Ascent Industries Co (ACNT) 2026 Q1 法說會逐字稿

Hello, and welcome to the Ascent Industries Co.'s first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 Ascent Industries Co. 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to Kenny Herring, Vice President of Finance. Please go ahead.

現在我想把會議交給財務副總裁 Kenny Herring。請開始。

Thank you, Haley, and good afternoon, everyone. 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 securities 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.

謝謝你，Haley，各位下午好。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若干前瞻性陳述，並受聯邦證券法「安全港」條款所規範。這些陳述係基於我們目前可得之資訊，並受各種風險與不確定性影響，可能導致實際結果與所述內容出現重大差異。

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者，查閱公司網站上最新發布的 10-Q 與 10-K，以了解上述風險與不確定性的摘要。Ascent 不承擔更新任何前瞻性陳述之責任。

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 ascentco.com.

此外，今天的討論可能包含非 GAAP 衡量指標。依據 Regulation G，公司已將這些數值調節回最接近的 GAAP 衡量基準。相關調節表可見於今日稍早發布的財報新聞稿，並已張貼於公司網站 ascentco.com 的投資人專區。

Please note that this call is available for replay via webcast link that is also posted on the Investors section of the company's website.

請注意，本次電話會議可透過網路直播連結重播，該連結亦已張貼於公司網站的投資人專區。

With that, I'll turn the call over to Brian.

接下來，我把電話交給 Brian。

Thanks, Ken, and good afternoon, everyone. We've got a lot to cover today, so let's jump in. In the first quarter, we saw a meaningful number of projects won in 2025, convert into real measurable revenue and that conversion is now showing up in the numbers. We delivered net sales of $19.4 million, nearly double-digit growth versus the prior year and 3.5% increase sequentially. In a market that remains flat uneven, this is not a market-driven outcome.

謝謝，Ken，各位下午好。今天要涵蓋的內容很多，我們直接開始。第一季，我們看到 2025 年贏得的相當數量專案，轉化為實際且可衡量的營收，而這項轉化如今已反映在數字上。我們實現淨銷售額 1,940 萬美元，較去年同期接近雙位數成長，且較前一季增加 3.5%。在一個仍然持平且不均衡的市場中，這並非由市場帶動的結果。

It reflects the conversion of prior wins into revenue and continued execution across the business. That momentum throughout the quarter and culminated into March, where we delivered our strongest monthly sales performance since March of 2023, a clear signal that what we are building is working and accelerating.

這反映了先前贏單轉化為營收，以及我們在整體業務上的持續執行力。這股動能貫穿整個季度，並在 3 月達到高峰；我們交出自 2023 年 3 月以來最強的單月銷售表現，清楚顯示我們正在打造的成果正在奏效並加速推進。

During the quarter, we converted 31 projects across 27 customers with conversion rate improving to 22% and an average sales cycle of approximately 3.5 months. These are not early-stage opportunities. These are committed programs backed by purchase orders received, shipped and invoiced in Q1. Already in production and generating revenue, representing approximately $7.6 million of annualized revenue. This is not pipeline becoming potential. This is pipeline becoming revenue. This is exactly how the model is designed to work.

本季度，我們在 27 家客戶中完成 31 個專案的轉化，轉化率提升至 22%，平均銷售週期約 3.5 個月。這些並非早期階段的機會。這些是已承諾的專案計畫，並有已收到的採購訂單作為支撐，且已於第一季完成出貨並開立發票。目前已進入量產並開始貢獻營收，折算年化營收約 760 萬美元。這不是管線變成潛在機會。這是管線變成營收。這正是此商業模式的設計運作方式。

We build pipeline, we convert it with speed, and we scale it across the platform. And we've done this before. What's different now is the scale, and we're seeing that scale translate directly into revenue. From a mix standpoint, 58% of our pipeline wins came from product sales and 42% from custom manufacturing, reflecting how the team is intentionally shaping new business towards our core technologies and highly customized performance-driven solutions.

我們建立管線、快速轉化，並在平台上擴大規模。而且我們以前就做過。現在不同之處在於規模，我們正看到這個規模直接轉化為營收。就組合而言，我們管線贏單中 58% 來自產品銷售、42% 來自客製化製造，反映團隊正有意將新業務導向我們的核心技術與高度客製、以性能為導向的解決方案。

The broader pipeline continues to build our pipeline in Q1 increased 34% as compared to the end of 2025. So we're delivering growth today through committed programs already in execution, while simultaneously building a larger pipeline that positions us for continued acceleration. We're not lowering our standards to grow. We are scaling the right work. This is high-quality, margin accretive growth that we expect to convert into earnings as it is optimized across our platform.

