Supercom Ltd (SPCB) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to SuperCom's second-quarter 2025 financial results and corporate update conference call. (Operator Instructions) Participants of this call are advised that the audio of this conference call is being broadcast live over the internet and is also being recorded for playback purposes. Joining me from SuperCom's leadership team is Ordan Trabelsi, SuperCom's President and Chief Executive Officer.

女士們，先生們，早安，歡迎參加 SuperCom 2025 年第二季財務表現和公司更新電話會議。（操作員指示）請參加本次通話的人員注意，本次電話會議的音訊將透過網路進行現場直播，並且還將錄製以供回放。與我一起出席會議的還有 SuperCom 領導團隊的總裁兼執行長 Ordan Trabelsi。

I'd like to remind you that during this call, SuperCom management may be making forward-looking statements, including statements that address SuperCom's expectations for future performance or operational results. Forward-looking statements involve risks, uncertainties and other factors that may cause SuperCom's actual results to differ materially from those statements. For more information about these risks, uncertainties, and factors, please refer to the risk factors described in SuperCom's most recently filed periodic reports on Form 20-F and Form 6-K and SuperCom's press release that accompanies this call, particularly the cautionary statements in it.

我想提醒您，在本次電話會議中，SuperCom 管理層可能會做出前瞻性陳述，包括涉及 SuperCom 對未來業績或營運結果的預期的陳述。前瞻性陳述涉及風險、不確定性和其他因素，可能導致 SuperCom 的實際結果與這些陳述有重大差異。有關這些風險、不確定性和因素的更多信息，請參閱 SuperCom 最近提交的 20-F 表和 6-K 表定期報告中描述的風險因素以及隨附於本次電話會議的 SuperCom 新聞稿，特別是其中的警示性聲明。

Today's conference call includes EBITDA, a non-GAAP financial measure that SuperCom believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure to net loss, a comparable GAAP financial measure, please see the reconciliation table located on SuperCom's earnings press release that accompanies this call. Regulations for other non-GAAP financial measures and comparable GAAP financial measures are available there as well. The content of this call contains time-sensitive information that is accurate only as of today, August 14, 2025. Except as required by law, SuperCom disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

今天的電話會議包括 EBITDA，這是 SuperCom 認為可用於評估其業績的非 GAAP 財務指標。您不應孤立地考慮這些附加信息，也不應將其作為根據 GAAP 編制的結果的替代品。有關此非 GAAP 財務指標與淨虧損（可比較 GAAP 財務指標）的對帳表，請參閱隨附於本次電話會議的 SuperCom 收益新聞稿中的對帳表。其他非 GAAP 財務指標和可比較 GAAP 財務指標的規定也可在那裡找到。本次通話內容包含時間敏感訊息，僅截至今天（2025 年 8 月 14 日）準確。除法律要求外，SuperCom 不承擔公開更新或修改任何資訊以反映本次電話會議後發生的事件或情況的義務。

It is now my pleasure to turn the call over to SuperCom's President and CEO, Ordan Trabelsi.

現在我很高興將電話轉給 SuperCom 總裁兼執行長 Ordan Trabelsi。

Thank you, operator, and good morning, everyone. Thank you for joining us today. Earlier this morning, we released our financial results for the second quarter and first half ended June 30, 2025. You can find a copy of the press release in the Investor Relations section of our website at supercom.com. Today, I'll walk through our financial and operational highlights for the first quarter and first half year of 2025 as well as recent business developments and strategic progress. We'll then open the call for a Q&A session.

謝謝接線員，大家早安。感謝您今天加入我們。今天早些時候，我們發布了截至 2025 年 6 月 30 日的第二季和上半年財務業績。您可以在我們網站 supercom.com 的「投資者關係」版塊找到此新聞稿。今天，我將介紹我們 2025 年第一季和上半年的財務和營運亮點，以及近期的業務發展和策略進展。然後我們將開始問答環節。

We delivered another strong quarter, marked by continued margin expansion and growth and operating profitability. Our gross margin expanded year-over-year to 59.1% and operating income nearly tripled to $1.1 million. First half 2025 GAAP net income reached $5.3 million, marking an approximate 80% increase from our prior year period, a new first-half record for the company. However, it's important to remember that we are talking and working with numerous governments around the world to drive transformative changes in public safety infrastructure.

我們又度過了一個強勁的季度，利潤率持續擴大、成長，營業獲利能力持續增強。我們的毛利率年增至 59.1%，營業收入成長近兩倍，達到 110 萬美元。2025 年上半年 GAAP 淨收入達 530 萬美元，較去年同期成長約 80%，創下公司上半年新高。然而，重要的是要記住，我們正在與世界各地的許多政府進行對話和合作，以推動公共安全基礎設施的變革。

These efforts, often on a national scale, take time, coordination, and are structured as long-term multiyear contracts. As a result, individual quarters may not fully reflect the long-term trajectory of our business, which is shaped by the cumulative effect of many projects advancing in parallel. For example, this quarter's gross margin of 59% is above our recent average. In future quarters, margins will fluctuate depending on the project mix, but we believe that our long-term margin potential is even higher given operating leverage, economies of scale, and other elements of our expansion. I'll try to give a high-level view for those of you to understand our goals, our progress, and what levers to track to understand that progress.

這些努力通常是在全國範圍內進行的，需要時間和協調，並且是長期的多年合約。因此，單一季度可能無法完全反映我們業務的長期發展軌跡，而是由許多同時推進的專案的累積效應所塑造的。例如，本季的毛利率為 59%，高於我們近期的平均值。在未來幾個季度，利潤率將根據專案組合而波動，但我們相信，考慮到經營槓桿、規模經濟和擴張的其他要素，我們的長期利潤潛力甚至更高。我將嘗試為大家提供一個高層次的視角，讓大家了解我們的目標、我們的進展，以及需要追蹤哪些槓桿來了解這些進展。

At SuperCom, our mission remains clear, to revolutionize public safety through cutting-edge electronic monitoring technology and data-driven solutions. For over three decades, we have partnered with dozens of national governments across the globe to deliver secure, scalable, and innovative platforms that enhance security for their country. Our focus in recent years has increasingly shifted towards criminal justice and offender electronic monitoring solutions. Our strategy is centered around three pillars: first, innovative technology. We invested over $45 million in our technology platform, and our proprietary solutions consistently outperform in competitive tenders, particularly in Europe, where we've had a win rate of over 65% in competitive RFPs. Our platform supports critical programs such as GPS tracking, house arrest, and domestic violence prevention.

