TSS Inc (TSSI) 2025 Q2 法說會逐字稿

Welcome to the TSS Inc. second quarter 2025 financial results conference call. (Operator Instructions)

歡迎參加 TSS Inc. 2025 年第二季財務業績電話會議。（操作員指示）

I will now turn the conference over to your host James Carbonara. You may begin.

現在我將會議交給主持人詹姆斯·卡博納拉 (James Carbonara)。你可以開始了。

Thank you, operator, and good afternoon, everyone. Thank you for joining us for TSS conference call to discuss the company's second quarter 2025 results. Joining me today on this call are Darryll Dewan, President and CEO of TSS; and Danny Chism, the company's CFO.

謝謝接線員，大家下午好。感謝您參加 TSS 電話會議，討論公司 2025 年第二季的業績。今天參加電話會議的還有 TSS 總裁兼執行長 Darryll Dewan 和公司財務長 Danny Chism。

As we begin the call, I would like to remind everyone to take note of the cautionary language regarding forward-looking statements contained in the press release we issued today. That same language applies to comments and statements made on today's conference call.

在我們開始電話會議之前，我想提醒大家注意我們今天發布的新聞稿中有關前瞻性陳述的警告性語言。同樣的語言也適用於今天電話會議上的評論和聲明。

This call will contain time-sensitive information as well as forward-looking statements, which are accurate only as of today, August 6, 2025. TSS expressly disclaims any obligation to update, amend, supplement or otherwise review any information or forward-looking statements made on this conference call or the replay to reflect events or circumstances that may change or arise after the date indicated, except as otherwise required by applicable law.

本次電話會議將包含時間敏感資訊以及前瞻性陳述，這些資訊僅截至今天（2025 年 8 月 6 日）準確。TSS 明確表示不承擔更新、修改、補充或以其他方式審查本次電話會議或重播中提供的任何資訊或前瞻性陳述的義務，以反映在所示日期之後可能發生變化或出現的事件或情況，除非適用法律另有要求。

For a list of the risks and uncertainties that may affect the company's future performance, please refer to the company's periodic filings with the SEC. In addition, we will be referring to non-GAAP financial measures. A reconciliation of the differences between these measures and the most directly comparable financial measures calculated in accordance with US GAAP is included in today's press release.

有關可能影響公司未來業績的風險和不確定因素的列表，請參閱公司向美國證券交易委員會提交的定期文件。此外，我們也將參考非公認會計準則財務指標。今天的新聞稿中包含了這些指標與按照美國公認會計準則計算的最直接可比較財務指標之間的差異的對帳。

With that, Darryll, I will turn the call over to you.

達裡爾，好了，我將把電話交給你了。

Thank you, James, and good afternoon, everyone. Thank you for joining us today for our second quarter 2025 earnings conference call. The demand for complex high-performance computing systems, particularly those enabling AI applications, continues to accelerate at a remarkable pace, and we are squarely positioned to address that demand.

謝謝你，詹姆斯，大家下午好。感謝您今天參加我們的 2025 年第二季財報電話會議。對複雜高效能運算系統（尤其是支援人工智慧應用的系統）的需求持續以驚人的速度成長，我們完全有能力滿足這項需求。

This past quarter marked a major transformative milestone in our company's journey and positions us for what we expect will be a record year. I'm pleased to report that we are successfully operating in our new facility, state-of-the-art 213,000 square foot facility in Georgetown, Texas, and is now fully operational.

過去的這個季度標誌著我們公司發展歷程中的一個重要的轉型里程碑，並為我們預期的創紀錄的一年奠定了基礎。我很高興地報告，我們的新工廠正在順利運營，這座位於德克薩斯州喬治敦的最先進的 213,000 平方英尺的工廠現已全面投入運營。

It's also less than 100 degrees today. The build-out is a testament to detailed planning, teamwork and the team's ability to execute. It is more than just additional square footage. This facility is a strategic asset, purpose-built to support rapid scaling of integration services of the most advanced and complicated computing solutions.

今天氣溫也低於 100 度。此次擴建證明了詳細的規劃、團隊合作和團隊的執行能力。這不只是增加面積這麼簡單。該設施是一項戰略資產，專門用於支援最先進和最複雜的計算解決方案的整合服務的快速擴展。

The facility became operational across all capabilities late in the second quarter. With systems now validated and capable of running at full capacity, we're beginning to capture tangible benefits. We continue to produce faster delivery cycles, greater operational efficiency and increased ability to support larger, more complex customer deployments.

該設施於第二季末開始全面投入營運。現在系統已經驗證並能夠滿載運行，我們開始獲得切實的利益。我們將繼續縮短交付週期、提高營運效率並增強支援更大、更複雜的客戶部署的能力。

The completion and activation of this facility marks a turning point, and we are incredibly bullish about what lies ahead. In terms of our financial results, we delivered on our commitment of revenues in the first half of this year, exceeding the revenues in the second half of 2024.

該設施的建成和啟用標誌著一個轉折點，我們對未來充滿信心。就我們的財務表現而言，我們兌現了今年上半年的收入承諾，超過了2024年下半年的收入。

And comparing the first half of this year to the first half of last year, we tripled our diluted earnings per share and more than tripled our adjusted EBITDA. We are on track for what we believe will be a record year for our company.

與去年上半年相比，今年上半年我們的每股稀釋收益成長了兩倍，調整後的 EBITDA 成長了兩倍多。我們堅信，今年將是公司創紀錄的一年。

Our momentum is accelerating. The market is thriving and rich with opportunities, and we're excited about the execution and our focus and precision. So let me walk through a few of the highlights for the second quarter.

我們的勢頭正在加速。市場蓬勃發展，充滿機遇，我們對執行力、專注力和精準度感到興奮。那麼，讓我來介紹一下第二季的一些亮點。

We achieved record year over year revenue growth of 262%, highlighting the accelerating demand for our solutions, the depth of our customer relationships and the strength of the market environment we are operating in.

我們實現了創紀錄的 262% 的年收入成長，突顯了市場對我們的解決方案日益增長的需求、我們與客戶關係的深度以及我們所處的市場環境的強勁。

Adjusted EBITDA increased more than 100% to $4 million in Q2 of 2025. We also generated positive cash flow from operations for the first six months of the year, further strengthening our financial foundation, reinforcing the durability of our business model. The exceptional performance was driven by growth in our two largest service offerings, procurement and systems integration.

