TOMI Environmental Solutions Inc (TOMZ) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the TOMI Environmental Solutions, Inc. third-quarter 2020 financial results conference call. (Operator Instructions) Please note, this conference is being recorded.

下午好，歡迎參加 TOMI 環境解決方案公司 2020 年第三季財務業績電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Mr. John Nesbett of IMS Investor Relations. Sir, the floor is yours.

現在我將把會議交給主持人，IMS投資者關係公司的約翰‧內斯貝特先生。先生，請您發言。

Good afternoon, and thank you for joining us today for the TOMI Environmental Solutions investor update conference call. On today's call is TOMI's Chief Executive Officer and Chairman, Dr. Halden Shane; EJ Shane, our Chief Operating Officer; and our Chief Financial Officer, David Vanston.

下午好，感謝各位今天參加TOMI環境解決方案投資人更新電話會議。今天參加電話會議的有 TOMI 的執行長兼董事長 Halden Shane 博士；營運長 EJ Shane；以及財務長 David Vanston。

A telephone replay of today's call will be available through November 28, 2025, the details of which are included in the company's press release issued today. A webcast replay will also be available on TOMI's website at www.steramist.com.

今天電話會議的錄音回放將持續到 2025 年 11 月 28 日，詳情請參閱本公司今天發布的新聞稿。網路直播回放也可在 TOMI 的網站 www.steramist.com 上觀看。

Certain written and oral statements made by management of TOMI may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results.

TOMI 管理階層所作的某些書面和口頭陳述可能構成 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。在評估這些前瞻性陳述時，應考慮可能導致我們實際結果與預期結果有重大差異的重要風險因素。

The information provided in this conference call is based upon the facts and circumstances known at this time. Please refer to our filings with the SEC, including our 10-Q for the quarter ended September 30, 2025 for a discussion of these risk factors.

本次電話會議提供的資訊是基於目前已知的事實和情況。有關這些風險因素的討論，請參閱我們向美國證券交易委員會提交的文件，包括截至 2025 年 9 月 30 日的季度 10-Q 報告。

The company undertakes no obligation to update these forward-looking statements after the date of this call.

本公司不承擔在本次電話會議日期之後更新這些前瞻性聲明的義務。

I will now turn the call over to Tomi's Chief Executive Officer and Chairman of the Board, Dr. Halden Shane. Please go ahead.

現在我將把電話交給 Tomi 的執行長兼董事會主席 Halden Shane 博士。請繼續。

Thank you, John, and good morning, afternoon or evening to everyone listening from around the world. Thank you for joining us for TOMI Environmental Solutions third-quarter earnings call. Today, we will share our third-quarter 2025 results, along with key updates and reason we believe TOMI is on the cusp of a breakout.

謝謝你，約翰，也祝世界各地的聽眾朋友們早安、下午好或晚上好。感謝您參加TOMI環境解決方案公司第三季財報電話會議。今天，我們將分享 2025 年第三季業績，以及一些重要更新和我們認為 TOMI 即將突破的原因。

After a challenging start of the year, the third quarter marked a decisive turning point. We delivered a 95% sequential revenue increase driven by expanding recurring revenue streams and deeper customer engagement. A key takeaway from our third quarter performance is the increase in capital purchases of our mobile equipment as our service provider partners grew in number. This includes both well-known industry leaders and smaller long-term players who are increasingly recognizing the value of clean tech and the superior advantages of our SteraMist iHP technology.

在經歷了充滿挑戰的年初之後，第三季成為了一個決定性的轉捩點。透過擴大經常性收入來源和加深客戶互動，我們實現了 95% 的環比收入成長。第三季業績的一個關鍵點是，隨著服務供應商合作夥伴數量的成長，我們對行動裝置的資本採購也隨之增加。這其中包括知名的行業領導者和規模較小的長期參與者，他們越來越認識到清潔技術的價值以及我們 SteraMist iHP 技術的卓越優勢。

Our vision remains steadfast: a future where sales of mobile capital equipment, iHP corporate service, our custom integration platforms and, of course, our core BIT Solution business model all grow in tandem.

我們的願景始終堅定不移：讓行動資本設備、iHP 企業服務、我們的客製化整合平台以及我們的核心 BIT 解決方案業務模式的銷售額在未來同步成長。

A new growth engine, recurring revenue, that's the theme. Building on the momentum, our third quarter revenue reached $2 million marking a 95% increase over quarter two. This growth was driven by strong equipment sales and most notably, recurring BIT Solution sales which have risen 21% year to date. In 2025, we placed significant emphasis on our existing customer base, ensuring implementation, usage and tailored protocol development for customers across all our industries.

新的成長引擎，持續的收入，這就是主題。乘著這股勢頭，我們第三季的營收達到了 200 萬美元，比第二季成長了 95%。這一成長主要得益於強勁的設備銷售，尤其是經常性 BIT 解決方案銷售額的成長，今年迄今已成長了 21%。2025年，我們高度重視現有客戶群，確保為所有產業的客戶實施、使用和客製化協議開發。

This focus has positively affected BIT Solution sales, which has seen stable and increased sales in each quarter. By sustaining this momentum, while ramping up capital equipment sales and successfully closing project bids for our automation solutions will not only achieve our overall growth objectives. But also enhance predictability, which is essential for scaling the business effectively.

這項措施對 BIT Solution 的銷售產生了積極影響，每季的銷售額都保持穩定成長。透過保持這一勢頭，同時增加資本設備銷售力度並成功完成自動化解決方案的專案投標，不僅可以實現我們的整體成長目標。但同時也要提高可預測性，這對於有效擴展業務至關重要。

Another theme, momentum builds expanding pipeline and backlog. Our sales order backlog was $0.9 million at the quarter end and grew further to $1.3 million by October 31, with approximately $3 million in pending SteraMist Integration Contract expected to close before year-end. Our active pipeline surpassed $15 million, encompassing both domestic and international customers across the industries we currently serve as well as emerging sectors showing strong interest.

