Ascent Industries Co (ACNT) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to Ascent Industries second-quarter 2025 earnings call. Today's speakers are CEO, Bryan Kitchen; CFO, Ryan Kavalauskas; and the company's outside Investor Relations Advisor, Ralf Esper.

下午好，歡迎參加 Ascent Industries 2025 年第二季財報電話會議。今天的演講嘉賓包括執行長 Bryan Kitchen、財務長 Ryan Kavalauskas 以及公司外部投資者關係顧問 Ralf Esper。

We'll begin with prepared remarks followed by Q&A.

我們將從準備好的發言開始，然後進行問答。

Before we go further, I would like to turn the call over to Ralf Esper as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Ralf?

在我們進一步討論之前，我想將電話轉給拉爾夫·埃斯珀 (Ralf Esper)，他將根據 1995 年《私人證券訴訟改革法案》的含義，閱讀公司的安全港聲明，該聲明對前瞻性陳述提供了重要的警告。拉爾夫？

Thanks, Liz. Before we continue, I would like to remind all participants that the discussion today may contain certain forward-looking statements pursuant to the Safe Harbor provisions of the federal security laws. These statements are based on information currently available to us and are subject to various risks and uncertainties that could cause actual results to differ materially.

謝謝，Liz。在我們繼續之前，我想提醒所有與會者，今天的討論可能包含根據聯邦安全法安全港條款做出的某些前瞻性陳述。這些陳述是基於我們目前掌握的信息，並受各種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期有重大差異。

Ascent advises all of those listening to this call to review the latest 10-Q and 10-K posted on its website for a summary of these risks and uncertainties. Ascent does not undertake the responsibility to update any forward-looking statements.

Ascent 建議所有收聽本次電話會議的人士查看其網站上發布的最新 10-Q 和 10-K 報告，以了解這些風險和不確定性的摘要。 Ascent 不承擔更新任何前瞻性聲明的責任。

Further, the discussion today may include non-GAAP measures. In accordance with Regulation G, the company has reconciled these amounts back to the closest GAAP-based measurement. The reconciliations can be found in the earnings press release issued earlier today and posted on the Investors section of the company's website at www.ascentco.com.

此外，今天的討論可能涉及非公認會計準則 (non-GAAP) 指標。根據 G 條例，公司已將這些金額調整至最接近的公認會計準則 (GAAP) 指標。調整結果可在今天稍早發布的收益新聞稿中找到，該新聞稿已發佈於公司網站 www.ascentco.com 的「投資者」版塊。

Please note that this call is available for replay via a webcast link that is also posted on the Investors section of the company's website. Now I would like to turn it over to our CEO, Bryan Kitchen, to walk you through the results and what's driving continued momentum. Bryan?

請注意，本次電話會議可透過網路直播連結重播，該連結也發佈在本公司網站的「投資者」版塊。現在，我想請我們的執行長布萊恩·基欽 (Bryan Kitchen) 為您介紹業績以及持續成長的動力。布萊恩？

Thanks, Ralf. Q2 marked a defining milestone in Ascent transformation. With the successful divestitures of both Bristol Metals and American Stainless Tubing, we've now fully exited all operating assets within the Tubular segment. The only remaining drag is our idle tubular facility in Munhall, Pennsylvania, a $2.1 million annualized headwind to adjusted EBITDA. We're actively pursuing parallel paths to unlock that trapped cash and close this final chapter.

謝謝，Ralf。第二季是Ascent轉型的關鍵里程碑。隨著Bristol Metals和American Stainless Tubing業務的成功剝離，我們現在已完全退出管材業務部門的所有營運資產。唯一剩下的拖累因素是我們位於賓州芒霍爾的閒置管材工廠，這給調整後EBITDA帶來了210萬美元的年度化逆差。我們正在積極探索其他途徑，以釋放這些被困的現金，並結束這最後的篇章。

Our portfolio is clean. Our focus is singular, is officially a pure-play specialty chemical company, purpose-built to scale, generate durable margin and deliver exceptional customer outcomes. But we didn't just restructure the portfolio. We put it to work. This quarter, we repurchased and retired nearly 6% of our outstanding shares.

我們的投資組合清晰明確。我們的重點非常明確，是一家專注於特種化學品的純粹公司，致力於擴大規模、創造持久利潤並交付卓越的客戶成果。但我們並非僅僅重組了投資組合，而是將其付諸實踐。本季度，我們回購並註銷了近6%的流通股。

That's not symbolic. It's a statement of conviction. We believe in the long-term value of the platform we've built, and we're backing it with decisive capital allocation. More importantly, we've delivered sequential improvements in revenue, gross profit, gross margin and adjusted EBITDA. A few highlights.

這並非象徵性的，而是堅定的信念。我們相信我們所建構的平台的長期價值，並以果斷的資本配置為其提供支援。更重要的是，我們的營收、毛利、毛利率和調整後息稅折舊攤提前利潤（EBITDA）均實現了持續成長。以下是一些亮點。

Revenue increased $817,000 sequentially to $18.7 million, though fell short of the $21.4 million prior year comp, largely due to broader market softness. Gross profit rose $1.8 million from Q1 and $2.1 million versus the same quarter last year.