2025 年第二季調整後 EBITDA 成長超過 100%，達到 400 萬美元。今年前六個月，我們也產生了正的經營現金流，進一步增強了我們的財務基礎，增強了我們商業模式的持久性。這項卓越業績得益於我們兩大服務產品——採購和系統整合——的成長。

So let me break this down by segment. Starting with procurement services, where we source and resell third-party hardware, software and services, revenue grew more than 572% year over year to $33 million in the quarter, driven by increased infrastructure investments to support AI workloads.

那麼讓我按部分分解一下。從採購服務開始，我們採購和轉售第三方硬體、軟體和服務，本季營收年增超過 572%，達到 3,300 萬美元，這得益於支持 AI 工作負載的基礎設施投資增加。

The growth continues to underscore both our value as a strategic sourcing partner and the strong execution of our operational team. While the business may experience quarter variability, the overall trajectory remains positive, and we remain very optimistic about the contribution from this segment.

這一成長持續凸顯了我們作為策略採購合作夥伴的價值以及我們營運團隊的強大執行力。雖然業務可能會經歷季度變化，但整體趨勢仍然是積極的，我們對該部門的貢獻仍然非常樂觀。

Systems integration, which includes AI RAC integration, delivered another strong quarter with revenue growth increasing 91%, fueled by growing demand for AI-enabled infrastructure. This growth reflects the accelerating momentum behind AI deployments as enterprises begin to modernize and expand their compute environments, while hyperscalers remain in rapid expansion investment mode.

包括 AI RAC 整合在內的系統整合在本季再次表現強勁，營收成長 91%，這得益於對支援 AI 的基礎設施的需求不斷增長。這一成長反映了隨著企業開始現代化和擴展其運算環境，人工智慧部署背後的加速勢頭，而超大規模企業仍處於快速擴張的投資模式。

We believe we are still in the early stages of the AI infrastructure build-out cycle, and we expect continued robust growth as customers scale investments to meet evolving compute requirements in the quarters and years ahead.

我們相信我們仍處於人工智慧基礎設施建設週期的早期階段，隨著客戶擴大投資以滿足未來幾季和幾年不斷變化的運算需求，我們預計將繼續保持強勁成長。

I'll speak more to this in a minute. In our facilities management business, which primarily includes our modular data center business, revenues declined 35%. While this segment represents a smaller portion of our overall business, approximately 3% of the total revenue in the quarter, it has historically delivered stable high-margin contributions.

我稍後會詳細談論這一點。我們的設施管理業務（主要包括模組化資料中心業務）收入下降了 35%。雖然該部門在我們的整體業務中所佔比例較小，約佔本季總收入的 3%，但它歷來都帶來穩定的高利潤貢獻。

The modular market is evolving. Modular data centers are no longer used solely to augment traditional data centers, but are increasingly viewed as prefabricated solutions for delivering dense computing capacity more efficiently.

模組化市場正在不斷發展。模組化資料中心不再僅僅用於增強傳統資料中心，而是越來越多地被視為更有效率地提供密集運算能力的預製解決方案。

Additionally, edge computing, an emerging AI-driven segment is well suited to modular deployment. As adoption of AI technologies accelerates, we expect modular data centers to play a growing role in our strategy through 2025 and beyond.

此外，邊緣運算作為一個新興的人工智慧驅動領域非常適合模組化部署。隨著人工智慧技術的採用加速，我們預計模組化資料中心將在 2025 年及以後的策略中發揮越來越重要的作用。

So it's clear to me that we're still in the early days of AI and demand for high-performance computing. That demand is growing, our capabilities and partnerships are expanding, and our pipeline continues to strengthen.

因此，我很清楚，我們仍處於人工智慧和高效能運算需求的早期階段。需求不斷增長，我們的能力和合作關係也不斷擴大，我們的產品線也不斷加強。

Importantly, we're successfully executing our business strategy and delivering substantial growth while scaling our operations and positioning the company to capture a meaningful share of the rapidly growing and complex AI infrastructure market.

重要的是，我們成功地執行了我們的業務策略並實現了大幅成長，同時擴大了我們的業務規模並使公司定位於在快速成長和複雜的人工智慧基礎設施市場中佔據重要的份額。

So let me turn the call over to Danny for a more detailed conversation and discussion of our financial results. Danny?

因此，請允許我將電話轉給丹尼，以便更詳細地討論我們的財務結果。丹尼？

Thanks, Darryll. Consolidated total revenue increased by 262% in the second quarter of 2025 to $44 million, up from $12.2 million in the second quarter of '24. As Daryll mentioned, the increase was driven by significant year over year growth in our two largest service lines, procurement and systems integration.

謝謝，達裡爾。2025 年第二季綜合總營收從 2024 年第二季的 1,220 萬美元成長 262% 至 4,400 萬美元。正如 Daryll 所提到的，這一成長是由我們最大的兩大服務線——採購和系統整合——的同比顯著增長所推動的。

Revenue from procurement services totaled $33 million, up 572% compared to $4.9 million in the year ago quarter, driven primarily by purchases from the federal government, combined with a mix shift with a greater proportion of revenues coming from gross deals as opposed to net deals.

採購服務收入總計 3,300 萬美元，較去年同期的 490 萬美元成長 572%，主要得益於聯邦政府的採購，加上組合轉變，即總交易收入佔比大於淨交易收入佔比。

As a reminder, revenue in this segment represents a mix of gross and net deals whose revenue recognition method varies based on the contractual terms of whether we modify the product in some way or just act as an agent in the transaction.

提醒一下，該部門的收入代表了總交易和淨交易的組合，其收入確認方法根據合約條款而有所不同，即我們是否以某種方式修改產品或僅僅充當交易中的代理。

The gross value of all procurement transactions regardless of how accounted for, increased 213% from the prior year quarter to $65.7 million this quarter. Based on recorded GAAP values, procurement gross margins were 7.7% in the current quarter compared to 14.7% in the prior year quarter.

本季所有採購交易的總價值無論如何核算，都比去年同期成長了 213%，達到 6,570 萬美元。根據記錄的 GAAP 值，本季採購毛利率為 7.7%，去年同期為 14.7%。

When viewed using the non-GAAP gross value of all transactions, which we see more as apples-to-apples comparison because it ignores the gross versus net difference, gross margins improved from 3.4% in the prior year quarter to 3.9% in the current quarter.

當使用非 GAAP 所有交易的總價值來查看時，我們將其視為同類比較，因為它忽略了總額與淨額之間的差異，毛利率從去年同期的 3.4% 提高到本季度的 3.9%。

The margin expansion worked in concert with the 213% increase in the gross value of procurement transactions, driving 251% growth in procurement services gross profit to $2.5 million, up from $700,000 this quarter last year.