另一個主題是，發展勢頭推動了專案儲備和積壓訂單的增加。截至季度末，我們的銷售訂單積壓為 0.9 億美元，到 10 月 31 日進一步增長至 1.3 億美元，預計在年底前還有價值約 300 萬美元的 SteraMist 整合合約即將完成。我們目前活躍的銷售管道價值超過 1500 萬美元，涵蓋了我們目前服務業的國內外客戶，以及表現出濃厚興趣的新興行業。

These figures are more than just metrics. They signaled the business opportunities we anticipate in the coming quarters and extending into 2027. Another theme, visionary markets beyond traditional boundaries, we are doubling down on investments in innovation and customer success.

這些數據不僅僅是指標。它們預示著我們預計在未來幾季乃至 2027 年將出現的商機。另一個主題是超越傳統界限的遠見卓識的市場，我們將加倍投資於創新和客戶成功。

Our SteraMist iHP continues to gain industry recognition. This year being named the disinfection and decontamination products company of the year 2025. Our platinum customer roster includes top-tier leaders across every sector we serve, further validating our solutions and positioning TOMI as a trusted partner in global health and safety.

我們的 SteraMist iHP 持續獲得業界認可。今年被評為 2025 年度消毒和淨化產品公司。我們的白金客戶名單包括我們所服務的各行業的頂尖領導者，這進一步驗證了我們的解決方案，並將 TOMI 定位為全球健康和安全領域值得信賴的合作夥伴。

Regulatory developments are opening new markets. The FDA's broadened approval of hydrogen peroxide and our breakthrough demonstration of SteraMist efficacy against honeybee colony collapse, position us to serve not only life sciences and health care but also agriculture, food processing and environmental biosafety. The opportunity before us is vast, expanding the relevance and impact of SteraMist on a global scale.

監管政策的發展正在開拓新的市場。FDA 擴大了對過氧化氫的批准範圍，以及我們突破性地證明了 SteraMist 對蜜蜂蜂群崩潰的功效，使我們不僅可以服務於生命科學和醫療保健領域，還可以服務農業、食品加工和環境生物安全領域。我們面前的機會非常廣闊，可以擴大 SteraMist 在全球的相關性和影響力。

Strategic execution laying the groundwork for 2026. To maintain and accelerate this momentum, as stated earlier, we are intensifying customer outreach through personalized engagement strategies, deploying targeted marketing campaigns that highlight real-world success stories and forging deeper partnerships with key industry players.

戰略執行為2026年奠定基礎。如前所述，為了保持和加速這一勢頭，我們正在透過個人化的互動策略加強客戶拓展，開展有針對性的行銷活動，突出真實的成功案例，並與關鍵行業參與者建立更深入的合作關係。

Our SteraMist Pro certified program and learning management system are empowering the market with essential education while onboarding specialized service providers. We are also in the process of updating, improving and adding to our training programs across all delivery systems.

我們的 SteraMist Pro 認證課程和學習管理系統正在為市場提供必要的教育，同時幫助專業服務提供者順利入駐。我們目前也正在對所有交付系統的培訓項目進行更新、改進和擴充。

Looking ahead, heading into 2026. TOMI is sharpening its focus on biosecurity advancements that address evolving global challenges from climate-driven health risks to supply chain vulnerabilities. We will prioritize scaling our automation integrations for high efficacy environments.

展望未來，邁向2026年。TOMI 正加強推動生物安全技術的發展，以應對從氣候驅動的健康風險到供應鏈脆弱性等不斷變化的全球挑戰。我們將優先考慮在高效率環境下擴展自動化整合規模。

Exploring untapped opportunities in sustainable agricultural and public infrastructure and fostering collaborative R&D with academic and industry partners. This will empower us to deliver solutions that enhance environmental resilience, safeguard communities worldwide and drive sustainable returns ultimately positioning TOMI as the go-to innovator in a rapidly changing world.

探索永續農業和公共基礎設施領域尚未開發的機遇，並與學術界和產業界的合作夥伴合作研發。這將使我們能夠提供增強環境韌性、保護全球社區並推動永續回報的解決方案，最終使 TOMI 成為快速變化的世界中首選的創新者。

I will now hand the call over to our Chief Financial Officer, David Vanston, who will provide a brief overview of our financial results for the third quarter of 2025 compared to the same period last year. David?

現在我將把電話交給我們的財務長大衛·范斯頓，他將簡要概述我們2025年第三季的財務業績與去年同期相比的情況。大衛？

Thank you, Dr. Shane.

謝謝你，沙恩醫生。

In the third quarter of 2025, our revenue was $2 million, a decline from $2.5 million in Q3 '24, representing a 24% decrease in sales. This was primarily driven by a timing reduction in the quarter of iHP services sales from a key customer who reorganized its operations. This impact is expected to be temporary, and the customers' operations and related service activity are expected to resume to a normal level in the near future.

2025 年第三季度，我們的營收為 200 萬美元，比 2024 年第三季的 250 萬美元有所下降，銷售額下降了 24%。這主要是由於一位重要客戶重組業務，導致 iHP 服務銷售額在本季有所減少。預計這種影響是暫時的，客戶的營運和相關服務活動預計將在不久的將來恢復正常水準。

Importantly, year-to-date service demand remains robust with close activity and pipeline volume up approximately 35% year over year in the life sciences and food safety area. This trend supports our expectation for continued growth in the fourth quarter and beyond.

值得注意的是，今年迄今的服務需求仍然強勁，生命科學和食品安全領域的業務活動和在建項目數量同比增長約 35%。這一趨勢印證了我們對第四季及以後持續成長的預期。

For the nine months ended September 30, '25, Solution revenue was $760,000, an increase of 21% year on year as early as stated by Dr. Shane compared to the same period in '24 as we continue to drive recurring sales of solution within our customer base. A positive point was our gross profit margins remain strong at 61% as a percentage of sales, for the three months ended September 30, 2025, and for the same period last year.

截至 2025 年 9 月 30 日的九個月，解決方案收入為 76 萬美元，年成長 21%，正如 Shane 博士所說，這是因為我們繼續推動客戶群中解決方案的經常性銷售。一個積極的方面是，截至 2025 年 9 月 30 日的三個月，我們的毛利率佔銷售額的 61%，與去年同期相比保持強勁。

The consistency of our gross profit margin underscores the resilience of our product mix and disciplined cost management. The three months ended September 30, '25, we experienced an operating loss of approximately $320,000 compared to an operating income of $149 million in the same period of last year.

