TransAct Technologies Inc (TACT) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Transact Technologies First Quarter 2026 Conference Call. (Operator Instructions). I will now turn the conference over to Ryan Gardella, Investor Relations.

各位好。歡迎參加 Transact Technologies 2026 年第一季電話會議。（接線員指示）。現在我將把會議交給投資人關係部的 Ryan Gardella。

Thank you. You may begin.

謝謝。您可以開始了。

Thanks, Jesse. Good afternoon. Welcome to the Transact Technologies first-quarter 2026 earnings call. Today, we'll be discussing the results announced in a press release issued after market close. Joining us from the company is CEO, John Dillon, and President and CFO, Steve DiMartino. Today's call will include discussion of the company's key operating strategies, the progress on these initiatives, and details on our first-quarter financial results. We'll then open the line to participants for questions.

謝謝你，Jesse。各位下午好。歡迎參加 Transact Technologies 2026 年第一季財報電話會議。今天我們將討論在收盤後發布之新聞稿中所公告的業績結果。公司方面出席的有執行長 John Dillon，以及總裁兼財務長 Steve DiMartino。今天的電話會議將包含公司關鍵營運策略、這些計畫的推進進度，以及我們第一季財務結果的細節。之後我們將開放線路供與會者提問。

As a reminder, this conference call contains statements about future events and expectations, which are forward-looking in nature. Statements on this call may be deemed forward-looking and actual results may differ materially. For a full list of risks inherent to the business of the company, please refer to the company's SEC filings, including its full reports on Forms 10-K and 10-Q. Transact undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after the call.

提醒各位，本次電話會議包含對未來事件與預期的陳述，屬於前瞻性陳述。本次電話會議中的陳述可能被視為前瞻性陳述，實際結果可能存在重大差異。關於公司業務所固有風險的完整清單，請參閱公司向 SEC 提交的文件，包括 10-K 與 10-Q 表格的完整報告。Transact 不承擔在會後因事件或情況發生而修訂或更新任何前瞻性陳述的義務。

Today's call on webcast will include non-GAAP financial measures from the meaning of SEC regulation sheet. When required, a reconciliation of all non-GAAP financial measures, the most directly comparable financial measures calculated and presented in accordance with CAP can be found in today's press release, as well as on the company website.

今天的網路直播電話會議將包含 SEC 規範所定義的非 GAAP 財務衡量指標。在需要時，所有非 GAAP 財務衡量指標與依照 CAP 計算並呈列之最直接可比財務衡量指標的調節表，可在今日新聞稿以及公司網站上查閱。

And with that, I will turn the call over to John.

接下來，我把電話會議交給 John。

Thanks, Ryan, and good afternoon, everyone. Thanks for joining us. It's a nice afternoon here, and I'm pleased to report today that TransAct delivered a solid first quarter '26. Total net sales, $14.4 million, up 10% year-over-year, generating an adjusted EBITDA of $1.4 million, which is a strong start for the year.

謝謝你，Ryan，各位下午好。感謝各位加入。這裡今天下午天氣很好，我也很高興向各位報告，TransAct 在 2026 年第一季交出穩健的成績。總淨銷售額為 1,440 萬美元，年增 10%，並創造 140 萬美元的調整後 EBITDA，為今年打下強勁的開局。

As we discussed, our focus remains on driving revenue growth in our Foodservice Technology or FST vertical. With software as our primary growth engine going forward, supported by targeted and disciplined investments across the business to accelerate sales.

如同我們先前討論的，我們的重點仍是推動餐飲服務科技（Foodservice Technology，或 FST）垂直領域的營收成長。未來以軟體作為主要成長引擎，並透過在全公司範圍內有針對性且紀律性的投資來加速銷售。

In the first quarter, we sold 1,370 BOHA terminals, driven mostly by upgrade orders from our 40,000-plus unit install base from prior sales of older products. We also continue to see strong interest from existing customer base to move from either the AccuDate, which is an older system, or the T1, which is also an older system, to our newer Terminal 2, T2.

第一季我們售出 1,370 台 BOHA 終端機，主要由於我們超過 40,000 台的既有裝機基礎（來自先前較舊產品的銷售）所帶動的升級訂單。我們也持續看到既有客戶對於從 AccuDate（較舊系統）或 T1（同樣是較舊系統）升級至我們較新的 Terminal 2（T2）有強勁興趣。

We see a long runway of growth there, so that's a good sign. We ended the first quarter with 19,959 online terminals, which is an increase. of a little over 1,000, actually specifically 1,062 new online terminals over the fourth quarter of 2025. Most importantly, our recurring FST revenue continues to grow. Our software revenue were up 23% year-over-year, which gives us confidence in our strategic direction.