營收季增81.7萬美元，達1,870萬美元，但仍低於去年同期的2,140萬美元，主因是整體市場疲軟。毛利季增180萬美元，較去年同期成長210萬美元。

Gross margin expanded 26.1%, up 888 basis points sequentially and 1,298 basis points year over year. Adjusted EBITDA increased $131,000 sequentially to a loss of $335,000 in the quarter, but fell short of prior year by $53,000. And we achieved all of this despite absorbing $475,000 of Munhall-related costs in the quarter, excluding the asset impairment on the right-of-use asset on the facility.

毛利率成長26.1%，季增888個基點，年增1298個基點。調整後EBITDA季增13.1萬美元，本季虧損33.5萬美元，但比去年同期少5.3萬美元。儘管本季吸收了47.5萬美元的Munhall相關成本（不包括該設施使用權資產的資產減損），我們仍取得了上述成就。

These teams are not episodic. They reflect disciplined execution, strategic focus and a business model that's working. We're shifting mix to higher-margin opportunities, managing costs with purpose and turning commercial wins into real operating leverage.

這些團隊並非曇花一現。他們體現了嚴謹的執行力、策略重點和行之有效的商業模式。我們正在將業務組合轉向利潤率更高的機會，有目的地管理成本，並將商業成果轉化為真正的營運槓桿。

Our operations team continues to drive momentum. labor, overhead and production variances improved by more than $1.2 million year over year, while service levels hit all-time highs despite a more complex and more dynamic product mix.

我們的營運團隊持續保持強勁勢頭。勞動力、管理費用和生產差異比去年同期改善了 120 多萬美元，儘管產品組合更加複雜和動態，但服務水準仍創歷史新高。

In Q2, our team developed process modifications that drove a 5% yield improvement across a targeted product basket, unlocking a $250,000 in annualized gross profit and a meaningful reduction in cycle times, test continuous improvement in action.

在第二季度，我們的團隊開發了流程改進，使目標產品組的產量提高了 5%，帶來了 25 萬美元的年化毛利，並顯著縮短了週期時間，測試了持續改進的效果。

Strategic sourcing remains a standout strength, consolidating vendors, qualifying new sources and continuing to lower raw material costs without sacrificing reliability. As reported last quarter, roughly 95% of our revenue is supported by domestically produced raw materials, dramatically reducing our exposure to tariff volatility. And on the commercial side, momentum continues to build. In Q2, we secured over $3.1 million of annualized new revenue at a 29% gross margin, well above historical averages.

策略採購仍然是我們的突出優勢，它整合了供應商，篩選了合格的新貨源，並在不犧牲可靠性的前提下持續降低原材料成本。正如上季報告所示，我們約95%的收入來自國產原材料，這大大降低了我們受關稅波動影響的風險。在商業採購方面，我們持續保持強勁成長動能。第二季度，我們實現了超過310萬美元的年化新增收入，毛利率達到29%，遠高於歷史平均。

These wins span oil and gas, HI&I, Pulp and Paper, and CASE, all markets where our value proposition continues to resonate. Roughly one-third of that growth came from product sales, two-thirds came from high-quality custom manufacturing engagements.

這些成功案例涵蓋石油天然氣、建築與設備製造、紙漿造紙以及工程機械製造（CASE）等行業，我們的價值主張在這些市場持續獲得共鳴。其中約三分之一的成長來自產品銷售，三分之二來自高品質的客製化製造業務。

Notably, 88% of those wins were expansion with existing accounts, further proof that our model is earning trust and expanding share of wallet. This is where Chemicals as a Service comes to life. We're not just selling products.

值得注意的是，88% 的成功案例都是透過現有客戶拓展而來，這進一步證明了我們的模式正在贏得信任，並擴大客戶份額。這正是「化學品即服務」的真正意義。我們不僅僅是銷售產品。

We're solving problems. We're creating formulations offering blending and packaging, managing logistics, ensuring regulatory compliance and delivering it all with speed and precision. We do this across small and large volume requirements in ways that traditional manufacturers won't and distributors simply can't.

我們致力於解決問題。我們研發配方，提供混合和包裝服務，管理物流，確保合規，並快速精準地交付所有產品。無論量大量小，我們都能以傳統製造商和經銷商無法企及的方式滿足您的需求。

It's a hybrid model that fuses custom manufacturing high service execution, and it's working. Underpinned by a $25 million increase in our selling project pipeline, the $3.1 million of new business won in Q2 is expected to grow significantly into 2026.

這是一種融合客製化製造和高服務執行力的混合模式，而且效果顯著。由於我們銷售項目庫新增2,500萬美元，第二季贏得的310萬美元新業務預計將在2026年大幅成長。

And with no significant new fixed cost burden, each incremental win translates directly to meaningful profit. That's what makes this model powerful is that it's scalable. Every customer engagement, every sourcing win, yield improvement and process improvement builds muscle.

而且，由於沒有新增的重大固定成本負擔，每項增量收益都能直接轉化為可觀的利潤。這一模式的強大之處在於其可擴展性。每一次客戶互動、每一次採購成功、收益提升和流程改進，都能增強企業實力。

The platform that we're building compounds in strength and the value that we create for our customers multiplies as we grow. Across the moments that matter, we win because we respond faster than traditional manufacturers, especially in the early stages like discovery and development, where our technical bench and speed help customers move from problem to solution.

