VerifyMe Inc (VRME) 2025 Q1 法說會逐字稿

Good day, and welcome to VerifyMe first-quarter 2025 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 VerifyMe 2025 年第一季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Nancy Meyers, Chief Financial Officer. Please go ahead.

現在我想將會議交給財務長南希·邁耶斯 (Nancy Meyers)。請繼續。

Good morning, everyone, and thank you for joining us today for our earnings call presentation. On the call today, I am joined by Adam Stedham, CEO and President, who will give an operations and strategic update. Following our management presentation, we will have a Q&A session. I would like to bring your attention to the note on forward-looking statements on slide 3. Today's presentation and the answer to questions includes forward-looking statements.

大家早安，感謝大家今天參加我們的收益電話會議。在今天的電話會議上，執行長兼總裁亞當·斯特德漢姆 (Adam Stedham) 將與我一起介紹營運和戰略最新情況。在我們的管理演示之後，我們將進行問答環節。我想提請您注意投影片 3 上有關前瞻性陳述的說明。今天的演示和問題的回答包括前瞻性陳述。

It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the forward-looking statements caption and on the Risk Factors of the company's annual report on Form 10-K and quarterly reports on Form 10-Q.

應理解，由於多種因素，實際結果可能與預測結果有重大差異，包括前瞻性聲明標題下以及公司 10-K 表年度報告和 10-Q 表季度報告中的風險因素中描述的因素。

I will now turn the call over to Adam Stedham to discuss the company's strategy.

現在我將把電話轉給亞當·斯特德漢姆來討論公司的策略。

Thank you, Nancy. So during the first quarter of 2025, our revenue decreased approximately 23% versus the first quarter last year. Now this decline in revenue was due to discontinuing the Trust Codes operations, the customer in-sourcing in 2024 and then some overall softening of customer shipments. The decline was most pronounced in our premium services, which was down 47% versus the comparable quarter. Now as a reminder, these services have been down significantly in the last two quarters due to the previously announced in-sourcing of a large client by our large airfreight partner.

謝謝你，南希。因此，在 2025 年第一季度，我們的營收與去年第一季相比下降了約 23%。現在收入的下降是由於停止了信任代碼營運、2024 年客戶內部採購以及客戶出貨量整體疲軟。我們的高級服務下降最為明顯，與去年同期相比下降了 47%。現在提醒一下，由於我們的大型空運合作夥伴之前宣布將一個大客戶納入其中，這些服務在過去兩個季度大幅下降。

The negative comparison for this will continue into Q2 of 2025. However, we have reduced operating expenses by approximately 28% versus Q1 of 2024. We're managing our costs in alignment with these revenues.

這種負面對比將持續到 2025 年第二季。不過，與 2024 年第一季相比，我們的營運費用減少了約 28%。我們根據這些收入來管理成本。

In addition, we've improved the gross margin of our proactive services within our precision logistics segment. From an organic growth perspective, we believe this service line presents the best opportunity for growth, and we're pleased with the improvements in gross margin percentage. So while we're not immune to the current macroeconomic environment, the positive cash flow from this operating business, coupled with our elevated cash level on the balance sheet, provides a strong backdrop to create shareholder value. At the end of the first quarter, we had a cash balance of $5.7 million. We have no bank debt, and we have a remaining convertible note of $0.8 million, but it's held by insiders and affiliates.

此外，我們也提高了精準物流領域主動服務的毛利率。從有機成長的角度來看，我們相信這條服務線代表著最佳的成長機會，我們對毛利率的提高感到滿意。因此，雖然我們無法免受當前宏觀經濟環境的影響，但該營運業務產生的正現金流，加上我們資產負債表上現金水準的提高，為創造股東價值提供了強勁的背景。第一季末，我們的現金餘額為 570 萬美元。我們沒有銀行債務，我們剩餘的可轉換票據為 80 萬美元，但由內部人員和附屬公司持有。

So at this point, I'd like to discuss our initiatives for creating value for our shareholders. We continue to pursue efforts to expand our revenues with directly contracted PeriShip customers. Our strategy in this area includes three elements. The first element of the effort is optimizing our direct customer marketing and sales approach. We previously announced that we would pilot efforts for increased marketing as well as adding additional outside sales representatives.