在 SuperCom，我們的使命始終明確，即透過尖端的電子監控技術和數據驅動的解決方案徹底改變公共安全。三十多年來，我們與全球數十個國家的政府合作，提供安全、可擴展和創新的平台，以增強其國家安全。近年來，我們的重點日益轉向刑事司法和罪犯電子監控解決方案。我們的策略圍繞著三大支柱：第一，創新技術。我們在技術平台上投資了超過 4500 萬美元，我們的專有解決方案在競爭性招標中始終表現出色，特別是在歐洲，我們在競爭性 RFP 中的中標率超過 65%。我們的平台支援 GPS 追蹤、軟禁和預防家庭暴力等重要項目。

Recently, we have integrated AI-driven analytics to enhance predictive insights and client outcomes, and we'll have more information about that in the near future. Second pillar is to expand our global presence. Our global presence is significant and expanding rapidly with more and more geographies adopting electronic monitoring technology. Our strategic focus in the electronic monitoring market where we see growing demand and where the market is projected to reach $2.3 billion by 2028. Estimates show the US and Europe account for 95% of this market.

最近，我們整合了人工智慧驅動的分析來增強預測洞察和客戶成果，我們將在不久的將來獲得更多相關資訊。第二個支柱是擴大我們的全球影響力。我們的全球影響力日益增強，並且隨著越來越多的地區採用電子監控技術而迅速擴大。我們的策略重點是電子監控市場，我們看到該市場的需求不斷增長，預計到 2028 年市場規模將達到 23 億美元。據估計，美國和歐洲佔了該市場的95%。

And our third pillar is to deliver outstanding service. Our reputation as a trusted partner grows with each new deployment. Some of our government customers have been with us for more than 20 years, often starting with a single program and expanding into multiple solutions over time. Since 2018, we've secured over 70 multiyear government projects across multiple regions.

我們的第三個支柱是提供卓越的服務。隨著每次新的部署，我們作為值得信賴的合作夥伴的聲譽也不斷增長。我們的一些政府客戶已經與我們合作了 20 多年，通常從單一專案開始，隨著時間的推移擴展到多種解決方案。自 2018 年以來，我們已在多個地區獲得了 70 多個多年期政府專案。

In the past year, we've experienced accelerated expansion whereby we added over 30 new contracts across North America, alongside five strategic partnerships -- nine strategic partnerships with leading regional service providers in the US.

在過去的一年裡，我們經歷了加速擴張，在北美增加了 30 多個新合同，同時建立了五個戰略合作夥伴關係——與美國領先的區域服務提供商建立了九個戰略合作夥伴關係。

We continue to amplify our technological leadership with significant R&D investments, leading to the launch of advanced solutions like PureProtect, also branded as PureShield, our domestic violence prevention solution and PureOne. These offerings are making headway in various markets, including the US and are pivotal in SuperCom's expansion. PureProtect or PureShield is a life-saving domestic violence monitoring solution providing preventive measures to families suffering from domestic violence or stalking, thereby increasing their safety.

我們繼續透過大量研發投入來擴大我們的技術領先地位，從而推出了先進的解決方案，如 PureProtect（也稱為 PureShield）、我們的家庭暴力預防解決方案和 PureOne。這些產品在包括美國在內的各個市場都取得了進展，對 SuperCom 的擴張至關重要。PureProtect 或 PureShield 是一種拯救生命的家庭暴力監控解決方案，為遭受家庭暴力或追蹤的家庭提供預防措施，從而提高他們的安全。

PureOne is an all-in-one GPS ankle bracelet monitoring solution, integrating comprehensive monitoring capabilities into a single device. Like many of our products, it offers top-notch features placing it above the competition in most metrics. Our tethered ankle bracelet technology, together with our cloud-based software-enabled PureSecurity product line has been particularly effective in continuously monitoring offenders and managing real-time information. This real-time advantage is a game changer, empowering authorities with actionable insights and timely interventions to mitigate potential risks and enhance public safety. Our technology is not just enabling better outcomes.

PureOne 是一款一體式 GPS 腳踝手環監控解決方案，將全面的監控功能整合到單一裝置中。就像我們的許多產品一樣，它提供了一流的功能，在大多數指標上都勝過競爭對手。我們的繫繩腳踝手環技術與基於雲端軟體的 PureSecurity 產品線相結合，在持續監控罪犯和管理即時資訊方面特別有效。這種即時優勢改變了遊戲規則，使當局能夠獲得可行的見解和及時幹預，以減輕潛在風險並增強公共安全。我們的技術不僅能夠帶來更好的結果。

It's actively redefining industry standards. We consistently displaced long-standing incumbents, such as a 24-year incumbent EM provider in Sweden and a nearly 20-year incumbent EM provider in Israel. In both cases, our technology, agility and innovation provided decisive wins in competitive tenders. We've also helped governments establish our first ever national electronic monitoring programs as seen in countries such as Romania, where we're supporting a program up to 15,000 simultaneously monitored individuals and Croatia, where we were selected to lead the country's first step into modern electronic supervision. These wins underscore the adaptability of our platform and the growing demand for comprehensive EM solutions around the world.

它正在積極重新定義行業標準。我們不斷取代長期存在的現有供應商，例如瑞典一家擁有 24 年歷史的現有 EM 供應商和以色列一家擁有近 20 年歷史的現有 EM 供應商。在這兩種情況下，我們的技術、敏捷性和創新性都在競爭性投標中取得了決定性的勝利。我們也幫助各國政府建立了第一個國家電子監控項目，例如在羅馬尼亞和克羅埃西亞等國家，我們支持一個可同時監控多達 15,000 人的項目，我們被選中領導該國邁向現代電子監控的第一步。這些勝利凸顯了我們平台的適應性以及全球對綜合 EM 解決方案日益增長的需求。

Our continued investment in product innovation is driving measurable market expansion. Successful adoption of our PureOne and PureProtect has expanded our addressable market, supporting deeper penetration to existing geographies and entry into new ones, particularly in the US and Europe. We also reinforced our operational infrastructure and enhanced our go-to-market approach. Our sales team composed of industry veterans has played a key role in securing wins and building our pipeline.

我們對產品創新的持續投資正在推動可衡量的市場擴張。PureOne 和 PureProtect 的成功採用擴大了我們的目標市場，支持更深入地滲透到現有地區並進入新地區，尤其是美國和歐洲。我們也加強了營運基礎設施並增強了市場進入方式。我們的銷售團隊由業界資深人士組成，在確保勝利和建立管道方面發揮了關鍵作用。

In the fourth quarter, together with our partner Electra Security, we secured a multinational -- multiyear national contracts with Israel Prison Service to deploy our PureSecurity suite. The program encompasses all offender monitoring nationwide and this one followed a rigorous competitive process and replaced a provider that held the contract for nearly two decades, underscoring our technological advantage and proven execution capabilities. As of today, over 1,500 units of SuperCom's PureSecurity suite have been delivered under this program, reflecting recent growth with opportunity for more growth remaining. I remind this program encompasses all offender monitoring in Israel. So as more programs and more units, growth will continue.