我們正在建構的平台實力不斷增強，我們為客戶創造的價值也隨著我們的發展而倍增。在關鍵時刻，我們之所以能夠獲勝，是因為我們比傳統製造商反應更快，尤其是在研發等早期階段，我們的技術平台和速度能夠幫助客戶從問題轉化為解決方案。

We offer services far beyond what distributors can spanning the full range of the value chain from reaction-based product development to logistics to regulatory compliance and reformulation. We lead with service and agility, not line cards. We solve problems most platforms aren't built to see because we designed our model around every stage of customer loyalty, discovery, contracting, fulfillment, and life cycle support.

我們提供的服務遠遠超出分銷商所能提供的範圍，涵蓋從基於反應的產品開發到物流、法規合規和配方調整的整個價值鏈。我們以服務和敏捷性而非產品線領先。我們解決了大多數平台難以預見的問題，因為我們的模型圍繞著客戶忠誠度、發現、簽約、履行和生命週期支援的每個階段而設計。

And we do it all whilst expanding margin and strengthening reliability for our customers, not by chance, but by design with process automation, dual source qualification and operational excellence built into everything we do. These moments that matter are where loyalty is earned and retained and Ascent is winning because we've made them a blueprint for scalable, profitable growth.

我們在做到這一切的同時，也為客戶提升了利潤率和可靠性，這並非偶然，而是精心設計，將流程自動化、雙重來源認證和卓越營運融入我們所做的每一件事中。這些關鍵時刻是贏得並維繫客戶忠誠的關鍵，而 Ascent 的成功源自於我們將其打造為可擴展、獲利成長的藍圖。

Without question, the strategic recapitalization of SG&A and the operational horsepower behind it has been central to our transformation. Over the past year, we've redirected investment into roles that enable and unlock growth, technical sales, business development, engineering, strategic sourcing, marketing, business operations, and customer care.

毫無疑問，銷售、一般及行政費用的策略性資本重組及其背後的營運能力一直是我們轉型的核心。過去一年，我們將投資重新轉向能夠促進和釋放成長的職位，包括技術銷售、業務拓展、工程設計、策略採購、行銷、業務營運和客戶服務。

And while the total SG&A has remained effectively flat, the return on that spend has fundamentally changed. These teams are now delivering measurable results, new commercial wins, stronger margins, deeper customer penetration and all-time service levels. And we're just getting started.

雖然銷售、一般及行政費用總額基本上持平，但這些支出的回報率已發生根本性變化。這些團隊如今正在創造可衡量的業績，贏得新的商業成功，提高利潤率，增強客戶滲透率，並維持前所未有的服務水準。而這只是個開始。

We're not building a traditional chemicals company. We're building a performance platform engineered to solve the hardest problems across reaction chemistry, formulation, supply chain, compliance and fulfillment.

我們並非在打造一家傳統的化學品公司。我們建構的是一個高性能平台，旨在解決反應化學、配方、供應鏈、合規性和履行的最棘手問題。

From development to delivery, we own the outcome. That's why we're gaining share. That's why margins are expanding, and that's why the best chapters of our story are still ahead.

從開發到交付，我們擁有最終成果。正因如此，我們的市佔率不斷成長，利潤不斷擴大，我們輝煌的篇章仍在前方。

Before I pass it over to Ryan, I want to thank our incredible team at Ascent, our superpower, who has continued to demonstrate remarkable grit, hustle and the drive to win. I also want to thank our investors for the trust and confidence that you place in both Ryan and I and the team that we've assembled.

在將權力交給Ryan之前，我想感謝Ascent的優秀團隊，感謝他們一直以來展現出的非凡勇氣、拼搏精神和求勝的動力。我還要感謝投資人對我、Ryan以及我們組成的團隊的信任和信心。

With that, I'll turn it over to Ryan to provide you a bit more context behind our financial performance. Ryan, over to you.

接下來，我將把時間交給Ryan，他會向大家介紹一下我們財務表現的更多背景資訊。 Ryan，交給你了。

Thanks, Bryan, and good afternoon, everyone. As Bryan laid out, Q2 was a milestone in Ascent’s transformation, and the financials are beginning to reflect the benefits of our disciplined repositioning. Today, I'll walk through our second quarter results and highlight where structural improvements are driving sustainable margin and operating leverage even in the face of persistent macro headwinds.

謝謝，布萊恩，大家下午好。正如布萊恩所說，第二季是Ascent轉型的一個里程碑，財務狀況也開始反映出我們嚴謹的重新定位所帶來的效益。今天，我將回顧我們第二季度的業績，並重點介紹即使在持續的宏觀經濟逆風下，結構性改進如何推動可持續的利潤率和營運槓桿。

Revenue from continuing operations was $18.7 million, down 13% versus Q2 of last year, but up nearly 5% sequentially from Q1 of 2025. The year-over-year decline was primarily volume driven, reflecting softer demand across key end markets, though pricing actions taken over the past several quarters helped partially offset the impact.

持續經營收入為 1,870 萬美元，較去年第二季下降 13%，但較 2025 年第一季環比成長近 5%。年比下降主要是受銷售推動，反映出主要終端市場需求疲軟，但過去幾季採取的定價措施有助於部分抵銷影響。

This top line momentum quarter-over-quarter, albeit measured, is especially notable given the broader macro chemical environment where manufacturing activity has largely languished below expansion territory over the past two years, with only a brief re-spike in early 2025 when PMI readings edged above 50 in January and February. The sector has since reverted to contraction with July 2025 registering 48.