我們認為這裡仍有很長的成長跑道，這是個好跡象。第一季結束時，我們的線上終端機數量為 19,959 台，較 2025 年第四季增加了 1,000 多台，實際上是新增 1,062 台線上終端機。最重要的是，我們的 FST 經常性收入持續成長。我們的軟體收入年增 23%，這讓我們對策略方向更有信心。

And we're very focused on generating this revenue, which is high margin, certainly higher margin than hardware, more sustainable and predictable. And it's a focus we didn't really have in the past because we didn't own the software and we own it now, so we can start selling the software in a way we couldn't do before.

我們也非常專注於創造這類高毛利收入，毛利率當然高於硬體，且更具永續性與可預測性。過去我們並沒有真正把這件事當作重點，因為當時我們不擁有該軟體；現在我們擁有了，因此可以用過去做不到的方式開始銷售軟體。

So with nearly 20,000 online terminals now in the field, this is the time to begin monetizing these deployments more effectively. In the past, we didn't really do this. And in fact, software was often bundled for free to make a hardware sale. Now our focus is to ensure that our customers are paying for and receiving the fair market value of our leading software offering.

因此，現在現場已有將近 20,000 台線上終端機，正是開始更有效率地將這些部署變現的時機。過去我們其實沒有這麼做。事實上，軟體常常被免費綁在一起，以促成硬體銷售。現在我們的重點是確保客戶為我們領先的軟體產品支付並獲得其公平市價的價值。

And given the importance of this growing revenue stream, we will begin sharing more and more of our A&R details, recurring revenue details each quarter to help you track that progress ARR includes, for your reference, software, but it also includes contracted support service, which is a high-margin service for us because our products are highly reliable, and the labels.

鑑於這條成長中收入來源的重要性，我們將開始在每一季分享更多 ARR 的細節、經常性收入的細節，協助各位追蹤進展。供參考，ARR 包含軟體，但也包含合約式支援服務；由於我們的產品高度可靠，這對我們而言是高毛利服務，另外也包含標籤。

So from an information standpoint, for first quarter, ARR revenue was $3.3 million, and we firmly believe that the future for Transact will come from recurring software revenue rather than one-time hardware sales. Longer-term, we're aiming to get our installed base up to $100 to $200 per machine per month in recurring software revenue, which can really unlock a lot of significant value, given the size of our installed base and the fact that it's growing.

就資訊揭露而言，第一季 ARR 收入為 330 萬美元；我們堅信 Transact 的未來將來自經常性的軟體收入，而非一次性的硬體銷售。長期來看，我們的目標是讓裝機基礎達到每台機器每月 100 至 200 美元的經常性軟體收入；考量我們裝機基礎的規模以及其仍在成長，這將能釋放相當可觀的價值。

Next, let me say a few words about the update on our port of our software to the new platform. As we acquired the software about a year ago last April. And we're making good progress here. We've pulled forward our go-live gate from what was originally suggested to be first quarter of 2027.

接下來，我想簡要說明我們將軟體移植到新平台的最新進度。我們大約在去年四月、也就是約一年前收購了該軟體。目前進展良好。我們已將上線關卡時程提前，原先建議是 2027 年第一季。

And now it looks to be late Q2 this quarter, late in this quarter, or early Q3 of '26. So that's really good news and good progress. And I'd like to say that our cloud partner, our public cloud partner in this has done a really terrific job helping us with this transition.

現在看起來會在 2026 年第二季末（也就是本季末）或 2026 年第三季初上線。這確實是好消息，也是很好的進展。我也想說，我們在此專案中的雲端合作夥伴、也就是公有雲合作夥伴，在協助我們完成這次轉換方面做得非常出色。

And as I stated before, ownership of the source code and launching our own hosting platform is really crucial for our recurring revenue model going forward. It provides us with an increased level of operational freedom and enables us to accelerate software innovations like exploring, for example, an application store model for our own terminals where we could add additional applications which either are grown in-house or maybe sourced from outside through partners.

如我先前所說，擁有原始碼並推出我們自有的託管平台，對於未來的經常性收入模式至關重要。這將提升我們的營運自主性，並使我們能加速軟體創新，例如探索我們自家終端機的應用程式商店模式；我們可以新增更多應用程式，這些應用程式可能由內部開發，或透過合作夥伴自外部取得。

So this model is appealing and as we get into full production. I think that's an interesting growth engine that we probably can explore successfully. I also want to speak briefly about AI, also known as artificial intelligence. And I know it's a hot topic in any software investment thesis right now.

因此，這個模式很有吸引力；當我們進入全面量產後，我認為這是一個我們很可能能成功探索的有趣成長引擎。我也想簡要談談 AI，也就是人工智慧。我知道這是目前任何軟體投資論述中的熱門話題。

So I'd like to say a few words about it. Most of you probably know that AI was developed in the '50s. We're talking a long time ago, almost 75 years ago.

