Senstar Technologies Corp (SNT) 2026 Q1 法說會逐字稿

Welcome to Senstar Technologies first quarter 2026 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Senstar Technologies 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

I would now like to turn the call over to Corbin Woodhull of Hayden IR. Corbin, would you like to begin?

現在我想把電話交給 Hayden IR 的 Corbin Woodhull。Corbin，您要開始嗎？

Thank you, Sherry. I would like to welcome everyone to the conference call and thank Senstar Technologies Management for hosting today's call.

謝謝您，Sherry。我想歡迎各位參加本次電話會議，並感謝 Senstar Technologies 管理團隊主辦今天的會議。

With us on the call today are Mr. Fabien Haubert, CEO of Senstar Technologies; and Ms. Alicia Kelly, the CFO. Fabien will summarize key financial and business highlights, followed by Alicia, who will review Senstar's financial results for the first quarter of 2026. We will then open the call for a question-and-answer session.

今天與會的有 Senstar Technologies 執行長 Fabien Haubert 先生，以及財務長 Alicia Kelly 女士。Fabien 將先概述主要財務與業務重點，接著由 Alicia 回顧 Senstar 2026 年第一季的財務結果。之後我們將開放問答環節。

I would like to remind participants that all financial figures discussed in today's call are in US dollars and all comparisons are on a year-over-year basis, unless otherwise indicated. Before we start, I'd like to point out this conference call may contain projections or other forward-looking statements regarding future events or the company's future performance. These statements are only predictions and Senstar cannot guarantee that they will, in fact, occur. Senstar does not assume any obligation to update that information.

提醒各位，今天電話會議中討論的所有財務數字均以美元計價，且除非另有說明，所有比較皆以年對年為基礎。在開始之前，我想指出本次電話會議可能包含對未來事件或公司未來表現的預測或其他前瞻性陳述。這些陳述僅為預測，Senstar 無法保證其一定會發生。Senstar 亦不承擔更新該等資訊的任何義務。

Actual events or results may differ materially from those projected, including as a result of changing market trends, reduced demand, the competitive nature of the security systems industry as well as other risks identified in the documents filed by the company with the Securities and Exchange Commission.

實際事件或結果可能與預測存在重大差異，原因包括市場趨勢變化、需求下降、安防系統產業的競爭性，以及公司向美國證券交易委員會提交文件中所識別的其他風險。

In addition, during the course of the conference call, we will describe certain non-GAAP financial measures, which should be considered in addition to and not in lieu of comparable GAAP financial measures. Please note that in our press release, we have reconciled our non-GAAP financial measures to the most directly comparable GAAP measures in accordance with Reg G requirements.

此外，在本次電話會議過程中，我們將說明若干非 GAAP 財務衡量指標，這些指標應與可比的 GAAP 財務衡量指標一併考量，而非取而代之。請注意，在我們的新聞稿中，我們已依 Reg G 規定，將非 GAAP 財務衡量指標與最直接可比的 GAAP 指標進行調節。

And with that, I will now turn the call over to Fabien. Fabien, please go ahead.

那麼，我現在把電話交給 Fabien。Fabien，請開始。

Thank you, Corbin, and thank you to those joining us today to review Sensor Technologies Third Quarter 2026 financial results. Our first quarter results reflect continuous project timing delays and elongated customer procurement cycles in portion of our business, particularly in the US government markets and mainly in corrections. Despite this near-term pressure, we continue to see healthy customer engagement and pipeline activity across several of our strategic growth areas.

謝謝你，Corbin，也感謝今天加入我們、一起回顧 Sensor Technologies 2026 年第三季財務結果的各位。我們第一季的結果反映出部分業務持續出現專案時程延宕與客戶採購週期拉長的情況，特別是在美國政府市場，且主要集中於矯正（監獄）領域。儘管短期承壓，我們仍在多個策略性成長領域看到良好的客戶互動與管線活動。

We're seeing strong underlying momentum across our business and encouraging traction in a number of important growth areas. At the headline level, we reported consolidated revenue of $8.1 million, a 4% decline versus the first quarter of 2025.