第四季度，我們與合作夥伴 Electra Security 共同與以色列監獄管理局簽訂了一份跨國多年期全國合同，以部署我們的 PureSecurity 套件。該計劃涵蓋了全國範圍內的所有罪犯監控，並遵循了嚴格的競爭程序，並取代了持有合約近二十年的供應商，突顯了我們的技術優勢和經過驗證的執行能力。截至今天，該計劃已交付了超過 1,500 套 SuperCom PureSecurity 套件，這反映了近期的成長勢頭，並且仍有進一步成長的機會。我提醒大家，該計劃涵蓋了以色列所有罪犯的監控。因此，隨著項目和單位的增多，成長將會持續。

More broadly, we continue to gain momentum in competitive tenders across Europe and the US often displacing incumbents. Our strong track record and reliable delivery remain core to our growth. We view every new deployment as a start of a long-term relationship by planting seeds in multiple regions and consistently delivering value, we've seen customers deepen their engagement with us over time, often evolving into multiple long-term projects. In Europe, our strategic execution continues to drive long-term growth.

更廣泛地說，我們在歐洲和美國的競爭性招標中繼續獲得發展勢頭，並經常取代現有企業。我們良好的業績記錄和可靠的交付仍然是我們成長的核心。我們將每一次新的部署視為長期合作關係的開始，透過在多個地區播下種子並持續提供價值，我們看到客戶隨著時間的推移加深與我們的合作，並經常發展成多個長期專案。在歐洲，我們的策略執行持續推動長期成長。

Over the past few years, we secured over 15 national electronic monitoring project wins through competitive tenders, including large-scale domestic violence initiatives aligned with regional public safety priorities. Notably, in Romania, we were awarded the largest industry a Board of 2022 in Europe over a $33 million program covering up to 15,000 individuals simultaneously. This program remains active and demonstrate the scalability of our PureSecurity platform. Another great example of our long-term expansion strategy, which reflects the strength of our reputation is Sweden. Since our initial award from the Ministry of Justice in 2019, we've been selected again and again by Swedish government agencies, including the Swedish Police Authority and Juvenile Justice System.

過去幾年，我們透過競爭性投標贏得了超過 15 個國家電子監控項目，其中包括與區域公共安全優先事項一致的大規模家庭暴力舉措。值得注意的是，在羅馬尼亞，我們獲得了歐洲最大的產業委員會頒發的 2022 年專案資助，該專案耗資 3,300 萬美元，可同時覆蓋多達 15,000 名個人。該程式仍然活躍並展示了我們的 PureSecurity 平台的可擴展性。瑞典是我們長期擴張策略的另一個很好的例子，它體現了我們強大的聲譽。自 2019 年首次獲得司法部獎項以來，我們已多次被瑞典政府機構選中，包括瑞典警察局和少年司法系統。

This ongoing trust reflects our consistent delivery and high-level satisfaction with our technology and support. We also expanded in Finland with the national deployment of our domestic violence solution and recently launched our third national project in Latvia, ordered via formal tender to support the state police for offender of compliance and victim protection. Earlier this year, we announced our seventh National domestic violence monitoring program, further expanding our presence in the EMEA region and signaling to our leadership in domestic violence monitoring solutions. In parallel, we continue to actively run programs in other European countries such as Denmark and Bulgaria and continue to receive follow-on orders from existing European partners. These follow-ons highlight the reliability of our technology and the strength of our relationships.

這種持續的信任反映了我們始終如一的交付以及對我們的技術和支援的高度滿意。我們還在芬蘭擴大了我們的家庭暴力解決方案的全國部署，並最近在拉脫維亞啟動了我們的第三個國家項目，透過正式招標訂購，以支持國家警察對罪犯的合規性和受害者的保護。今年早些時候，我們宣布了第七個國家家庭暴力監測計劃，進一步擴大了我們在歐洲、中東和非洲地區的影響力，並彰顯了我們在家庭暴力監測解決方案領域的領導地位。同時，我們繼續積極在丹麥和保加利亞等其他歐洲國家開展項目，並繼續從現有的歐洲合作夥伴那裡獲得後續訂單。這些後續行動凸顯了我們技術的可靠性和我們關係的強度。

As governments increasingly adopt proactive monitoring policies, we believe our proven model positions us well for sustained success in the region. While Europe remains an important growth driver, the US market presents even greater long-term opportunity projected to grow to 6 times the size of the European market in coming years. With the launch of PureOne in our domestic violence solutions, we believe SuperCom is well positioned to unlock substantial potential in this untapped market. Although SuperCom has already done business in multiple US states, we are actively focused on further expanding our presence in the US. Our US subsidiary, LCA, continues to win in California new and existing customers. In June, LCA was awarded a reentry services contract in Northern California valued up to $2.5 million for over five years. This project builds on LCA's long-standing track record in community reentry and rehabilitation, further solidifying our presence in the region.

隨著各國政府越來越多地採取主動監測政策，我們相信，我們成熟的模式將使我們在該地區獲得持續的成功。儘管歐洲仍然是重要的成長動力，但美國市場提供了更大的長期機遇，預計未來幾年將達到歐洲市場的6倍。隨著 PureOne 在我們的家庭暴力解決方案中的推出，我們相信 SuperCom 已做好準備，釋放這個尚未開發的市場的巨大潛力。儘管 SuperCom 已經在美國多個州開展業務，但我們仍積極致力於進一步擴大我們在美國的業務。我們的美國子公司 LCA 繼續在加州贏得新舊客戶。今年 6 月，LCA 獲得北加州一份為期五年、價值高達 250 萬美元的再入服務合約。該計畫以 LCA 在社區重返和康復方面的長期業績為基礎，進一步鞏固了我們在該地區的地位。

Beyond California, our broader US expansion strategy has gained significant traction. Since mid-2024, we've secured over 30 new electronic monitoring contracts, entered 11 new states and established 9 strategic partnerships with regional partner providers to accelerate market access. In the second quarter, we expanded into Tennessee, Virginia and Nebraska and were selected as the only new EM provider for a statewide procurement vehicle in North Carolina, enabling streamlined access to counties across the state. We also signed a new agreement with a Southeastern service provider to introduce our EM technology in Florida and Mississippi adding two additional growth markets for our platform.