因此我想就此說幾句。各位大概都知道，AI 在 1950 年代就已被提出。那是很久以前了，差不多將近 75 年前。

And now it's really coming into its own because we have more data, we have cloud compute capacity, which bursts and allows you to put a lot of machines to work all at once. And we have compute power in the form of GPUs and other optimization that's happening so the compute power is greater.

而現在它真的開始展現實力，因為我們有更多數據，也有雲端運算容量，可以彈性擴展（burst），讓你能同時動用大量機器一起運作。而且我們也有以 GPU 形式呈現的運算能力，以及其他正在發生的最佳化，因此整體運算能力更強。

So work that couldn't used to be done in a meaningful fashion or certainly couldn't eclipse human capability now is doing some stunning things which are really important. And I believe AI will serve and continue to serve. As an accelerant, in our case, for our business. It allows our developers to focus more time crafting existing new applications for our platform and reduces many of the mundane tasks that previously consumed an enormous amount of time from our good engineers.

因此，過去無法以有意義的方式完成、或至少無法超越人類能力的工作，現在正在做出一些令人驚豔且非常重要的事情。我相信 AI 將會發揮作用，並且會持續發揮作用。在我們的情況下，作為我們業務的加速器。它讓我們的開發人員能把更多時間投入在為我們的平台打造現有與新的應用，並減少許多先前耗費我們優秀工程師大量時間的例行瑣事。

As well, our integrated solutions approach insulates TransAct for most of the potential downsides from AI that might affect valuations for companies with simple applications and really a somewhat, again, simplistic pure SaaS model. That's not TransAct. If you keep in mind that we offer SaaS applications, of course, that are software-as-a-service. But these are integrated applications or rather solutions running on a purpose-built platform with hardware, software, communications like Bluetooth, LTE, Wi-FY, APIs, Application Program Interfaces that talk to other systems.

此外，我們的整合式解決方案方法，讓 TransAct 在很大程度上免受 AI 可能帶來的多數潛在負面影響；這些影響可能會衝擊那些只有簡單應用、而且本質上（再次強調）較為簡化的純 SaaS 模式公司的估值。TransAct 不是那樣的公司。請記得，我們當然也提供 SaaS 應用，也就是 software-as-a-service。但這些是整合式應用，或者更準確地說，是在一個為特定目的打造的平台上運行的整合式解決方案，包含硬體、軟體、通訊（如 Bluetooth、LTE、Wi-FY）、API（Application Program Interfaces，應用程式介面）用來與其他系統溝通。

IoT, which includes sensors like the temp and sense in the kitchens, things like that, and of course, a mainstay for us are our printing capabilities in the different types of food service environments. So, all in all, having an integrated solution is something that isn't easily disintermediated, and we see...

IoT 也包含在內，其中包括像廚房裡的溫度與感測器等裝置，諸如此類；當然，對我們而言長期以來的核心能力之一，是在各種餐飲服務環境中的列印能力。所以總的來說，擁有整合式解決方案並不容易被去中介化（disintermediated），而我們看到……

AI as a plus for us, given that right on the threshold of a lot of advance and a lot of progress as we roll out software into the marketplace that we're already in. So for us, AI is a great accelerator, and we think it's going to serve us well. And I just thought it was worth saying a few words about that. And separately and in other calls, I'd be happy to talk a little bit more about AI.

AI 對我們而言是加分，因為當我們把軟體推向我們已經身處的市場時，正站在大量進展與重大進步的門檻上。因此對我們來說，AI 是很棒的加速器，我們認為它會很好地幫助我們。我只是覺得值得就此說幾句。另外，在其他電話會議中，我也很樂意再多談一些 AI。

In terms of our GTM, the go-to-market, we're pleased with our strategy. It includes an emphasis on competitive pricing, strategic partnerships, targeted outreach and high-potential submarket verticals such as QSR, that's quick-service restaurants, convenience stores, grab-and-go sushi, which has done really well for us, and corporate food service management from food service management companies.

就我們的 GTM（go-to-market，市場進入策略）而言，我們對策略感到滿意。其中包括強調具競爭力的定價、策略性合作夥伴關係、精準觸達，以及高潛力的次市場垂直領域，例如 QSR（quick-service restaurants，速食餐廳）、便利商店、外帶即食壽司（grab-and-go sushi；這對我們表現非常好），以及來自餐飲服務管理公司的企業餐飲服務管理。

And at the same time, we expect to maintain a disciplined cost management regimen, target positive adjusted EBITDA and preserve the strength of the balance sheet, things I'm sure you guys care about.

同時，我們預期會維持嚴謹的成本管理紀律，以正向的調整後 EBITDA 為目標，並維持資產負債表的強健——我相信這些都是各位關心的。

Turning to our FST highlights specifically, for the first quarter, total FST net sales came in at $4.7 million, driven by strong recurring revenue growth and more offset by lower hardware sales.