利潤率的擴大與採購交易總額成長 213% 相輔相成，推動採購服務毛利成長 251% 至 250 萬美元，高於去年同期的 70 萬美元。

Revenue from the Facilities Management totaled $1.5 million, down 35% from $2.3 million in the same quarter last year. Although currently the smallest segment of all our businesses, facilities management holds significant strategic potential. We're actively pursuing new opportunities while maintaining readiness to address customers' needs for modular data centers, or MDCs, when that demand picks back up.

設施管理收入總計 150 萬美元，比去年同期的 230 萬美元下降 35%。儘管設施管理目前是我們所有業務中最小的部分，但它卻具有巨大的戰略潛力。我們正在積極尋求新的機遇，同時隨時準備在需求回升時滿足客戶對模組化資料中心（MDC）的需求。

We're also seeing some discrete projects planned for the second half of this fiscal year on MDCs that were deployed in past years. In addition to year one revenues, new deployments typically generate multiyear maintenance contracts, further enhancing our earnings profile.

我們也看到，本財年下半年計劃在多資料中心上實施一些過去幾年部署的獨立專案。除了第一年的收入外，新的部署通常還會產生多年的維護合同，從而進一步提高我們的獲利狀況。

Revenue from the systems integration segment increased to $9.5 million, up 91% compared to $5 million in the second quarter of 2024, driven primarily by the continued growth in the integration of AI-enabled racks, which began with significant volume in June of 2024.

系統整合部門的營收增至 950 萬美元，較 2024 年第二季的 500 萬美元成長 91%，這主要得益於支援人工智慧的機架整合的持續成長，該機架整合自 2024 年 6 月開始大量增加。

Our work here is pursuant to the multiyear agreement signed in October 2024 to integrate AI-enabled racks for our largest customer. We expect systems integration revenue in the next several quarters and next several years to grow substantially from current levels.

我們在此的工作是根據 2024 年 10 月簽署的多年期協議，為我們最大的客戶整合支援 AI 的機架。我們預計未來幾季和幾年的系統整合收入將在當前水準上大幅成長。

Consolidated gross margin was 17.8% this quarter, down compared to 37.3% in the second quarter of 2024 and up compared to 9.3% in the first quarter of this year. The year over year decrease is primarily due to the mix of revenues with lower-margin procurement services representing a much larger portion of the total revenue compared to the prior year quarter. Breaking down the components of the consolidated margins, segment -- systems integration gross margins improved from 43% to 44%.

本季綜合毛利率為 17.8%，低於 2024 年第二季的 37.3%，高於今年第一季的 9.3%。年比下降主要是由於與去年同期相比，利潤率較低的採購服務收入佔總收入的比重大幅增加。細分合併利潤率的組成部分，系統整合部門的毛利率從 43% 提高到 44%。

Facilities management gross margins remained robust at 74% in each period. And as mentioned earlier, the gross margins on procurement activities improved from 3.4% to 3.9% in the current quarter when viewed on the basis of the gross value of transactions.

設施管理毛利率在每個時期都保持強勁，達到 74%。如前所述，以交易總值計算，本季採購活動的毛利率從 3.4% 提高到 3.9%。

So the downward movement in blended consolidated margins is driven by the outsized growth in the larger -- I'm sorry, in the lower-margin procurement business, combined with a greater portion of the procurement deals being recorded as gross deals compared to the prior year where more were net deals.

因此，混合合併利潤率的下降是由較大（抱歉，是利潤率較低的採購業務）的超額增長所驅動，再加上與上一年相比，更大比例的採購交易被記錄為總交易，而上一年更多的是淨交易。

SG&A expenses were 61% of gross profit in the second quarter, on par with 60% in the year ago quarter. On a dollar basis, SG&A expenses increased to $4.7 million in the second quarter of 2025 from $2.7 million this quarter last year and decreased sequentially from $4.9 million in the first quarter of this year.

第二季銷售、一般及行政費用佔毛利的 61%，與去年同期的 60% 持平。以美元計算，銷售、一般及行政費用 (SG&A) 從去年本季的 270 萬美元增加到 2025 年第二季的 470 萬美元，並從今年第一季的 490 萬美元季減。

The year over year increase was primarily due to the higher headcount and related compensation costs. The current quarter's SG&A expenses include $930,000 of noncash equity-based compensation compared to $155,000 in this period last year. It's worth noting that as a result of the growth of our market capitalization and revenues, we will no longer be considered a smaller reporting company at the end of 2025, will instead be an accelerated filer.

年比成長主要是由於員工人數增加和相關薪酬成本增加。本季的銷售、一般及行政費用包括 930,000 美元的非現金股權薪酬，去年同期為 155,000 美元。值得注意的是，由於我們的市值和收入的成長，到 2025 年底我們將不再被視為小型申報公司，而是成為加速申報公司。

As a direct result of that, our external auditor must, for the first time, perform an integrated audit, including testing and opining on our internal controls over financial reporting. We're starting to incur new higher audit and accounting costs as we prepare for both a more robust internal audit of these costs -- of these controls as well as a first-time external audit of these controls pursuant to the Sarbanes-Oxley Act Section 404(b).

其直接結果是，我們的外部審計師必須首次進行綜合審計，包括測試和評估我們財務報告的內部控制。我們開始產生新的更高的審計和會計成本，因為我們準備對這些成本進行更嚴格的內部審計——這些控制措施，以及根據《薩班斯-奧克斯利法案》第 404(b) 條對這些控制措施進行首次外部審計。

Depreciation and amortization expenses increased year over year to $844,000 compared to $117,000 in the year ago quarter. The increase is due to two full months of depreciation recognized on our new facility, which we put into service in May 2025.

折舊和攤提費用年增至 844,000 美元，而去年同期為 117,000 美元。增加的原因是，我們在 2025 年 5 月投入使用的新設施確認了整整兩個月的折舊。

I expect the quarterly run rate of depreciation to increase ratably in the third quarter as we see a full quarter's depreciation related to the new facility versus only two months' worth of depreciation on that facility in the current quarter.

我預計第三季的季度折舊率將大幅上升，因為我們看到與新設施相關的整個季度的折舊，而本季該設施的折舊僅為兩個月。

Consolidated operating income in the second quarter of 2025 was $2.2 million, up 32% compared to $1.7 million this quarter last year. While higher in dollar terms, this represents a lower operating margin from 37.5% this quarter last year to 28.6% this quarter as the growth in depreciation outgrew the pace of growth in gross profit.