因此，現在我想討論一下我們為股東創造價值的舉措。我們將繼續努力透過直接簽約的 PeriShip 客戶來擴大我們的收入。我們在這領域的策略包括三個要素。努力的首要要素是優化我們的直接客戶行銷和銷售方式。我們先前宣布，我們將試行加強行銷並增加外部銷售代表。

So the marketing efforts are generating increased inbound lead activity, and we expect to refine our business development approach around leveraging marketing efforts to generate inbound sales leads and then those will be handled by an inside sales team.

因此，行銷工作正在產生越來越多的入站銷售線索活動，我們希望改善我們的業務發展方法，利用行銷工作來產生入站銷售線索，然後由內部銷售團隊來處理這些線索。

So the second element of our organic growth strategy is developing relationships with additional freight carriers and third-party logistics companies. Now as we've engaged with more customers that are contracting directly with PeriShip, these customers have expressed a desire to leverage PeriShip's value-added services in combination with logistics and freight carriers that are in addition to the single airfreight partner that PeriShip currently leverages. Therefore, we've begun conversations with additional airfreight carriers and third-party logistics companies. We don't know where these conversations may lead, but we will keep you updated as the conversations progress.

因此，我們的有機成長策略的第二個要素是與其他貨運公司和第三方物流公司建立關係。現在，隨著我們與更多直接與 PeriShip 簽約的客戶接觸，這些客戶表示希望利用 PeriShip 的增值服務以及除 PeriShip 目前利用的單一空運合作夥伴之外的物流和貨運承運商。因此，我們開始與其他航空貨運公司和第三方物流公司進行對話。我們不知道這些對話會有什麼結果，但我們會在對話進度中隨時向您通報最新情況。

Now the third element of our organic growth strategy is integrating with technology platforms that are related to e-commerce shopping carts and shipping management software applications. We have projects underway currently to integrate our technology platform with the e-commerce platforms of Shopify and WooCommerce and we're evaluating other e-commerce and logistics-related software platforms that are leveraged by potential PeriShip customers. So at this point, I'd like to shift the conversation from organic growth efforts to our strategic growth efforts. As I mentioned earlier, the company has $5.7 million of cash as of the end of the first quarter in 2025.

現在，我們有機成長策略的第三個要素是與與電子商務購物車和運輸管理軟體應用程式相關的技術平台相結合。我們目前正在進行將我們的技術平台與 Shopify 和 WooCommerce 的電子商務平台整合的項目，並且我們正在評估潛在的 PeriShip 客戶所利用的其他電子商務和物流相關軟體平台。因此，現在我想將話題從有機成長努力轉向策略成長努力。正如我之前提到的，截至 2025 年第一季末，該公司擁有 570 萬美元的現金。

We do not anticipate requiring cash to support the annual operating and public company expenses of VerifyMe in 2025. So we continue to have conversations with both transformative and tuck-in potential acquisitions. It's very difficult to predict the timing or probability of these types of activities. With that said, we continue to believe that the strength of our balance sheet, our anticipated annual cash flow from operations and the executive team's experience with creating value through acquisitions positions the company to provide very meaningful shareholder returns from the current share price.

我們預計不需要現金來支持 2025 年 VerifyMe 的年度營運和上市公司費用。因此，我們繼續與轉型收購和收購潛在者進行對話。預測此類活動的時間或機率非常困難。話雖如此，我們仍然相信，我們資產負債表的強勁、我們預期的年度經營現金流以及執行團隊透過收購創造價值的經驗，使公司能夠以當前的股價為股東帶來非常可觀的回報。

So at this point, I'll turn the call back over to Nancy, so she can review the financial details of the first quarter.

因此，此時，我將把電話轉回給南希，以便她可以查看第一季的財務細節。

Thank you, Adam. The first-quarter revenue was $4.5 million versus the prior year of $5.8 million, a decrease of $1.3 million. The decrease is primarily due to the decreased demand across several of our proactive customers as well as one customer shift to their cold chain strategy, a discontinued contract with one customer in our premium services as has already been disclosed, offset by an increase in remaining premium revenue. Gross profit decreased $0.8 million to $1.5 million in Q1 2025 versus $2.3 million in Q1 2024. As a percentage of revenue, gross margin was 33% in Q1 of 2025 versus 39% in Q1 2024.