我們毛利率的穩定性凸顯了我們產品組合的韌性和嚴格的成本管理。截至 2025 年 9 月 30 日的三個月內，我們錄得約 32 萬美元的營業虧損，而去年同期則錄得 1.49 億美元的營業收入。

Our net loss for the three months ended September 30, 2025, was approximately $450,000 or $0.02 a share compared to a net income of $58,000 or zero compared to the same period last year. As of September 30, 2025, our financial position includes cash and cash equivalents of approximately $190,000, working capital of $2.5 million and a share held equity of $2.2 million.

截至 2025 年 9 月 30 日止三個月，我們的淨虧損約為 45 萬美元，即每股虧損 0.02 美元，而去年同期淨利潤為 58,000 美元，即零利潤。截至 2025 年 9 月 30 日，我們的財務狀況包括現金及現金等價物約 19 萬美元，營運資金 250 萬美元，以及股東權益 220 萬美元。

I will now turn the call over to our Chief Operating Officer, EJ Shane to discuss the upcoming business highlights.

現在我將把電話交給我們的營運長 EJ Shane，讓他來討論即將公佈的業務亮點。

Thank you, David. Our previously announced active projects are currently on schedule for delivery by the end of the year, and we are currently negotiating an additional $3 million in custom and integrated contracts with this expected to close before the year-end. 2025 showcased TOMI's evolution into a trusted technology partner for regulated industries, implementing SteraMist with agencies such as NASA and Fort Detrick alongside repeat orders from global leaders underscores SteraMist's position as a gold standard for contamination control.

謝謝你，大衛。我們先前公佈的在建工程目前均按計畫進行，預計於年底前交付。此外，我們正在洽談價值300萬美元的客製化及整合合同，預計也將在年底前完成。 2025年，TOMI 已發展成為受監管產業值得信賴的技術合作夥伴。我們與美國國家航空暨太空總署（NASA）和德特里克堡等機構合作部署了SteraMist系統，並持續獲得全球領先企業的重複訂單，這些都凸顯了SteraMist作為污染控制領域黃金標準的地位。

With major pharma companies investing in the United States onshoring and sectional facilities, TOMI is ideally positioned to capture expanded opportunities in sterile automation systems. Automated, repeatable and validated decontamination rooms and chambers remain in high demand as the pharmaceutical industry evolves. We believe our iHP technology is emerging as a benchmark for sterile environment as evidenced by its adoption this year with premier companies.

隨著各大製藥公司在美國投資建設本土化和分部化設施，TOMI 處於理想的地位，可以抓住無菌自動化系統領域不斷擴大的機會。隨著製藥業的不斷發展，自動化、可重複和經過驗證的消毒室和消毒艙仍然有很高的需求。我們相信，我們的 iHP 技術正在成為無菌環境的標桿，今年許多一流公司採用這項技術就證明了這一點。

As of the third quarter, the onshoring of pharmaceutical production positions us favorably, specifically in Virginia for the next few years, particularly with major commitments from Merck, Eli Lilly and AstraZeneca, who are establishing new production sites.

從第三季開始，藥品生產的回流使我們處於有利地位，尤其是在維吉尼亞州，未來幾年我們將受益匪淺，特別是默克、禮來和阿斯特捷利康等公司做出了重大承諾，正在建立新的生產基地。

As we build on the strong momentum we've shared today, the key question is obvious. How will we keep driving growth in BIT Solution sales, iHP Service, capital equipment and custom integrations? As Dr. Shane noted earlier, our BIT solution gains come from growth in personnel and operations and better training for our current customers. We will keep this going to drive study adoption and stronger reach in key sectors.

在我們延續今日這股強勁勢頭的基礎上，關鍵問題顯而易見。我們將如何繼續推動 BIT 解決方案銷售、iHP 服務、資本設備和客製化整合方面的成長？正如 Shane 博士之前指出的那樣，我們的 BIT 解決方案的收益來自於人員和營運的成長，以及對現有客戶的更好培訓。我們將繼續推進這項研究，以促進研究的普及，並在關鍵領域擴大影響力。

We are nearly complete on updated training documents rolling out a more comprehensive program that emphasizes ongoing recertification. This approach not only raises customer standards for implementation and safety, but also may generate additional revenue and deeper product adoption, strengthening TOMI's role as an essential partner.

我們即將完成更新培訓文件的編寫，推出一個更全面的計劃，重點是持續的再認證。這種方法不僅提高了客戶對實施和安全的要求，而且可能帶來額外的收入和更深入的產品採用，從而加強 TOMI 作為重要合作夥伴的地位。

Quarter three of 2025 unfolded an essential chapter in TOMI's journey marked by breakthroughs that not only validated our recent innovations, but also directly fed our pipeline of opportunities. It began in July with the installation and commissioning of our SIS-SA for a neighboring pharmaceutical company which falls under our SteraMist Integrated System or SIS platform offering targeting the pharmaceutical isolator market, a milestone that led to successful integrations into two additional enclosures for Virginia Commonwealth University and the University of Miami and a promising wave of future installations with both existing and prospective manufacturing partners.

2025 年第三季度，TOMI 的發展歷程中迎來了一個重要的篇章，這一季度取得的突破不僅驗證了我們最近的創新成果，而且直接為我們帶來了更多機會。7 月，我們為鄰近的一家製藥公司安裝並調試了 SIS-SA，該產品屬於我們面向製藥隔離器市場的 SteraMist 整合系統或 SIS 平台產品。這項里程碑式的進展促成了我們成功地將該系統整合到弗吉尼亞聯邦大學和邁阿密大學的兩個額外的機櫃中，並為與現有和潛在的製造合作夥伴開展一系列前景光明的未來安裝項目奠定了基礎。

In the life sciences and manufacturing sectors, we see a powerful shift toward continuous bioprocessing, flexible facilities and AI-enabled operations. These advancements demand decontamination solutions that integrate effortlessly with automation while minimizing downtime, precisely where a custom-engineered system or CES excels offering rapid, efficient sterilization to support production and operational efficiency.