我們在整體業務上看到強勁的基本動能，並在多個重要成長領域取得令人鼓舞的進展。在整體層面，我們公布合併營收為 810 萬美元，較 2025 年第一季下降 4%。

As we anticipated, the first quarter of 2026 was transitional and shaped by a few transitory dynamics. Because of this, I will provide more granular details behind our performance as the story is more nuanced than a single percentage.

如我們所預期，2026 年第一季屬於過渡期，並受到幾項短暫因素影響。因此，我將更細緻地說明我們表現背後的細節，因為情況比單一百分比更為複雜。

Now on to review of quarterly highlights and business drivers. Our first quarter performance can be explained by the following factors: continued pressure in the U.S. correction markets following the federal government shutdown and delayed funding deployment. However, while projects in this vertical has been delayed, we did not record any major loss, and we expect most of them to convert over the remainder of 2026. The absence of the large nonrecurring energy project in APAC that benefited the year ago quarter, which, by its nature, did not repeat.

接下來回顧本季重點與業務驅動因素。我們第一季的表現可由以下因素解釋：在聯邦政府停擺以及資金撥付延遲後，美國矯正市場持續承壓。然而，雖然該垂直領域的專案有所延後，我們並未記錄任何重大流失，且預期其中大多數將在 2026 年剩餘期間轉化。其次，去年同期受惠於亞太地區（APAC）一項大型、非經常性的能源專案，但該專案本質上不會重複，因此本季未再出現。

And with Blickfeld revenue coming online 6 weeks after the quarter starts, we have sold that operating costs with less than half a quarter of revenue affecting profitability in Q1. We have retained previously planned projects in our pipeline, though timing has shifted into the second half of 2026. This gives us confidence in the strength of our pipeline and the overall demand environment. Performance across our core vertical markets was mixed in the quarter, declining approximately 25% year-over-year.

此外，Blickfeld 的營收在本季開始後 6 週才開始貢獻，因此我們承擔了其營運成本，但只有不到半季的營收對 Q1 的獲利造成影響。我們仍保留先前規劃的管線專案，儘管時程已移至 2026 年下半年。這讓我們對管線強度與整體需求環境更具信心。本季我們核心垂直市場的表現好壞參半，年對年約下降 25%。

The decline was primarily driven by the U.S. correction market weakness as well as tougher comparison in energy due to nonrecurring project in the first quarter of 2025. As a positive offset utility posted plus 40% growth versus the prior year quarter, continued strength in telecom and data centers.

下滑主要由美國矯正市場疲弱所致，另外能源業也因 2025 年第一季的非經常性專案而面臨較嚴苛的比較基期。正面抵銷因素方面，公用事業相較去年同期成長超過 40%，電信與資料中心亦持續強勁。

More broadly, traction across these verticals remain on course worldwide, and we're focused on opening new logos while deepening our cross-selling opportunities. On the technology front, I want to spend a moment on LiDAR, because it is increasingly central to our story.

更廣泛而言，這些垂直領域在全球的進展仍按計畫推進，我們專注於開拓新客戶，同時深化交叉銷售機會。在技術方面，我想花點時間談 LiDAR，因為它正日益成為我們故事的核心。

In the first quarter, consolidated LIDAR revenue reached 11% of total revenue and order intake has been strong with the majority of recent bookings scheduled for delivery in Q2 and beyond. It's important to understand that LiDAR is complementary to Senstar solutions and significantly broadens our addressable market. We're pleased to report that combined LiDAR cells across Blickfeld and Senstar grew by approximately 4x during the first quarter, the first full quarter validating the strategic rationale and demonstrating strong early commercial traction.

第一季合併 LiDAR 營收達到總營收的 11%，訂單承接表現強勁，近期多數訂單預計於第二季及之後交付。重要的是，LiDAR 與 Senstar 的解決方案具互補性，並大幅擴大我們的可服務市場。我們很高興報告，Blickfeld 與 Senstar 合計的 LiDAR 銷售在第一季約成長 4 倍；這是併購後第一個完整季度，驗證了策略合理性並展現強勁的早期商業動能。

These figures I provided to offer context on the scale of the LiDAR business prior to the acquisition and may not be disclosed quarterly in the future. Our closest peers in the LiDAR security market are growing at close to 50% per year, and we're confident we can achieve high growth rate in LiDAR as we scale with securely applications, volume and traffic monitoring representing the factors where we are deploying the most resources.