接著談我們 FST 的重點：第一季 FST 淨銷售總額為 470 萬美元，主要由強勁的經常性收入成長所帶動，但被較低的硬體銷售所抵銷（且抵銷幅度更大）。

Recurring FST revenue reached $3.3 million. The ARPU, the average revenue per unit, $709 per unit. Labels were $2.6 million in the quarter, up 26% from the prior year, driven by stronger volumes from long-standing customers, including Love's Travel Stops, Husho Sushi, and our 2025 one at Yummy Sushi.

FST 經常性收入達到 330 萬美元。ARPU（average revenue per unit，每單位平均收入）為每單位 709 美元。本季標籤（Labels）收入為 260 萬美元，較去年同期成長 26%，主要由長期客戶的出貨量增加所帶動，包括 Love's Travel Stops、Husho Sushi，以及我們在 2025 年的客戶 Yummy Sushi。

These customers spend a lot of money with us. We have designed software, we help them with their labeling systems, and frankly, it's one of the things that creates a greater degree of customer intimacy, and frankly, it also makes the customer relationship with us stickier. It means that attrition rates are low, retention is high, and that's a good thing labels remain a margin-accretive component of our P&L, and they help build the stickiness that I already mentioned.

這些客戶在我們這裡花很多錢。我們為他們設計軟體，協助他們的標籤系統；坦白說，這是能建立更高程度客戶親密度的因素之一，也確實讓客戶與我們的關係更具黏著度。這代表流失率低、留存率高，這是好事。標籤仍然是我們損益表中能提升毛利的組成部分（margin-accretive），也有助於建立我剛才提到的黏著度。

And as a solutions vendor, our labeling expertise and related services add a lot of differentiated value for our clients. Near-term, our labels business also holds potential for labels-only deals, where we might win customers based on the value, the quality, expertise, and pricing advantage that we can offer, and that's another door into customers. It's a distinctive competence.

作為解決方案供應商，我們在標籤方面的專業與相關服務，為客戶帶來大量差異化價值。短期來看，我們的標籤業務也具備「僅標籤」交易（labels-only deals）的潛力：我們可能憑藉可提供的價值、品質、專業能力與價格優勢贏得客戶，而這也是進入客戶的另一扇門。這是一項獨特的核心能力。

That we can use to ultimately get in and sell additional products to clients that might start with us for just labeling and then move into some of the other applications our BOHA Suite offers.

我們可以運用它，最終切入並向那些一開始只為標籤而與我們合作的客戶，銷售更多產品，之後再導入 BOHA Suite 所提供的其他應用。

So in the first quarter, we landed 22 new logo accounts from direct sales and from our market partners and with the potential of about 1,405, about 1,400 potential future units. We tend to use a land and expand strategy because our product performs well in situ, and it's great for us to get a small order from a potentially large client, and then we treat that as an account management opportunity to get follow-on business and expansion revenue.

因此在第一季，我們透過直銷與市場合作夥伴拿下 22 個新 Logo 客戶，潛在規模約 1,405 個、約 1,400 個未來潛在單位。我們傾向採用「先落地、再擴張」（land and expand）策略，因為我們的產品在現場（in situ）表現良好；對我們而言，先從一個可能很大的客戶拿到小額訂單非常好，接著我們把它視為帳戶管理的機會，以爭取後續業務與擴張收入。

We also remain confident in our new pipeline logo pipeline for the remainder of 2026, so we feel like we're in pretty good shape. I also wanted to mention that when our customers win, we also win. We had a number of key customers this last quarter adding new stores to their portfolio in the quarter, and that presents an opportunity for us to sell into these new locations.

我們對 2026 年剩餘期間的新 Logo 管線仍然有信心，因此我們覺得整體狀況相當不錯。我也想提到，當我們的客戶成功時，我們也會成功。上一季我們有多家關鍵客戶在該季於其版圖中新增門店，這也為我們提供了向這些新據點銷售的機會。

So when we get revenue growth from these expansions, it comes without a huge sales investment like it takes when we want to win a net new account. So expansion business is always easier to win, and it's a really important aspect of our land and expand model. And as our customers expand, we can expand with them.

因此，當我們從這些擴張中獲得營收成長時，不需要像贏得全新客戶那樣投入大量銷售資源。所以擴張型業務總是更容易拿下，這也是我們「先落地、再擴張」模式中非常重要的一環。而當客戶擴張時，我們也能跟著一起擴張。

I also wanted to provide a brief update. You know from prior press releases and maybe conversations that we hired a new Chief Marketing Officer or CMO last quarter. Her name is Dana Loof. She joined us, I think, in early January.

