Surgepays Inc (SURG) 2025 Q3 法說會逐字稿

Greetings. Welcome to the SurgePays third quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Valter Pinto, Investor Relations at SurgePays. You may begin.

問候。歡迎參加 SurgePays 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人，SurgePays 投資者關係部的 Valter Pinto。你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to the SurgePays 2025 third quarter financial results conference call. Today's date is November 12, 2025. And on the call today from the company are Brian Cox, President and CEO; and Tony Evers, Chief Financial Officer.

謝謝接線員，大家下午好。歡迎參加 SurgePays 2025 年第三季財務業績電話會議。今天是2025年11月12日。今天出席電話會議的公司代表有總裁兼執行長布萊恩·考克斯和財務長托尼·埃弗斯。

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

在開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》定義的。這些聲明存在一定的風險和不確定性，可能導致實際結果與前瞻性聲明中表達的結果有重大差異。

For a discussion of such risks and uncertainties, please see SurgePays' most recent filings with the SEC. All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statements to reflect the events that occur after this call.

有關此類風險和不確定性的討論，請參閱 SurgePays 向美國證券交易委員會提交的最新文件。今天所作的所有前瞻性陳述僅反映我們目前的預期，我們不承擔任何義務更新任何陳述以反映本次電話會議之後發生的事件。

Copies of today's press release are accessible on SurgePays' Investor Relations website, ir.surgepays.com. In addition, SurgePays' Form 10-Q for the quarter ended September 30, 2025, will also be available on SurgePays' Investor Relations website. And now I'd like to turn the call over to President and CEO, Brian Cox.

今天的新聞稿可在SurgePays的投資者關係網站ir.surgepays.com上查閱。此外，SurgePays截至2025年9月30日的季度10-Q表格也將在SurgePays的投資者關係網站上提供。現在我想把電話交給總裁兼執行長布萊恩考克斯。

Good afternoon, and thank you for joining us. As I mentioned last quarter, today is less about the past and more about what's happening now and what's ahead. The third quarter was that inflection point. During the quarter, we began to see execution across our multichannel growth platform, which yielded strong growth year over year and sequentially.

下午好，感謝各位的參與。正如我上個季度提到的，今天我們更專注於現在正在發生的事情和未來，而不是過去。第三季是那個轉捩點。本季度，我們開始看到多通路成長平台的執行情況，實現了年比和季比的強勁成長。

Each of our revenue channels are synergistic, not isolated initiatives that together strengthen with every subscriber, transaction and retailer added to our ecosystem.

我們的每個收入管道都是協同增效的，而不是孤立的舉措，隨著我們生態系統中新增的每一個訂閱用戶、每一筆交易和每家零售商，這些管道都會共同加強。

It consists of Torch Wireless, which is subsidized under the Lifeline program, LinkUp Mobile, our prepaid offering, HERO MVNE or wholesale offering, prepaid top-up and our ClearLine SaaS point of sale. We believe our strength lies in our ability to combine cutting-edge technology with a nationwide retail distribution network, bringing telecom and fintech products directly to underserved communities where people live and shop.

它包括 Torch Wireless（由 Lifeline 計劃補貼）、LinkUp Mobile（我們的預付費產品）、HERO MVNE 或批發產品、預付費充值以及我們的 ClearLine SaaS 銷售點。我們相信，我們的優勢在於能夠將尖端技術與全國零售分銷網路結合，將電信和金融科技產品直接帶到人們生活和購物的服務不足的社區。

This powerful combination of technology and retail provides us with a sustainable competitive advantage, positioning us as a long-term leader in a large total addressable market that is very difficult to replicate. Our experienced team has been strategically investing and building since 2022, focusing on integration with AT&T, operational infrastructure, technology and talent deployment.