整體管線持續擴大；第一季我們的管線較 2025 年底增加 34%。因此，我們一方面透過已在執行中的承諾型專案交付當期成長，同時也建立更大的管線，為持續加速奠定基礎。我們不是為了成長而降低標準。我們是在擴大正確的工作。這是高品質、可增厚毛利的成長；我們預期在平台上完成最佳化後，將逐步轉化為獲利。

As we translate that growth into earnings, it's important to understand how we are choosing to win and how that shows up in the margin profile in the quarter. In the first quarter, gross margin was down approximately 270 basis points versus the prior year.

當我們把成長轉化為獲利時，理解我們如何選擇取勝，以及這如何反映在本季的毛利結構上，至關重要。第一季毛利率較去年同期下降約 270 個基點。

Let me be clear on what that is and what that is not. This is not a structural change in the business, and it's not a breakdown in operating discipline. It does not reflect the underlying earnings power of the platform. Material margins improved by approximately 200 basis points versus our 2025 average and 300 basis points sequentially. And we have not seen a structural change in our labor and overhead cost base.

我想清楚說明這代表什麼，以及不代表什麼。這不是業務的結構性變化，也不是營運紀律的失守。它並不反映平台的內在獲利能力。材料毛利率較我們 2025 年平均水準提升約 200 個基點，且較前一季提升 300 個基點。我們也未看到勞動與製造費用成本基礎出現結構性變化。

What you're seeing as a result of how we've chosen to use the flexibility of our multi-asset platform to move quickly, winning and onboarding new business across our platform and then optimizing how that work is sourced, routed, and produced. And that sequencing matters. In many cases, we're not initially running that work in its optimal state. We're prioritizing speed to secure the business, leveraging available capacity and subscale production where necessary, knowing we will optimize from there.

你們看到的結果，源自我們如何運用多資產平台的彈性來快速行動：迅速贏得並導入新業務至整個平台，接著再最佳化這些工作如何被採購、分流與生產。而這個先後順序很重要。在許多情況下，我們一開始並非以最優狀態來運行這些工作。我們優先追求速度以確保拿下業務，善用可用產能，必要時以未達規模的生產方式承接，並且知道後續會再進行最佳化。

The result is exactly what you see in the numbers. Under optimized sourcing, subscale production runs and variability in cost absorption, which shows up in gross margin in the near term. But importantly, the path forward is clear and already in motion. We've executed this playbook before and we've proven a track record of improving sourcing, simplifying operations, and expanding margins over time.

其結果正如你們在數字中所看到的。在採購尚未最佳化、未達規模的生產批次，以及成本吸收的波動之下，短期內會反映在毛利率上。但更重要的是，前進的路徑很清楚，而且已經在推進中。我們以前就執行過這套作法，並已證明我們能隨時間改善採購、簡化營運並擴大毛利。

What you're seeing in this quarter, it's not a change in the model. It's the early stage of that same model being applied to a much larger and faster growing base of business. We have visibility. And so where the inefficiencies exist, and the flexibility to fix them across our asset base.

你們在本季看到的，並不是模式的改變。而是同一套模式在更大、成長更快的業務基礎上被應用的早期階段。我們具備可視性。因此，我們知道低效率存在於何處，也具備在我們的資產基礎上加以修正的彈性。

And we're actively realigning the sourcing and scaling of production and matching the right work to the right assets across our network. That work is already underway, and we expect margin improvements to begin flowing through as we move throughout the year. As we look forward, we're focused on both winning volume and maximizing value, driving growth while improving how that growth translates to earnings.

我們正積極重新調整採購與產能擴張，並在整個網路中把合適的工作匹配到合適的資產上。這項工作已經展開，我們預期隨著年度推進，毛利改善將開始逐步反映在財務結果中。展望未來，我們同時聚焦於贏得量與最大化價值，在推動成長的同時，改善成長轉化為獲利的效率。

This is not a stand-alone initiative. It's embedded into how we operate. We are systematically optimizing our workflows through our network, allotting volumes and sourcing and production to drive better outcomes. At the same time, we're maintaining a relentless focus on cost control, driving accountability across sourcing and production, and overhead to ensure that as we scale, more of that growth converts to earnings.