除了加州以外，我們更廣泛的美國擴張策略也獲得了顯著的進展。自 2024 年中期以來，我們已獲得 30 多個新的電子監控合同，進入 11 個新州，並與 9 個區域合作夥伴供應商建立了戰略合作夥伴關係，以加快市場准入。在第二季度，我們擴展到田納西州、維吉尼亞州和內布拉斯加州，並被選為北卡羅來納州全州採購工具的唯一新 EM 供應商，從而能夠簡化對全州各縣的訪問。我們還與東南部的一家服務提供者簽署了一項新協議，在佛羅裡達州和密西西比州推出我們的 EM 技術，為我們的平台增加兩個額外的成長市場。

These milestones add to our previously announced expansions in Utah, Kentucky, Alabama, South Dakota, Arizona, Ohio and others. We are already actively expanding into Wisconsin, Minnesota and Michigan through our Midwest focus agreement and launched a GPS modernization initiative in Canada with a long-standing provider. These wins demonstrate our growing ability to displace legacy offenders and deliver recurring revenue from both urban and rural jurisdictions. Our technology leadership, particularly the capabilities of our PureSecurity suite combined with a proactive go-to-market approach continues to differentiate SuperCom in competitive bids. Our expanded sales organization has driven a sharp increase in demos, pilot programs and qualified opportunities, resulting in the growing US pipeline of recurring revenue opportunities.

這些里程碑進一步鞏固了我們先前宣布的在猶他州、肯塔基州、阿拉巴馬州、南達科他州、亞利桑那州、俄亥俄州等地的擴張計劃。我們已經透過中西部重點協議積極向威斯康辛州、明尼蘇達州和密西根州擴張，並與一家長期供應商在加拿大啟動了 GPS 現代化計劃。這些勝利表明，我們在驅逐遺留罪犯和從城市和農村管轄區獲得經常性收入方面的能力日益增強。我們的技術領先地位，特別是我們的 PureSecurity 套件的功能與積極主動的行銷方法相結合，繼續使 SuperCom 在競爭中脫穎而出。我們擴大的銷售組織推動了演示、試點計畫和合格機會的急劇增加，從而導緻美國經常性收入機會管道不斷增長。

With sustained demand and good execution, we believe we are well positioned to further scale our US footprint throughout 2025 and beyond. A core operational advantage in the US is our cloud-based centralized system, including inventory management and 24/7 support, allowing us to efficiently support nationwide deployments.

憑藉持續的需求和良好的執行力，我們相信我們有能力在 2025 年及以後進一步擴大我們在美國的業務。我們在美國的一個核心營運優勢是我們基於雲端的集中式系統，包括庫存管理和全天候支持，使我們能夠有效地支援全國範圍內的部署。

This structure significantly improves operational efficiency and lowers costs compared to Europe where projects typically require country-specific servers, local language adaptations and centralized support. As a result, we're able to launch programs in the US more quickly and cost effectively, whether at small scale or statewide, enabling greater flexibility, faster time to revenue and higher margin potential. But despite macroeconomic uncertainties and ongoing global challenges, including those in Israel, SuperCom's solutions are becoming increasingly relevant. We continue to see growth driven by high recidivism rates escalating cost of incarceration and the surge in the adoption of victim protection solutions worldwide.

與歐洲相比，這種結構顯著提高了營運效率並降低了成本，在歐洲，專案通常需要特定國家的伺服器、當地語言適應和集中支援。因此，我們能夠在美國更快、更經濟地啟動項目，無論是小規模還是全州範圍，從而實現更大的靈活性、更快的收入時間和更高的利潤潛力。儘管宏觀經濟存在不確定性，全球挑戰持續存在（包括以色列面臨的挑戰），SuperCom 的解決方案仍變得越來越重要。我們繼續看到，高再犯罪率、不斷上升的監禁成本以及全球範圍內受害者保護解決方案採用率的激增推動了這一增長。

The company's PureSecurity technology solutions have been designed to address these trends offering an effective way for institutions to enforce home confinement, ease prison overcrowding and lower costs significantly. For example, monitoring an offender on home confinement or GPS cost about $10 to $35 a day, which is 90% less than the $100 to $140 daily costs at a corrections facility. Moreover, home confinement helps to reduce repeat offenses, highlighting its effectiveness in helping offenders improve their lives and communities. In parallel, we continue to evaluate strategic acquisition opportunities in the US market.

該公司的 PureSecurity 技術解決方案旨在應對這些趨勢，為機構實施家庭監禁、緩解監獄過度擁擠並大幅降低成本提供有效方法。例如，監控一名在家中監禁的罪犯或使用 GPS 監控一名罪犯每天的費用約為 10 至 35 美元，比在懲教所每天 100 至 140 美元的費用低 90%。此外，居家監禁有助於減少重複犯罪，凸顯了其在幫助罪犯改善生活和社區方面的有效性。同時，我們繼續評估美國市場的策略性收購機會。

Acquiring an established local service providers can expand our footprint, unleash synergies and enhance vertical integration. A proven example is our 2016 acquisition of LCA, which has since generated over $35 million in project wins in California alone. And in regards to artificial intelligence, we gave a glimpse in the recent past that we started integrating AI into our technology and solutions. And we'll have more news about this in the near future. Meanwhile, AI is already being leveraged significantly also in our ongoing operations, research and development and other processes.

收購一家成熟的本地服務提供者可以擴大我們的業務範圍、發揮協同效應並增強垂直整合。一個有力的例子就是我們在 2016 年收購了 LCA，自此之後僅在加州就贏得了超過 3500 萬美元的項目。關於人工智慧，我們最近開始將人工智慧融入我們的技術和解決方案中。我們將在不久的將來發布更多有關此事的新聞。同時，人工智慧在我們正在進行的營運、研發和其他流程中也得到了顯著利用。

Before diving into the quarterly results, it's worth noting that we achieved record profitability for the first half of 2025 with net income rising nearly 80% year-over-year to $5.3 million. Our operating margin also more than doubled to 16.2% during the period, reflecting the strength of our operating model and ongoing transition into higher-margin contracts and revenue mix.

在深入了解季度業績之前，值得注意的是，我們在 2025 年上半年實現了創紀錄的盈利，淨收入同比增長近 80%，達到 530 萬美元。在此期間，我們的營業利潤率也成長了一倍多，達到 16.2%，這反映了我們營運模式的強勁以及向更高利潤率合約和收入組合的持續轉型。

I'll now turn to the financials considering this quarter, Q2 2025 in comparison to the same period last year, Q2 2024. Revenue for the quarter was $7.14 million compared to $7.5 million in Q2 of 2024. While revenue was modestly lower, our continued shift towards higher-margin contracts and revenue mix drove meaningful improvements in profitability.