儘管環比成長勢頭較為平緩，但考慮到更廣泛的宏觀化工環境，這一增長勢頭尤為引人注目。過去兩年，製造業活動基本上徘徊在擴張區間以下，僅在2025年初短暫回升，當時1月和2月的PMI指數略高於50。此後，該產業又陷入萎縮，2025年7月PMI指數為48。

Within that context, our sequential growth signals early traction from our focus on higher-value commercial engagements and more resilient end market exposure. Gross profit increased to $4.9 million with gross margin expanding to 26.1%, up from 17% in Q1 and 13.1% in the prior year period.

在此背景下，我們的環比成長表明，我們專注於更高價值的商業合作和更具韌性的終端市場，並已初見成效。毛利增加至490萬美元，毛利率升至26.1%，高於第一季的17%和去年同期的13.1%。

However, it's important to note that in June, we reclassified approximately $1.2 million of costs from cost of goods sold to SG&A to more accurately reflect the administrative nature of certain Munhall, Palmer and SBT support resources. Adjusting for this reclassification, normalized gross margins for Q1 and Q2 in 2025 would have been approximately 21% and 22.4%, respectively, still representing strong year-to-date expansion.

然而，值得注意的是，6月份，我們將約120萬美元的成本從銷售成本重新歸類為銷售、一般及行政費用，以更準確地反映Munhall、Palmer和SBT部分支援資源的行政管理性質。調整此項重新分類後，2025年第一季和第二季的標準化毛利率將分別約為21%和22.4%，仍代表著年初至今的強勁成長。

This improvement in margin quality is being driven by favorable pricing, continued reductions in raw material input costs through strategic sourcing and operational efficiencies across our sites. Despite a 29.6% year-over-year decline in volume, driven by both market conditions and our deliberate exit from lower value streams, our pricing actions and cost management efforts are creating real operating leverage.

利潤品質的提升得益於有利的定價、透過策略採購持續降低原材料投入成本以及我們各工廠的營運效率提升。儘管受市場行情和我們有意退出低價值業務的影響，銷售量比去年同期下降了29.6%，但我們的定價策略和成本管理措施正在創造真正的營運槓桿。

Turning to SG&A. Expenses totaled $6.4 million in Q2, up from $4.6 million in the prior year period, but this year-over-year comparison is skewed by 2 factors: first, the $1.2 million reclassification of support-related COGS into SG&A.

談到銷售、一般及行政費用 (SG&A)。第二季的費用總計 640 萬美元，高於去年同期的 460 萬美元，但這一同比變化受到兩個因素的影響：首先，將與支援相關的銷貨成本 (COGS) 重新歸類為銷售、一般及行政費用 (SG&A)，金額為 120 萬美元。

Second, the re-inclusion of remaining ongoing Munhall expenses in continuing operations this year, whereas it was previously captured in discontinued operations. When you remove these combined effects and isolate core SG&A, excluding Munhall, Palmer, and SBT-related overhead, underlying expenses were actually down approximately $400,000 year over year.

其次，今年將剩餘的Munhall持續經營費用重新納入持續經營業務，而此前這些費用被計入非持續經營業務。若剔除這些綜合影響，並單獨計算核心銷售、行政及一般費用（不包括Munhall、Palmer和SBT相關間接費用），則基礎費用實際上比去年同期下降了約40萬美元。

That's despite continued investments in commercial, technical and operational talent as well as system and process improvements designed to scale the platform. These margin gains paired with disciplined cost management are beginning to show up in our bottom line. Adjusted EBITDA for the quarter was a loss of $300,000, flat to prior year.

儘管我們持續投資於商業、技術和營運人才，並改進了系統和流程以擴展平台規模，但利潤率的成長與嚴格的成本管理相結合，已開始體現在我們的盈利中。本季調整後EBITDA虧損30萬美元，與去年持平。

But again, this includes roughly $475,000 of Munhall-related costs now embedded in continuing operations. Adjusting for these legacy site impacts, Q2 adjusted EBITDA would have been approximately positive $181,000.

但同樣，這其中包括約47.5萬美元的Munhall相關成本，這些成本現已計入持續經營業務。扣除這些遺留場地的影響後，第二季調整後的EBITDA約為正18.1萬美元。

We believe this is a more accurate reflection of the earnings power of our core business and underscores the progress we've made in repositioning the cost structure. All of this progress is underpinned by a balance sheet that remains exceptionally well positioned to support our strategy. We ended Q2 with $60.5 million in cash, no debt and $13.4 million of availability under our revolver.

我們相信，這更準確地反映了我們核心業務的獲利能力，並凸顯了我們在重新定位成本結構方面的進展。所有這些進展都得益於我們依然保持極佳的資產負債表，能夠支持我們的策略。截至第二季末，我們持有現金6,050萬美元，無負債，並有1,340萬美元的循環信貸額度可供使用。

We remain disciplined in our capital deployment, having repurchased over 644,000 shares in the quarter, nearly 6% of the company at an average price of $12.15 per share, while preserving flexibility for future growth investments or opportunistic M&A.