我提供這些數據是為了讓各位了解併購前 LiDAR 業務的規模背景，未來可能不會按季披露。我們在 LiDAR 安防市場中最接近的同業年成長率接近 50%，我們有信心在 LiDAR 規模化過程中達成高成長率；其中，安防應用、流量與交通監測是我們投入最多資源的領域。

LiDAR is becoming a technological cornerstone of same-store technology in place, an increasingly important role in our long-term strategic plan. The integration of the Blickfeld and Senstar commercial teams is progressing well. we're aligning our go-to-market strategies across multiple regions, and the response from customers has been outstanding, proof of concepts, evaluations and form of rotation are being run across all our traditional vertical worldwide, and we continue to expect accelerated growth globally without requiring significant investments.

LiDAR 正成為我們既有技術體系中的技術基石，並在長期策略計畫中扮演日益重要的角色。Blickfeld 與 Senstar 商務團隊的整合進展順利。我們正在多個地區對齊市場進入策略，客戶回應非常熱烈；概念驗證、評估與各種形式的試行正在我們全球所有傳統垂直領域同步進行。我們仍預期在不需要重大投資的情況下，全球成長將加速。

Together, we're well portioned to scale our LiDAR capabilities globally leveraging sensor customer relationships and like technology and market presents. Product innovation has always been a key differentiator for Senstar and the first quarter of the year was no exception. At ISC Westy Springs, we introduced two major innovations that received exceptionally positive market reception. One, our next generation embedded fiber platform features a compact ruggedized AI-enhanced architecture that significantly improved detection performance, ease of deployment and operational robustness, all with a fully redesigned graphical user interface. This represents the next chapter of our market-leading fiber perimeter detection franchise.

我們共同具備良好條件，可藉由 Senstar 的客戶關係以及相近的技術與市場機會，在全球擴展 LiDAR 能力。產品創新一直是 Senstar 的關鍵差異化因素，第一季也不例外。在 ISC Westy Springs 上，我們推出兩項重大創新，市場反應極為正面。第一，我們的下一代嵌入式光纖平台採用緊湊、強固化且 AI 強化的架構，顯著提升偵測效能、部署便利性與營運韌性，並搭配全面重新設計的圖形化使用者介面。這代表我們市場領先的光纖周界偵測產品線邁入新篇章。

Through the Sensor Flow engine, which is the next major enhancements were Senstars' software management platform. It brings intelligent workflow engine functionality and the new graphical interface that enables sophisticated scenario understanding across sensors and over time, transforming our security management software and video management software platforms into an operational intelligence system.

第二，透過 Sensor Flow 引擎（這是 Senstar 軟體管理平台的下一項重大強化），我們加入智慧化工作流程引擎功能與新的圖形介面，使系統能跨感測器並隨時間推移進行更進階的情境理解，將我們的安防管理軟體與影像管理軟體平台轉型為營運智慧系統。

Both innovations are on track for market release in the second half of 2026, and we believe that will reinforce our competitive positioning and support expansion within existing accounts. Turning to our geographic performance. The quarter reflected a mix of near-term timing pressure along some continued strength in several strategic growth areas.

兩項創新皆按計畫於 2026 年下半年上市，我們相信這將強化我們的競爭定位，並支持在既有客戶中的擴張。接著談我們的區域表現。本季反映出短期時程壓力與若干策略性成長領域的持續強勁並存。

The primary drivers of the slight year-over-year overall decline was the temporary US federal government shutdown, which impacted portions of our US Corrections business, as well as a difficult comparison against several large nonretained projects recognized in the prior year, particularly in APAC.

整體年對年略為下滑的主要驅動因素，是美國聯邦政府暫時停擺，影響了我們美國矯正業務的部分營運，以及與前一年認列的數個大型非續留（nonretained）專案相比形成艱難比較，尤其是在亞太地區（APAC）。

At the same time, we continue to see encouraging traction across a number of important markets and geographies. Europe, Middle East and Africa delivered strong growth in the quarter, reflecting the benefits of our long-term investment in the region. Expanding customer relationships and growing demand across utilities, telecom, energy, military and security applications. We are also seeing increasing LiDAR engagement in EMEA, including activity in traffic and volume monitoring alongside our traditional perimeter secured business.