謝謝你，亞當。第一季營收為 450 萬美元，而去年同期為 580 萬美元，減少了 130 萬美元。下降的主要原因是我們的幾家主動客戶的需求下降，以及一家客戶轉向其冷鏈策略，與一家優質服務客戶終止了合約（正如已經披露的），但剩餘優質收入的增加抵消了這一下降。2025 年第一季毛利從 2024 年第一季的 230 萬美元減少 80 萬美元至 150 萬美元。以收入百分比計算，2025 年第一季的毛利率為 33%，而 2024 年第一季的毛利率為 39%。

While the quarter did result in a decrease in year-over-year gross profit percentage, the loss of the one customer in the premium services was partially mitigated by improvements in proactive services. Operating expenses were $2.1 million in Q1 of 2025 versus $2.9 million in Q1 of 2024. This decrease in operating expenses offset the decrease in gross margin in the quarter. In addition to the reduction in operating costs with the divestiture of Trust Codes, the company also implemented cost-cutting measures in precision logistics. Our net loss for the quarter was $0.6 million or a loss of $0.05 per diluted share in both Q1 of 2025 and Q1 of 2024.

雖然本季的毛利率確實年減，但主動服務的改善在一定程度上彌補了高級服務中一名客戶的流失。2025 年第一季的營運費用為 210 萬美元，而 2024 年第一季的營運費用為 290 萬美元。營業費用的減少抵銷了本季毛利率的下降。除了透過剝離信託代碼來降低營運成本外，該公司還在精準物流方面實施了削減成本的措施。我們本季的淨虧損為 60 萬美元，或 2025 年第一季及 2024 年第一季每股攤薄虧損 0.05 美元。

Although our adjusted EBITDA was lower in Q1 2025 versus Q1 2024, the company continues to take steps to develop efficiencies. On the last slide is our balance sheet as of March 31, 2025, our cash as of March 31 was $5.7 million, an increase of $2.9 million from $2.8 million on December 31, 2024.

儘管我們 2025 年第一季的調整後 EBITDA 低於 2024 年第一季度，但公司仍在繼續採取措施提高效率。最後一張投影片是截至 2025 年 3 月 31 日的資產負債表，截至 3 月 31 日的現金為 570 萬美元，比 2024 年 12 月 31 日的 280 萬美元增加了 290 萬美元。

As noted on our last call, in January, we entered into an inducement letter agreement and approximately 1.5 million warrants were exercised for net proceeds of $4.3 million. In consideration for the inducement letter agreement, a new unregistered warrant to purchase up to approximately 1.5 million shares at a price of $4 were issued. With these proceeds, we retired all outstanding bank debt. In addition, we have converted approximately 1/3 of our convertible notes and the only remaining convertible notes are held by insiders and affiliated parties. As of March 31, 2025, we had $0.8 million remaining on our convertible notes. There are no borrowings under our line of credit, and we have $1 million available to us.

正如我們上次電話會議中提到的那樣，1 月份，我們簽訂了一份誘導函協議，並行使了約 150 萬份認股權證，淨收益為 430 萬美元。考慮到誘導函協議，發行了一份新的未註冊認股權證，以 4 美元的價格購買最多約 150 萬股股票。利用這些收益，我們還清了所有未償還的銀行債務。此外，我們已轉換了約 1/3 的可轉換票據，剩餘的可轉換票據由內部人士和關聯方持有。截至 2025 年 3 月 31 日，我們的可轉換票據剩餘 80 萬美元。我們的信用額度下沒有借款，我們有 100 萬美元可用資金。

With that, I would like to turn the call back to Adam.

說完這些，我想把電話轉回給亞當。

Thank you, Nancy. So at this point, I'd like to share that Nancy Meyers has decided she intends to retire from full-time work this summer. The entire Board of Directors, including myself, thank Nancy for all she's done for VerifyMe. We anticipate we will have a new Vice President of Finance on board next week. Jennifer Cola will fill this role, and we expect she will become CFO of VerifyMe after a transition period with Nancy.

謝謝你，南希。因此，此時此刻，我想告訴大家，南希·邁耶斯已決定今年夏天從全職工作中退休。包括我在內的整個董事會都感謝 Nancy 為 VerifyMe 所做的一切。我們預計下週將有一位新的財務副總裁上任。Jennifer Cola 將擔任這一職位，我們預計在與 Nancy 的過渡期之後，她將成為 VerifyMe 的財務長。

After her retirement from full-time work, we anticipate we will continue to have a part-time relationship with Nancy for a period of time. So I've known both Nancy and Jennifer for many years, and the two of them have actually successfully worked together for many years. So I'm confident that the company is very well positioned for a seamless transition and ongoing success.