這不是一項單獨的倡議。它已內嵌於我們的營運方式之中。我們正透過整個網路系統性地最佳化工作流程，分配產量、採購與生產，以帶來更好的成果。同時，我們也持續以高度專注進行成本控管，推動採購、生產與間接費用的問責，確保在規模擴張時，更多成長能轉化為獲利。

Because we've identified where these efficiencies exist and how to fix them, we have a very clear and actionable path to more than $3 million to $5 million of incremental run rate gross profit improvement with the majority of that expected to be realized by the fourth quarter of 2026.

由於我們已辨識出效率提升的所在以及修正方式，我們有一條非常清晰且可執行的路徑，可帶來超過 300 萬至 500 萬美元的增量「執行率」毛利改善，其中大部分預期將於 2026 年第四季前實現。

This isn't a target. It is the output of specific actions already underway. And importantly, this is where our confidence comes from. We're not relying on external conditions or assumptions. We're executing a set of actions that we have implemented successfully across the business over the past two years.

這不是一個目標。這是目前已在進行的具體行動所產生的結果。而且重要的是，這正是我們信心的來源。我們不依賴外部環境或假設。我們正在執行一系列行動，而這些行動在過去兩年中已在整個業務中成功落地並驗證。

We know how this plays out. This will require targeted time-bound investment in the near term. We expect returns in excess of 100% of invested capital, reflecting the fact that these investments are focused on optimizing existing volume and infrastructure, not building from scratch. When you improve how the business -- how you run the business you already have, the incremental returns are significant. The outcome is straightforward, stronger margins, more consistent performance, and more durable earnings profile.

我們知道這會如何發展。這將需要在短期內進行有針對性且有期限的投資。我們預期回報將超過投入資本的100%，這反映出這些投資著重於優化既有的產量與基礎設施，而非從零開始建設。當你改善業務——也就是改善你已經擁有的業務的營運方式時，增量回報是顯著的。結果很直接：更強的利潤率、更一致的表現，以及更具韌性的獲利結構。

Alongside of that growth, we maintained discipline on pricing. We demonstrated the ability to pass through raw material inflation, particularly important given that approximately 65% of our inputs are petroleum-based. We acted early and with intent, while not always the first to move, we are a disciplined fast follower, acting quickly with the benefit of real market visibility.

在這樣的成長之際，我們也維持了定價紀律。我們展現了轉嫁原物料通膨的能力，這點尤其重要，因為我們約65%的投入品以石油為基礎。我們及早且有目的地採取行動；雖然不一定總是第一個出手，但我們是有紀律的快速跟進者，憑藉對市場的真實可視性迅速行動。

Our objective is clear. Fully recover cost input pressure while ensuring continuity of supply. This is about reliability and trust in delivering in the moments that matter for our customers.

我們的目標很明確。在確保供應連續性的同時，完全回收成本投入壓力。這關乎可靠性與信任——在對客戶最關鍵的時刻交付。

And finally, subsequent to the quarter end, we announced the acquisition of Midwest Graphics Sales and Sigma Coatings. This is not just another transaction. It's a clear signal of how we intend to build this business moving forward. We said we would be disciplined. We said we would focus on high-value formulation-driven product lines. And we said that we would allocate capital where we have a clear right to win, and this transaction delivers on all three.

最後，在季度結束後，我們宣布收購Midwest Graphics Sales與Sigma Coatings。這不只是另一筆交易。這清楚傳達了我們未來將如何打造這項業務。我們說過會保持紀律。我們說過會聚焦於高價值、以配方驅動的產品線。我們也說過會把資本配置到我們明確具備勝出權利的領域，而這筆交易同時兌現了這三點。

Midwest is a specialty formulator built on highly customized, application-specific coatings serving packaging, food service and other consumer applications. Markets where performance, durability, and high switching costs. What makes us compelling is not just what the business is today, but what it becomes inside of a sense. On day 1, we're acquiring a durable embedded earnings stream supported by long-standing customer relationships and a strong margin profile.

Midwest是一家專業配方商，建立在高度客製化、特定應用的塗料之上，服務包裝、餐飲服務及其他消費者應用。這些市場重視性能、耐久性，且轉換成本高。我們的吸引力不僅在於這項業務今天的樣貌，更在於它在我們體系內將成為什麼。在第一天，我們就將取得一條具韌性、深度嵌入的獲利來源，並由長期客戶關係與強勁的利潤結構所支撐。

But importantly, we're unlocking a platform for acceleration. We expand our formulation capabilities. We deepen our position in key markets, and we gain access to new customer base, creating a clean cross-selling opportunity across more than 60 active customers. We are not buying capacity. We're buying demand that can be integrated into our capacity. Demand that's customized, embedded and scalable across our asset base. As we integrate the business, we expect to transition production into our network over time.