同時，我們持續在多個重要市場與地理區域看到令人鼓舞的進展。歐洲、中東及非洲（EMEA）在本季實現強勁成長，反映出我們在該區域長期投資所帶來的效益。客戶關係持續擴大，且在公用事業、電信、能源、軍事與安防應用等領域的需求不斷增加。我們也看到在 EMEA 的 LiDAR 參與度提升，包括交通與流量監測方面的活動，並與我們傳統的周界安防業務並行。

In North America, while the US correction market remained pressured by the federal shutdown and delayed procurement activity, customer engagement and project activity levels remain healthy. We also continue to see encouraging order activity in LiDAR and ongoing commercial engagements across data centers, utilities, energy, airport and industrial application. In APAC, results were impacted primarily by difficult operations against unusually strong prior year project activity.

在北美，儘管美國矯正市場仍受到聯邦政府停擺與採購活動延遲的壓力，客戶互動與專案活動水準仍維持健康。我們也持續看到 LiDAR 訂單活動令人鼓舞，以及在資料中心、公用事業、能源、機場與工業應用等領域的持續商業洽談。在亞太地區（APAC），業績主要受到與前一年異常強勁的專案活動相比所造成的艱難比較影響。

Excluding this non-electric project, customer activity levels remain constructive, and we continue to invest in expanding our presence across key verticals, including data centers, energy transport, utilities and corrections. Overall, while product timing continues to impact midterm revenue conversion during the quarter, we remain encouraged by customer engagements, order activity, geographic diversification and the expanding contribution from LiDAR-related opportunities.

排除此非電力專案後，客戶活動水準仍具建設性，我們也持續投資以擴大在關鍵垂直領域的布局，包括資料中心、能源運輸、公用事業與矯正。整體而言，儘管產品時點仍在本季影響中期營收轉換，我們仍對客戶互動、訂單活動、地理多元化，以及 LiDAR 相關機會貢獻擴大感到鼓舞。

To summarize, we recognize the need to improve consistency in quarterly performance. At the same time, our booking, customer engagement order activity and the diversification of our pipeline continue to support our confidence in the long-term opportunity, and we remain focused on improving revenue conversion over the coming quarter.

總結而言，我們認知到需要提升季度表現的一致性。同時，我們的接單（booking）、客戶互動與訂單活動，以及管線的多元化，持續支撐我們對長期機會的信心；我們也將專注於在接下來的季度改善營收轉換。

The confidence is supported by the following: one, EMEA continues to deliver strong growth, supported by our long-term investment in the region and increasing demand across verticals; two, we continue to see healthy customer engagement and project activity in the US correction market despite delayed procurement activity associated with the federal shutdown as well as in the utilities data centers and energy sectors; LiDAR,number three, is becoming an increasively potent growth driver for Senstar as the Blickfeld combination strengthens our position in these high-growth markets; four, we're launching two new innovative products in the second half of 2026 that we believe will reinforce our competitive positioning and support expansion within existing accounts; and five, our pipeline remains diversified across multiple geographies, technologies and end markets, supporting future growth opportunities as project timing normalizes.

這份信心由以下因素支撐：第一，EMEA 持續交出強勁成長，受惠於我們在該區域的長期投資，以及各垂直領域需求增加；第二，儘管聯邦政府停擺導致採購活動延遲，我們在美國矯正市場仍持續看到健康的客戶互動與專案活動，同時在公用事業、資料中心與能源領域亦然；第三，LiDAR 正逐步成為 Senstar 日益強勁的成長驅動力，Blickfeld 的結合強化了我們在這些高成長市場的地位；第四，我們將於 2026 年下半年推出兩項創新新產品，我們相信這將強化我們的競爭定位並支持在既有客戶中的擴張；第五，我們的管線在多個地理區域、技術與終端市場間保持多元化，隨著專案時點回歸常態，將支撐未來成長機會。

Before turning the call over to Alicia, I would like to thank our employees for the continued dedication, our customer for their trust and our shareholders for their ongoing support. I will now turn the call over to Alicia for a review of the financial results in more detail.