在她從全職工作退休後，我們預計我們將與南希繼續保持一段時間的兼職關係。我認識 Nancy 和 Jennifer 很多年了，而且她們倆實際上已經成功合作了很多年。因此，我相信公司已做好充分準備，能夠實現無縫過渡並取得持續成功。

Just to add on to that, after four years at VerifyMe, I have made the decision to retire. This journey has been truly rewarding, and I am proud of the progress we've made. As I prepare for this transition, I am committed to ensuring a seamless handover. I will be working closely with Adam and Jennifer to provide guidance and continuity. VerifyMe remains in a strong financial position, and I have full confidence in the team's ability to build on our progress.

補充一點，在 VerifyMe 工作了四年後，我決定退休。這次旅程確實非常有意義，我為我們所取得的進步感到自豪。在為這項過渡做準備時，我致力於確保無縫交接。我將與亞當和珍妮佛密切合作，提供指導和連續性。VerifyMe 的財務狀況依然強勁，我對團隊持續進步的能力充滿信心。

While I look forward to this next chapter, I am grateful for the support and collaboration I've experienced here. At this point, we will open the call for questions.

當我期待下一章時，我很感激在這裡得到的支持和合作。現在，我們將開始提問。

(Operator Instructions) Michael Petusky, Barrington Research.

（操作員指示）Michael Petusky，Barrington Research。

Congratulations, Nancy, on the upcoming retirement. So yes, a couple of questions. I guess, Adam, you sort of laid out organic growth opportunities and then touched a little bit upon the fact that your balance sheet positions you guys to potentially do something externally. I'm just curious, in terms of your capital allocation priorities, I mean, how do you sort of look at that as you move forward? I mean is there one of those organic bullets that's the most important -- I mean, could you just sort of talk about that a little bit?

恭喜南希即將退休。是的，有幾個問題。我想，亞當，你已經列出了有機成長機會，然後稍微提到了你的資產負債表為你們提供了在外部做一些事情的可能性。我只是好奇，就您的資本配置優先事項而言，我的意思是，您在未來會如何看待這一點？我的意思是，其中有沒有最重要的有機子彈——我的意思是，你能稍微談談這個嗎？

Absolutely. So what we've seen from an organic perspective, if I talk about that a little bit, really, any investments we're making are funded by the business, so they're not going to require capital per se from the cash we have on hand, although they would subtract from the cash generated from operations. So we do think that there's minimal investment involved in them. And really, if you look at where the company has prioritized a lot of its time, the company was founded -- the company being PeriShip was founded and built on a very critical relationship with the largest air freight company in the entire world. And we continue to have a wonderful relationship with them.

絕對地。因此，從有機角度來看，如果我稍微談論一下，實際上，我們所做的任何投資都是由企業資助的，因此它們本身不需要從我們手頭的現金中提取資本，儘管它們會從營運產生的現金中扣除。所以我們確實認為其中涉及的投資很少。事實上，如果你看看公司將大量時間放在了哪些方面，你會發現公司成立之初——PeriShip 公司的成立和發展都建立在與全球最大的航空貨運公司建立起非常重要的關係的基礎上。我們與他們繼續保持著良好的關係。

With that said, we can't ignore the fact that there are substantial opportunities in the marketplace that we've never been able to take advantage of because they would be contingent upon relationships with other providers. So our major focus right now is around integrating with the e-commerce marketplace and because many times when you check out in an e-commerce environment, you choose your shipping selection at that point of service. And so we will be a provided shipping option at point of service for many of these shippers and companies that are deciding to move forward with an e-commerce strategy. So that's critical to interface there.

話雖如此，我們不能忽視這樣一個事實，即市場上存在著大量我們從未能夠利用的機會，因為它們取決於與其他供應商的關係。因此，我們現在的主要重點是與電子商務市場整合，因為很多時候當您在電子商務環境中結帳時，您會在服務點選擇運輸方式。因此，我們將為許多決定推進電子商務策略的托運人和公司在服務點提供運輸選項。因此，在那裡進行互動至關重要。

And if you're going to interface there, these companies, they already have priorities around whether they want to use this freight service or that freight service, so we plan to have relationships with all of the freight services so that we're not pushing someone to one freight provider or another, but we will enable our customers to make whatever decision they want from a freight perspective and then leverage our service. So in the past, we needed to have them choose us for freight and service. Going forward, we plan to be in a situation where they can leverage our service regardless of their freight decision.