我們在資本配置方面保持紀律，本季以每股 12.15 美元的平均價格回購了超過 644,000 股，占公司股份的近 6%，同時為未來的成長投資或機會性併購保留了靈活性。

To wrap up, revenue improved sequentially despite muted macro conditions and lower volume. Gross margins expanded significantly year-to-date, even after adjusting for accounting reclassifications. Core SG&A is down year over year, reflecting disciplined execution and early operating leverage.

總而言之，儘管宏觀環境低迷且銷量下降，但營收仍較上季成長。即使考慮到會計重分類的影響，今年迄今的毛利率仍大幅增加。核心銷售、一般及行政開支年減，反映出嚴格的執行力和早期的營運槓桿。

Adjusted EBITDA would have been positive, excluding legacy site drag, and we expect continued improvement going forward. We're confident in the underlying trajectory of the business, and we're committed to sustaining this momentum through thoughtful execution and disciplined capital stewardship.

調整後的EBITDA（扣除舊有工廠的拖累）原本應為正值，我們預期未來業績將持續改善。我們對業務的潛在發展軌跡充滿信心，並致力於透過周到的執行和嚴謹的資本管理來維持這一勢頭。

With that, I'll turn it back over to the operator for questions.

說完這些，我將把問題轉回給接線生。

(Operator Instructions) Adam Waldo, Lismore Partners.

（操作員指示）亞當沃爾多 (Adam Waldo)，利斯莫爾合夥公司 (Lismore Partners)。

Good day, Bryan and Ryan. Hope you're well. Thank you for taking my question.

布萊恩和瑞安，大家好！希望你們一切都好。感謝你們回答我的問題。

Hey, Adam.

嘿，亞當。

Bryan, we had a chance to meet at an investor conference in Chicago in early June, and I appreciate your thoughtful answers to my questions. And I want to follow up on a couple of things in light of this quarter's results release.

布萊恩，我們六月初在芝加哥的一次投資者會議上見過面，非常感謝你對我的問題的周到解答。結合本季的業績發布，我想跟進一些事情。

First, as you think about the 2030 adjusted EBITDA margin target that you've laid out in your Planet MicroCap -- showcase, pardon me, presentation of 15% net of public company overhead. What revenue number are you contemplating there? And can that revenue number be achieved through the excess capacity you have within the existing footprint or would some of that revenue need to be acquired?

首先，您在《Planet MicroCap》中提出了2030年調整後EBITDA利潤率目標－不好意思，請介紹一下，扣除上市公司管理費用後的15%的利潤率。您當時考慮的收入數字是多少？這個收入數字可以透過現有業務範圍內的過剩產能來實現嗎？還是需要收購一部分收入？

Yeah. No, good question. I appreciate that, Adam. So outside of our -- within our existing asset base, we're confident that we can get to, let's say, $120 million to $130 million of top line. And if you recall from the microcap deck, taking that down to gross margins of roughly 30% to 35% with SG&A at that level of nominally 15%, taking it down to adjusted EBITDA targets of about 15%. So we're confident that within the existing asset base, we can get to, we can grow into about $120 million to $130 million, depending on mix.

是的。不，這是個好問題。我很感激，亞當。所以，在我們現有的資產基礎之外，我們有信心實現比方說1.2億到1.3億美元的營收。如果你還記得微型股的方案，我們會把毛利率降至大約30%到35%，銷售、一般及行政費用（SG&A）名義上保持在15%的水平，然後把調整後的EBITDA目標降至15%左右。所以，我們有信心，在現有資產基礎內，我們可以實現，根據資產組合，我們可以成長到大約1.2億到1.3億美元。

And so how do you all quantify and think about your near to intermediate-term new business pipeline over the next 12 to -- call it, 18 months?

那麼，你們如何量化和考慮未來 12 到 18 個月內的近期和中期新業務管道？

Yeah. I guess, could you be more specific?

是的。能更具體一點嗎？

Well, I know your business is one in which you combine more, what I'll call spot market opportunities, but also some longer-term contracted business, right, with larger industrial clients and the like. So how should we think about the amount of organic revenue growth that -- to which you feel you have line of sight through your new business pipeline as we look out over the next 12 to 18 months? Or is that pretty hard to quantify at this point?

嗯，我知道您的業務結合了更多我稱之為現貨市場機會的業務，但也有一些與大型工業客戶等簽訂的長期合約業務。那麼，展望未來12到18個月，您認為透過新業務管道可以實現的有機收入成長是多少？還是目前很難量化？

Yeah. I mean, look, this is something that we work on every day. So one of the data points that I referenced earlier was an increase in our selling project pipeline by about $25 million over the last quarter. And of that $25 million, it's spread out across four to five different market segments. It's a mix of both product sales as well as high-value custom manufacturing.

是的。我的意思是，你看，這是我們每天都在做的事情。我之前提到的一個數據點是，我們的銷售項目在上個季度增加了約2500萬美元。這2500萬美元分佈在四到五個不同的市場區隔。這既包括產品銷售，也包括高價值客製化製造。

Okay. That's tremendously helpful. Last question, if you'll permit me, Bryan. In that investor conference in early June, you -- in response to my question, you talked about an executive management equity compensation plan that was being finalized and was going to be presented to the Board. Has that been presented to the Board at this point for its review and consideration?