在生命科學和製造業領域，我們看到了連續生物加工、靈活設施和人工智慧賦能的營運的強勁轉變。這些進步需要能夠輕鬆與自動化整合並最大限度減少停機時間的消毒解決方案，而客製化工程系統或 CES 正好在這方面表現出色，可提供快速、高效的滅菌，從而支持生產和運營效率。

While our CES remains in demand due to its tailor capabilities, we recognize that its extended time line from initial interest to full commissioning can be expensive. As the CES pipeline continues to expand, we are strategically prioritizing our hybrid and SIS products, which offer faster close rates and quicker integration and implementation within facilities. This balanced approach ensures that all our custom automated offerings advance at a comparable pace with the hybrid and SIS line serving as the ideal solution for automated integration segment, driving quicker revenue realization than the CES.

雖然我們的 CES 因其定制能力而仍然備受青睞，但我們也意​​識到，從最初的興趣到全面調試，其較長的周期可能會很昂貴。隨著 CES 管道的不斷擴大，我們正在策略性地優先發展我們的混合型和 SIS 產品，這些產品能夠提供更快的成交速度以及在設施內更快的整合和實施。這種平衡的方法確保我們所有的客製化自動化產品都能以相近的速度發展，其中混合型和SIS產品線是自動化整合領域的理想解決方案，比CES更快地實現收入。

Building on our Q3 momentum, August marked a significant step forward on our East Coast distributor, Ares Scientific, who helped us secure a new university client for our SIS platform. Solidified our presence in the academic vertical and opening doors to specialized applications and research environments. This progress carried into this week's AALAS conference, where we collaborated closely with Ares on promising upcoming projects and showcased our advanced product lineup alongside our enhanced engineering capabilities and programming and design.

延續第三季的良好勢頭，8 月我們在東海岸的經銷商 Ares Scientific 取得了重大進展，他們幫助我們為 SIS 平台爭取了一家新的大學客戶。鞏固了我們在學術領域的地位，並為專業應用和研究環境打開了大門。這項進展延續到了本週的 AALAS 大會上，我們在大會上與 Ares 就前景廣闊的未來項目進行了密切合作，並展示了我們先進的產品系列以及我們增強的工程能力、編程和設計能力。

By engaging manufacturers of case washers, decontamination chambers and biological safety cabinets or BSCs, we are expanding our partnership options for future integrations. Strengthening our pipeline with diverse choices, while positioning these collaborators as valuable resources to expand the SteraMist iHP brand and technology into high potential sectors such as government agencies, universities and animal research.

透過與洗箱機、消毒室和生物安全櫃（BSC）的製造商合作，我們正在擴大未來整合的合作夥伴選擇。透過多樣化的選擇來加強我們的產品線，同時將這些合作者定位為寶貴的資源，將 SteraMist iHP 品牌和技術擴展到政府機構、大學和動物研究等高潛力領域。

Additionally, our discussion with AALAS included a new potential representative company for the West Coast as well as opportunities for complementary products that could generate fresh revenue streams by pairing seamlessly with our core technology. Stay tuned for updates on these developments as they may diversify our pipeline heading into next year.

此外，我們與 AALAS 的討論還包括西海岸一家新的潛在代表公司，以及與我們的核心技術無縫結合的互補產品的機會，這些產品可以產生新的收入來源。請繼續關注這些進展的最新消息，它們可能會使我們明年的產品線更加多元化。

In healthcare, new initiatives like the Joint Commission Accreditation 360 program, set to launch in 2026 may open new revenue streams for TOMI as well. The program will create a growing need for verifiable, audible disinfection data, which SteraMist delivers through its advanced logging and reporting features, helping providers meet stringent standards and enhance patient safety.

在醫療保健領域，像聯合委員會認證 360 計畫這樣的新措施（計畫於 2026 年啟動）也可能為 TOMI 開闢新的收入來源。該計劃將產生對可驗證、可聽見的消毒數據日益增長的需求，而 SteraMist 透過其先進的記錄和報告功能提供這些數據，幫助醫療機構達到嚴格的標準並提高患者安全。

In quarter three, we celebrated landmark addition to our roster of customers with a major player in the eye health industry. Bausch & Lomb rapidly adopted our mobile handheld surface units in two facilities in under four months and committed to open BIT Solution orders for 2026, promising sustained revenue streams in the sector and need for advanced sterility.

第三季度，我們迎來了眼科健康產業一家主要企業加入我們的客戶行列，這具有里程碑意義。博士倫在不到四個月的時間裡，在兩家工廠迅速採用了我們的行動手持式表面設備，並承諾在 2026 年開放 BIT 解決方案訂單，這預示著該行業將持續獲得收入，並且對先進的無菌技術有需求。

In September, we made significant strides in capital equipment segments by onboarding a specialized service provider focused on health care and mold remediation, quickly followed by Steri-Clean and T.A.C.T. purchasing mobile systems with the latter expanding their SteraMist line with foggers. We continue to speak with these three and other larger franchise service providers for a widespread adoption of SteraMist iHP technology across their networks.

9 月，我們在資本設備領域取得了重大進展，引入了一家專注於醫療保健和黴菌治理的專業服務提供商，隨後 Steri-Clean 和 T.A.C.T. 還購買了移動系統，其中 T.A.C.T. 還用霧化器擴展了其 SteraMist 產品線。我們將繼續與這三家以及其他大型特許經營服務提供者洽談，以期在其網路中廣泛採用 SteraMist iHP 技術。

Our highly regarded SteraMist Pro certified or SPC program continues to nurture a dynamic environment of partners and customers, enhance the implementation and long-term usage. Large contract cleaning, bioremediation and restoration firms such as Steri-Clean and T.A.C.T are scaling up their offerings to handle complex, high-margin jobs and biohazard mold and mycotoxin cleanup using our advanced technology.