現在我將討論本季（2025 年第二季）與去年同期（2024 年第二季）的財務狀況。本季營收為 714 萬美元，而 2024 年第二季為 750 萬美元。雖然收入略有下降，但我們繼續轉向利潤率更高的合約和收入組合，推動獲利能力顯著提升。

Gross profit increased by 12.7%, for example, to $4.2 million, up from $3.7 million and gross margin expanded by 9.5 percentage points reaching 59.1% compared to 49.6% last year. This improvement reflects a strong contribution of high-value technology-led projects and higher mix of revenue with higher margins. Operating income rose sharply by 187% to $1.1 million compared to $0.4 million with operating margin nearly tripled to 15.1% from 5.3% in the previous year period. This significant improvement in operating margin reflects not only our shift to higher-margin projects, but also the results of management's continued efforts to streamline operations and drive greater efficiencies across the business and different projects. Net income for the quarter was $1.1 million compared to $2.2 million in the same quarter last year, which included approximately $1.8 million in nonrecurring financial income that did not repeat in the same fashion.

例如，毛利從 370 萬美元成長 12.7% 至 420 萬美元，毛利率從去年的 49.6% 擴大 9.5 個百分點至 59.1%。這項改善反映了高價值技術主導專案的強勁貢獻以及更高的收入組合和更高的利潤率。營業收入從去年同期的 40 萬美元大幅成長 187%，達到 110 萬美元，營業利潤率從去年同期的 5.3% 成長近兩倍，達到 15.1%。營業利潤率的顯著提高不僅反映了我們向利潤率更高的專案的轉變，也是管理層不斷努力簡化營運、提高整個業務和不同專案的效率的結果。本季淨收入為 110 萬美元，而去年同期為 220 萬美元，其中包括約 180 萬美元的非經常性財務收入，且非經常性財務收入沒有以同樣的方式重複出現。

Non-GAAP net income was $2.2 million compared to $3.3 million and non-GAAP EPS was $0.49 compared to $1.81 in the prior year period also which entails $1.8 million of financial gains, which did not recur in this quarter. EBITDA increased by 56%, reaching $2.5 million this quarter, up from $1.6 million in Q2 of last year marking our 12th consecutive quarter of positive EBITDA and further demonstrating the resilience of our operating model. From a balance sheet perspective, we ended the quarter with a strong position. Cash and cash equivalents totaled $15 million, up from $5.7 million at the end of Q2 2024, reflecting improved cash generation and financing ability. Working capital improved to $40.8 million and book value of equity rose to $37.3 million, each up significantly from $26.1 million and $13.8 million, respectively, at the end of Q2 2024.

非公認會計準則淨收入為 220 萬美元，而去年同期為 330 萬美元；非公認會計準則每股收益為 0.49 美元，而去年同期為 1.81 美元，這意味著 180 萬美元的財務收益，但本季並未再次出現。EBITDA 成長了 56%，本季達到 250 萬美元，高於去年第二季的 160 萬美元，這標誌著我們連續第 12 季實現正 EBITDA，進一步證明了我們營運模式的彈性。從資產負債表的角度來看，我們以強勁的地位結束了本季。現金和現金等價物總額為 1,500 萬美元，高於 2024 年第二季末的 570 萬美元，反映出現金產生和融資能力的提高。截至 2024 年第二季末，營運資本增至 4,080 萬美元，股權帳面價值增至 3,730 萬美元，較之 2024 年第二季末的 2,610 萬美元及 1,380 萬美元均大幅成長。

These improvements in our balance sheet were driven by a combination of disciplined cash management, capital raises and proactive debt structuring along with an improved operational capabilities that we've been showing. Results reflect our continued progress into enhanced profitability, expanding margins and building a foundation for long-term sustainable expansion. In closing, I want to thank our global team for their continued commitment and execution. We've entered 2025 with strong momentum, delivering record financial results, accelerating expansion in key markets and further validating the effectiveness of our solutions. As governments seek smarter, more humane and cost-effective alternatives to incarceration, SuperCom is uniquely positioned to lead.

我們的資產負債表的改善是由嚴格的現金管理、資本籌集和積極的債務結構以及我們所展示的改進的營運能力共同推動的。業績反映了我們在提高獲利能力、擴大利潤率和為長期可持續擴張奠定基礎方面取得的持續進展。最後，我要感謝我們全球團隊的持續承諾和執行。我們以強勁的勢頭邁入2025年，取得了創紀錄的財務業績，加速了主要市場的擴張，並進一步驗證了我們解決方案的有效性。當政府尋求更聰明、更人道、更具成本效益的監禁替代方案時，SuperCom 具有獨特的領導地位。

Our proven technology, growing contract base and scalable infrastructure provide us with a strong foundation to continue our growth across the US, Europe, and beyond. We encourage stakeholders to track key indicators in our business, such as our win rate and competitive tenders, expansion into new geographies and new projects from existing customers. Another important thing to remember is the project mix. This quarter, gross margin reached 59.1%, reflecting the increased contribution of higher-margin revenues, while not yet our steady state, it offers a glimpse into our long-term profitability potential, where projects tend to achieve higher margins over time as they mature and grow and economies of scale together with operating leverage are utilized.

我們成熟的技術、不斷增長的合約基礎和可擴展的基礎設施為我們在美國、歐洲及其他地區的持續發展提供了堅實的基礎。我們鼓勵利害關係人追蹤我們業務中的關鍵指標，例如我們的中標率和競爭性投標、向新地區的擴張以及來自現有客戶的新項目。要記住的另一件重要的事情是專案組合。本季度，毛利率達到 59.1%，反映出高利潤收入的貢獻增加，雖然尚未達到穩定狀態，但它讓我們得以一窺我們的長期盈利潛力，隨著項目的成熟和發展以及規模經濟和經營槓桿的利用，項目往往會隨著時間的推移實現更高的利潤率。

We remain focused on advancing public safety, creating long-term value, and building on the consistent progress we've achieved in recent years. And with that, I'll turn the call over to the operator to open for questions. Operator?

我們將繼續致力於提高公共安全、創造長期價值以及鞏固近年來所取得的持續進步。說完這些，我將把電話轉給接線生來回答問題。操作員？

(Operator Instructions)

（操作員指示）

Matthew Galinko, Maxim Group.

馬修‧加林科 (Matthew Galinko)，馬克西姆集團 (Maxim Group)。

Congratulations on the strong results in the quarter and half. Can we start with where the opportunity is for expansion with the contract in Israel? Is there just kind of a layering in of your devices on the existing system? Or do you need sort of expansion in the use of monitoring in the country to kind of expand within that contract?