2025 年第二季綜合營業收入為 220 萬美元，較去年同期的 170 萬美元成長 32%。雖然以美元計算有所上升，但由於折舊成長速度超過了毛利成長速度，這意味著營業利潤率從去年同期的 37.5% 下降至本季的 28.6%。

As revenues continue to ramp at the new factory, we anticipate operating income in the final six months of 2025 will exceed the comparable period of 2024 as well as the first half of this year. If we're successful in subleasing our Round Rock, Texas facility, our operating income will be further enhanced in future periods.

隨著新廠收入的持續成長，我們預計 2025 年最後六個月的營業收入將超過 2024 年同期以及今年上半年。如果我們成功轉租位於德州朗德羅克的工廠，我們的營業收入將在未來進一步提高。

We've seen some interest in the facility, but we wouldn't expect to see any sublease consummated this fiscal year. Interest expense increased to $859,000 in the second quarter of 2025 compared to $378,000 in the year ago quarter.

我們看到了一些對該設施的興趣，但我們預計本財年不會看到任何轉租完成。2025 年第二季利息支出增至 859,000 美元，去年同期為 378,000 美元。

The increase was due to an increase in the gross value of procurement transactions and other revenues from our primary customer compared to the prior year quarter as well as interest on the $20 million construction loan related to our new Georgetown facility, where we had no outstanding debt in the prior year quarter.

成長的原因是，與去年同期相比，來自我們主要客戶的採購交易總值和其他收入有所增加，以及與我們新的喬治敦工廠相關的 2000 萬美元建設貸款的利息有所增加，而去年同期我們在該工廠沒有未償債務。

Partially offsetting that interest expense was $175,000 of interest income earned from cash on hand compared to $106,000 of interest income this quarter last year. As a net result of all the factors mentioned, net income for the second quarter of 2025 was $1.5 million, up 6% from $1.4 million this quarter last year.

部分抵銷該利息支出的是現金利息收入 175,000 美元，而去年本季利息收入為 106,000 美元。綜合上述所有因素，2025 年第二季淨收入為 150 萬美元，較去年同期的 140 萬美元成長 6%。

Diluted earnings per share was $0.06 in each period. Adjusted EBITDA, which excludes interest, taxes, depreciation, amortization and stock-based compensation, was $4 million, up 103% from just under $2 million this quarter last year.

每個期間的每股攤薄收益為 0.06 美元。調整後的 EBITDA（不含利息、稅項、折舊、攤提和股票薪酬）為 400 萬美元，較去年同期的近 200 萬美元成長 103%。

Now let's take a look at the year-to-date results. For the six months ended June 30, 2025, total revenues were up 410% to $142.9 million compared to $28.1 million in the year ago period. As Darryll mentioned, the first half 2025 revenues exceeded second half 2024 revenues of $120.1 million, a sequential increase of 19%.

現在讓我們來看看今年迄今為止的結果。截至 2025 年 6 月 30 日的六個月，總營收成長 410%，達到 1.429 億美元，而去年同期為 2,810 萬美元。正如 Darryll 所提到的，2025 年上半年的收入超過了 2024 年下半年的 1.201 億美元，環比成長了 19%。

By segment, procurement revenues increased by 645% and systems integration revenues increased by 140%. The increases were somewhat offset by a 37% year-to-date decrease in revenues from facilities management.

按部門劃分，採購收入成長了645%，系統整合收入成長了140%。但年初至今設施管理收入下降 37%，在一定程度上抵銷了這一成長。

This decrease is primarily due to the timing of discrete projects in this segment and a smaller decrease in ongoing maintenance revenues. Based on our current pipeline, I expect a bit of an increase in discrete projects in the back half of the year compared to what we saw in the first six months.

這一下降主要是由於該部門離散專案的時間表以及持續維護收入的較小下降。根據我們目前的計劃，我預計今年下半年的獨立項目數量將比上半年略有增加。

Gross profit for the first six months of 2025 increased 135% to $17 million, and our SG&A costs improved to 57% of gross profit, down from 70% in the year ago period. Year-to-date, our net income was $4.6 million compared to $1.5 million in the first half of last year, an increase of 215% and diluted EPS nearly tripled to $0.17 in the current period, up from $0.06 in the prior year period.

2025 年前六個月的毛利成長 135%，達到 1,700 萬美元，而我們的銷售、一般及行政費用佔毛利的比重從去年同期的 70% 下降至 57%。年初至今，我們的淨收入為 460 萬美元，而去年上半年為 150 萬美元，成長了 215%，本期稀釋每股收益幾乎成長了兩倍，達到 0.17 美元，高於去年同期的 0.06 美元。

Turning to the balance sheet. As of June 30, 2025, we had $36.8 million of unrestricted cash and cash equivalents, plus another $5 million of restricted cash securing our bank loan, up from $23.2 million at year-end 2024.

轉向資產負債表。截至 2025 年 6 月 30 日，我們擁有 3,680 萬美元的非限制性現金和現金等價物，另外還有 500 萬美元的限制性現金用於擔保我們的銀行貸款，高於 2024 年底的 2,320 萬美元。

The increase was driven primarily by cash generated from operations and $11.3 million of current quarter proceeds from bank financing used to support the construction of our new Georgetown facility. These inflows were partially offset by the capital expenditures tied to the facility's build-out.

這一增長主要得益於營運產生的現金以及本季從銀行融資中獲得的 1,130 萬美元，用於支持我們新的喬治城工廠的建設。這些資金流入被與設施建設相關的資本支出部分抵銷。

To support anticipated increases in production as well as to support more and more powerful racks, as Darryll discussed, we completed the move of our new headquarters and production facility to a new location during the second quarter of 2025.

正如 Darryll 所討論的，為了支援預期的生產成長以及支援越來越強大的機架，我們在 2025 年第二季完成了新總部和生產設施向新地點的搬遷。

Through the end of the second quarter, we invested approximately $31.6 million in improvements to that leased facility, primarily to significantly increase the available electrical power and related cooling capabilities for both air-cooled and direct liquid cooled racks. That amount is the amount invested both last year and this year to date.

截至第二季末，我們已投資約 3,160 萬美元用於改善該租賃設施，主要是為了大幅增加風冷和直接液冷機架的可用電力和相關冷卻能力。該金額是去年和今年迄今的投資金額。

This is a bit higher than the $20 million to $25 million we previously indicated that we plan to invest. The increased investment was primarily in response to changes in anticipated technology road map from our OEM customers, which require even more power and cooling capacity than what was initially planned.