我們備受推崇的 SteraMist Pro 認證或 SPC 計劃繼續培育充滿活力的合作夥伴和客戶環境，以增強實施和長期使用。像 Steri-Clean 和 T.A.C.T 這樣的大型合約清潔、生物修復和恢復公司正在擴大其服務範圍，利用我們的先進技術處理複雜的、高利潤的工作以及生物危害黴菌和黴菌毒素清理。

This year has brought the transformative shift in our business development approach with initial purchases of one or two units at select locations inspiring broader rollouts across entire organization, a pattern that is starting to play out successfully in both the life sciences and commercial industry. To sustain this momentum, we continue developing these organic expansions, which is key to scaling our business and of course, its model.

今年，我們的業務發展方式發生了變革性的轉變，最初在特定地點購買一兩台設備，激發了整個組織更廣泛地推廣這種模式，這種模式開始在生命科學和商業領域取得成功。為了保持這種發展勢頭，我們將繼續推動這些有機擴張，這對於擴大我們的業務規模以及其商業模式至關重要。

A prime example is our growing relationship with Nestle, which is gaining traction, and they have expressed a strong desire to establish our technology as the global standard across their nutritional facilities worldwide. We have already deployed multiple SteraPaks to various branches internationally, setting the stage for substantial reoccurring revenue and further international growth.

一個典型的例子是我們與雀巢日益密切的關係，這種關係正在取得進展，他們強烈希望將我們的技術確立為他們在全球營養品生產設施中的全球標準。我們已經向國際上的各個分支機構部署了多個 SteraPak，為可觀的經常性收入和進一步的國際成長奠定了基礎。

We continue to pursue the cannabis market under our Food Safety division and quarter three sparked some significant interest domestically and internationally, opening doors to promising new partnership discussions. Our current distributor, Sterile Grow, continues to market and fully gain traction, adding to the referral base and efficacy use data for the market. We have unofficially entered a collaboration with Smithers the largest testing lab in the United States, which we expect to yield lead referrals soon and will soon begin a study in Morocco that positions us for entry into the European and African medical cannabis markets.

我們繼續透過食品安全部門開拓大麻市場，第三季在國內和國際上引起了相當大的興趣，為前景廣闊的新合作關係洽談打開了大門。我們目前的經銷商 Sterile Grow 繼續進行市場推廣並取得全面成功，為市場增加了轉診基礎和療效使用數據。我們已與美國最大的檢測實驗室史密瑟斯（Smithers）非正式地展開合作，預計很快將獲得潛在客戶推薦，並將很快在摩洛哥開始一項研究，這將使我們有機會進入歐洲和非洲的醫用大麻市場。

A key quarter three highlight pertains to a regulatory change. The FDA's final order amending regulations to permit hydrogen peroxide as a safe disinfectant oxidizer and bleaching agents in food for human consumption, while removing sulfur dioxide restrictions. This ruling is game-changing for SteraMist, validating our BIT Solutions food grade hydrogen peroxide as the sole active ingredient and providing a clear regulatory framework with a competitive edge in the multibillion-dollar food safety market.

第三季的一大亮點是監理政策的改變。美國食品藥物管理局 (FDA) 的最終命令修改了相關法規，允許在人類食用的食品中使用過氧化氫作為安全的消毒劑、氧化劑和漂白劑，同時取消了對二氧化硫的限制。這項裁決對 SteraMist 來說具有變革意義，它驗證了我們的 BIT Solutions 食品級過氧化氫是唯一的活性成分，並提供了一個清晰的監管框架，使我們在價值數十億美元的食品安全市場中擁有競爭優勢。

By expanding applications beyond environmental disinfection to direct food-related protocols such as in the ready-to-eat or RTE industry, where convenience foods like prepackaged meals and salads demand pathogen control, it positions TOMI to capture a significant share across the supply chain. With no residual concerns due to SteraMist iHP breakdown and to oxygen and humidity, we can now disinfect equipment processing lines and facilities and food present environments to target threats like salmonella, listeria and E. coli.

透過將應用範圍從環境消毒擴展到直接與食品相關的規程，例如即食食品或RTE行業，其中預包裝食品和沙拉等方便食品需要病原體控制，TOMI得以在整個供應鏈中佔據相當大的份額。由於 SteraMist iHP 不會因分解、氧氣和濕度而產生殘留問題，我們現在可以對設備加工生產線、設施和食品環境進行消毒，以對抗沙門氏菌、李斯特菌和大腸桿菌等威脅。

Decontaminate packaging and storage areas prevent cross-contamination and sanitize transportation vehicles for end-to-end hygiene. This broadens our addressable market and drives revenue growth in high demand sectors.

對包裝和儲存區域進行消毒，以防止交叉污染，並對運輸車輛進行消毒，以實現端到端的衛生。這將擴大我們的目標市場，並推動高需求產業的收入成長。

Thank you. And I will return the call over to Dr. Shane for his closing statements.

謝謝。接下來，我會把電話轉回給沙恩博士，請他作總結陳詞。

Thank you, EJ. We remain focused on strengthening our organizational foundation, enhancing our C-suite, management and division leadership, building out our sales and technical teams and expanding our network of global distributors. The third quarter marked a notable period of recovery and reaffirmed the soundness of our strategy. We are seeing steadily improvement financially, operationally and strategically.

謝謝你，EJ。我們將持續專注於加強組織基礎，提升高階主管團隊、管理階層和部門領導能力，壯大銷售和技術團隊，並拓展全球經銷商網路。第三季標誌著顯著的復甦時期，並再次證明了我們策略的正確性。我們在財務、營運和策略方面都看到了穩定改善。

Our team is dedicated to driving growth and innovation across all divisions, leveraging our expanding portfolio of products and services. We are encouraged by the opportunities that lie ahead. Our sales backlog remains strong, and the sales strategy implemented at the end of last year is beginning to deliver promising results.

我們的團隊致力於推動所有部門的成長和創新，充分利用我們不斷擴大的產品和服務組合。我們對未來的機會感到鼓舞。我們的銷售訂單儲備依然充足，去年底實施的銷售策略已開始取得令人鼓舞的成果。

We are motivated by the progress in our strategic partnerships and the growing interest from clients seeking to improve their operations with our solutions. With continuous investment in infrastructure, technical expertise and a stronger sales strategy, we believe we are well positioned for a successful fourth quarter with momentum carrying into 2026.