科技與零售的強大結合為我們提供了可持續的競爭優勢，使我們成為難以複製的大型潛在市場的長期領導者。自 2022 年以來，我們經驗豐富的團隊一直在進行策略性投資和建設，重點是與 AT&T 的整合、營運基礎設施、技術和人才部署。

Today, the platform and development of distribution, technology and new products are well established and will support high-margin revenue streams for years of sustained growth. This synergy generates recurring revenue, provides competitive advantages that are extremely difficult to replicate and lays the foundation for significant year over year growth.

如今，分銷、技術和新產品的平台和開發已經相當成熟，將為公司未來多年的持續成長提供高利潤的收入來源。這種協同效應能夠產生持續的收入，提供極難複製的競爭優勢，並為逐年顯著成長奠定基礎。

The third quarter of 2025 represents our preparation, investment and ability to execute on a go-to-market strategy once again. Third quarter 2025 revenue totaled approximately $18.7 million, an increase of 292% year over year and over 62% sequentially. Revenue growth year over year was driven by an increase from virtually zero in the third quarter of 2024 to $5.6 million in the third quarter of 2025 from our MVNO brand, Torch Wireless, under the subsidized Lifeline program.

2025 年第三季代表我們再次執行市場進入策略的準備、投資和能力。2025 年第三季營收總計約 1,870 萬美元，年增 292%，季增超過 62%。營收年增率主要得益於我們的 MVNO 品牌 Torch Wireless 在 Lifeline 補貼計畫下的營收從 2024 年第三季的幾乎為零成長到 2025 年第三季的 560 萬美元。

The Lifeline program is a government subsidized benefit program that provides essential wireless connectivity to those who qualify. Unlike temporary programs, Lifeline remains fully funded and unaffected by the current government shutdown, providing us with a stable, predictable recurring revenue base.

Lifeline計劃是一項政府補貼的福利計劃，旨在為符合條件的人提供必要的無線連接。與臨時專案不同，生命線計畫資金充足，不受當前政府停擺的影響，為我們提供了穩定、可預測的經常性收入基礎。

Today, we have over 125,000 subscribers and growing after activating in June with only 20,000 subscribers. What's even more exciting is that we're still operating well below our current capacity. Many sales channels are still being open, so we expect continued sales growth.

如今，我們的訂閱用戶已超過 125,000 人，並且還在持續成長中。而我們在 6 月上線時，只有 2 萬名訂閱用戶。更令人興奮的是，我們目前的營運能力仍然遠低於預期。許多銷售管道仍然開放，因此我們預計銷售額將繼續成長。

This positions us exceptionally well for continued growth in the months ahead. What excites our management team even more is the new avenues for acquiring customers with little or no cost, completely flipping the front-heavy ROI portion of our model. I will speak more on this exciting development later. While we believe Lifeline will certainly be the accelerator of growth in the short term, we have full confidence that our other revenue streams will scale quickly in 2026.

這為我們在未來幾個月的持續成長奠定了非常有利的地位。更令我們管理團隊興奮的是，我們找到了以極低的成本甚至零成本獲取客戶的新途徑，徹底顛覆了我們模式中前期投入成本較高的投資回報率部分。稍後我會就這項令人興奮的進展做更詳細的說明。雖然我們相信 Lifeline 肯定會在短期內加速成長，但我們完全有信心，我們的其他收入來源將在 2026 年迅速擴大規模。

Point-of-sale and prepaid services, for example, also increased significantly year over year to $13.1 million, a 177% increase. This part of our ecosystem consists of LinkUp Mobile, our affordable prepaid wireless offering and consumer products like phone-in-a-box, a grab-and-go kit for convenience stores, which includes a smartphone, SIM and 30-day service.

例如，銷售點和預付費服務也較去年同期成長顯著，達到 1,310 萬美元，增幅達 177%。我們生態系統的這一部分包括 LinkUp Mobile（我們價格實惠的預付費無線服務）和消費產品，例如手機盒（一種便利商店的即取即用套裝），其中包括智慧型手機、SIM 卡和 30 天服務。

We fully launched LinkUp Mobile in April, activating approximately 10,000 users. In July, we more than doubled that, surpassing 20,500 activations. And today, we are over 95,000 recurring active subscribers.