這比我們先前表示的計劃投資 2,000 萬至 2,500 萬美元略高。增加投資主要是為了應對我們的 OEM 客戶預期技術路線圖的變化，他們需要比最初計劃更多的電力和冷卻容量。

We expect these incremental investments in CapEx will lead to incremental future revenues. To date, funding for the investments has consisted of $20 million of bank debt with the remainder coming from our cash on hand.

我們預期這些資本支出的增量投資將帶來未來收入的增量。到目前為止，投資資金包括 2000 萬美元的銀行債務，其餘資金來自我們的現金。

The loan converted to a fully amortizing loan on July 5 this year with monthly principal and interest payments through January 2030. Net working capital decreased from $1.3 million at the end of 2024 to a negative $16.3 million at the end of second quarter 2025, primarily reflecting the investment in those capital expenditures.

該貸款於今年 7 月 5 日轉換為完全攤還貸款，每月支付本金和利息至 2030 年 1 月。淨營運資本從 2024 年底的 130 萬美元減少至 2025 年第二季末的負 1,630 萬美元，主要反映了對這些資本支出的投資。

The use of the working capital, including the growth in accounts payable at the end of the period is primarily related to procurement transactions and the funding of those construction costs. Due to the conversion of our debt to a term loan about a month ago, $5 million of cash that is a deposit securing our loan was reclassified from a current asset cash to a noncurrent asset, restricted cash.

營運資金的使用，包括期末應付帳款的成長，主要與採購交易和這些建造成本的融資有關。由於大約一個月前我們將債務轉換為定期貸款，因此作為貸款擔保的 500 萬美元現金被從流動資產現金重新分類為非流動資產，即受限現金。

In Q3, we anticipate receiving $6.8 million of tenant improvement funds from our landlord, reimbursing us for CapEx we've invested to date. We've also requested to exercise the accordion feature on our bank loan, allowing us to borrow an additional $5 million on that loan in recognition of the additional CapEx that we have to date funded with cash on hand.

在第三季度，我們預計將從房東那裡收到 680 萬美元的租戶改善資金，以補償我們迄今為止投資的資本支出。我們還要求對我們的銀行貸款行使折疊功能，允許我們在該貸款上額外借入 500 萬美元，以補償我們迄今為止用現金資助的額外資本支出。

These sources of funds will further improve the strong cash position showing on our balance sheet. For the first six months of 2025, we generated cash flow from operations of $37 million, which compares favorably to $1.7 million of cash used in operations in the first six months of last year.

這些資金來源將進一步改善我們資產負債表上顯示的強勁現金狀況。2025 年前六個月，我們的營運活動現金流為 3,700 萬美元，與去年前六個月的 170 萬美元經營活動現金流相比表現良好。

The improvement was driven by much stronger earnings combined with the timing of cash flows in our procurement activities discussed above. Overall, it was another great quarter, and we look forward to a strong back half of the year.

這項改善是由更強勁的利潤以及我們上面討論的採購活動中的現金流時機所推動的。整體而言，這又是一個出色的季度，我們期待下半年業績強勁成長。

With that, I'll turn the call back over to Darryll for some closing comments.

說完這些，我將把電話轉回給 Darryll，請他發表一些結束語。

Thanks, Danny. I appreciate it. I commented earlier that our Georgetown facility is a strategic asset, and I'd like to expand on that before turning the call over to questions. I've described in previous calls how the amount of compute power in each rack is growing as a result of advancements in chip technologies such as GPUs from leading providers.

謝謝，丹尼。我很感激。我之前曾評論說，我們的喬治敦設施是一項戰略資產，在進行提問之前，我想就這一點進行詳細說明。我在之前的電話會議中描述過，由於領先供應商的 GPU 等晶片技術的進步，每個機架的運算能力正在不斷增長。

Our close relationship with the leading IT OEM provides us an operational view of the road map ahead for chips and resulting rack densities. As a couple of years ago, a rack might have required 30 kilowatts of power.

我們與領先的 IT OEM 保持著密切的關係，這為我們提供了晶片未來發展路線圖和隨之而來的機架密度的營運視角。幾年前，一個機架可能需要 30 千瓦的電力。

We are now preparing to integrate racks with 300 kilowatts of power on our way to a megawatt of power possibly within the next year. The layout and capabilities of our facility that integrates 300 kilowatt racks is very different to a facility that integrates 30 kilowatt.

我們現在正準備整合功率為 300 千瓦的機架，並可能在明年內實現功率為 1 兆瓦的目標。我們整合 300 千瓦機架的設施的佈局和功能與整合 30 千瓦的設施有很大不同。

We have invested in a new facility beyond our initial expectation because racks of greater density are approaching faster than we expected. More availability of electrical power is certainly the case, and we're targeting in a year more than double the current availability of electricity.

我們對新設施的投資超出了我們最初的預期，因為更高密度的機架的到來速度比我們預期的要快。確實需要更多的電力供應，我們的目標是在一年內將電力供應量增加一倍以上。

We have also invested in cooling infrastructure, including direct liquid processing required to address racks of dramatically higher power. The point to all of this is we are seeing great growth opportunity as the new facility comes online. Looking out over the next 12 to 24 months, our facility will become more and more critical for IT OEMs to deliver the product road map.

我們也投資了冷卻基礎設施，包括處理功率大幅提升的機架所需的直接液體處理。所有這一切的重點是，隨著新設施的投入使用，我們看到了巨大的成長機會。展望未來 12 到 24 個月，我們的設施對於 IT OEM 交付產品路線圖將變得越來越重要。

Interestingly, we also expect to see more investment in the enterprise marketplace as the AI rollout continues and small, very dense compute resources are located closer to the end user. In summary, we expect continued strong performance for the remainder of this year.

有趣的是，隨著人工智慧的不斷推廣以及小型、高密度運算資源更接近最終用戶，我們也預期企業市場將獲得更多投資。總而言之，我們預計今年剩餘時間將持續保持強勁表現。

Given the strength of our first half and our increasingly visible -- visibility into the second half of the year, we are raising our full year 2025 adjusted EBITDA outlook, as we've said previously, from at least 50% growth to at least 75% growth compared to 2024. We remain focused on driving long-term profitable growth and delivering lasting shareholder value.