我們策略合作夥伴關係的進展以及客戶對我們解決方案日益增長的興趣激勵著我們不斷前進。透過對基礎設施、技術專長和更強大的銷售策略的持續投資，我們相信我們已做好充分準備，迎接一個成功的第四季度，並將這種勢頭延續到 2026 年。

I'd like to highlight a recent strategic milestone that positions us for sustained growth. On November 5, we entered into an equity purchase agreement with Hudson Global Ventures, giving us the flexible right but not the obligation to sell up to $20 million in common stock over a 24-month period. Full details are in our Form 8-K filing.

我想重點介紹我們最近取得的一項策略里程碑，這項里程碑將使我們實現持續成長。11 月 5 日，我們與 Hudson Global Ventures 簽訂了股權購買協議，賦予我們靈活的權利（但無義務）在 24 個月內出售至多 2,000 萬美元的普通股。詳細資訊請參閱我們的 8-K 表格文件。

The agreement provides the flexibility for on-demand access to capital without upfront commitments or heavy dilution, helping us fund the strategies, goals and momentum. We have described today, including our business development needs, hiring customer service specialists, technicians and programmers, trainers and operational support to accelerate our pace, while maintaining our strong reputation with customers across the industries we serve.

該協議允許我們靈活地按需獲取資金，而無需預先承諾或大幅稀釋股權，這有助於我們為策略、目標和發展勢頭提供資金。今天，我們描述了我們的業務發展需求，包括招募客戶服務專家、技術人員和程式設計師、培訓師和營運支援人員，以加快我們的步伐，同時保持我們在所服務的各個行業客戶中享有的良好聲譽。

It will also enable us to expand on key initiatives, such as advancing R&D, regulatory pursuits and market expansion, ensuring we seize opportunities in clean tech and biosecurity, while creating long-term value for shareholders.

這將使我們能夠擴大關鍵舉措，例如推動研發、監管工作和市場擴張，確保我們抓住清潔技術和生物安全領域的機遇，同時為股東創造長期價值。

Thank you for your continued support as we unlock TOMI's next era of growth. We're excited about what's ahead. Now operator, let's open the call to questions.

感謝您一直以來的支持，我們將共同開啟TOMI的下一個發展階段。我們對未來充滿期待。現在接線員，我們開始接受提問。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Really good quarter. Congratulations on the nice turnaround and progress. One of the key things I think you announced was the FDA approval or clearance for the hydrogen peroxide usage. It opens the food, RTE and prepackaged as EJ outlined. What are your sales and marketing efforts towards this? And have you identified initial targeted customers that you would pursue?

本季表現非常出色。恭喜你們有如此好的進展和轉變。我認為您宣布的一項關鍵內容是 FDA 批准或許可使用過氧化氫。它打開了食品、即食食品和預包裝食品，正如 EJ 所概述的那樣。你們為此做了哪些銷售和市場推廣工作？您是否已經確定了要專注於開發的特定目標客戶群？

So it's relatively new, this approval. And we foresee that the food industry in itself, both whether it's in processing, storage, packaging, transportation, et cetera, can be a key marketing vertical for us. And I'm really excited about it because, especially our type of technology does not have any residue, and it's going to be a game changer.

所以這項批准是相對較新的。我們預見，食品產業本身，無論是加工、儲存、包裝、運輸等等，都可以成為我們重要的行銷垂直領域。我對此感到非常興奮，因為我們這種技術尤其不會產生任何殘留物，它將會改變遊戲規則。

But in order to go ahead and tell you how much and who, it's a little too early, I think. And I find that a lot of the food companies themselves are not aware of the change. But things are changing in this industry. They're leaning away from old established disinfection and parasitic acids and things like that and dips, et cetera, that they've been using. And our technology is a definite should be on top of their list as a choice.

但要告訴你具體金額和對象，我覺得現在還太早。而且我發現很多食品公司本身並沒有意識到這種改變。但這個行業正在改變。他們正逐漸摒棄過去常用的消毒方法、殺蟲劑和浸泡劑等。我們的技術絕對應該成為他們的首選。

Yes. No, it certainly makes sense what you're saying. And I'm sure it will open up a big, big market for you. On the 3Q performance, again, as I said, congrats on the nice turnaround. The operating expenses were also contained despite the nice revenue increase. Should we expect these operating expenses at the operating expense level as well as the gross margin level to continue to sort of improve financially?

是的。不，你說的很有道理。我相信這會為你開拓一個龐大的市場。關於第三季的業績，我再次表示祝賀，你們取得了漂亮的逆轉。儘管收入大幅成長，但營運費用也得到了控制。我們是否應該預期營運費用水準以及毛利率水準將繼續在財務上有所改善？

So for your model, I think your expenses are going to increase. And I think they're going to be positive in relationship to revenue. David might have something to add to this, if you'd like, David.

所以，就你的模式而言，我認為你的支出將會增加。我認為它們對營收會有正面影響。大衛，如果你願意的話，他或許可以補充一些內容。

Yes. Yes. I think for the gross margin, I think you may get 1% or 2%, but nothing significant. You've already seen that over the year on year, we're holding around the 60% margin. I mean that helps us with the continuing solution sales that come in. So I don't expect our margin to be under too much pressure.

是的。是的。我認為毛利率可能只有 1% 或 2%，不會很高。你們已經看到，從年際來看，我們的利潤率一直維持在 60% 左右。我的意思是，這有助於我們持續獲得解決方案銷售。因此，我預計我們的利潤率不會面臨太多壓力。

But as Doc pointed out, if we're going to scale up, I would expect the revenue line will go up at the same time, but a percentage of the total -- the operating expenses as a percentage of our total revenue will not be significantly.

但正如 Doc 指出的那樣，如果我們要擴大規模，我預計收入也會隨之增長，但總收入的百分比——營運費用佔總收入的百分比——不會顯著增長。

Yes, that is what I was driving at because you did outline the R&D efforts and initiatives. So they will increase, but you will still have leverage and revenues are probably going to increase faster?

是的，我的意思正是如此，因為你確實概述了研發工作和措施。所以它們會增加，但你仍然會擁有議價能力，而且收入可能會成長得更快？

Yes. Correct.