好的。這非常有幫助。布萊恩，請容許我問最後一個問題。在六月初的投資者會議上，您在回答我的問題時提到了一項高階主管股權薪酬計劃，該計劃正在最終確定，並將提交給董事會。現在該計劃已經提交給董事會審核和考慮了嗎？

And should we view the share repurchases of about 600,000 shares during the second quarter as having been done, a, because of the undervaluation of the stock, but b, to support that management equity incentive plan for the next levels of management below the CEO and the CFO?

我們是否應該認為，第二季回購約 60 萬股股票是為了：a，因為股票被低估；b，為了支持針對 CEO 和 CFO 以下管理層的管理層股權激勵計劃？

Yeah, I'll answer those questions in reverse. So the share buyback of about 6% of our outstanding shares is not related to any type of equity program for senior leaders within the company. That's just purely based on the fact that we believe that this company is undervalued today, and it will be -- it will only increase in value in the near term, so that's part A.

是的，我會反過來回答這些問題。我們約有6%的流通股回購與公司內部任何針對高階主管的股權計畫無關。這純粹是基於我們認為這家公司目前被低估了，短期內它的價值只會上升，所以這是A部分。

Part B, getting back to the question in hand, I mean, look, we have an existing equity program in place for Ryan and I, we're at the final stages of advancing a broader equity program. And with the Compensation Committee's help, that will be updated and refreshed each year.

B部分，回到手邊的問題。我的意思是，我們為Ryan和我制定了一個現有的股權計劃，目前我們正處於推進更廣泛的股權計劃的最後階段。在薪酬委員會的幫助下，該計劃每年都會進行更新和完善。

Okay. And in terms of this year's tranche of that then, would you expect that to be finalized with the Board Compensation Committee?

好的。那麼，就今年的這部分款項而言，您是否希望董事會薪酬委員會最終確定？

That's already -- yeah, I mean that's already been settled.

那已經是——是的，我的意思是那已經解決了。

It's already been set. Okay. So this is really for '26?

已經定好了。好的。所以這真的是26年的嗎？

Correct.

正確的。

All right. Thank you very much.

好的。非常感謝。

You bet.

當然。

(Operator Instructions) [David Siegfried].

（操作員指示）[David Siegfried]。

Hey. Thanks for taking my call. Congratulations on the progress made this past quarter. So I know generally, the earnings for a chemical manufacturer are more stable than a tubular and would demand a higher multiple. So I don't know if really the re-rating has happened yet. What do you see as the catalyst to get this get this higher?

嘿，謝謝接聽我的電話。恭喜你上個季度的進展。我知道，一般來說，化學產品製造商的利潤比管材製造商更穩定，需要更高的本益比。所以我不知道重新評級是否真的已經發生了。你認為推動這項估值上漲的催化劑是什麼？

Yeah, I think it's three things. I think it's growth, growth, and growth, right? So outside of addressing the lingering Munhall issue, which we are, our primary focus after stabilizing and fixing the foundation last year is all about driving both organic and inorganic growth.

是的，我認為有三件事。我認為是成長、成長、再成長，對吧？所以，除了解決揮之不去的蒙霍爾問題（我們正在處理），在去年穩定和鞏固了基礎之後，我們的主要重點是推動有機成長和無機成長。

And it's been really encouraging to see just the enormous progress that our team has made over the past several quarters. But what I would say is the momentum that we have seen over the past quarter has just been incredible.

看到我們團隊在過去幾季取得的巨大進步，真的令人鼓舞。我想說的是，我們在過去一個季度看到的勢頭簡直令人難以置信。

So we're very excited about the future, very excited about the work that the team is doing, and we're very excited about the value proposition that we have that's resonating with our customers.

因此，我們對未來感到非常興奮，對團隊正在做的工作感到非常興奮，我們對與客戶產生共鳴的價值主張感到非常興奮。

Good to hear. And so do you think a return to profitability is in the cards for like, we'll say, third or fourth quarter? I know earlier in the year, we were talking about that second quarter -- or I mean, I'm sorry, third or fourth quarter of 2025.

很高興聽到這個消息。那麼您認為，比如說，第三季或第四季度，公司有可能恢復獲利嗎？我知道今年早些時候，我們討論的是第二季——或者，我的意思是，抱歉，是2025年的第三季或第四季。

I mean that's certainly what we're running and gunning towards. As Ryan indicated earlier, if you exclude the Munhall aspect, we're effectively there. What I would say is the levels of profitability are cute. We're not satisfied with that. So we've got much larger aspirations that we're working towards.

我的意思是，這確實是我們正在努力的方向。正如Ryan之前所說，如果排除Munhall因素，我們實際上已經達到了目標。我想說的是，目前的獲利水準還不錯。我們並不滿足於此。所以我們有更大的目標，正在努力實現。

Got it. So congratulations on making the Russell Index this year. Previous 2 times that Ascent made the Russell, the previous year was kicked out because of not having market cap -- meeting the market cap requirements. So you think this year will be different, 2026, -- do you think that will be different?

明白了。恭喜你今年入選羅素指數。 Ascent 之前兩次入選羅素指數，前一年都因為市值未達標而被淘汰。所以你覺得今年，也就是 2026 年，會有所不同嗎？

I hope with improved stability that will not be the case, but I can't guarantee that.

我希望隨著穩定性的提高，這種情況不會再發生，但我不能保證。

Right. No, I understand. And then we're talking a little bit -- the previous caller talking a little bit about the Board. Do you think there would be some advantages to having a Board of Directors that consists of a chemical guy or a few chemical guys because after all, it's a chemical company now.