但更重要的是，我們正在解鎖一個加速的平台。我們擴充配方能力。我們加深在關鍵市場的布局，並取得新的客戶基礎，為超過60家活躍客戶創造清晰的交叉銷售機會。我們不是在買產能。我們是在買需求，而且這些需求可以整合進我們的產能之中。這些需求是客製化的、嵌入式的，並可在我們的資產基礎上擴展。隨著我們整合該業務，我們預期將隨時間把生產轉移到我們的網絡中。

Importantly, the product mix aligns squarely within our existing capabilities, enabling us to in-source this work with little to no incremental capital investment. This is a critical advantage of our platform. It allows us to capture the benefits of scale of sourcing and asset utilization without the need for meaningful new infrastructure, enhancing returns, and accelerating the realization of synergies.

重要的是，產品組合與我們既有能力高度契合，使我們能以幾乎不需要額外資本支出的方式將這些工作內製。這是我們平台的一項關鍵優勢。它讓我們在不需要大量新增基礎設施的情況下，取得採購規模與資產利用率的效益，提升回報並加速協同效益的實現。

We will apply our proven playbook, one that's already delivered measurable improvements across our platform, giving us the confidence in our ability to enhance margins and accelerate growth in this business. We know how to do this. And importantly, this transaction is supported by the existing earnings quality with upside driven by execution, not required to justify the investment. We didn't buy potential. We bought a business that's already performing.

我們將套用已被驗證的作戰手冊——這套方法已在我們的平台上帶來可衡量的改善——因此我們對提升該業務利潤率並加速成長的能力充滿信心。我們知道怎麼做。而且重要的是，這筆交易由既有的獲利品質所支撐；上行空間來自執行力，而非用來合理化投資所必需。我們不是買潛力。我們買的是一家已經在運作、已經有表現的企業。

So before I turn it over to Ryan, let me leave you with this. We are not waiting for the market to improve. We're executing. We're winning the right business, we're onboarding it with speed, and optimizing it with discipline. We're unlocking margin with clear line of sight to improvement that is well within our control. And at the same time, we're taking share. We're converting pipeline into real revenue and allocating capital to increase the quality and duality of our earnings.

在我把時間交給Ryan之前，讓我用這段話作結。我們不會等待市場好轉。我們正在執行。我們正在贏得正確的業務、快速導入，並以紀律加以優化。我們正在解鎖利潤率，且對改善有清晰可見、並且完全在我們掌控範圍內的路徑。同時，我們也在取得市占。我們正把商機管道轉化為實際營收，並配置資本以提升我們獲利的品質與韌性。

And we're doing that while maintaining our relentless focus on cost control. Ensuring that as we scale, more of that growth translates into earnings. This is not a new model. We're scaling a system that we've already built, tested and proven. And as we continue to scale and optimize and deploy capital with discipline, that will translate to stronger margins, more consistent performance and a more durable earnings profile. And that's exactly what we're building.

而我們在做到這些的同時，也維持對成本控管的持續專注。確保隨著規模擴大，更多成長能轉化為獲利。這不是一個新模式。我們是在擴大一套已經建立、測試並證明有效的系統。隨著我們持續擴張、優化並以紀律部署資本，這將轉化為更強的利潤率、更一致的表現，以及更具韌性的獲利結構。這正是我們正在打造的。

So I'll turn it over to Ryan to walk through the financials and capital allocation in more detail. Ryan, over to you.

接下來我把時間交給Ryan，請他更詳細說明財務表現與資本配置。Ryan，交給你。

Thanks, Brian, and good afternoon, everyone. I'll build on Brian's comments by focusing on four areas: revenue quality, gross margin, cash usage in the quarter, and capital allocation.

謝謝你，Brian，各位下午好。我將延續Brian的評論，聚焦四個面向：營收品質、毛利率、本季現金使用情況，以及資本配置。

Starting with the top line. Net sales were $19.4 million in the first quarter, up 8.9% versus the prior year. That growth was supported by both volume and price, with pounds shipped up 7.6% and average selling prices up 5.2%. In a soft and uncertain industry environment that is an important signal. Our growth is not market-dependent. It is execution led. We are winning business, expanding customer relationships, and converting pipeline into revenue. That is the most important first step.