鑑於我們上半年的強勁表現以及下半年日益明顯的前景，我們將 2025 年全年調整後 EBITDA 預期從至少 50% 的增長提高到與 2024 年相比至少 75% 的增長，正如我們之前所說。我們始終致力於推動長期獲利成長和實現持久的股東價值。

So with that, let's open up the line for Q&A.

那麼，讓我們開始問答環節。

(Operator Instructions)

（操作員指示）

Bradley Stevenson, Breakout Investors.

布拉德利·史蒂文森，突破投資者。

Hi guys, how are you doing?

嗨，大家好嗎？

Pretty good. How are you, Brad?

不錯。你好嗎，布萊德？

Good. So it's good to talk to you again. I've got a few questions, and we'll see how you feel about answering those. One of the things that I -- we've never talked about or at least I've never heard you talk about it is how -- where does TSSI stand in the priority order for Dell for rack integration projects?

好的。很高興再次與您交談。我有幾個問題，我們想看看你如何回答這些問題。我從未談論過的事情之一，或者至少我從未聽過您談論的一件事是——TSSI 在戴爾機架集成項目的優先順序中處於什麼位置？

We know they have in-house rack integration sites as well. And then we also know they use you and I believe maybe another vendor or two as well, possibly. But can you comment on that at all?

我們知道他們也有內部機架整合站點。然後我們還知道他們使用您，我相信也許還有另外一兩個供應商，有可能。但您能對此發表評論嗎？

Bradley, I think the way I would answer that is we -- our desire is to make it really easy to pick TSS to do the total solution. We've positioned ourselves for the more complex future and to be the cheaper, better, faster alternative than anything else in the marketplace. So in terms of a priority, in our world, we are never satisfied. We want to be the top priority. We're working hard to be the top priority.

布拉德利，我想我會這樣回答——我們的願望是讓選擇 TSS 來實現整體解決方案變得非常容易。我們已經為更複雜的未來做好了準備，並將成為市場上比任何其他產品更便宜、更好、更快的選擇。因此，就優先順序而言，在我們的世界中，我們永遠不會滿足。我們希望成為重中之重。我們正在努力成為首要任務。

And in the scheme of things, I probably can't go into any more detail on that, top percentages or whatever. But rest assured, we want our unfair share of the business, and we're making it as easy to do that as possible.

從總體上看，我可能無法更詳細地說明這一點，例如最高百分比或其他什麼。但請放心，我們希望獲得不公平的業務份額，並且我們正在盡可能地簡化這一過程。

Okay. Thanks. You talked a little bit about growing organically in your press release and also exploring strategic alternatives. I think that comment was about expanding beyond bill. Am I reading that correctly? And if so, can you talk a little more about that or provide any more detail on that?

好的。謝謝。您在新聞稿中談到了有機成長以及探索策略替代方案。我認為該評論是關於擴大法案範圍的。我理解得對嗎？如果是的話，您能否再多談一下或提供更多細節？

Yeah. So organic growth is doing more with what we've got with our existing relationship. And I think that's pretty obvious. We're doing everything we can to grow organically, and we -- so far, so good. Every day is a new day, and we strive to be better every day.

是的。因此，有機成長能夠更好地利用我們現有的關係。我認為這非常明顯。我們正在盡一切努力實現有機成長，到目前為止，一切進展順利。每天都是新的一天，我們力爭每天都變得更好。

So we want to continue to grow organically. On the -- outside of that, there's a number of different ways that we can expand. We talked about some of that in the past by doing some on-site rack integration, for example, in a customer facility.

因此，我們希望繼續有機成長。除此之外，我們還可以透過多種不同的方式進行擴充。我們過去曾透過進行一些現場機架整合（例如在客戶設施中）討論過其中的一些問題。

But there's a if you will, a respect involved where people that we have working with our existing customers are not going to put somewhere else. I mean we're just on a competitive environment. We're just not going to do that. But that means -- that doesn't mean we can't have other teams dedicated to other technologies, and we're exploring doing that. So that's one way to grow in a customer facility.

但如果你願意的話，這涉及到一個尊重，即我們不會將與現有客戶合作的人員安排到其他地方。我的意思是我們正處於一個競爭環境。我們不會這麼做。但這意味著——這並不意味著我們不能讓其他團隊致力於其他技術，我們正在探索這樣做。這是在客戶設施中成長的一種方式。

Another way is to grow through providing our kind of solution to the channel, the channel market out there that actually resells current customer technology and other technology wants someone or a firm to do the integration work that we have invested a lot of money in, $25 million, $35 million as we talked in our world, there's a lot of money. So we want to make sure that we invest and use that. Why would a channel partner be faced to have to make that kind of investment to satisfy the customer.

另一種方式是透過向通路提供我們的解決方案來實現成長，通路市場實際上轉售當前客戶技術和其他技術，希望有人或公司來做整合工作，我們已經投入了大量資金，2500 萬美元、3500 萬美元，正如我們所說的那樣，這是一大筆錢。因此，我們希望確保我們進行投資並利用它。為什麼通路夥伴需要進行如此大的投資才能滿足客戶的需求？

They can route the technology through us. We'll do the integration. We have the facility in Round Rock, which we could use for that if that ever comes up. So that's an opportunity. And then third, there's a whole another level of technology that's out in the marketplace that I think our existing relationship would be okay with if we were to partner in and with.

他們可以透過我們來傳送科技。我們將進行整合。我們在 Round Rock 有設施，如果有需要的話，我們可以使用它。所以這是一個機會。第三，市場上還有另一個層次的技術，如果我們能夠與之合作，我認為我們現有的關係是可以接受的。

And I can't go into a whole lot more detail here, but let's put it this way, I think we're interested in anything that works, that helps us grow that doesn't damage our existing relationship and that is done fairly and profitably.

我無法在這裡詳述，但可以這麼說，我認為我們對任何有效的事情都感興趣，這些事情有助於我們成長，不會損害我們現有的關係，而且是公平且有利可圖的。

Okay, thank you. Procurement, it's a big number. It's a lot smaller than last quarter, a whole lot bigger than the year ago quarter. I is there any way to correlate that with anything else in your operation? I guess what I'm trying to say, I find myself -- like I was surprised with the $90 million last quarter.

好的，謝謝。採購，這是一個很大的數字。它比上一季小得多，但比去年同期大得多。有什麼方法可以將其與您的操作中的其他內容關聯起來嗎？我想說的是，我發現自己對上個季度的 9000 萬美元感到驚訝。

I didn't expect to see a number that big. This quarter, $33 million. I won't say that was a surprise. I just didn't really know -- I find myself not having really any idea of knowing what to expect. Is there any guidance you can give on that?