在把電話會議交給 Alicia 之前，我要感謝員工持續的投入、感謝客戶的信任，以及感謝股東一如既往的支持。接下來我將把電話會議交給 Alicia，請她更詳細地回顧財務結果。

Thank you, Fabien. Our revenue for the first quarter of 2026 was $8.1 million, which compared to $8.4 million in the year ago quarter. This year-on-year reduction is related to nonrecurring project timing in APAC and impacts from the federal government shutdown in the US, positively offset by a stronger performance from LiDAR.

謝謝你，Fabien。我們 2026 年第一季營收為 810 萬美元，對比去年同期的 840 萬美元。這項年對年下降與亞太地區（APAC）一次性專案時點因素，以及美國聯邦政府停擺的影響有關；LiDAR 較強的表現則對此形成正向抵銷。

The EMEA region was the strongest performing geographic area in the quarter, with revenue increasing by 43% year-over-year. Growth in the region was fueled by steady demand in utilities, telecom, energy, corrections, solar farms and military.

EMEA 區域是本季表現最強的地理區域，營收年對年成長 43%。該區域的成長由公用事業、電信、能源、矯正、太陽能電場與軍事領域的穩定需求所帶動。

As Fabien discussed previously, LIDAR applications continue to generate accelerated inbound customer demand, including significant opportunities within traffic and volume monitoring.

如 Fabien 先前所述，LIDAR 應用持續帶來加速的客戶主動詢問需求（inbound customer demand），其中包括在交通與流量監測方面的重大機會。

Revenue from North America declined by 20% in the quarter, driven by a 21% revenue decline in the U.S. As Fabien commented, the performance in the US was attributed to challenging market dynamics. Including a 35% reduction in the corrections vertical and the impact of the federal government shutdown and associated project delays that we expect to resume in 2026.

北美本季營收年對年下滑 20%，主要由美國營收下滑 21% 所致。如 Fabien 所評論，美國的表現歸因於具挑戰性的市場動態，包括矯正垂直領域營收下滑 35%，以及聯邦政府停擺及其相關專案延遲的影響；我們預期這些專案將於 2026 年恢復。

Canada experienced pressure in the quarter as well, with revenue declining by 14%. We experienced solid traction in energy, military, utilities and corrections verticals, and we remain focused on serving our customers in this important region. The APAC region declined by 30% in the quarter due to challenging year-over-year comparisons, which included a large energy project in the first quarter of 2025 that did not reoccur.

加拿大本季同樣承壓，營收下滑 14%。我們在能源、軍事、公用事業與矯正等垂直領域取得穩健進展，我們仍專注於服務這個重要區域的客戶。亞太地區（APAC）本季下滑 30%，原因是年對年比較具挑戰性，其中包含 2025 年第一季的一個大型能源專案於本期未再發生。

The quarter included contribution from energy, corrections, utilities, telecoms, data centers and growing traction in the transport vertical. Our geographic breakdown as a percentage of revenue for the first quarter of 2026 compared to prior year quarter is as follows: North America, 41% versus 49%; EMEA, 45% versus 30%; APAC, 13% versus 17%. All other regions were immaterial for both periods.

本季的貢獻包含能源、矯正、公用事業、電信、資料中心，以及在運輸垂直領域日益增強的動能。我們 2026 年第一季相較去年同期、按營收占比的地理區域拆分如下：北美 41%（對比 49%）；EMEA 45%（對比 30%）；APAC 13%（對比 17%）。其他所有地區在兩個期間皆不具重大性。

First quarter gross margin of 60% compared to 67.2% in the year ago quarter. This variation in gross margin is primarily the result of less favorable product mix, lower revenue and overhead expense cadence.

第一季毛利率為 60%，對比去年同期的 67.2%。毛利率的變動主要是由於產品組合較不利、營收較低，以及間接費用（overhead expense）發生節奏所致。

Our operating expenses were $5.5 million, representing an 18% increase compared to $4.6 million in the first quarter of the prior year. Operating expenses represent 67.5% of revenue compared to 54.8% in the year ago period. The acquisition of Blickfeld contributed approximately $600,000 in incremental operating expenses during the ownership period.

