賴股權融資？

Yes, Robert, thanks again. This is also a great question. I'll take the first part of this and then turn it over to Tom. What I'd like to emphasize is the fact that we are extremely focused on driving revenue. Revenue solves a lot of problems and the type of revenue such as recurring revenue, subscription and so on is even better. And the goal is to reduce the burn so that we're incrementally over time, moving closer and closer to that breakeven point. And so I think if we have a focus on revenue, it solves a lot of problems.

是的，Robert，再次謝謝。這也是個很好的問題。我先回答第一部分，然後交給 Tom。我要強調的是，我們非常專注於推動營收成長。營收能解決很多問題，而像經常性營收、訂閱等這類營收型態更好。我們的目標是降低資金消耗，讓我們隨著時間逐步、循序漸進地更接近損益兩平點。因此我認為，只要聚焦在營收，就能解決很多問題。

Tom, you could answer or chime in addition on this question.

Tom，你可以回答或補充這個問題。

Yes. I think the two points I would make. I mean, one is to echo Michael's point, which is to say that what we're trying to provide here is as much information about the vector we're following in terms of the revenue growth and the profitability growth that allows us to move towards that.

是的。我想我會提出兩點。第一點是呼應 Michael 的看法，也就是說，我們在這裡試圖提供盡可能多的資訊，說明我們在營收成長與獲利成長方面所遵循的方向（vector），以便讓我們朝那個目標前進。

As we look at the capital structure, though, the second part, we are already looking at other options besides equity. We do use equipment financing for all of our capital equipment purchases, and we are getting closer and closer to the point at which the, we can utilize debt for more cash flow management purposes. And this, again, gets back to the quality of the revenue as much as predictable as it can get, that provides the cash flow information that the lenders need in order to provide debt financing as opposed to solely relying on the shareholders.

至於資本結構的第二部分，我們已經在評估除股權以外的其他選項。我們所有資本設備採購都使用設備融資，而且我們也越來越接近一個階段：我們可以為了更有效的現金流管理目的而使用債務。這同樣回到營收品質——越可預測越好——因為那能提供放款機構所需的現金流資訊，從而提供債務融資，而不是只依賴股東。

All right. Very good. And next question here is regarding subscriptions. I think you just touched a little bit on this, Michael, but really talk about why the subscriptions are an important part of the business going forward.

好的，非常好。下一個問題是關於訂閱。我想你剛才稍微提到了一點，Michael，但請談談為什麼訂閱在未來會是業務的重要組成。

Thank you. That, again, is a great question, one we have been focused on. Since I got involved with the company as a consultant very early on, it became very clear to me that the product is a consumable product, that it is a repeatable product, and it was just absolutely perfect for establishing a recurring revenue. Recurring revenue and subscription business allows us to have a lower cost for customers.

謝謝。這同樣是個很好的問題，也是我們一直聚焦的重點。自從我很早期以顧問身分參與公司後，我就非常清楚這個產品是消耗品，是可重複購買的產品，而且非常適合建立經常性營收。經常性營收與訂閱型業務能讓我們以更低的成本獲取客戶。

So the customer acquisition on onetime purchases and bringing in new customers into the funnel is quite a bit more expensive than those customers that are on a regular subscription model or a subscription revenue. So we think it's going to be absolutely critical to our business to really focus and grow that.

因此，相較於一次性購買，把新客戶導入漏斗的獲客成本要高得多；而採用固定訂閱模式或訂閱營收的客戶，成本則低得多。所以我們認為，真正聚焦並擴大這一塊，對我們的業務將是至關重要的。

The side result of that is that the happier subscriber customers that you have and the more stickiness you create creates a very, like a flywheel effect, and it's creating a lot of momentum for the business. And you can see that just through these results that we've been talking about on the D2C side of the business.

其附帶效果是：你擁有越多滿意的訂閱客戶、建立越強的黏著度，就越能形成一種類似飛輪效應的結果，為業務帶來很大的動能。你也可以從我們一直在談的 D2C 端成果中看到這一點。

All right. This will be the last question, it appears. I'm showing no further questions after this in the queue.

好的。看起來這將是最後一個問題。我這邊顯示在佇列中，之後沒有其他問題了。

Congratulations on the quarter and the successful transition. Again, a follow-up on the Hantavirus. The company seems to have a generational marketing opportunity to enter the conversation to build awareness around the product. Have you considered a different approach towards marketing and social to capitalize as one of the only pure rodent plays in the market?

恭喜本季表現以及成功轉型。再追問一次關於漢他病毒。公司似乎有一個世代級的行銷機會，可以加入討論、提升產品認知。你們是否考慮過在行銷與社群方面採取不同做法，以把握作為市場上少數純粹「鼠害」標的之一的優勢？

Great question. I will tell you this, the -- historically, a lot of the efforts for social media and being able to market to these types of opportunities has not really been focused. We're bringing in new teams like we brought in teams to manage and as we're managing the Amazon efforts and as we're doing on our own website, you'll be seeing quite a bit over the next quarter of all of the new path, the new approach to the social media and social markets that we're going to be advertising on and posting to. So yes, we are going to be moving more in that direction to capitalize on those markets and those channels.

很好的問題。我可以告訴你的是——過去在社群媒體以及針對這類機會的行銷方面，確實沒有真正聚焦。我們正在引進新團隊，就像我們引進團隊來管理 Amazon 的投入，以及我們自有網站的運營一樣。接下來一季，你會看到我們在社群媒體與社群投放市場上採取許多新的路徑與新方法，我們將在那些平台上投放廣告並發布內容。所以是的，我們會更朝那個方向前進，以把握那些市場與渠道。

All right. Very good. Well, I'm showing no further questions. So with that, Michael, I will turn it back over to you for any closing remarks.

好的，非常好。我這邊顯示沒有其他問題了。那麼，Michael，我把時間交還給你做結語。

Yes. Thank you, Robert. Thank you, Tom. I want to thank everybody for participating and taking the time out of your day to listen to what we have to say. We're very excited about the future, and we look forward to more updates as time marches on. But have a great day, and thank you.

是的。謝謝你，Robert。謝謝你，Tom。我要感謝大家參與，並在百忙之中抽空聆聽我們的分享。我們對未來感到非常興奮，也期待隨著時間推進帶來更多更新。祝大家有美好的一天，謝謝。

The conference has now concluded. We thank you for attending today's presentation. You may now disconnect your lines.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛斷電話。