我們在四月全面推出了 LinkUp Mobile，啟動了約 10,000 名用戶。7 月份，我們的活化量翻了一番還多，超過了 20,500 次。如今，我們的定期活躍訂閱用戶已超過 95,000 人。

This growth is driven primarily by expanded retail distribution, targeted marketing and competitive pricing. The grind of market adoption takes longer on the prepaid side of the wireless business, but we are seeing the expected traction. These drivers are sustainable as we continue opening new doors and building customer loyalty.

這一成長主要得益於零售通路的拓展、精準行銷和具競爭力的定價。無線業務預付費部分的市場接受度提升需要更長時間，但我們正在看到預期的成長動能。隨著我們不斷開拓新領域並建立客戶忠誠度，這些驅動因素將持續發揮作用。

The heart of this model is our proprietary point-of-sale software, which not only facilitates transactions, but also drives recurring revenue from activations and replenishments right at the convenience store register. It's not just a tool, it's the backbone of our ecosystem and a true competitive advantage. Third-party prepaid wireless top-ups revenue is a key indicator of future revenue growth in our other products.

該模式的核心是我們專有的銷售點軟體，它不僅可以促進交易，還可以透過在便利商店收銀台啟動和補貨來推動經常性收入。它不僅僅是一個工具，它是我們生態系統的支柱，也是真正的競爭優勢。第三方預付費無線儲值收入是我們其他產品未來營收成長的關鍵指標。

For phone-in-a-box, we partner with distributors like HT Hackney, which has mass market reach and services over 40,000 stores. We are in advanced talks with other national convenience store distributors, each with footprints in tens of thousands of community store retail locations like HT Hackney. Our near-term goal is to ramp to 100,000 locations operating on the SurgePays platform, driven by a combination of organic growth and distribution agreements with HT Hackney and other partners.

對於盒裝手機，我們與 HT Hackney 等分銷商合作，該公司擁有廣泛的市場覆蓋面，服務超過 40,000 家門市。我們正在與其他全國性便利商店分銷商進行深入洽談，他們各自在像 HT Hackney 這樣的社區商店零售點擁有數萬家門市。我們的近期目標是讓 10 萬個地點在 SurgePays 平台上運營，這得益於有機增長以及與 HT Hackney 和其他合作夥伴的分銷協議。

On the wholesale side, our MVNE platform, HERO, is a growing revenue engine with a robust pipeline. As an MVNE, we provide billing, provisioning, SIMs and eSIMs to other wireless companies, a high-margin model with minimal incremental costs and low overhead.

在批發方面，我們的 MVNE 平台 HERO 是一個不斷成長的收入引擎，擁有強大的銷售管道。作為一家行動虛擬網路營運商 (MVNE)，我們為其他無線公司提供計費、配置、SIM 卡和 eSIM 卡服務，這是一種高利潤模式，增量成本極低，營運成本也很低。

Many MVNOs in the market today are actually sub-MVNOs. We're one of the few with direct carrier access, putting us in a rare and powerful position. To date, we've onboarded three MVNO partners. Collectively, these partners serve thousands of subscribers, and they're looking to grow quickly, providing us with a path to scale our platform and reoccurring revenue base.

目前市場上的許多虛擬行動網路營運商（MVNO）實際上是子虛擬行動網路營運商（Sub-MVNO）。我們是少數幾家擁有直接營運商管道的公司之一，這使我們處於罕見而強大的地位。截至目前，我們已經引進了三家虛擬營運商合作夥伴。這些合作夥伴加起來服務數千名訂閱用戶，他們希望快速發展，這為我們擴大平台和經常性收入基礎提供了途徑。

In August, we had a successful show at All Wireless & Prepaid Expo with the expectation of onboarding and integrating new wholesale clients over the next six months. Lastly, we have ClearLine, our SaaS marketing platform with interactive point-of-sale and customer engagement tools with offers, coupons and loyalty programs.