我沒想到會看到這麼大的數字。本季為 3300 萬美元。我不會說那是個驚喜。我只是真的不知道——我發現自己真的不知道會發生什麼事。您能對此提供什麼指導嗎？

Well, if you -- yes, there is. We inspect our pipeline frequently. And if you were surprised by the $90 million, so were we in the respect that it was such a big number and a big quarter for us. If you recall, we did $60 million in Q3 last year, and that was an eye-opener. And we traditionally haven't had that kind of a large procurement quarter in the beginning of the year.

好吧，如果你——是的，有。我們經常檢查管道。如果您對 9000 萬美元感到驚訝，那麼我們也會感到驚訝，因為這對我們來說是一個很大的數字，也是一個重要的季度。如果你還記得的話，我們去年第三季的營收為 6,000 萬美元，這真是令人大開眼界。我們傳統上在年初不會有如此大規模的採購。

And we've felt and we still feel there's a little bit of a propensity to dial closer to the federal buying cycle, which usually is the third quarter of the calendar year. I can tell you that we're optimistic about the full year. I think you'll hopefully be pleasantly surprised again someday, and we're working hard to make that happen.

我們已經感覺到並且仍然感覺到人們有點傾向於接近聯邦採購週期，通常是日曆年的第三季。我可以告訴你，我們對全年前景持樂觀態度。我想有一天你會再次感到驚喜，我們正在努力實現這一點。

So the corollary to anything other than the federal buying cycle and the fact that we put more muscle behind working transactions than we ever did before, I think it's paying off. So in other words, internal resource allocated to go after opportunities that drive revenue for procurement. That also leads into business that we're driving in our configuration services business.

因此，除了聯邦採購週期之外，其他任何事情的必然結果以及我們比以往任何時候都更加努力地開展工作交易的事實，我認為這是有回報的。換句話說，內部資源被分配用於尋找推動採購收入的機會。這也推動了我們在配置服務業務的發展。

And we put -- we've realigned our team internally to place, if you will, more attention and talent into the config Services business, which really is connected to the procurement business. And eventually, and hopefully, very soon, we'll see the benefits of that.

我們已經在內部重新調整了團隊，將更多的注意力和人才投入到配置服務業務中，這實際上與採購業務相關。最終，希望很快，我們就能看到它的好處。

Yeah. To be clear on that, Bradley, while it's -- while the configuration services is -- gets a lot of that volume fed from the current activity, those numbers for configuration services are classified in the systems integration segment.

是的。需要明確的是，布拉德利，雖然配置服務從當前活動中獲得了大量的數據，但配置服務的數據被歸類為系統整合部分。

Bradley, I mean, I can tell you that I've been here almost now three years. And what Danny just said is something we always kind of go, now how does that work? It is what it is. But at the same time, Danny is completely right. They feed each other and they work closely together.

布拉德利，我的意思是，我可以告訴你，我來這裡已經快三年了。丹尼剛才說的是我們一直在做的事情，那麼它是如何運作的呢？就是這樣。但同時，丹尼是完全正確的。他們互相幫助，密切合作。

And in the -- we can also grow config services without procurement, which is what we're trying to do. And in order for that to happen, we had to change some people, and we're continuing to invest in a software platform and technology to automate the process that makes it a lot easier to deliver the end result. And we're doing that from operational money. It's not a lot of money, but it just takes time.

而且，我們還可以無需採購來發展配置服務，這正是我們正在嘗試做的。為了實現這一目標，我們必須更換一些人，並且我們將繼續投資軟體平台和技術來實現流程自動化，從而更輕鬆地交付最終結果。我們用營運資金來實現這個目標。雖然錢不多，但需要時間。

Got you. And I wasn't trying to say I was disappointed in $33 million. I just didn't know what to expect. That's what I was really saying.

明白了。我並不是想說我對 3300 萬美元感到失望。我只是不知道會發生什麼事。這才是我真正想說的。

I was just trying to figure out where you're coming from because next time you ask a question, I might not take the answer question.

我只是想知道你從哪裡來，因為下次你問問題時，我可能不會回答問題。

So I'm going to call what you said about EBITDA guidance. You can correct me if you don't want to refer to as guidance. But if I've done my math right, if to do 75% more than last year, that would basic -- that would mean breaking even with the quarter we just finished over the next two quarters on average. Do you -- while that's a good number, do you see upside potential beyond that scenario?

因此，我將引用您關於 EBITDA 指導的說法。如果您不想將其作為指導，您可以糾正我。但如果我沒算錯的話，如果比去年多做 75%，基本上就意味著在接下來的兩個季度裡平均與我們剛結束的一個季度持平。雖然這是一個不錯的數字，但您是否看到了超越該情況的上升潛力？

We absolutely view that as the floor, right? If you think about -- you may not have picked up on the exact words that used in communicating that, but it was -- we see at least 75% uptick.

我們絕對認為這是底線，對嗎？如果你仔細想想——你可能還沒有理解用來表達這一點的確切詞語，但事實是——我們看到至少 75% 的增長。

So last year, we did $10 million.

去年我們的收入為 1000 萬美元。

Okay. So if you do -- and I guess what I'm trying to say -- maybe I misunderstood what you meant. But if you hit, say, $4 million in the third quarter, $4 million fourth quarter that gets you about a 75% uptick, I think.

好的。所以如果你這樣做——我想我正在嘗試表達——也許我誤解了你的意思。但如果第三季的銷售額達到 400 萬美元，第四季的銷售額也達到 400 萬美元，那麼我認為，這將帶來約 75% 的成長。

Yeah. I think your math is somewhat close to the first half of this year, Danny, correct me if I'm wrong, I think first half, we did about $8.2 million in EBITDA. Last year, we did $10 million. We're saying at least 75%.

是的。丹尼，我認為你的計算結果與今年上半年的數據比較接近，如果我錯了請糾正我，我認為上半年我們的 EBITDA 約為 820 萬美元。去年，我們的收入為 1000 萬美元。我們說至少 75%。

First half of this year was $9.2 million.

今年上半年為 920 萬美元。

$9.2 million?

9.2 美元百萬？

Yeah.

是的。

What's $1 million amongst price, $9.2 million, $8.2 million -- $9.2 million. So I think the -- so there's your -- hopefully, that answers your question. If we're looking at the full year, we're increasing the guidance to at least 75%.