好的。不，我明白。然後我們聊了一點——之前的來電者談到了董事會。您認為董事會由一位或幾位化學專家組成會有什麼好處嗎？畢竟，這是一家化學公司。

Yeah. I mean, look, like we've said over the course of the past year, our Board of Directors has been incredibly supportive of Ryan and I and the team that we've put in place over the past year and rolling into this year. Certainly, there's a recognition that we do not have chemical industry representation on our current Board, and that's being addressed.

是的。我的意思是，就像我們在過去一年裡所說的那樣，我們的董事會一直非常支持我和瑞安，以及我們在過去一年組成的團隊，直到今年。當然，我們也意識到，我們目前的董事會中沒有化學工業的代表，這個問題正在解決。

Good. And then I think the -- I've been following the story for six, seven years, probably more, and have been an investor for that time. So ASTI, the asset was essentially sold for less than what it was paid for years ago.

很好。然後我想──我已經關注這個故事六、七年了，甚至可能更久，而且我一直是它的投資者。所以ASTI，這筆資產的售價其實是低於幾年前的購買價。

And I would have to say the [dam cam] purchase was probably an overpay considering it was bought at peak market. Do you think more discipline or do you think -- it appears that you have more discipline now this time around when it comes to a potential purchase or acquisition.

我不得不說，考慮到[dam cam]是在市場高峰期收購的，這筆收購可能有點過高。您認為這次收購更加自律了嗎？還是您認為──這次在進行潛在收購時，你們似乎更加自律了？

I mean that's certainly the plan, David. We've looked at a number of properties. We've gotten into LOIs. We've walked away because we couldn't align on an appropriate value. So we're -- look, we're not going to get into deal frenzy and just do a deal for the sake of doing a deal.

我的意思是，大衛，這確實是我們的計劃。我們考察過不少房產，也簽過意向書。後來因為無法就合適的價格達成一致而放棄了。所以我們——你看，我們不會陷入交易狂潮，也不會為了交易而交易。

We want to do the right deal. We want to do the right deal for our shareholders. We want to start off with something small as we've talked about before. We want to demonstrate to ourselves and to our shareholders that we can extract the contemplated growth synergies, extract the contemplated cost synergies before we get too far out ahead of ourselves. So I would look for smaller transactions before bigger transactions.

我們想要做正確的交易。我們想要為股東做正確的交易。正如我們之前談到的，我們希望從小處著手。我們希望向自己和股東證明，我們能夠實現預期的成長綜效，實現預期的成本綜效，而不是過度追求。因此，我會先尋找小額交易，然後再進行大額交易。

Got it. Makes sense. And then regarding the buyback, great amount of shares bought back last quarter. Do you see that happening in the future, big tranches like that? Or is this going to be a continuation of depending upon the order flow, picking up 100,000 shares per quarter if you have that type of volume?

明白了。很有道理。然後關於回購，上個季度回購了大量股票。您認為未來還會像現在這樣大規模回購嗎？還是說，這將繼續取決於訂單流，如果交易量達到這個水平，那麼每季回購10萬股？

Yeah. I mean, look, we're going to continue to operate within the existing buyback agreement, and we'll continue to evaluate opportunities with the Board. But as you know, we've got a fair amount of dry powder right now, and we'd like to unleash that with inorganic growth opportunities. So

是的。我的意思是，我們將繼續在現有的回購協議框架內運作，並將繼續與董事會一起評估各種機會。但正如你所知，我們目前擁有相當多的資金，我們希望透過無機成長機會來釋放這些資金。所以

Got it. All right --

明白了。好的——

It's not -- just like we said before, it's not an or, it's an and.

這不是——就像我們之前說的，這不是或，而是和。

Right. Sure. Very good. Well, thank you for the time. Appreciate it.

對。當然。非常好。嗯，謝謝你抽出時間。非常感謝。

You bet. Thank you.

當然。謝謝。

(Operator Instructions) Adam Waldo, Lismore Partners.

（操作員指示）亞當沃爾多 (Adam Waldo)，利斯莫爾合夥公司 (Lismore Partners)。

A quick follow-up on the other gentleman's line of questioning around the trade-offs -- implicit trade-offs between deploying capital for M&A versus share buybacks. As you all get toward -- we will get in the future towards the end of the time period of achieving filling the existing capacity footprint and reaching, call it, $120 million of annualized run rate revenue.

我來快速跟進另一位先生關於權衡的問題——在併購和股票回購之間部署資本的隱性權衡。隨著大家逐漸接近目標——我們將在未來接近完成現有產能覆蓋並達到1.2億美元的年化營運收入的目標。

How do you think about the M&A multiples as multiple of revenue and pre-operating expense synergy EBITDA that you would need to -- which you would need to acquire companies to compare favorably with the risk-free rate of return available on your stock repurchases?

您如何看待併購倍數作為收入和營業前費用協同效應 EBITDA 的倍數——您需要收購公司才能與股票回購的無風險回報率進行比較？

Sure. Ryan, do you want to jump in?