8 月份，我們在 All Wireless & Prepaid Expo 展會上取得了成功，預計在接下來的六個月將吸引和整合新的批發客戶。最後，我們還有 ClearLine，這是一個 SaaS 行銷平台，它具有互動式銷售點和客戶互動工具，提供優惠、優惠券和忠誠度計劃。

We recently announced a strategic partnership with Corpay, a next-generation payment technology provider to integrate with our ClearLine marketing and customer engagement platform into Corpay's cloud-native payment processing solution.

我們最近宣布與下一代支付技術提供商 Corpay 建立策略合作夥伴關係，將我們的 ClearLine 行銷和客戶互動平台整合到 Corpay 的雲端原生支付處理解決方案中。

This integration brings together two complementary technologies, point-of-sale payments and digital marketing automation, creating a first-of-its-kind capability that enables retailers to engage with customers from the moment of the transaction and beyond. By embedding ClearLine's SaaS-based marketing tools directly into Corpay's payment ecosystem, the partnership is expected to create new recurring revenue streams for both companies while offering value-added functionality to merchants and resellers.

這項整合將兩種互補的技術——銷售點支付和數位行銷自動化——結合在一起，創造了一種前所未有的功能，使零售商能夠從交易的那一刻起就與客戶互動，並在交易完成後繼續保持這種互動。透過將 ClearLine 基於 SaaS 的行銷工具直接嵌入 Corpay 的支付生態系統中，該合作關係有望為兩家公司創造新的經常性收入來源，同時為商家和經銷商提供增值功能。

Our strategy is to layer software and digital engagement tools on top of our existing POS infrastructure to create sticky recurring revenue while adding tangible value for our partners and their merchants. ClearLine is active in 17 market basket convenience store locations today. However, there are hundreds of thousands of potential retailers beyond convenience stores from tire shops, food trucks, restaurants and salons.

我們的策略是在現有的 POS 基礎設施之上疊加軟體和數位互動工具，以創造穩定的經常性收入，同時為我們的合作夥伴及其商家增加實際價值。ClearLine目前已在17家Market Basket便利商店開展業務。然而，除了便利商店之外，還有成千上萬的潛在零售商，例如輪胎店、餐車、餐廳和美容院。

SurgePays is no longer building the foundation. The foundation is built. Now it's truly all about execution, scale and growth. Our immediate goal is to achieve profitability with minimal impact on the cap table and dilution. Our strategy is executing precisely according to plan, and I am confident in our highly skilled team that is well equipped to navigate this industry.

SurgePays 已不再負責基礎建設。基礎已經打好了。現在一切都取決於執行力、規模和成長。我們眼下的目標是在對股權結構和股權稀釋影響最小的情況下實現盈利。我們的策略正在按計劃精準執行，我對我們技術精湛的團隊充滿信心，他們完全有能力駕馭這個行業。

We are well positioned to continue this strategy through the remainder of 2025, heading into 2026. We've proven we can move fast and with our diversified platform and competitive moat, we are uniquely positioned to deliver sustainable long-term shareholder value. Therefore, we remain confident in our 2026 revenue guidance of $225 million. We have built a powerful engine that blends technology, innovation and distribution. Today, we have the products, partnerships and infrastructure to enter the next phase of high growth. Thank you for your support and belief in our mission.

我們已做好充分準備，將這項策略延續到 2025 年剩餘時間，並邁入 2026 年。我們已經證明我們能夠快速行動，憑藉我們多元化的平台和競爭優勢，我們擁有獨特的優勢，能夠為股東創造可持續的長期價值。因此，我們仍然對2026年2.25億美元的營收預期充滿信心。我們打造了一個融合技術、創新和分銷的強大引擎。如今，我們擁有進入下一階段高速成長所需的產品、合作夥伴關係和基礎設施。感謝您對我們使命的支持與信任。

I'll now turn it over to Tony for a detailed review of our Q3 financials. Tony?