先從營收談起。第一季淨銷售額為1,940萬美元，較去年同期成長8.9%。這項成長同時由出貨量與價格所支撐：出貨磅數成長7.6%，平均售價上升5.2%。在產業環境疲弱且不確定的情況下，這是一個重要訊號。我們的成長不依賴市場。而是由執行所驅動。我們正在贏得業務、擴大客戶關係，並把商機管道轉化為營收。這是最重要的第一步。

In this environment, winning and holding the right business comes first. Optimization follows. And as Brian said, we have a high degree of confidence in our team's ability to do that. That said, the key question in the quarter is not revenue growth. It is gross margin. But before getting there, I'll briefly walk through the rest of the P&L.

在這樣的環境下，先贏得並留住正確的業務最重要。接著才是優化。正如Brian所說，我們對團隊做到這點的能力有高度信心。不過，本季的關鍵問題不是營收成長。而是毛利率。但在談到那之前，我會先簡要帶過損益表的其餘部分。

SG&A was $5.0 million in the quarter, up approximately $300,000 year-over-year, but lower as a percentage of sales at 26.4% compared to 27.3% last year. The increase was primarily driven by salaries, wages and benefits, rent expense and stock comp. Partially offset by lower incentive bonus expense. Importantly, we view part of the spend as investments in the commercial and technical capability required to support the type of business we are winning.

本季SG&A為500萬美元，年增約30萬美元，但占銷售額比重降至26.4%，去年為27.3%。增加主要來自薪資、工資與福利、租金費用以及股票酬勞。部分被較低的激勵獎金費用所抵銷。重要的是，我們將其中一部分支出視為對商務與技術能力的投資，以支撐我們正在贏得的這類業務。

These are not transactional sales cycles. They require responsiveness, formulation knowledge, regulatory awareness, production coordination and a willingness to work alongside customers to solve complex problems not simply ship product.

這些不是一次性的交易型銷售週期。它們需要快速回應、配方知識、法規意識、生產協調，以及願意與客戶並肩合作解決複雜問題——而不只是出貨產品。

That is why we continue to build the technical bench and customer support model needed to pursue higher value opportunities and deepen long-term partnerships. We also recognize that our current SG&A structure is heavy relative to the size of the business today. That is intention, but it has to translate into growth in earning leverage. We have built the organization to support a materially larger specialties chemicals platform.

因此，我們持續建立技術人才梯隊與客戶支援模式，以追求更高價值的機會並深化長期合作夥伴關係。我們也認知到，以目前業務規模而言，我們現有的SG&A結構相對偏重。這是有意為之，但必須轉化為獲利槓桿的成長。我們已建立起一個能支撐規模顯著更大的特用化學品平台的組織。

Roughly 50% to 65% revenue growth from the '25 baseline without requiring the same level of incremental overhead as the business scales. Our objectives are clear as we invest in this area. Support growth with best-in-class service and technical execution while ensuring that each dollar of revenue growth carries more efficiently through to earnings over time.

以2025年基準來看，營收約可成長50%至65%，而在業務擴張時不需要同等幅度的額外間接費用增加。我們在此領域投資的目標很明確。以同級最佳的服務與技術執行來支撐成長，同時確保隨時間推進，每增加1美元的營收成長，都能更有效率地轉化為獲利。

Further down the P&L, other income was favorable in the quarter, driven primarily by interest income from our cash balance and sublease income. We had no debt outstanding on the revolver at quarter end, so the balance sheet continued to contribute positively below the operating line rather than creating a financing drag.

在損益表（P&L）更下方，本季其他收入表現有利，主要由我們現金餘額所產生的利息收入以及轉租收入所帶動。我們在季末循環信貸（revolver）項下沒有任何未償債務，因此資產負債表在營業利益線以下仍持續帶來正向貢獻，而非形成融資拖累。

Net loss from continuing operations was $2 million, and adjusted EBITDA was a loss of approximately $1 million. Those results are not where we expect the business to be over time, but they also reflect a quarter where reported earnings lagged the commercial progress and operational work already underway.

持續營運淨損為200萬美元，調整後EBITDA約為虧損100萬美元。這些結果並非我們期望此業務長期應有的水準，但也反映出在本季，已在進行中的商業進展與營運工作，尚未完全反映在報導盈餘上。

Now turning to gross profit and margin. Gross profit was $2.8 million or 14.5% of sales compared to $3.1 million or 17.2% of sales in the prior year quarter. In dollar terms, gross profit declined by approximately $257,000 year-over-year despite the higher revenue base. That is not the margin profile we expect from this business, and we are treating it with the level of focus it deserves.