當然。 Ryan，妳想加入嗎？

Yeah. I mean the way we're looking at M&A today from an inorganic perspective is we believe assets that we'll be looking to acquire will be trading in that 6 times to 8 times EBITDA range. So we would like to stay at the lower end of that range when you take into account synergies just based on where we're trading today and based on the value we can extract organically. So Bryan said, this is -- it's an and discussion. So we'll always look at opportunistically buying back our shares.

是的。我的意思是，從非有機角度來看，我們目前看待併購的方式是，我們認為我們計劃收購的資產的交易價格將在EBITDA的6到8倍之間。因此，如果僅基於我們目前的交易狀況以及我們能夠有機提取的價值來考慮協同效應，我們希望將交易價格維持在該區間的低端。布萊恩說，這是一個值得討論的問題。因此，我們將始終考慮適時回購我們的股票。

We'll look at M&A, and we'll like deals early that trend towards that lower end of that 6x to 8x range. I don't think we're in a position today to overpay or pay up for anything beyond that. Again, based on where we're at organically, we've got a lot of room to grow there.

我們會考慮併購，並且會儘早考慮那些估值在6倍到8倍區間低端的交易。我認為我們目前沒有能力為任何估值超過這個範圍的交易支付過高的價格或溢價。同樣，基於我們目前的有機成長狀況，我們在這方面還有很大的成長空間。

We'd like to invest back in the business where we see opportunities to find assets that can be accretive to growth at the lower end of that multiple range where synergies make sense, and there's a lot of opportunities to expand geographically, market share-wise, what have you, that's where we'll focus. And they'll be small out of the gate.

我們願意重新投資那些我們認為有機會找到能夠促進低倍數成長的資產，並且能夠產生協同效應，並且有很多機會在地域、市場份額等方面進行擴張的業務，這就是我們的重點。而且這些業務的起步規模會比較小。

We want to make sure the team continues to focus on organic growth. We have a lot of capacity to fill. We're in no rush to go do a deal. We want to be very, very disciplined. Just like David said, there's been deals in the past that we look at, and we just want to be very careful with how we look at deals going forward.

我們希望確保團隊繼續專注於有機成長。我們還有很多產能需要填補。我們並不急於達成交易。我們希望非常非常自律。正如大衛所說，我們過去也曾考慮過一些交易，只是希望在未來的交易評估上能更加謹慎。

So again, a lot of these deals earlier are going to be in that lower end of that 6 times to 8 times. Again, closer to 6 times, 7 times when you pull in synergies. And that's really where we focus M&A in the near term.

所以，之前很多交易的估值倍數都在6到8倍的低階。如果算上綜效，估值倍數會更接近6到7倍。這正是我們近期併購的重點。

Okay. So really helpful to hear the philosophy there. And you made reference, Ryan, to 6 times to 8 times post-OpEx synergies. I just want to clarify that. And if so, what multiples would that look like pre-synergies so that we think about the risk profile of a pre-synergies multiple, right, versus just buying back your own stock and expanding internally at a lower risk profile than integrating an acquisition and financing it, right?

好的。聽到這個理念真的很有幫助。 Ryan，你提到了6到8倍的營運支出後綜效。我只是想澄清一下。如果是這樣，那麼協同效應之前的倍數是多少呢？這樣我們就可以考慮協同效應之前倍數的風險狀況了，對吧？相比之下，回購自己的股票並以更低的風險狀況進行內部擴張，而不是整合收購併為其融資，對嗎？

Sure. Yeah. I would not expect and I would not anticipate us paying anything over 8 times or 9 times earnings on a potential asset. I mean that would be pre-synergy. -- where we would like to be post synergy is we'll be pulling that down closer to that 6 times to 7 times.

當然。是的。我不會期望，也不會預期我們會為一項潛在資產支付超過8倍或9倍的本益比。我的意思是，這還是在協同效應之前——我們希望在協同效應之後，能將其拉低到接近6倍到7倍。

So that's where we'll focus in the early. Anything over that, we're just not in a position right now to overpay for an asset, pay up for an asset. We just have too much idle capacity where we need to go out and make a bet that large based on what we know we can do internally. So I would say pre-synergies, 8 times to 9 times, I would not expect us to do anything more than that. And then post-synergies, where we'd like to be is in that 6 times to 7 times.

所以這就是我們早期的重點。如果超過這個數字，我們現在還無法為一項資產支付過高的價格，或為一項資產支付過高的價格。我們有太多閒置產能，我們需要根據我們內部已知的能力，進行如此大規模的投資。所以我認為，在綜效之前，我們的產能是8倍到9倍，我不會期待我們能做更多。在綜效之後，我們希望的產能是6倍到7倍。

Very good. Very, very helpful. Thank you so much and best of luck.

非常好。非常非常有幫助。非常感謝，祝你好運。

Thank you.

謝謝。

And at this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Kitchen for closing remarks.

到此為止，我們的問答環節就結束了。現在，我想把電話轉回給基欽先生，請他作最後發言。

Okay. Great. Thank you, Liz. We'd like to thank everyone for listening to today's call, and we look forward to speaking with you again when we report out our second quarter -- third-quarter 2025 results. Thanks, and have a great afternoon.

好的。太好了。謝謝你，莉茲。感謝大家聆聽今天的電話會議，我們期待在公佈2025年第二季和第三季業績時再次與大家溝通。謝謝，祝大家下午愉快。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you all for your participation.

女士們，先生們，今天的電話會議到此結束。各位現在可以掛斷電話了。感謝各位的參與。