恭喜本季和上半年的出色業績。我們可以從以色列合約擴張的機會開始嗎？您的設備是否只是在現有系統上進行分層？或者您是否需要在該國範圍內擴大監控的使用範圍，以便在合約範圍內擴展？

It's a great question. On our last quarterly results, we announced, I think, roughly 1,200 units that were delivered and now we surpassed 1,500. It's already growing in the amount of units. And before us, there's another company, another Israeli company, and they have been providing the solution for over 20 years. So we're new, and we've brought the technological advances that we've deployed all around the world in many different projects, and now we brought them here to the program in Israel.

這是一個很好的問題。在我們上一季的業績中，我們宣布已交付約 1,200 台，現在已超過 1,500 台。它的單位數量已經在增加。在我們之前，還有另一家公司，另一家以色列公司，他們已經提供解決方案超過 20 年了。我們是新公司，我們將在世界各地許多不同專案中部署的技術進步帶到了以色列的專案中。

And the project is such that encompasses all EM programs in Israel. So the company, in general, we have GPS tracking, which allows someone to also leave their house, go to work and other things while they're being tracked. We have a house arrest, there's alcohol monitoring, there's domestic violence, which we've been taking a strong lead globally on. And in Israel, whatever programs they decide to deploy, it would utilize our technology. So there's growth within existing programs that they had for a long time, which is mainly house arrest.

該項目涵蓋了以色列所有的 EM 項目。因此，一般來說，我們公司都有 GPS 追蹤功能，這使得人們在離開家、去上班或做其他事情時也會被追蹤。我們有軟禁、有酒精監控、有家庭暴力，在這些方面我們在全球範圍內一直處於領先地位。在以色列，無論他們決定部署什麼項目，都會利用我們的技術。因此，他們長期實施的現有計畫（主要是軟禁）有所增長。

And they are delving in and trying and looking to add additional ones, and we'll be there to support them in that expansion, as we've done with many countries around the world. I remind you that in Romania and Croatia, for example, they've never done electronic monitoring before and we're able to deploy massive programs there very effectively. And so it's going to be potentially easier with a government office that has done this for a long time, just maybe not with all the different solution capabilities are out there. And now we look forward to deploy and help as much as possible with public safety using the PureSecurity suite together with our partner, Electra Security in Israel.

他們正在深入研究並嘗試尋找增加額外的內容，我們將在擴展過程中為他們提供支持，就像我們為世界上許多國家所做的那樣。我提醒你，例如在羅馬尼亞和克羅埃西亞，他們以前從未進行過電子監控，而我們能夠非常有效地在那裡部署大規模計劃。因此，如果政府部門已經長期這樣做，那麼這件事可能會變得更容易，只是可能沒有那麼多不同的解決方案。現在，我們期待與我們的合作夥伴以色列的 Electra Security 一起利用 PureSecurity 套件部署並盡可能地幫助公共安全。

Got it. And as you think about the opportunities you have in Europe versus kind of the more fragmented US market that I know you're investing in. Looking out over the next four to six quarters, is the balance more in the US? Or is there -- are there national programs that you're competing for in Europe that could also land?

知道了。當您考慮您在歐洲擁有的機會與我所知的您所投資的更分散的美國市場相比。展望未來四到六個季度，美國的平衡點是否會更大？或者—您正在競爭的歐洲國家計畫是否也能成功？

Just curious kind of where we should think about growth coming from in the next few quarters?

只是好奇我們應該考慮未來幾季的成長來自哪裡？

It's a great question. So in Europe, we started several years ago in Europe. And we started with Latvia and Lithuania, which are small projects, and we grew into more and more projects. And lately, we had Latvia police, which is additional projects in Latvia; and Sweden, we had the second and third project. And so we are so active in Europe.

這是一個很好的問題。因此，我們幾年前就在歐洲開始了。我們從拉脫維亞和立陶宛的小型計畫開始，然後逐漸發展出越來越多的計畫。最近，我們又與拉脫維亞警察部門合作，這是在拉脫維亞的附加項目；而與瑞典合作，我們有了第二和第三個項目。因此我們在歐洲非常活躍。

And we've just been bidding over the recent months, and we continue to bid on projects in Europe. Some are smaller scale add-ons to existing deployments, some are brand-new projects and some are very large projects, larger also than the ones that we've won till date. So there's a variety of opportunities in Europe, and we still plan to be active in the European market. Just that if you look at the US market, we've also put a lot of focus on to it because it's expected to reach 6 times the size of Europe.

我們最近幾個月一直在競標，並且我們繼續競標歐洲的項目。有些是現有部署的小規模附加元件，有些是全新的項目，有些是非常大的項目，甚至比我們迄今為止贏得的項目還要大。因此，歐洲有各種各樣的機會，我們仍然計劃活躍於歐洲市場。如果你看看美國市場，我們也會給予它很大的關注，因為它的規模預計將達到歐洲的 6 倍。

The economics are higher, you don't need a local partner to help you with language and deployment, everything is done centralized with the cloud, and it's all in English. And with our 24/7 monitoring and inventory management services and other support services, we're able to deploy units all across the US with higher margins and the US market is fragmented, as you mentioned, which is true. So it takes a little bit more work on the sales process.

經濟效益更高，您不需要當地合作夥伴來幫助您處理語言和部署，一切都透過雲端集中完成，並且全部使用英語。透過我們提供的全天候監控和庫存管理服務以及其他支援服務，我們能夠在美國各地部署單位並獲得更高的利潤，正如您所說，美國市場是分散的，這是事實。因此，銷售流程上還需要做更多的工作。

More meetings, more demos, but it allows you also to grow faster. You don't have to wait for an RFP that comes out in two, three years for the entire national project that we see in Europe. You can pick off counties one by one and small resellers that you work with? And as you've seen in the last year alone, we've signed over 30 contracts just in the US for electronic monitoring.

更多的會議，更多的演示，但它也能讓你成長得更快。您不必像我們在歐洲看到的那樣，等待兩三年後發布的整個國家項目的 RFP。您可以逐一挑選縣府和與您合作的小型經銷商嗎？正如您所看到的，僅在去年，我們在美國就簽署了 30 多份電子監控合約。

So the expansion potential is great there along with high-margin potential, higher than what we saw in Europe and higher than what we've seen yet today in the company. But over time, as we expand and we add more and more revenues in the US, not only are they almost entirely recurring in nature because the US market is -- almost all the contracts are per unit per day, whereas in Europe, you have some that are per unit per day and some that include purchase and maintenance. So not only is it more recurring in nature, which helps us with predictability and management. They're also a higher margin and also allow a potential faster growth.