價格中 100 萬美元、920 萬美元、820 萬美元到 920 萬美元分別是多少？所以我認為——這就是你的——希望這能回答你的問題。如果我們著眼於全年，我們將把預期提高到至少 75%。

Got it. All right. Well, I appreciate it guys and good quarter and thank you for answering my questions.

知道了。好的。好吧，我很感謝你們，謝謝你們回答我的問題。

Thank you, Bradley.

謝謝你，布拉德利。

Thanks, Bradley.

謝謝，布拉德利。

(Operator Instructions)

（操作員指示）

Kris Tuttle, Blue Caterpillar.

克里斯‧塔特爾 (Kris Tuttle)，《藍色毛毛蟲》。

Hey fellows, thanks for taking my questions. I was hoping there would be more coverage on this call. In the old days, analysts would introduce companies with this kind of growth and fundamentals. But anyway, a couple of quick ones just for me.

嘿夥計們，謝謝你們回答我的問題。我希望這次通話能得到更多報道。過去，分析師會介紹具有這種成長和基本面的公司。但無論如何，我只想要幾個簡單的問題。

In terms of Georgetown, where -- what -- did you say you were completely 100% operational there or at capacity with? I just want to clarify what you said about that. And if it's not 100% sort of what's your time frame on getting there?

就喬治城而言，您說那裡的營運完全達到 100% 或滿載運轉嗎？我只是想澄清一下你所說的話。如果不是 100%，那麼您實現這一目標的時間框架是怎樣的？

We are now 100%, Kris, good to talk to you, by the way. We're now at 100%. We started the transition around the early part of May, and we segue into 100%. So we're full capacity -- full production capability right now.

順便說一句，我們現在已經 100% 了，克里斯，很高興和你交談。我們現在已達到 100%。我們大約在五月初開始過渡，並逐漸過渡到 100%。因此，我們目前已達到滿載生產能力。

(technical difficulty)

（技術難度）

Sorry, Kris, you're pixelating a little bit.

抱歉，克里斯，你的影像有點像素化了。

(technical difficulty)

（技術難度）

Operator, we can't pick them up.

接線員，我們無法接他們。

Okay. Kris, we'll take your question once you come in the queue.

好的。克里斯，你一排隊我們就會回答你的問題。

Maj Soueidan, GeoInvesting.

Maj Soueidan，GeoInvesting。

Hey guys, [I missed the call]. One quick question, and I might have missed it because I missed the prepared remarks. So if I did, it's excuse me for asking again, If have been already answered. But did you address anything going on the Round Rock facility, like any kind of movement there in terms of opportunities? Or are you just 100% concentrating in the Georgetown facility ow? I just wanted to know if you addressed that at all?

嘿，大家好，[我錯過了電話]有一個簡單的問題，我可能錯過了，因為我錯過了準備好的發言。所以如果我這樣做了，請原諒我再次詢問，如果已經得到答案。但是您是否談到了 Round Rock 工廠發生的一切事情，例如那裡在機會方面的任何動向？或者您現在只是 100% 專注於喬治敦設施？我只是想知道您是否解決了這個問題？

Yeah. The opportunity is in sublease or as in doing additional business there.

是的。機會在於轉租或在那裡開展額外業務。

Yeah. I guess both. I mean, I'm assuming too, that's kind of that facility allows you to maybe to do stuff that's none also potentially as an assumption also.

是的。我想兩者都有。我的意思是，我也假設，那種設施可能允許你做一些不可能的事情，也可能是假設。

You're right. Maj, it is available. We've had some interested parties to sublease too. It's also something on our list to go expand our configuration services business. It's got adequate power for that and some DLC capability, direct liquid cooling, which is obviously what we used to do there.

你說得對。Maj，可以使用。我們也有一些有意轉租的人。擴大我們的配置服務業務也是我們的計劃。它具有足夠的功率和一些 DLC 功能，直接液體冷卻，這顯然是我們過去在那裡所做的。

But it's 110,000 square feet. And we're working angles to try and figure out how to best use it. It does open up opportunity for us to grow beyond our existing relationship in a way that doesn't upset our existing relationship. So -- but nothing yet that we can talk about here, but we're working it.

但它的面積有 110,000 平方英尺。我們正在從各個角度嘗試找出最佳利用方法。它確實為我們提供了機會，讓我們能夠以不破壞現有關係的方式超越現有關係。所以——我們目前還不能在這裡談論任何事情，但我們正在努力。

All right. Great. That's the only question I really had. Thanks.

好的。偉大的。這是我唯一真正想問的問題。謝謝。

Okay, great. Thanks, Maj.

好的，太好了。謝謝，少校。

This concludes the Q&A portion of our call, and I'd like to turn the floor back over to Darryll Dewan for our closing remarks.

我們的電話會議的問答部分到此結束，我想將發言權交還給 Darryll Dewan 來做結束語。

Thank you, sir. Folks on the call, we're really grateful and glad to be in our new facility. It's been an effort and an extreme amount of work by a great team to get here. So the execution to get here is quite amazing. We're doing everything we can to position the company to scale and be ready to address these advanced technologies by the investments we're making and by the people that we've got here.

謝謝您，先生。電話裡的各位朋友，我們非常感激並很高興能夠入住我們的新工廠。這是一支偉大的團隊所付出的努力和極大的努力才有的成果。因此，能夠達到這一目標的執行效果是相當驚人的。我們正在盡一切努力擴大公司規模，並準備透過我們正在進行的投資和我們擁有的人才來應對這些先進技術。

I can tell you that we're focused daily and quarterly and on an annual basis to continue to execute and to produce shareholder value. In a big picture, this is an exciting space. The AI world is just amazing. We appreciate you, our investors, for your commitment and your support. We're doing everything we can to give you a good return on your investment.

我可以告訴你，我們每天、每季和每年都專注於繼續執行並創造股東價值。從總體上看，這是一個令人興奮的領域。人工智慧世界真是令人驚奇。我們感謝您，我們的投資者，感謝您的承諾和支持。我們正在盡一切努力讓您的投資獲得良好的回報。

And my phone and my door is always open as a management team here. So I appreciate any of your feedback or questions. As we've said before and I've said before in the previous call, wish us a luck. So thank you. Have a good day.

作為這裡的管理團隊，我的電話和門永遠是敞開的。因此，我感謝您的任何反饋或問題。正如我們之前所說的以及我在之前的電話中所說的那樣，祝我們好運。所以謝謝你。祝你有美好的一天。

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。