現在我將把工作交給托尼，讓他詳細審查我們第三季的財務狀況。托尼？

Thank you, Brian, and good afternoon, everyone. Third quarter 2025 revenue totaled $18.7 million, an increase of 292% year over year as compared to $4.8 million for the third quarter of 2024, driven by an increase in MVNO and point of sale and prepaid services revenue. Gross profit loss narrowed to $2.6 million for the third quarter of 2025, compared to a gross profit loss of $7.8 million for the third quarter of 2024.

謝謝你，布萊恩，大家下午好。2025 年第三季營收總計 1,870 萬美元，與 2024 年第三季的 480 萬美元相比，年增 292%，這主要得益於 MVNO、銷售點和預付費服務收入的成長。2025 年第三季毛利虧損收窄至 260 萬美元，而 2024 年第三季毛利虧損為 780 萬美元。

We expect the continued improvement of gross margin in the point-of-sale and prepaid services segment during 2025. Most of the cost to get ClearLine ready for launch has occurred, and we expect the gross margin to be positive by the end of 2025 for this revenue channel.

我們預計 2025 年銷售點和預付費服務領域的毛利率將持續改善。ClearLine 上市前的大部分成本已經發生，我們預計到 2025 年底，該收入管道的毛利率將為正值。

As we continue to expand both subsidized Lifeline and nonsubsidized products, LinkUp Mobile of the MVNO segment in 2025, we also anticipate gross margins in the MVNO segment will increase with an aim to return to positive results.

隨著我們不斷擴大補貼型 Lifeline 產品和非補貼型產品，LinkUp Mobile 在 2025 年的 MVNO 業務板塊中，我們也預計 MVNO 業務板塊的毛利率將有所提高，目標是恢復盈利。

SG&A expenses decreased 32.5% year over year to $4.2 million during the third quarter of 2025 as compared to $6.2 million for the third quarter of 2024. The decrease was primarily due to a reduction in contractor and consultant expense along with compensation expense. Loss from operations was $7 million in the third quarter of 2025, compared to $14.3 million in the third quarter of 2024.

2025 年第三季銷售、一般及行政費用年減 32.5%，至 420 萬美元，而 2024 年第三季為 620 萬美元。下降的主要原因是承包商和顧問費用以及補償費用的減少。2025 年第三季營運虧損為 700 萬美元，而 2024 年第三季營運虧損為 1,430 萬美元。

Our reported net loss and loss per share for the third quarter of 2025 were $7.5 million and negative $0.38 per share. Turning to the balance sheet. Our cash, cash equivalents and investment balances as of September 30, 2025, were $2.5 million, compared to $11.8 million as of December 31, 2024.

我們公佈的 2025 年第三季淨虧損和每股虧損分別為 750 萬美元和每股負 0.38 美元。接下來看一下資產負債表。截至 2025 年 9 月 30 日，我們的現金、現金等價物及投資餘額為 250 萬美元，而截至 2024 年 12 月 31 日，該餘額為 1,180 萬美元。

As Brian mentioned, we are providing revenue guidance of $225 million for 2026. At this time, I would like to turn the call back over to Brian for closing statements.

正如布萊恩所提到的，我們預計 2026 年的收入將達到 2.25 億美元。此時，我想把電話交還給布萊恩，讓他做總結陳詞。

Thanks, Tony. Before we open the call for questions, I do want to take a moment to discuss the recently announced launch of our new growth marketing and data partnerships division.

謝謝你，托尼。在正式開始提問環節之前，我想花一點時間談談我們最近宣布成立的新成長行銷和數據合作部門。

The initiative marks yet another significant step forward in our strategy to transform our expanding consumer data ecosystem into a scalable, high-margin growth engine. This engine was built by reengineering our legacy, LogicsIQ system called DigitizeIQ, which was originally developed for consumer intake and lead generation, serving mass tort law firms.