因此，那裡的擴張潛力巨大，利潤潛力也很高，高於我們在歐洲看到的水平，也高於我們目前在該公司看到的水平。但隨著時間的推移，隨著我們在美國的業務擴張和收入的增加，這些收入不僅幾乎完全是經常性的，因為美國市場幾乎所有的合約都是按單位每天計算的，而在歐洲，有些合約是按單位每天計算的，有些合約包括購買和維護。因此，它不僅在本質上更具重複性，而且還有助於我們進行預測和管理。它們的利潤率也更高，並且有可能實現更快的成長。

So we're excited about both the European market and the US. And there's still opportunities also outside Europe and the US. There's opportunities in many places around the world. We don't talk about them as much because they are more one-off here, one-off there, we look at them. And we've also won outside the US.

因此，我們對歐洲市場和美國市場都感到興奮。歐洲和美國以外也仍有機會。世界各地有很多地方都有機會。我們不太談論它們，因為它們在這裡、在那裡都是一次性的，我們只是看著它們。我們在美國以外也取得了勝利。

and Europe until now, and there's more opportunities also around the world in APAC and in other locations in EMEA and also in South America. So the market is large, and we see that almost in every region of the world once they start using electronic monitoring, they grow the program. In California 10, 15 years ago, you would have seen a fraction of what they have in the program today in California State, same in Florida and the same goes for other countries around the world. Once they see the cost savings, the effectiveness, the efficiency of such alternatives to incarceration, they usually grow their programs.

和歐洲，目前為止，在亞太地區、歐洲、中東和非洲地區以及南美的其他地區也有更多的機會。因此市場很大，我們發現幾乎世界上每個地區一旦開始使用電子監控，就會擴大該計畫。10 到 15 年前在加州，你看到的只是今天加州州立大學計畫的一部分，佛羅裡達州也是如此，世界其他國家也是如此。一旦他們看到這些監禁替代方案的成本節約、有效性和效率，他們通常就會擴大他們的計畫。

Got it. And final question for me before I jump back in the queue. You touched on the possibility of acquiring local service providers like you did with LCA, your balance sheet cash position is stronger than it's been in quite a few years. So I'm curious how close you're looking at M&A as potential for accelerating US growth and kind of how you compare that to adding more salespeople in the US to grow organically.

知道了。在我重新排隊之前，我還有最後一個問題。您提到了收購本地服務提供者的可能性，就像您收購 LCA 一樣，您的資產負債表現金狀況比過去幾年都要強勁。所以我很好奇，您如何看待併購作為加速美國經濟成長的潛力，以及如何將其與在美國增加更多銷售人員以實現有機成長進行比較。

Great question again. Thank you for that. We talked about acquisitions for a while because we did do it back in 2016, that helped us enter in the market because there's very high barriers to entry. And for a long time, we've been focused in the European market and developing our technology. And now that we started entering into the US, where we've been aware of these value-added resellers for a long time to help aggregate the counties and they're very efficient and needed for the US market.

又是一個好問題。謝謝你。我們討論了一段時間的收購，因為我們在 2016 年確實做過這件事，這幫助我們進入了市場，因為進入門檻很高。長期以來，我們一直專注於歐洲市場並開發我們的技術。現在我們開始進入美國市場，我們很早就意識到這些加值經銷商有助於聚合各個縣，它們非常高效，是美國市場所需要的。

But our technology wasn't exactly there yet and also the balance sheet was in the same position now as that the technology is shown to be an amazing fit for the US market. We continue to expand it with our sales people, a very small team. We've been able to grow secure over 30 different contracts. It becomes even more of an opportunity, the path of acquisition of value-added resellers in the US market.

但我們的技術還沒有完全達到那種程度，而且現在的資產負債表也處於同樣的情況，因為事實證明這項技術非常適合美國市場。我們與我們的銷售人員（一個非常小的團隊）一起繼續擴大它。我們已經能夠確保超過 30 份不同的合約的安全。這更成為一個機會，即在美國市場收購加值經銷商的途徑。

Because these resellers have the contracts and they're purchasing the technology from other vendors, there's top line synergies, there are cost synergies. There's opportunities to expand into more geographies faster and there's opportunities to get more of our technology into more markets faster. So there's a really nice opportunity there that we expect to capitalize on in the coming years. And we think now more than ever before, the opportunity and the value from doing that is there and it's effective.

由於這些經銷商擁有合同，並且他們從其他供應商購買技術，因此存在頂線協同效應和成本協同效應。我們有機會更快地擴展到更多地區，也有機會更快地將我們的更多技術推向更多市場。因此，這是一個非常好的機會，我們希望在未來幾年內能夠充分利用它。我們現在比以往任何時候都更認為，這樣做的機會和價值是存在的，而且是有效的。

So we'll have more news on that, but we're in good relations with a lot of these resellers. As we said, we signed the nine of them just for operations and deployment, but we also talked to them about the alternative of acquisition. And so there's an interesting growth channel there as well.

因此我們將會有更多有關這方面的新聞，但我們與許多經銷商保持著良好的關係。正如我們所說，我們與這九家公司簽署協議只是為了營運和部署，但我們也與他們討論了收購的替代方案。因此，那裡也有一個有趣的成長管道。

(Operator Instructions)

（操作員指示）

Greg Mesniaeff, Kingswood Capital.

格雷格·梅斯尼亞夫（Greg Mesniaeff），Kingswood Capital。

Ordan, can you hear me?

奧爾丹，你聽得到我說話嗎？

Yes.

是的。

Good. Question on the quarter. Your strong earnings were really clearly a function of margin expansion, more than revenue growth. Can you give us a little bit of color regarding what the opportunities are for even higher margin expansion? You mentioned that briefly in your opening remarks.

好的。關於本季的問題。您的強勁獲利顯然是利潤率擴張的結果，而不是收入成長的結果。您能否向我們稍微介紹一下進一步提高利潤率的機會有哪些？您在開場白中簡要地提到了這一點。

But also is the very strong margin expansion, a function of geographic mix? Or is it a function of first-time sales versus follow-on sales? And how do you see that playing out in the next couple of quarters in terms of your revenue growth as well?

但利潤率的大幅擴張是否也是地理分佈的結果？還是它是首次銷售與後續銷售的功能？您認為未來幾季的營收成長會如何？

Okay. So multifaceted question. Let me first talk about generally what we've been doing in Europe, we've been deploying projects in different regions and everyone teaming up with local partners. As you do this -- after we do this more and more for many years, we start to consolidate the various services. And that, of course, helps us with margins.

好的。這是一個多方面的問題。首先，我來大致談談我們在歐洲所做的事情，我們在不同的地區部署項目，並且每個人都與當地的合作夥伴合作。當你這樣做時——在我們多年來越來越多地這樣做之後，我們開始整合各種服務。這當然有助於我們提高利潤。

We're always looking in our operations to improve profitability and margins with things that we do over and over and over again, like deploying more projects in Europe. In the US market from the nature of it because it's in English and it's on the cloud and we've got one 24/7 Center, it already has inherent optimization of margins that is certainly going to be helpful. And so we are optimizing where we can. But at the same time, and this is what I noted also in the script in the opening remarks, we're deploying many projects around the world at the same time.