我們的營業費用為 550 萬美元，較去年第一季的 460 萬美元增加 18%。營業費用占營收比重為 67.5%，對比去年同期的 54.8%。收購 Blickfeld 在持有期間帶來約 60 萬美元的增量營業費用。

The largest year-over-year increases were in G&A and marketing. Marketing costs increased primarily due to the addition of the Blickfeld sales commercial structure as well as targeted investments in sales and marketing initiatives within the Senstar Group. The increase in G&A was mainly attributable to the Blickfeld acquisition, foreign exchange impacts and in the extraordinary bad debt provision of approximately $100,000.

年對年增幅最大的項目為一般及行政（G&A）與行銷。行銷成本增加主要因新增 Blickfeld 的銷售商業架構，以及 Senstar 集團在銷售與行銷計畫上的定向投資。G&A 的增加主要歸因於 Blickfeld 收購、外匯影響，以及約 10 萬美元的非常規呆帳提列。

The operating loss for the first quarter of 2026 was $603,000 compared to operating income of $1 million in the first quarter of last year. Operating loss for the quarter was primarily driven by revenue declines and high G&A expenses. The company's EBITDA for the first quarter was a loss of $403,000 compared to positive EBITDA of $1.2 million first quarter of last year.

2026 年第一季營業損失為 60.3 萬美元，對比去年第一季營業利益 100 萬美元。本季營業損失主要由營收下滑與較高的 G&A 費用所致。公司第一季 EBITDA 為虧損 40.3 萬美元，對比去年第一季正向 EBITDA 120 萬美元。

Financial loss was $49,000 in the first quarter of this year compared to financial income of $269,000 in the first quarter of last year. This is mainly a noncash accounting effect we regularly report due to the adjustments of the evaluation of our monetary assets and liabilities denominated in currencies other than the functional currency of the operational entities in the group in accordance with GAAP.

本年度第一季財務損失為 4.9 萬美元，對比去年第一季財務收益 26.9 萬美元。這主要是我們依 GAAP 規定，因定期調整本集團各營運實體之功能性貨幣以外幣別計價的貨幣性資產與負債之評價（valuation）所產生的非現金會計效果。

Net income attributable to Senstar Technology shareholders in the first quarter was a loss of $800,000 or a loss of $0.04 per share compared to net income of $1 million or $0.04 per share in the first quarter of last year.

第一季歸屬於 Senstar Technology 股東的淨利為虧損 80 萬美元，或每股虧損 0.04 美元；對比去年第一季淨利 100 萬美元，或每股盈餘 0.04 美元。

Added to Senstar's operational contribution are the comparable platform expenses and amortization of intangible assets from historical acquisitions. The corporate expenses for the first quarter were approximately $420,000 compared to roughly $500,000 in the year-ago period. Turning next to our balance sheet.

除 Senstar 的營運貢獻外，尚包括可比平台費用以及歷史收購所產生之無形資產攤銷。第一季公司層級費用約為 42 萬美元，對比去年同期約 50 萬美元。接下來我們看資產負債表。

Cash and cash equivalents and short-term bank deposits were $10.6 million, or $0.45 per share as of March 31, 2026. This excludes restricted cash of $900,000. The restricted cash relates to Blickfeld's closing balances. This compares to $22.5 million or $0.96 per share as of December 31, 2025. The company has no debt as of March 31, 2026.

截至2026年3月31日，現金及現金等價物以及短期銀行存款為1,060萬美元，或每股0.45美元。此數字不包含90萬美元的受限制現金。該受限制現金與Blickfeld的期末餘額相關。相比之下，截至2025年12月31日為2,250萬美元，或每股0.96美元。截至2026年3月31日，公司無負債。

This concludes my remarks. Operator, we would like to open the call to questions now.

以上結束我的發言。接線員，我們現在想開放電話會議進入提問環節。

(Operator Instructions)

（接線員指示）

Ken Liddy with Oppenheimer & Company.

Oppenheimer & Company 的 Ken Liddy。

Could you talk more about your opportunities that are not security-related for LiDAR?

您能否多談談LiDAR在非安防相關方面的機會？

Sure. So thanks, Ken, for this question. So we see two main basically applications on on-security. The main one today is what we call the volume metering. So it's using the LiDAR, LiDAR basically provides digital twin and our 3D rebuild pictures of environment.