該舉措標誌著我們在將不斷擴大的消費者數據生態系統轉變為可擴展、高利潤成長引擎的策略上又向前邁出了重要一步。該引擎是透過對我們原有的 LogicsIQ 系統（名為 DigitizeIQ）進行重新設計而建構的，該系統最初是為消費者資訊收集和潛在客戶開發而開發的，服務於大規模侵權訴訟律師事務所。

Management made the decision over a year ago to close down operations as this was a completely different line of business. We wanted laser focus on our business plan. Our development team has now transformed the DigitizeIQ platform into a powerful intake engine designed explicitly for underserved subprime consumer marketing and data collection.

管理階層一年多前就決定停止經營，因為這完全屬於不同的業務領域。我們希望將全部精力集中在商業計劃上。我們的開發團隊現已將 DigitizeIQ 平台改造為一個強大的數據採集引擎，專門用於服務不足的次級消費者行銷和數據收集。

Instead of simply signing up wireless customers, we now operate a platform that connects affiliates and publishers within a unified ecosystem. This capability transforms verified consumer data into actionable marketing intelligence, creating multiple revenue opportunities from each customer relationship.

我們現在不再只是簡單地招攬無線用戶，而是經營一個將聯盟成員和發布商連接在一個統一生態系統中的平台。這項功能可以將經過驗證的消費者數據轉化為可操作的行銷情報，從而從每段客戶關係中創造多個收入機會。

While promoting government subsidized programs such as Lifeline to underserved consumers, we can simultaneously present a targeted marketplace of complementary products and services to our expanding database.

在向服務不足的消費者推廣政府補貼計畫（如 Lifeline）的同時，我們可以向我們不斷擴大的資料庫展示有針對性的配套產品和服務市場。

Our ongoing objective has been to reduce customer acquisition costs by generating incremental revenue from adjacent services. We have now reached the next phase, monetizing this data ecosystem to produce recurring high-margin revenue and deliver sustained value for shareholders.

我們一直以來的目標都是透過鄰近服務創造增量收入來降低客戶獲取成本。我們現在已經進入下一個階段，將這個數據生態系統貨幣化，以產生經常性的高利潤收入，並為股東帶來持續的價值。

In essence, we have built a platform capable of generating revenue during the customer acquisition process rather than incurring a cost to acquire each customer. This initiative is expected to generate high-margin recurring revenue through data partnerships, analytics integrations and targeted marketing programs. We believe the consumer data for this subprime market is valuable, and the market has ballooned to over 137 million people.

從本質上講，我們建立了一個能夠在客戶獲取過程中產生收入的平台，而不是像以往那樣，需要為每個客戶支付獲取成本。這項計劃預計將透過數據合作、分析整合和有針對性的行銷活動，產生高利潤的經常性收入。我們認為次級貸款市場的消費者數據很有價值，而且市場已經膨脹到超過 1.37 億人。

As SurgePays continues to scale its wireless and fintech operations, the combination of customer intelligence and marketing execution will serve as a long-term competitive advantage. To summarize, Q3 was a significant inflection point for our company. We are now in acceleration mode and the numbers already reflect it. Our activation growth, expanding distribution and scalable technology platforms give us confidence that we're on the right path to create significant shareholder value.

隨著 SurgePays 不斷擴大其無線和金融科技業務規模，客戶洞察與行銷執行的結合將成為其長期競爭優勢。總而言之，第三季是我們公司的重要轉捩點。我們現在處於加速發展階段，各項數據已經反映了這一點。我們的活化成長、不斷擴大的分銷管道和可擴展的技術平台讓我們有信心，我們正走在創造重大股東價值的正確道路上。

I would like to thank our shareholders for their continued support and the team for their tireless efforts in making this growth possible. Operator, please open the call for questions.

我要感謝股東們一直以來的支持，以及團隊為實現這一成長所付出的不懈努力。接線員，請開啟提問環節。

(Operator Instructions) Ed Woo, Ascendiant Capital.