是的。正確的。

Got it. Last question. On the international front, I think you did mention Morocco, Africa. What kind of sales effort is in place? Do you have representatives in these countries? How should we think about how the sales are going to be realized?

知道了。最後一個問題。在國際方面，我想您確實提到了非洲的摩洛哥。目前採取了哪些銷售策略？你們在這些國家設有代表處嗎？我們應該如何考慮如何達成銷售目標？

So we have different distributors in some of these countries that are focused in them. I think that a lot of our global partners, where we mentioned one in the food industry on the call earlier is going -- is implementing this in many of their facilities globally.

因此，我們在其中一些國家設有不同的分銷商，專注於這些國家的業務。我認為，我們許多全球合作夥伴，例如我們之前在電話會議上提到的食品業的合作夥伴，正在其全球許多工廠實施這項技術。

Similar to that, the other types of partners that we have that have global footprint in various countries that are interested in increasing their demand and use for SteraMist going forward?

與此類似，我們還有其他類型的合作夥伴，他們在世界各地都有業務，並且有興趣在未來增加對 SteraMist 的需求和使用？

Yes, Doc, may I squeeze in one more because I think you had pointed out that your capital equipment sales increased. I think that bodes well for solution sales in coming quarters. Do you have visibility on what kind of solutions sales you will see in the coming quarters?

是的，醫生，我可以再補充一個問題嗎？因為我記得您之前提到過，您的資本設備銷售額有所成長。我認為這預示著未來幾季解決方案的銷售情況會很好。您能否預見未來幾季哪些類型的解決方案銷售額會成長？

I don't. Again, I think the first half of the year, we had about a 41% -- 20% increase in solution sales over '24. And in the third quarter, we were down to about -- I believe it was in the mid-21%. So it averaged down a little bit. I think by the end of the fourth quarter, our recurring sales should pop up again because people wanting to get the solution in by end of year.

我不。我再次認為，今年上半年，我們的解決方案銷售額比 2024 年成長了約 41% 至 20%。第三季度，我們的百分比下降到了大約——我相信是21%左右。所以平均值略有下降。我認為到第四季末，我們的經常性銷售額應該會再次成長，因為人們希望在年底前獲得解決方案。

And I think that's the key to this whole call is we get more technology out there. We do it via by manufacturing, but via by also increasing our sales and our sales strategies in these areas and more equipment lead to more solution sales, which is the model that would drive a very successful business going forward.

我認為這次通話的關鍵在於我們要推廣更多技術。我們透過生產製造來實現這一目標，但同時也透過增加銷售和在這些領域改進銷售策略來實現，更多的設備會帶來更多的解決方案銷售，這正是推動企業未來取得巨大成功的模式。

(Operator Instructions) John Nelson, private investor.

（操作說明）約翰·尼爾森，私人投資者。

And congrats to you and the TOMI team on the enhanced momentum that the company seems to be generating right now. I have continue to steadily add to my stock position since my latest 13G amended filing in July. So I'm very pleased with your results. And I know the efforts are superlative.

恭喜你和TOMI團隊，公司目前似乎有更強的發展動能。自從 7 月我提交最新的 13G 修正文件以來，我一直在穩步增持股票。我對你的結果非常滿意。我知道這些努力是卓越的。

Thank you, John.

謝謝你，約翰。

Questions. Is there anything updates you can give me on the -- what's going on with servicing or trying to service the military and defense markets?

問題。您能否提供我一些關於—為軍方和國防市場提供服務或嘗試提供服務的最新進展？

I don't have one. Maybe EJ has something to say about that.

我沒有。或許EJ對此有話要說。

Yes. This past quarter, a lot of our service was directly attributed to one key site. I can't really go into too much detail, but they are looking to replace formaldehyde and have been, and we're working with them. We did quite a few studies with them in Q3. We went there 8 or 9 times and had positive results. I don't expect that one to show a close before the end of the year, but we are definitely expecting it to be a pretty big deal in 2026.

是的。上個季度，我們的大部分服務都直接歸功於一個關鍵站點。我不能透露太多細節，但他們正在尋求替代甲醛，而且一直在這樣做，我們正在與他們合作。我們在第三季與他們進行了相當多的研究。我們去了八、九次，每次都取得了正面的效果。我預計該項目在年底前不會結束，但我們肯定預計它在 2026 年會是一件大事。

Okay. Good. Any updates on the CAR T-cell disinfection business?

好的。好的。CAR-T細胞消毒業務有最新進展嗎？

EJ?

EJ？

No, Doc.

不，醫生。

I don't think we have anything, John.

約翰，我覺得我們什麼都沒有。

Okay. You mentioned in the press release that you've now onboarded all three of the top major service provider companies in health care mold remediation. And I was curious as to any expectations that we should have on rapid versus slow rollout by these parties?

好的。您在新聞稿中提到，您現在已經與醫療保健黴菌治理領域三大頂級服務提供者公司全部建立了合作關係。我很好奇，對於這些各方快速還是緩慢地推出產品，我們該抱持什麼預期？

So yes, and I know you've been asking -- it wasn't ServiceMaster, but bringing on Steri-Clean and T.A.C.T. and this other group was definitely a big deal in Q3, especially with their quick assessment to add more units pretty quickly thereafter their initial buy. They do have a focus more in biohazard and mycotoxin remediation, and we expect to really keep working with them and gain live case studies to be able to bring on the rest of their facilities and then, of course, additional franchises.

是的，我知道你們一直在問——雖然不是 ServiceMaster，但第三季度引進 Steri-Clean、T.A.C.T. 和其他一些公司絕對是一件大事，尤其是在他們最初收購之後迅速評估並很快增加了更多設備。他們更專注於生物危害和黴菌毒素的修復，我們希望繼續與他們合作，獲得實際案例研究，以便能夠與他們的其他設施合作，當然，還有更多的加盟店。

So I do see a dramatic shift in our service providership. I think it's the way we've now outlined the way we train and support them with the program and the learning management system that we offer to them. And we're a little more aggressive in the correspondence and staying up to date with everything they're doing. So it is proving a good outcome and expect more.