我也想提供一個簡短更新。各位從先前的新聞稿、或許也從一些交流中知道，我們在上一季聘請了一位新的行銷長（Chief Marketing Officer，CMO）。她的名字是 Dana Loof。我想她是在一月初加入我們的。

And I'm incredibly happy with the structure and progress she's brought to our marketing function since joining us. I've had conversations with many of you. About how our brand is somewhat, I guess I would say, lackluster or kind of languishes out there.

自她加入以來，她為我們的行銷職能帶來的架構與進展，讓我非常滿意。我也和在座許多人談過。關於我們的品牌有點——我想我會說——不夠有力，或是有點在市場上顯得黯淡無光。

Our website hasn't been particularly hard-hitting with calls to action and really compelling reasons why you should buy our technology, why you should buy it now. She's changing all that, and I'm delighted. The progress from her so far has been excellent. Her focus has been competitive positioning, messaging, and building out our lead Gen. Engine and we've already seen improvements in our press cadence and digital presence.

我們的網站在行動呼籲（calls to action）方面一直不算強而有力，也沒有非常有說服力地說明為什麼你應該購買我們的技術、為什麼你應該現在就買。她正在改變這一切，我非常高興。到目前為止，她帶來的進展非常出色。她的重點放在競爭定位、訊息傳達，以及建立我們的名單開發（lead gen）引擎；而我們已經看到新聞發布節奏與數位能見度的改善。

She's also been hard at work to update our website, which some of you have commented on to me personally as well. In any event, we're delighted with the improvements she's already made and even more excited about the momentum she's building, and we think she can generate a lot of opportunity for us stay tuned. I think you'll see TransAct delivering a much-improved market presence and brand presence as we go forward into the future.

她也一直努力更新我們的網站，其中有些人也曾親自向我提過。無論如何，我們對她已經做出的改進感到非常滿意，也對她正在建立的動能更加振奮；我們認為她能為我們帶來許多機會，敬請期待。我想你們會看到，隨著我們邁向未來，TransAct 將展現更大幅提升的市場能見度與品牌能見度。

So I think of that as actually really good news, a key individual, key executive really making a difference. Shifting over to casino and gaming, we recorded net sales of $8.3 million for the quarter, up 24% from $6.7 million in the prior-year period. Both domestic and international demand was strong, with results in each segment up over 20%. And our Epic. TR-80, which is a relatively new product, is also gaining some meaningful traction internationally in what we call role-fed gaming applications.

所以我認為這其實是非常好的消息，一位關鍵人物、關鍵高階主管確實帶來了改變。轉到賭場與博弈業務，我們本季淨銷售額為 830 萬美元，較去年同期的 670 萬美元成長 24%。國內與國際需求都很強勁，各分項結果皆成長超過 20%。以及我們的 Epic。TR-80 這款相對較新的產品，也在我們所稱的捲紙式（roll-fed）博弈應用上，於國際市場取得一些實質進展。

These would be things for like kiosk betting and things like that, where it's a role printer that prints out the tickets from these machines.

這些應用例如自助投注亭之類的設備；它是一種捲紙印表機，會從這些機器列印出票券。

And although our casino and gaming business is highly cyclical, we have found there's always a significant free cash flow component generated from it, and we don't expect that to change much in 2026. I do point out that it's lumpy somewhat, but it always bounced back and it's consistent. And I've got some recent casino statistics and slot machine statistics, and the CAGR there is respectable. It continues to grow, and more casinos are opening.

雖然我們的賭場與博弈業務高度循環，但我們發現它一向能帶來顯著的自由現金流貢獻，我們預期 2026 年也不會有太大改變。我也要指出，它在某種程度上會有波動，但總是會反彈，而且表現一貫。我手上有一些近期的賭場統計與吃角子老虎機統計，其年複合成長率（CAGR）相當不錯。它持續成長，也有更多賭場正在開幕。

And at this point, as it's a relatively high-margin business, and we have a -- we're in a duopoly market. And we continue to service a significant portion of that overall market. And today, we believe that our ship share now approaches parity with the other large vendors serving the same market.

而在此時點，由於這是一項相對高毛利的業務，而且我們身處一個雙頭壟斷（duopoly）市場。我們持續服務該整體市場中相當大的一部分。而今天，我們相信我們的出貨市占率（ship share）如今已接近與另一家同樣服務該市場的大型供應商持平。

So that's really important. We've made great progress. We've got a great sales team there. They know the industry cold, and we're very well equipped to continue to maintain our presence in this space going forward.

所以這非常重要。我們已取得很大進展。我們在那裡有一支很強的銷售團隊。他們對產業瞭若指掌，而我們也具備充分能力，在未來持續維持我們在此領域的布局與能見度。

Turning to our financial outlook for '26, I'm reaffirming our '26 net sales outlook. We basically suggested $55 million to $57 million for the top-line, and as you'd expect, I'm raising our adjusted EBITDA outlook to between a range of $1 million to $1.75 million based on first-quarter guidance and performance. We're off to a good start, $14.4 million in net sales, $1.4 million of adjusted EBITDA. 1,370 BOHA terminals through our online terminal base to nearly 20,000, which is a good opportunity for us going forward software revenue rose 23%, bolstering our confidence in that part of the market. It's high-margin recurring revenue model, which you'd expect us to try to drive.