如果你要在那裡進行交互，這些公司已經確定了是否要使用這項貨運服務或那項貨運服務的優先事項，因此我們計劃與所有貨運服務建立關係，這樣我們就不會將某人推向某個貨運提供商，而是讓客戶從貨運的角度做出他們想要的任何決定，然後利用我們的服務。所以過去我們需要讓他們選擇我們來提供貨運和服務。展望未來，我們計劃讓客戶無論做出何種貨運決定都可以利用我們的服務。

So that's where we're investing heavily is to unlock that potential. And keep in mind, a large percentage of our customers already use multiple freight providers, and they're only able to leverage our service for part of that, and they would like to be able to leverage our service for more. So that's why we're focused there, and we're investing on building that out. On the other side, on the strategic growth side, one of our challenges as a company is our size. We're a very small company to operate in the public equity environment.

因此，我們大力投資就是為了釋放這項潛力。請記住，我們有很大一部分的客戶已經使用多家貨運供應商，他們只能利用我們部分服務，並且他們希望能夠利用我們的服務獲得更多服務。這就是我們關注那裡並投資建造那裡的原因。另一方面，在策略成長方面，我們作為一家公司面臨的挑戰之一是我們的規模。我們是一家在公開股權環境中營運的非常小的公司。

So we -- so there are opportunities for tuck-in acquisitions that we think could be beneficial to shareholders and create value. But we're also aware that something more transformative could create potentially more value because it would help rectify the challenge of being a company our size in a public equity environment.

因此，我們認為有進行補充收購的機會，這可能對股東有利並創造價值。但我們也意​​識到，一些更具變革性的事情可能會創造更多的價值，因為它將有助於解決我們這種規模的公司在公開股權環境中面臨的挑戰。

Did that answer the question for you, Michael?

這回答了你的問題嗎，麥可？

Just in terms of external growth, I mean, would you expect that any external growth you guys looked at would in any way be sort of connected to business? Or could it be something relatively different or adjacent to logistics?

就外部成長而言，我的意思是，您是否認為您所關注的任何外部成長都會以某種方式與業務相關？或者它可能是與物流相對不同或相鄰的東西？

We -- both. We have not excluded -- we haven't excluded either and the reason we say that is because we think one of the major vehicles that we have for creating shareholder value over the long term is the combination of the cash on hand, the strength of the balance sheet and then the ATM, assuming that we make successful acquisitions that generate shareholder value and the stock gets to a price point that enables the ATM to deliver more shareholder value. So we're -- we understand that we have an opportunity to create value, both in the logistics space and potentially in a space outside of logistics if the opportunity was strong enough. Now probably the hurdle rate or the hurdle for something outside of logistics would be higher than something inside of logistics, but that's how we're viewing it.

我們——兩者皆是。我們沒有排除——我們也沒有排除，我們這樣說的原因是，我們認為我們長期創造股東價值的主要工具之一是庫存現金、資產負債表實力以及 ATM 的結合，假設我們成功進行收購，創造股東價值，並且股票價格達到使 ATM 能夠提供更多股東價值的價格點。因此，我們明白，我們有機會創造價值，無論是在物流領域，還是在物流以外的領域（如果機會夠強大）。現在，物流以外的某些事物的最低收益率或最低門檻可能會高於物流內部的事物，但這就是我們的看法。

Okay. Great. Just a couple, and these may be more oriented towards Nancy, but they may not. I'll take the answers wherever I can get them. Do you have the -- I know it's tiny, but do you have the revenue generation for the authentication business in the quarter by any chance?

好的。偉大的。只有幾個，這些可能更適合南希，但也可能不適合。我會從任何可能的地方尋找答案。你有－我知道這很小，但你本季的認證業務是否有收入？

Yes, that was $26 million, sorry, $26,000.

是的，那是 2600 萬美元，抱歉，是 26,000 美元。

$26 million, I almost fell out of my chair. Yea, okay. So this is sort of related, and this will be the last question. I'll let other people get on. But just in terms of sort of modeling this business out through the rest of the year, I mean, should we look at sort of revenue comps somewhat similar in Q2 and maybe improving to something closer to down 10% in the second half or something to that effect?

2600萬美元，我差點從椅子上摔下來。是的，好的。所以這有點相關，這將是最後一個問題。我會讓其他人上去。但是，就今年剩餘時間的業務模型而言，我的意思是，我們是否應該看看第二季度的收入情況，看看下半年的收入情況是否會有所改善，下降幅度可能接近 10% 左右，或者類似的情況？

And then I'm just curious also about OpEx. Obviously, you guys have done a really good job very quickly, it seems like in reducing that figure. I mean is that a decent baseline figure to model going forward. Or were there onetime aspects to that result?