我們始終在營運中尋求提高獲利能力和利潤率的方法，例如在歐洲部署更多項目。在美國市場，由於它是英文的，而且是在雲端，而且我們有一個全天候中心，它已經具有固有的利潤優化，這肯定會有所幫助。因此我們正在盡我們所能進行優化。但同時，正如我在開場白中提到的那樣，我們正在全球同時部署許多專案。

We talked about 30 contracts in the US. We talked about some existing customers in Europe and new add-ons. They all have their own time line and they are at different stages. So some early on have lower margins and then reach higher margins. Some early on have higher margins and reach stable margins, which are potentially lower.

我們在美國談了30份合約。我們談論了歐洲的一些現有客戶和新的附加產品。它們都有自己的時間線，並且處於不同的階段。因此，有些公司的早期利潤率較低，但後來利潤率逐漸增加。有些公司早期的利潤率較高，達到穩定利潤率後，利潤率可能會較低。

It depends on the structure of the program and whether it's a lease or a purchase of the monitoring and also what they're looking to do and the partnership. So while I would love to give a general answer to exactly how it's happened, how it's going, it's actually we're reporting the mix, but behind the curtain, there's many different things that are moving around every quarter. And so it's hard to predict exactly how that's going to fall into place. We are seeing general improvements across the board and operating leverage and economies of scale, and we'll continue to see that. And very long term, if you want to start with that, long term, we think that as more and more of the revenues come from the US, and more and more units deployed in existing contracts and more operational efficiencies, economies of scale and operating leverage.

這取決於專案的結構以及監控是租賃還是購買，以及他們想要做什麼和建立什麼樣的合作關係。因此，雖然我很想對事情究竟是如何發生的、進展如何給出一個籠統的答案，但實際上我們正在報道各種情況，但在幕後，每個季度都有許多不同的事情在發生。因此很難準確預測這一切將如何實現。我們看到各方面的普遍改善、經營槓桿和規模經濟都在提高，我們將繼續看到這種情況。從長遠來看，如果你想從長遠來看，我們認為，隨著越來越多的收入來自美國，越來越多的單位部署在現有合約中，營運效率、規模經濟和營運槓桿也會提高。

Margins can expand even more than where they are today, and that's long term over the years. But currently, we're still in a transition state where we're going from lower margins and now we're starting to bring in some higher-margin projects, some optimizations. And then the way things fall in the quarter, sometimes you'll see things that are a quarter of 60%. As you see now, and as you saw in the previous quarter, it was 63%. So it doesn't mean that every quarter is like that yet, there's still volatility in the quarters.

利潤率甚至可能比現在擴大，而且這種趨勢將持續多年。但目前，我們仍處於過渡狀態，我們從較低的利潤率開始，現在我們開始引入一些利潤率較高的項目，進行一些優化。然後看看本季的情況，有時你會看到四分之一的情況是 60%。正如您現在所看到的，以及您在上一季所看到的，這一比例為 63%。所以這並不意味著每個季度都是這樣，每個季度仍然會有波動。

But it's important to focus on the general trend and the general trend is definitely positive for what we're doing to improve our operations. But as -- when top line is higher and you have operating leverage more and economies of scales and more deployments than long term we expect to see good direction there.

但重要的是關注整體趨勢，而整體趨勢對於我們改善營運的措施肯定是積極的。但是，當營業收入更高、經營槓桿更大、規模經濟和部署比長期更多時，我們預計會看到良好的方向。

Okay. And just a very quick follow-up, Ordan. Would you say that your visibility on margin expansion is a little better than your visibility on revenue growth? Or is it the other way around? Or any comments there?

好的。接下來是一個簡單的後續問題，奧爾丹。您是否認為，利潤率擴張的可見度比收入成長的可見性好一些？還是恰恰相反？或有任何評論嗎？

That's a great question. With the projects on some of the previous questions, we bid on many projects also in Europe besides the ones in the US and even the ones that we started in the US. They each are growing at different rates. We talked about Israel, that there's growth of the project, there's potential for more.

這是一個很好的問題。除了前面提到的一些項目之外，我們還競標了歐洲的許多項目，甚至包括我們在美國啟動的項目。它們各自以不同的速度成長。我們談到了以色列，該項目正在發展，還有更大的潛力。

It's still hard to know where the growth will come from and at what pace? And similarly for margins, the margins, it's a different challenge. We know that the margins in general, how to improve them. But per project, we can't know which stage of the project is going to happen and in which quarter. So it's on the back behind the curtain, it's a mix of a lot of different things happening together.

目前仍很難知道成長將從何而來、以何種速度成長？同樣，對於利潤來說，這是一個不同的挑戰。我們知道整體的利潤率，知道如何提高利潤率。但對於每個項目，我們無法知道項目的哪個階段將在哪個季度進行。所以，它是在幕後，是許多不同的事情一起發生的混合。

It's still hard for us to predict. Over time, certainly, we expect to have more customers, more diversity in customers and we'll have much better visibility on also revenues and margins. But that, of course, is together with us expanding into more and more locations and having a bigger, more diversified customer base across the world.

我們仍然很難預測。隨著時間的推移，我們當然期望擁有更多的客戶、更多樣化的客戶，並且我們在收入和利潤方面也將有更好的可視性。但這當然是伴隨著我們向越來越多的地區擴張，並在全球範圍內擁有更大、更多樣化的客戶群。

At this time, I will pass the call back to Ordan for closing remarks.

現在，我將把電話轉回給奧爾丹，請他作最後發言。

Operator, before you pass it back to me, can you please do another round to see if there's more questions.

接線員，在您將其轉回給我之前，能否請您再檢查一遍以查看是否還有其他問題。

Certainly.

當然。

And if there's nothing else, then we'll wrap up.

如果沒有其他事情，我們就結束。

(Operator Instructions) And at this time, I'll pass the call back to Ordan for closing remarks.

（接線生指示）現在，我將把電話轉回給奧爾丹，請他作結束語。

Okay. Thanks. And I want to thank all of you for participating in today's call and for your questions and for your interest in SuperCom. Please contact us directly if you have any additional questions, and we look forward to sharing our progress with you on our next conference call, filings, and press releases. Thanks to you once again, and have a great day.

好的。謝謝。我要感謝大家參加今天的電話會議、提出的問題以及對 SuperCom 的關注。如果您有任何其他問題，請直接聯絡我們，我們期待在下次電話會議、文件和新聞稿中與您分享我們的進展。再次感謝您，祝您有美好的一天。