談到我們 2026 年的財務展望，我重申我們對 2026 年淨銷售額的展望。我們基本上提出營收（top-line）為 5,500 萬至 5,700 萬美元；如各位所預期，基於第一季的指引與表現，我將調整後 EBITDA 展望上調至 100 萬至 175 萬美元的區間。我們開局良好：淨銷售額 1,440 萬美元，調整後 EBITDA 140 萬美元。透過我們的線上終端機基礎，BOHA 終端機新增 1,370 台，使總量接近 20,000 台，這為我們未來帶來良好機會；軟體營收成長 23%，進一步強化我們對該市場部分的信心。這是一種高毛利的經常性收入模式，而這正是你們會期待我們努力推動的方向。

And we're making progress on monetizing the install base and look forward to giving you more updates on the ARR progress each quarter, and I'm hoping to be able to add more specific metrics so that you can dive in and get a better understanding of the business feel good about the strategy, direction, and where we fit in the marketplace, the evolution of our business in the coming year.

我們在將已安裝基礎（install base）變現方面持續取得進展，並期待每季向各位提供更多 ARR 進展更新；我也希望能加入更具體的指標，讓各位能深入了解業務，並對策略、方向，以及我們在市場中的定位與未來一年業務的演進更有把握。

So that's kind of where we're at. And before handing the call over to Steve, I know you've probably seen that we made a. We did a report last week with this transition for our Chief Financial Officer. I just wanted to thank Steve for 30 years of tireless, I promised you it was tireless, effort and support at TransAct. He's been a stalwart. He's been here from the original IPO way back in '96, which is just an incredible feat of dedication, support, loyalty. And a job well done.

大致就是我們目前的狀況。在把電話會議交給 Steve 之前，我知道你們可能已看到我們做了一件事。上週我們發布了一份報告，內容是關於我們財務長的交接。我想感謝 Steve 在 TransAct 30 年來不懈——我向你們保證，真的是不懈——的努力與支持。他一直是公司的中流砥柱。他從 1996 年最初的 IPO 就一路在這裡，這是令人難以置信的投入、支持與忠誠。而且工作表現非常出色。

Steve, you're an asset to the team. You're going to be missed, but your retirement is certainly well earned and deserved. So we wish you all the best. And I know you're going to be around. You're going to be helping us at least through the end of the year in various forms and fashion and support. But congratulations on this well-earned retirement.

Steve，你是團隊的重要資產。我們會想念你，但你的退休絕對是實至名歸、當之無愧。所以我們祝你一切順利。而我知道你還會在。你至少會以各種形式在年底前繼續協助我們、提供支持。但仍要恭喜你迎來這個當之無愧的退休。

And with that, maybe this is your last call. I'd like to turn the call over to Steven DeMartino .

那麼，也許這是你最後一次電話會議。我想把電話會議交給 Steven DeMartino。

Thanks for the kind words, John and thanks, everyone, for joining us today. Let's turn to our first quarter '26 results in a little more detail. Total net sales for the first quarter were $14.4 million, and that was up 10% compared to $13.1 million in the prior-year period. Sales from our FST market for the first quarter were $4.7 million. That was down 4% compared to $4.9 million in the first quarter of '25.

謝謝你的好話，John，也謝謝各位今天加入我們。讓我們更詳細地看看 2026 年第一季的結果。第一季總淨銷售額為 1,440 萬美元，較去年同期的 1,310 萬美元成長 10%。第一季來自我們 FST 市場的銷售額為 470 萬美元。較 2025 年第一季的 490 萬美元下滑 4%。

And nearly flat declining just 2% sequentially from $4.8 million in the fourth quarter of '25. And as John said, we sold 1,370 terminals during the first quarter of '26. Our recurring FSD sales, which include software and service subscriptions, as well as consumable label sales for the first quarter, were $3.3 million. That was up 26% compared to $2.7 million in the prior-year period.

且幾乎持平，較 2025 年第四季的 480 萬美元僅季減 2%。如 John 所說，我們在 2026 年第一季售出 1,370 台終端機。我們的經常性 FSD 銷售（包含軟體與服務訂閱，以及耗材標籤銷售）第一季為 330 萬美元。較去年同期的 270 萬美元成長 26%。

Our ARPU for the first quarter of '26 was $709. That was down 7% compared to $761 in the first quarter of '25 and down 6% sequentially from $756 in the fourth quarter of '25. Our ARPU reflects our continued focus on the growing recurring revenue base.