然後我對 OpEx 也很好奇。顯然，你們很快就完成了一項出色的工作，似乎減少了這個數字。我的意思是，這是一個適合未來建模的基準數字。或者該結果是否存在一次性的面向？

So in terms of revenue, we really aren't giving guidance this year. With that said, we will continue to have a very challenging comparison in Q2 because of the one customer we had previously announced last year. And so we will have a challenging comparison in Q2. And then after that, we think that the comparison becomes a little easier. A major part of what we're trying to do is we're trying to really focus on our proactive revenue.

因此，就收入而言，我們今年確實沒有給出指導。話雖如此，由於我們去年已經宣布了一位客戶，因此我們在第二季度仍將面臨非常具有挑戰性的比較。因此，我們將在第二季進行一次具有挑戰性的比較。然後，我們認為比較就會變得更容易一些。我們正在努力做的一個主要部分是努力真正專注於我們的主動收入。

That's the direct customer revenue. As part of that, we anticipate the revenue subcontracted to the airfreight carrier, our premium side will continue to shrink as a percentage of our overall revenue. So that's where -- so we expect that to happen. Our OpEx is in a good place.

這就是直接客戶收入。作為其中的一部分，我們預計分包給航空貨運公司的收入，即我們的保費收入占我們總收入的比例將繼續下降。這就是我們期望發生的情況。我們的營運支出處於良好狀態。

One of the things that we believe that we've really unlocked is we understand the scalability of this business. And we believe that as revenues declined, unfortunately, for now, but as revenues declined, we were able to successfully scale costs associated with that. And we think that we've implemented process improvements that as we scale revenue back up, the costs won't necessarily scale back up with it. So I think I would model kind of expenses relatively flat with where they are right now, revenue to be a difficult comparison next quarter and then hopefully start to be a more favorable comparison in the second half of the year.

我們相信，我們真正解開的其中一件事就是我們了解了這項業務的可擴展性。我們認為，不幸的是，目前收入有所下降，但隨著收入的下降，我們能夠成功擴大與此相關的成本。我們認為，我們已經實施了流程改進，隨著收入的回升，成本不一定會隨之回升。因此，我認為我會將支出與目前的水平進行相對平穩的建模，下個季度的收入將很難進行比較，然後希望在下半年開始出現更有利的比較。

I just -- sorry, I have to just ask one final question based on that last sentence. I mean, you wouldn't expect positive revenue comps in the second half, would you?

我只是——抱歉，我必須根據最後一句話問最後一個問題。我的意思是，您不會期望下半年的收入能有所成長，對嗎？

Not -- organically, no.

不是——從本質上來說，不是。

Jack Vander Aarde, Maxim Group.

傑克·范德·阿爾德，Maxim 集團。

Congrats to Nancy on the upcoming retirement. Adam, good to see you guys balance your expenses pretty well in this current environment. I'll leave it at that. Adam, last quarter, you talked about how shipments from existing precision logistics customers were down about 6%, I think, for the full year. But you did add a bunch of new customers.

恭喜南希即將退休。亞當，很高興看到你們在當前環境下很好地平衡了開支。我就不多說了。亞當，上個季度，您談到現有精準物流客戶的全年出貨量下降了約 6%。但你確實增加了一批新客戶。

I think new customers were up 6%. And it's going to take some time probably to see the benefits from those new customers adds, especially when the shipments are down. Are you -- can you maybe just -- two things there. Can you maybe talk about your new customers added in the first quarter or the first half of this year so far? And then also, do you expect to -- how about those customers that were added last year?

我認為新客戶數量增加了 6%。可能需要一些時間才能看到這些新客戶的好處，尤其是在出貨量下降的情況下。您能—也許您能—做兩件事嗎？您能談談今年第一季或上半年迄今新增的客戶狀況嗎？另外，您是否期望—去年增加的那些客戶怎麼樣？

Do you still have a lot of them? Are they ramping up? Are they kind of even killed? Would love to just get a follow-up on those customers adds.

你還留有很多嗎？他們正在加緊努力嗎？他們是不是被殺了？很想跟進這些客戶的添加情況。

So I think that the new -- we have added new customers. The new customer adds in the first quarter has slowed down from last year. And overall, what we -- we're not experiencing a significant loss of customers, but we've seen an overall softening across our customer base. What we believe, and I'll just give you what we believe. So if you look at the majority of our revenue in the proactive side, our direct customer revenue is tied to e-commerce.