（操作說明）Ed Woo，Ascendiant Capital。

Yeah, congratulations on all your progress that you're making. My question is on the consumer that you're targeting the underserved market that goes to a lot of these convenience stores. What are you hearing from either the convenience stores owners of what they're seeing and whether this customer base is able to be receptive to these new products that you're introducing?

是的，恭喜你所取得的所有進步。我的問題是關於你們的目標消費者群體，也就是那些經常光顧便利商店但服務不足的群體。您從便利商店店主那裡了解到的情況如何？他們是否了解這部分顧客能否接受您推出的這些新產品？

Hey, Thank you for the question. The feedback that we get is very similar to some of the, let's just call it, the tough time feedback that we've seen over the past 25 years working with convenience stores. At times when there's doubt and uncertainty, that's when people are more open to other values or other products -- or because now they're reconsidering the life of the rut in the road, they're looking for maybe different paths to make ends meet.

嘿，謝謝你的提問。我們收到的回饋與過去 25 年與便利商店合作過程中看到的一些，我們姑且稱之為「艱難時期的回饋」非常相似。當人們心存疑慮和不確定時，他們更容易接受其他價值觀或其他產品——或者因為他們現在正在重新審視一成不變的生活，所以他們正在尋找不同的謀生之道。

So we see this as a huge opportunity for us timing-wise. And we mentioned that the -- there's a research brief that just came out where the sub-prime market has ballooned from 100 million to 137 million, 138 million in the past four years. While that could be debated on the greatness for our country, for our company, it's fantastic because those are the people that we look to provide products and services for lower cost, better value and more efficiently than what other companies and our competitors may do because of our distribution model.

所以我們認為這是一個絕佳的時機。我們提到過——剛發布的一份研究簡報顯示，在過去的四年裡，次級貸款市場規模從 1 億增加到 1.37 億、1.38 億。雖然這對我們國家來說是否偉大還有待商榷，但對我們公司來說，這非常棒，因為我們的分銷模式使我們能夠以更低的成本、更高的價值和更有效率的方式為這些人提供產品和服務，而其他公司和我們的競爭對手可能做不到這一點。

So the openness from the customer base is fantastic. And let's flip the -- keep in mind, we have end customers, end users, but we also look at those store owners as clients. So those store owners likewise, are looking for other ways to make money. They're looking for other ways to provide service to their community. So now where you may have had a convenience store owner, who is kind of stuck in his way as well, that rut in the road, we call it, now he's looking for ways to make a couple of extra $100 a month.

因此，客戶群的開放態度非常好。讓我們換個角度來看——請記住，我們有最終客戶、最終用戶，但我們也把這些店主視為客戶。因此，這些店主們也在尋找其他賺錢的方法。他們正在尋找其他方式為社區提供服務。所以現在，你可能遇到一位便利商店老闆，他也遇到了某種困境，就像路上的坑洼一樣，我們稱之為困境，現在他正在尋找每月額外賺取幾百美元的方法。

So when a company like us comes along that has a point-of-sale platform and then has ClearLine and you put those two things together, and it doesn't cost them a dime to launch products through his store. And keep in mind, he'll be able to take prepaid wireless payments for any carrier. He'll be able to do activations for our prepaid wireless and make a significant commission on that.

所以，當像我們這樣的公司出現，擁有銷售點平台，又擁有 ClearLine，將這兩樣東西結合起來，他們透過他的商店推出產品無需花費一分錢。另外請記住，他可以接受任何運營商的預付費無線支付。他將能夠為我們的預付費無線服務進行激活，並從中獲得豐厚的佣金。

He'll be able to take payments on that. He'll be able to also -- anyone that comes in and uses that SNAP/EBT card, he can offer them a free wireless service and he'll get paid for that. So he'll be able to provide those products to his community. And likewise, that foot traffic coming in will increase from the things he's providing his community.