我們 2026 年第一季的 ARPU 為 709 美元。較 2025 年第一季的 761 美元下降 7%，也較 2025 年第四季的 756 美元季減 6%。我們的 ARPU 反映了我們持續聚焦於擴大經常性收入基礎。

And we are making progress transitioning our large hardware-only customer towards a recurring model, and we expect this effort to begin to contribute positively to ARPU in the coming quarters. Our casino and gaming sales were $8.3 million, that was up 24% from $6.7 million in the first quarter of '25 and up 55% sequentially from $5.4 million in the fourth quarter of '25.

我們在推動主要的純硬體客戶轉向經常性模式方面正取得進展，並預期這項努力將在未來幾季開始對 ARPU 產生正面貢獻。我們的賭場與博弈銷售額為 830 萬美元，較 2025 年第一季的 670 萬美元成長 24%，也較 2025 年第四季的 540 萬美元季增 55%。

Domestic sales were up 20% year-over-year on strength from several large domestic OEMs, while international printer sales grew 35% with solid contributions from both Europe and our Asia-Australia regions.

在多家大型國內 OEM 的帶動下，國內銷售年增 20%；同時，國際印表機銷售成長 35%，歐洲以及我們的亞太—澳洲地區皆有穩健貢獻。

The EPYC TR-80 is also beginning to build momentum internationally in role-fed gaming applications. While we expect fluctuations quarter-to-quarter in our sales, overall, we expect casino and gaming sales to continue to contribute positively to our cash flow throughout '26. PLS Automation sales of our Ithaca 9,000 printer for the first quarter 2026 were $620,000, essentially flat compared to $618,000 in the prior year period. Overall, Ithaca 9,000 sales remain in a normalized range, and we expect results to remain similar going forward.

EPYC TR-80 也開始在國際上於連續紙（role-fed）博弈應用中建立動能。雖然我們預期銷售將呈現季度間波動，但整體而言，我們預期賭場與博弈相關銷售將在 2026 年持續為我們的現金流帶來正面貢獻。PLS Automation 於 2026 年第一季的 Ithaca 9,000 印表機銷售額為 62 萬美元，與去年同期的 61.8 萬美元相比基本持平。整體而言，Ithaca 9,000 的銷售仍維持在正常化區間，我們預期未來結果將大致相近。

Moving to Transact Services Group or TSG sales. For the first quarter, TSG sales were $764,000, that was down 5% from $808,000 in the prior year period. The decline was driven by lower spares in the accessories revenue as our legacy installed base continues to naturally wind down. Legacy consumables, which consist solely of our remaining thermal POS paper roll inventory, at this point are nearly fully sold off, so we expect little to no revenue from these products going forward.

接著談 Transact Services Group（TSG）的銷售。第一季 TSG 銷售額為 76.4 萬美元，較去年同期的 80.8 萬美元下滑 5%。下滑主因為配件收入中的備品（spares）較低，因我們的舊有裝機基礎持續自然縮減。舊有耗材目前僅包含我們剩餘的熱感式 POS 紙捲庫存，現階段幾乎已全數售罄，因此我們預期未來這些產品的營收將微乎其微或幾乎沒有。

Overall, we expect TSG sales to continue to slowly decline overtime time. Moving down the income statement, our first quarter gross margin rose to 50.3%, that compares to 48.7% in the prior year period and up sequentially from 47.6% in the fourth quarter '25, and that was largely on the strength of casino and gaming sales in the first quarter, strong casino and gaming sales in the first quarter. We continue to expect our gross margin to be in the high 40% range for the full-year '26. Our total operating expenses for the first quarter were $6.5 million, and that was up 2% compared to $6.4 million in the prior-year period.

整體而言，我們預期 TSG 銷售將隨時間持續緩步下滑。往下看損益表，我們第一季毛利率上升至 50.3%，相較去年同期的 48.7%，亦較 2025 年第四季的 47.6% 連續提升；這主要受惠於第一季賭場與博弈銷售的強勁表現。我們仍預期 2026 全年毛利率將落在 40% 後段（high 40%）區間。第一季總營業費用為 650 萬美元，較去年同期的 640 萬美元增加 2%。

The modest increase was driven by higher selling and marketing expenses and G&A expenses. Partially offset by a meaningful reduction in engineering expenses as we began to capitalize R&D costs related to the Balhaas software in-housing effort breaking down our OpEx a little bit, our engineering and R&D expenses for the first quarter were $1.4 million, and that was down 16% compared to $1.6 million in the prior-year period. Our selling and marketing expenses for the first quarter were $2.2 million. That was up 5% compared to $2.1 million in the prior-year period.