所以我認為，我們增加了新客戶。第一季新增客戶數量較去年同期放緩。整體而言，我們並沒有經歷大量的客戶流失，但我們看到客戶群整體上有所減弱。我們相信什麼，我就告訴你我們相信什麼。因此，如果你看我們在主動方面的大部分收入，我們的直接客戶收入都與電子商務有關。

E-commerce is tied in many ways to consumer confidence. People have to buy products online to have them shipped. And so many of our customers are seeing some level of softening. And so even the new customers we added last year are seeing a softening from what they projected. So we are successfully adding customers.

電子商務在許多方面與消費者信心息息相關。人們必須在網上購買產品才能送貨。我們的許多客戶都感受到了某種程度的疲軟。因此，即使是我們去年增加的新客戶也看到了比他們預期的要弱的情況。因此我們成功地增加了客戶。

But at this point, the additional volume from the new customers is not offsetting the softening of the installed customer base.

但目前，新客戶的額外數量還無法抵銷現有客戶群的疲軟。

Got it. That makes a lot of sense. Okay. I appreciate the color there. And then -- on the strategic front, I know there's only so much you can say, and I would love to know more, but there's a lot of moving parts behind the scenes for sure.

知道了。這很有道理。好的。我很欣賞那裡的色彩。然後——在策略方面，我知道你能說的只有這麼多，我很想知道更多，但幕後肯定有很多活動的部分。

Can you maybe just provide the latest public update on the inks business that you guys do have in that technology? And if that's -- just clarify, is that part of the strategic discussions? Anything you could share there would be helpful.

您能否提供有關您在該技術領域的油墨業務的最新公開更新？如果是的話——請澄清一下，這是策略討論的一部分嗎？您分享的任何內容都會很有幫助。

So we have had a conversation with a company that is in a different vertical inside of the ink world. And we look at our current ink business, and we do think that if somehow, we were able to make an acquisition that was synergistic with that to where you would have multiple ink products that were purchased by the same customer, that could create value. So we're very aware of that, and we're open to that approach. That particular conversation I mentioned has not resulted in anything meaningful going forward, but we're aware of that. With that said, I think the value that could be created synergistically by an acquisition in precision logistics is much higher.

因此，我們與墨水領域內不同垂直領域的一家公司進行了交談。我們來看看我們目前的油墨業務，我們確實認為，如果我們能夠以某種方式進行與之產生協同作用的收購，那麼同一個客戶購買多種油墨產品，就能創造價值。因此，我們非常清楚這一點，並且我們對這種方法持開放態度。我提到的那次特別談話並沒有產生任何有意義的結果，但我們知道這一點。話雖如此，我認為精準物流領域的收購所能創造的協同價值要高得多。

If you look at the overwhelming majority of our revenue is in precision logistics. So we're looking at both and we're looking at potential opportunities that exist outside of ink anti-counterfeit or precision logistics. We're really trying to -- we're trying to keep a very, very open and patient mind towards what is the opportunity to best leverage the assets that we have available to create shareholder value from our current share price, which we think doesn't really represent the real value of the company at this point. So we're trying to rectify that.

如果你看一下，你會發現我們的絕大部分收入都來自精準物流。因此，我們正在研究這兩者，並尋找油墨防偽或精準物流以外的潛在機會。我們確實在努力——我們試圖保持非常開放和耐心的心態，尋找機會最好地利用我們現有的資產，從當前的股價中創造股東價值，我們認為目前的股價並不能真正代表公司真正的價值。因此我們正在努力糾正這一問題。

Understood. Understood. I appreciate the color there. That's actually -- that's helpful from what you can provide. And I guess just looking around, how do you feel -- since you last talked to us back in February, I know some -- there are some strategic probably changes, especially with FedEx and Amazon around that time that was announced.

明白了。明白了。我很欣賞那裡的色彩。這實際上——從您提供的資訊來看，這很有幫助。我想，環顧四周，您感覺如何——自從您上次在二月份與我們交談以來，我知道一些——可能會有一些戰略變化，特別是當時宣布的與聯邦快遞和亞馬遜的變化。

How do you feel today relative to where you were three months ago or so in terms of the level of visibility and just kind of overall comfort with where you're at. You have a lot more cash on the balance sheet. Obviously, you're in a good -- it seems like you're in a stronger financial position. Obviously, the macro has been challenging. How do you feel overall about your -- the opportunity going forward for VerifyMe relative to a few months ago?