所以我確實看到了我們服務提供者的巨大轉變。我認為關鍵在於我們現在已經明確瞭如何透過我們提供的專案和學習管理系統來培訓和支持他們。我們在溝通方面更加積極主動，並且會密切關注他們的一舉一動。所以這證明是個好結果，期待更多。

Okay. Great. A lot of attention is being paid and a lot of dollars is going to the data center market. Google just announced that they were planning on investing $40 billion in new data centers in Texas. So could you comment at all on any plans to try to penetrate the disinfection market for those types of facilities?

好的。偉大的。資料中心市場備受關注，大量資金也湧入其中。谷歌剛剛宣布，他們計劃在德州投資 400 億美元建造新的資料中心。那麼，您能否就進軍此類設施消毒市場的任何計劃發表一些評論？

Sure, John. That's one of the reasons that we are expanding and want to expand our sales teams in multiple verticals, and that's one that makes a huge amount of interest and potentially success for us because they do need disinfections, they're large facilities, and we will handle their materials tremendously.

當然可以，約翰。這也是我們正在擴張並希望在多個垂直領域擴大銷售團隊的原因之一，而且這對我們來說意義重大，並有可能取得成功，因為他們確實需要消毒，他們的設施規模很大，我們將大量處理他們的材料。

So we are going to work on that. We just do not have the employees at the moment to focus on that. And that's one of the reasons for capital needs and to increase our existing sales force.

所以我們會著手處理這件事。我們目前沒有足夠的人手來專注於這項工作。這就是我們需要資金並擴大現有銷售團隊的原因之一。

Got it. And besides the data centers in planning stages for being developed, there's also the current existing market and many of them are crypto data centers that are being basically converted to use by the Magnificent 7.

知道了。除了正在規劃開發中的資料中心之外，目前市場上還有許多加密資料中心，這些資料中心基本上都被「七巨頭」改造利用。

That's true.

這是真的。

And last question is the FDA broadening the permitted use of hydrogen peroxide in the food industry. And I was wondering if you could maybe give us a few more details on how your increasing your awareness for that market?

最後一個問題是，FDA 是否會擴大過氧化氫在食品工業的允許使用範圍。我想請您詳細介紹一下您是如何提高對該市場的認知度的？

We are doing it on social media, and we do have plans to increase it further. A lot -- like I said earlier with the call from the analysts. We know who they are that need our product. And sometimes, they don't even know they can use our products. So it's more of an educational mode at the moment. But I think that also in the medical supply, medical sterilization and of medical materials, medical processing, sites that have huge ethylene oxide sterilization, our products are great replacement.

我們正在社交媒體上進行這項工作，並且我們計劃進一步擴大其規模。很多——就像我之前和分析師通話時說的那樣。我們知道哪些客戶需要我們的產品。有時，他們甚至不知道自己可以使用我們的產品。所以目前它更像是一種教育模式。但我認為，在醫療用品、醫療滅菌和醫療材料、醫療加工等領域，以及大量使用環氧乙烷滅菌的場所，我們的產品也是很好的替代品。

So there's a lot of work -- a lot of low picking fruit for us to work at in those areas and those verticals. And as the team gets bigger and moves forward, we will be focused on them.

所以有很多工作要做——在這些地區和這些垂直領域，有很多低矮的果實需要我們去採摘。隨著團隊規模擴大和發展，我們將專注於他們。

Okay. And in marketing, are you targeting the companies that have had problems in the past?

好的。在行銷方面，你是否瞄準了那些過去曾出現過問題的公司？

EJ?

EJ？

Yes.

是的。

Are you targeting companies first that have had problems in the past with infections and disease?

你們是否優先瞄準那些過去曾經遭受感染和疾病困擾的公司？

We are, John. But we did start our initial -- beginning point was to start with our current database and the correspondence that we have had with food safety customers probably about 1.5 years or 2 that couldn't come onboard because prior to the ruling, it was -- had different restrictions for the EPA legal.

我們是，約翰。但我們最初的出發點是從我們目前的資料庫以及我們與食品安全客戶大約 1.5 到 2 年的通訊開始的，這些客戶無法加入，因為在裁決之前，美國環保署的法律有不同的限制。

So we're now in correspondence with those with the new FDA petition and reaching out how to create protocols under that guideline. So we did start with individuals that we were already talking with.

所以我們現在正與那些提交了新的 FDA 請願書的人聯繫，探討如何根據該指南制定方案。所以我們先從之前已經接觸過的人開始談起。

Okay. Good. And then one more that I just thought about is, any progress or developments in the use of SteraMist for replacing ethylene oxide in the medical instrument sterilization market?

好的。好的。我剛才還想到一個問題，在醫療器材消毒市場中，使用 SteraMist 取代環氧乙烷方面是否有任何進展或發展？

Yes. I mean, it goes kind of in hand with -- under both accounts in food and in medical device treatment. The other partnerships that we're starting to build in device manufacturing will also lead to that replacement being able to have iHP streamlined into different enclosures to decontaminate these devices and other large machinery that's used in both industries. So it's definitely all being high prioritized in discussion.

是的。我的意思是，這在食品和醫療器材治療領域都有所體現。我們正在設備製造領域建立的其他合作關係也將促成這種替換，使 iHP 能夠簡化到不同的外殼中，從而對這些設備以及這兩個行業中使用的其他大型機械進行消毒。所以，這些問題在討論中肯定都得到了高度重視。

Ladies and gentlemen, this does conclude our question-and-answer session. So I would like to turn the call back over to Dr. Shane for any closing remarks.

女士們、先生們，我們的問答環節到此結束。那麼，我想把電話交還給沙恩博士，請他作總結發言。

I just want to thank everybody for joining us today and for the continued support, and we will be speaking at our next earnings call. Many thanks. Have a wonderful day or evening, wherever you might be. Thank you, operator.

我只想感謝今天到場的各位，感謝大家一直以來的支持，我們將在下次財報電話會議上繼續討論這個問題。非常感謝。祝您無論身在何處，都能擁有美好的一天或夜晚。謝謝接線生。

Thank you. And thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。謝謝各位女士、先生。今天的電話會議到此結束。現在您可以斷開線路了，感謝您的配合。