這項小幅增加主要來自較高的銷售與行銷費用以及一般及行政（G&A）費用。部分被工程費用的顯著下降所抵銷，因我們開始將與 Balhaas 軟體內製（in-housing）工作相關的研發成本資本化。進一步拆解我們的營業費用（OpEx），第一季工程與研發費用為 140 萬美元，較去年同期的 160 萬美元下降 16%。第一季銷售與行銷費用為 220 萬美元。較去年同期的 210 萬美元增加 5%。

The increase reflects new hires initiated during the first quarter, as well as higher travel expenses and sales commissions tied to our stronger sales results. Lastly, our G&A expenses for the first quarter were $2.9 million. That was up 10% compared to $2.7 million in the prior-year period. The increase was largely driven by higher share-based compensation and recruiting fees for new hires made during the first quarter.

增加反映第一季啟動的新聘人員，以及因銷售表現較強而帶動的較高差旅費與銷售佣金。最後，第一季一般及行政（G&A）費用為 290 萬美元。較去年同期的 270 萬美元增加 10%。增加主要來自較高的股份基礎給付（share-based compensation）以及第一季新聘人員的招募費用。

For the first quarter of '26, our operating income was $800,000 or 5.3% of net sales, and this compares to near breakeven operating loss of $15,000 or 0.1% of net sales in the prior-year period. On the bottom line, we recorded net income of $800,000 or $0.07 per diluted share for the first quarter of '26. And this compares to net income of $19,000 or break-even results per diluted share in the year-ago period.

2026 年第一季，我們的營業利益為 80 萬美元，占淨銷售額 5.3%；相較去年同期營業損失接近損益兩平，為 1.5 萬美元或占淨銷售額 0.1%。在最終損益方面，2026 年第一季我們錄得淨利 80 萬美元，稀釋後每股盈餘為 0.07 美元。相較之下，去年同期淨利為 1.9 萬美元，稀釋後每股盈餘接近損益兩平。

We recorded income tax expense of $23,000 at an effective tax rate of 2.9% as we continue to take a full valuation allowance on our U.S. And Macau pre-tax earnings and record tax only on income from our U.K. Subsidiary.

我們認列所得稅費用 2.3 萬美元，有效稅率為 2.9%；因我們持續對美國及澳門的稅前盈餘提列全額估值備抵（valuation allowance），僅就英國子公司的所得認列稅負。

Our adjusted EBITDA for the quarter was a positive $1.4 million, and this compares to negative $499,000 in the fourth quarter of '25 and $544,000 in the first quarter of '25. This was a strong start to the year and keeps us well on track to deliver positive adjusted EBITDA for the full year '26.

本季調整後 EBITDA 為正 140 萬美元；相較 2025 年第四季為負 49.9 萬美元，以及 2025 年第一季為 54.4 萬美元。這是今年強勁的開局，並使我們穩步朝向 2026 全年達成正的調整後 EBITDA。

Lastly, turning to our balance sheet, it remains solid. We ended the first quarter with $18.8 million in cash. And that compares to $20.4 million at year-end '25. And in terms of debt, we had $3 million of outstanding borrowings under our credit facility with Sienna Lending.

最後，談到資產負債表，仍然穩健。第一季期末我們持有現金 1,880 萬美元。相較 2025 年底為 2,040 萬美元。在負債方面，我們在與 Sienna Lending 的授信額度下尚有 300 萬美元未償借款。

Finally, thank you all for your interest and trust over the years. As my 30-year career at TransAct comes to a close, I want to extend my heartfelt thanks to our shareholders for your steadfast support of both TransAct and me. I look forward to staying in touch.

最後，感謝各位多年來的關注與信任。隨著我在 TransAct 的 30 年職涯即將告一段落，我想向股東們致上由衷的感謝，感謝各位長期以來對 TransAct 以及我本人的堅定支持。我期待能持續保持聯繫。

And with that, I'd like to turn the call over to the operator for questions. Operator.

接下來，我想把電話會議交給接線員進行提問。接線員。

Thank you. Ladies and gentlemen, we will now be conducting our question-and-answer session.

謝謝。各位女士、先生，我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Thank you. It appears we have no questions at this time, so I would like to turn the floor back over to John Dillon for closing comments. Mr. Dillon, you may proceed with your closing remarks.

謝謝。看起來目前沒有提問，因此我想把時間交還給 John Dillon 作結語。Dillon 先生，請進行結語。

Thank you very much for joining us today. If there's no questions, I'd be happy to chat with any of you offline, downstream. You can reach us through Ryan Gardella from ICR. And again, thank you, and best regards and with that, Steve and I will sign off.

非常感謝各位今天參與。如果沒有問題，我也很樂意在會後私下與各位交流。各位可透過 ICR 的 Ryan Gardella 與我們聯繫。再次感謝，敬祝順心；那麼 Steve 和我就先告辭。

Thank you. Ladies and gentlemen, we thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day.

謝謝。各位女士、先生，感謝各位的參與。今天的電話會議到此結束。各位現在可以掛斷電話，祝各位有美好的一天。