他可以收取這筆款項。他也能夠——任何使用 SNAP/EBT 卡的人，他都可以提供他們免費的無線服務，而他也會因此獲得報酬。這樣他就能為他的社區提供這些產品了。同樣地，他為社區提供的服務也會增加人流。

So we see it as a win win win. We get access to more customers. The store owner increases his revenue and profits to providing more services and then the consumers who go in those stores who are now more aware and maybe not just in that rut in the road are going to be looking for other ways to save money and make ends meet.

所以我們認為這是一個三贏的局面。我們可以接觸到更多客戶。店主透過提供更多服務來增加收入和利潤，而那些走進這些商店的消費者，由於意識增強，可能不再墨守成規，會尋找其他省錢和維持生計的方法。

That sounds good. And my last question is, there's been a little bit of consolidation with the major convenience store brands. Is that going to impact your business at all? And do you think that's going to be the future of, I guess, the convenience stores?

聽起來很好。我的最後一個問題是，大型便利商店品牌之間出現了一些整合。這會對你的業務產生任何影響嗎？你認為這會是便利商店的未來發展方向嗎？

The convenience store market is an interesting one. It's almost a case study in business. The distributors, we've talked about this before, the distributors to convenience stores are usually second and third-generation companies, quite a few of them like your HT Hackney, [Long], McLane, you're talking about almost 100-year-old companies.

便利商店市場是一個很有意思的市場。這幾乎可以算是商業案例研究。我們之前也討論過經銷商，便利商店的經銷商通常是第二代或第三代公司，其中不少像 HT Hackney、[Long]、McLane 這樣的公司，都快有 100 年的歷史了。

So the convenience store business, regardless of what sign is out on the gas pump or the coming and going of private equity or acquisition, at the end of the day, even seven elevens, it's pretty shocking to see the number of people that actually run that store and have control over the store.

所以便利商店產業，無論加油站的招牌是什麼，也不管私募股權或收購的來來往往，歸根結底，即使是 7-11 便利商店，看到實際經營和控制這家店的人數，還是會感到非常震驚。

And then they have a portion of the store where they can bring in any product they want. And they have to do the 7-Eleven carry certain products, if you will. But there's still the autonomy and decision-making of that ultimate store owner who 9 times out of 10 is also the clerk.

然後，他們還可以在商店裡闢出一塊區域，讓他們可以引進任何他們想要的產品。而且，7-Eleven 必須銷售某些特定商品。但最終的店主仍擁有自主權和決策權，而十有八九，店主同時也是店員。

So we work really, really hard to build a relationship with the store owner, the person benefiting from our products. And keep in mind, for those that don't know or don't remember, we're in the checking account. We have -- it's not just something where people are signing a PO and sending us a check. We're actually integrated with them from a business perspective. We're pushing and pulling money based on commissions they make, based on -- them.

所以我們非常努力地與店主，也就是我們產品的受益者，建立關係。請記住，對於那些不知道或不記得的人來說，我們現在在支票帳戶裡。我們有——這不僅僅是人們簽個採購訂單然後給我們寄張支票的事情。從業務角度來看，我們實際上已經與他們整合在一起了。我們根據他們所獲得的佣金來推動和拉動資金，而這些佣金又取決於他們。

So there is a pretty significant trust with that business owner. So we don't see that affecting us at all. If anything, there again, it creates an awareness of who we are and an openness to listen to what we have to say based on what we can bring to the table for their financials.

所以，我和這位企業主之間存在著相當高的信任度。所以我們認為這完全不會對我們造成影響。如果說有什麼作用的話，那就是它讓他們意識到我們是誰，並願意傾聽我們基於我們能為他們的財務狀況帶來的價值而提出的意見。

Great. Well, thanks for answering my questions and I wish you guys good luck. Thank you.

偉大的。謝謝你們回答我的問題，祝你們好運。謝謝。

Thanks, Ed. We have reached the end of the question-and-answer session. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝，埃德。問答環節到此結束。今天的會議到此結束，您可以斷開線路了。感謝您的參與。