與三個月前相比，就可見度和整體舒適度而言，您今天感覺如何？你的資產負債表上有更多的現金。顯然，你的財務狀況良好——看起來你的財務狀況更加穩健。顯然，宏觀經濟一直充滿挑戰。與幾個月前相比，您對 VerifyMe 未來的機會有何整體看法？

I feel good about the opportunity. I think whenever you're dealing with a company our size, if you're being completely realistic and objective, you have to look at things from two situations, what's the downside risk and what's the upside opportunity. So I feel extremely comfortable from a downside risk perspective. I think the strength of the balance sheet, the strength of the business that we have, it puts us in a very comfortable situation there.

我對這個機會感到很高興。我認為，無論何時與我們這種規模的公司打交道，如果你完全現實和客觀，你就必須從兩個角度看待問題：下行風險是什麼，上行機會是什麼。因此，從下行風險的角度來看，我感到非常放心。我認為，我們資產負債表的實力和業務的實力使我們處於非常舒適的境地。

So now the key is how do we maximize the upside opportunity. What's happening, particularly in the logistics space, I think, is actually favorable for us if we are able to figure out how to take advantage of it. You're seeing tremendous change. You're seeing significant changes in the two plus three, DHL made a major acquisition in the US. You're seeing changes with UPS, you're seeing changes with FedEx, you're seeing changes with USPS, you're seeing changes with Amazon.

所以現在的關鍵是我們如何最大限度地利用上行機會。我認為，如果我們能夠弄清楚如何利用它，那麼正在發生的事情，特別是在物流領域發生的事情，實際上對我們有利。你正在見證巨大的變化。您將看到兩年多以來發生的重大變化，DHL 在美國進行了一項重大收購。您將看到 UPS 的變化，您會看到 FedEx 的變化，您會看到 USPS 的變化，您會看到亞馬遜的變化。

So all of these changes are creating a marketplace that's receptive to looking at new ideas and receptive to looking at approaches to meet the specific needs of their business. And so that's the vertical we fit in. We have a specific client that we meet a specific need for. And historically, at times, they've been unreceptive to a conversation to us either because they wanted a different freight partner than we were aligned to, or they had entered into some other agreement, and they just weren't really open to looking at things in a different way.

因此，所有這些變化都在創造一個願意接受新想法並願意接受滿足其業務特定需求的方法的市場。這就是我們所處的垂直領域。我們有一位特定的客戶，我們需要滿足其特定的需求。從歷史上看，有時他們不願意與我們對話，要么是因為他們想要一個與我們不同的貨運合作夥伴，要么是因為他們已經達成了其他協議，而他們只是不太願意以不同的方式看待事物。

So what we're finding right now is, although there is some chaos in the marketplace by all of the change that's happening, it's actually creating an environment where potential customers are very receptive to conversations to help them react to everything that is happening in the market. So all in all, I feel very favorable to where we are. I feel extremely comfortable with any downside risk, and I'm very optimistic about the upside potential.

因此，我們現在發現，儘管市場上發生的所有變化造成了一些混亂，但它實際上正在創造一種環境，讓潛在客戶非常樂於接受對話，以幫助他們對市場上發生的一切做出反應。總而言之，我對我們現在的狀況感到非常滿意。我對任何下行風險都感到非常放心，並且對上行潛力非常樂觀。

This concludes our question-and-answer session. I would like to turn the conference back over to Adam Stedham for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議交還給 Adam Stedham 做最後發言。請繼續。

Thank you very much, and thanks, everyone, for joining. So this is our first quarter. We look forward to having a call and updating you on the next call, hopefully, particularly on the strategic side over the next couple of quarters, we'll be able to give some updates on that. Once again, I would like to thank Nancy for all that she's done for us. Jennifer Cola is actually sitting in the room with us listening to this call.

非常感謝，也感謝大家的參與。這是我們的第一季。我們期待在下次電話會議上向您通報最新情況，希望我們能夠就未來幾季的策略方面提供一些最新資訊。我再次感謝南希為我們所做的一切。珍妮佛·科拉 (Jennifer Cola) 實際上正和我們一起坐在房間裡聽這個電話。

So I look forward to you all being able to hear from her on the next call. So thanks again and look forward to our next call.

因此，我期待大家能夠在下次通話中聽到她的聲音。再次感謝並期待我們的下一次通話。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。