當然。Ken，謝謝你的問題。我們看到兩個主要的非安防應用。當前最主要的是我們所稱的「體積計量」。也就是使用LiDAR；LiDAR基本上可提供數位孿生以及我們對環境的3D重建影像。

And when using this technology to measure on the fly, basically, volumes of both materials like salt, like sand, like fertilizer, petrochemicals and so on.

並且利用這項技術進行即時量測，基本上可量測各類材料的體積，例如鹽、砂、肥料、石化產品等等。

There's been one of the major verticals of Blickfeld mainly in the U.S., and it has a very strong traction. We've been working so far mainly in the salt measuring for basically solving the roads and DOTs, but we're expanding to petrochemicals and others.

這一直是Blickfeld（主要在美國）的重要垂直領域之一，且具有非常強的市場牽引力。到目前為止，我們主要在鹽的量測方面投入，用於道路撒鹽以及交通運輸部門（DOT）的需求，但我們正在擴展到石化及其他領域。

We see very high potential in this application in the future, via, as I've mentioned, petrochemical application, fertilizer anything related to bulk transports because you can measure on the spot, the exact volume of basically a truck or whatsoever or a container without stopping the operation and optimize your logistics streams of these materials.

我認為此應用未來潛力很高。正如我提到的，透過石化應用、肥料，以及任何與散裝運輸相關的場景，因為你可以在現場量測卡車或任何容器的精確體積，而無需停止作業，並可優化這些材料的物流流程。

And with regards to the traffic, could you talk about what type of application...

至於交通方面，您能談談是什麼類型的應用……

Thank you very much. So traffic monitoring is one of the which we foresee basically in the future has a very strong growth potential. You have two main applications, you have highways and whatsoever and what we call the Crossroads. Today, Crossroads is very complex in the sense that you need to excavate and to put sensors below its growth, its crosspoints to measure the number of vehicles crossing and whatever, with a lot of uncertainty.

非常感謝。交通監測是我們預期未來具有很強成長潛力的領域之一。主要有兩種應用：高速公路等場景，以及我們所稱的十字路口。如今十字路口非常複雜，因為你需要開挖並在路面下方放置感測器，在交會點量測通行車輛數等，且存在很大的不確定性。

Putting a LiDAR gives you the possibility to classify basically the type of vehicles, cars, bikes, parts, their speed, their direction and to give basically lots of information in the purpose of Smart City management. It's a business that is picking up worldwide. And when, where Blickfeld had some first very interesting wins prior to the acquisitions, which we are deploying and we're willing to invest a lot.

部署LiDAR可讓你對車輛類型進行分類，例如汽車、自行車、行人，其速度與行進方向，並為智慧城市管理提供大量資訊。這項業務正在全球升溫。而Blickfeld在併購之前就已取得一些非常有意思的初期成果，我們正在推進落地，並願意投入大量資源。

I would see that as something which is not short term, but short term, midterm, I would say, but we believe a very high growth potential in this vertical as well.

我認為這不是短期的事情，但屬於短期到中期的範疇；我們也相信這個垂直領域同樣具有非常高的成長潛力。

Staying on LiDAR. Previously, you worked with Blickfeld on a small airport, I believe, in Europe. Is there any opportunities like that?

回到LiDAR。先前你們與Blickfeld在歐洲的一個小型機場合作過，我記得是這樣。是否還有類似的機會？

Yes, we have plenty. So basically, that's what we have said, we are, if you take basically the LiDAR sales and I've given those figures, which we will not repeat over time. But if you take the lines of the period, they went to 0 last year to 11% of the whole quarter, taking into account that life sales were only accounted from the 14th of February until the end of the quarter, it represents 11% from 0 last year. So you can see the growth.

是的，機會很多。基本上，正如我們所說，如果你看LiDAR的銷售（我也給過那些數字，我們之後不會反覆提供），但如果你看本期的趨勢，去年是0，而本季占整個季度的11%。考慮到LiDAR銷售僅從2月14日計入到季度末，從去年0到現在占11%，你可以看到成長。

Number two, if you take basically the invoice of both companies from January 1 until the end of the quarter, both companies, the sales has been multiplied by 4 versus last year. So it gives an idea of traction. So we have been able to sell in correction in airport, in, oh gosh, it's a data center, of course.

第二，如果你看兩家公司從1月1日到季度末的開票金額，兩家公司的銷售額相較去年成長了4倍。這能反映市場牽引力。因此我們已能在機場、呃，天啊，還有資料中心，當然。

And so it's been everywhere we had the security footprint we're basically either making proofs of concept or sales of this application on top of the perimeter. And that has been an amazing success, and we see basically a very high potential growth in the secure application it's hard to give an exact project because we currently have tens of projects which we're running. And it's expanding our markets by the potential target seems to us between 5x and 10x the current total addressable market.

因此，在我們已有安防佈局的所有地方，我們基本上都在做概念驗證或在周界安防之上銷售這類應用。這取得了驚人的成功，我們也看到安防應用具有非常高的成長潛力。很難給出精確的專案數字，因為我們目前正在推進數十個專案。而它正在擴大我們的市場；我們認為潛在目標市場規模約為目前可服務總市場（TAM）的5倍到10倍。

Are you converting more long-term customers into permanent customers rather than repeat customers rather than one project to another project, getting larger, getting more repay customers on security?

你們是否正把更多長期客戶轉為永久性客戶，而不是重複客戶——也就是從一個專案到另一個專案、規模變大，讓安防方面有更多回購客戶？

So we see 3, oh, sorry, sorry, Ken. I thought you were done, excuse me, Ken.

所以我們看到三種——哦，抱歉，抱歉，Ken。我以為你問完了，抱歉，Ken。

Go ahead.

請繼續。

So we see three basically top of customers. So it's not the new of the old. We see three ways to market to promote the LiDAR. The first one is pretty much all our existing customers are currently basically investigating or purchasing according our LiDAR on top of the current relationship. So that's something which we see as a as a major win.

所以我們基本上看到三類客戶。這不是新舊之分。我們看到三種推向市場、推廣LiDAR的方式。第一種是，我們幾乎所有現有客戶目前都在既有合作關係之上，評估或採購我們的LiDAR。這是我們視為一個重大勝利的部分。

On top of it, we have a new range of customers for other applications which are interested.

此外，我們也有一批針對其他應用而來的新客戶對此感興趣。

And finally, we're working as well with distributors to distribute the product much broadly for different applications. So in our vertical, it's working with existing and new ones. And we're trying to broaden it with approaching and working with distributors to broaden the spread to the market for different application, eventually less critical. But yes, we see a traction pretty much in our verticals and beside our verticals.

最後，我們也與經銷商合作，以更廣泛地分銷產品，用於不同的應用。因此在我們的垂直領域中，既有現有客戶也有新客戶。我們也嘗試透過接觸並與經銷商合作，擴大不同應用的市場覆蓋面，最終可能是較不關鍵的應用。但總之，我們在自身垂直領域以及垂直領域之外都看到了相當的牽引力。

And one more question. With regards to your overall pipeline for the company, is it greater now than it was in, say, December 31 or about the same? Or has it declined?

再問一個問題。就公司整體的商機管線而言，現在是否比例如12月31日更大？還是差不多？或者已經下降？

So it's hard to answer precisely this question. I would with a lot of questions tell you globally that it's kind of comparable. We have a very strong pipeline. What I can say, the LiDAR pipeline is increasing tremendously from 1 quarter to the other continually for a couple of quarters, tremendously.

這個問題很難精確回答。我會像回答很多問題一樣，從整體上告訴你：大致相當。我們有非常強的商機管線。我能說的是，LiDAR的商機管線在連續幾個季度中，從一個季度到下一個季度都在大幅增加，增幅非常顯著。

(Operator Instructions)

（接線員指示）

There are no further questions at this time. I would, Mr. Haubert, would you like to make your concluding statement?

目前沒有進一步的問題。Haubert 先生，您是否想做結語？

Thank you. On behalf of Sensor management, I would like to thank our investors for their interest and long-term support of our business. Have a good day.

謝謝。謹代表Sensor管理團隊，我想感謝投資人對我們業務的關注以及長期支持。祝各位有美好的一天。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以斷線，感謝您的參與。