接著談毛利與毛利率。毛利為280萬美元，占銷售額的14.5%，相較去年同期為310萬美元、占銷售額的17.2%。以金額計算，儘管營收基礎更高，毛利仍年減約25.7萬美元。這並非我們對此業務所期待的毛利率輪廓，我們正以其應得的專注程度來處理。

As Brian said, the margin compression in Q1 was not driven by a loss of pricing discipline for its deterioration in the customer book. In fact, the clearest evidence is in material economics. Standard material cost was approximately $0.61 per pound in Q1 compared to approximately $0.71 per pound in Q4 and approximately $0.66 per pound for full year 2025.

如Brian所說，第一季的毛利率壓縮並非由於定價紀律喪失或客戶組合惡化所致。事實上，最明確的證據在於材料經濟性。第一季標準材料成本約為每磅0.61美元，相較第四季約為每磅0.71美元，而2025全年約為每磅0.66美元。

The material side of the business was not the source of the compression. Sourcing actions and cost discipline helped protect contribution dollars even as volumes increased. The pressure was concentrated in non-material COGS, timing, absorption, routing, labor efficiency, overhead recovery, utilities, freight, and other plant level costs that show up in new or growing programs move through the system before sourcing, production cadence, inventory positioning and plant loading are fully optimized.

材料端並不是造成壓縮的來源。採購行動與成本紀律在出貨量增加的同時，仍有助於保護貢獻毛利（contribution dollars）。壓力主要集中在非材料的銷貨成本（COGS）、時點因素、吸收（absorption）、製程路徑（routing）、勞動效率、間接費用回收、公用事業費、運費，以及其他廠級成本；這些成本會在新案或成長中的專案進入系統、但採購、產能節奏、庫存配置與工廠負載尚未完全最佳化之前顯現。

Utilities were a real example of that pressure in the quarter. January and February utility costs ran materially above the Q4 monthly run rate, creating roughly 150 basis points to 175 basis point headwind to Q1 gross margin before considering any offsetting actions. But the larger point is that these presses were concentrated in controllable conversion costs, not in raw material economics or broad pricing deterioration.

公用事業費就是本季壓力的一個真實例子。1月與2月的公用事業成本明顯高於第四季的月度水準，在未考慮任何對沖措施前，對第一季毛利率造成約150至175個基點的不利影響。但更重要的是，這些壓力集中在可控的轉換成本（conversion costs），而非原物料經濟性或廣泛的定價惡化。

Deferred manufacturing variance is also a meaningful timing headwind. As Q1 shipments increased and inventory declined, manufacturing costs previously embedded in inventory flowed through cost of sales. That effect alone represented approximately $600,000 or roughly 290 basis points of Q1 sales. And the sequential swing versus Q4 was approximately $900,000 to $1 million. That is exactly why we view the quarter as a timing and absorption issue.

遞延製造差異（deferred manufacturing variance）也是一項重要的時點性逆風。隨著第一季出貨增加且庫存下降，先前已內含於庫存中的製造成本流入銷貨成本。僅此一項影響約為60萬美元，約占第一季銷售額的290個基點。而相較第四季的序列變動約為90萬至100萬美元。這正是我們將本季視為時點與吸收問題的原因。

The cost was created as programs are being ramped and inventory was being built, then recognizes that inventory converted to revenue. The key distinction is that pressure is operational, not structural. We want attractive business quickly, and now the work is to optimize that volume through better sourcing, routing, campaign planning, inventory positioning, production loading, and absorption. In this market, winning and holding the right business comes first.

這些成本是在專案爬坡、庫存建立時形成，之後在該庫存轉化為營收時被認列。關鍵差異在於，壓力屬於營運面而非結構性。我們希望快速取得具吸引力的業務，而接下來的工作是透過更佳的採購、製程路徑、批次/活動規劃（campaign planning）、庫存配置、產能負載與吸收，來最佳化這些量。在這個市場中，先贏得並留住正確的業務是第一優先。

Optimization follows what the volume is inside the platform. That creates near-term margin noise, but it also gives us control over the levers that drive durable improvement. We are not satisfied with Q1 margin, but we do view it as the -- we do not view it as a new baseline. The business is winning, material economics remain intact and corrective actions are underway. As they take hold, we expect captured volume become more efficient, repeatable and profitable.

最佳化會跟隨平台內部的量而進行。這會在短期造成毛利率雜訊，但也讓我們能掌握推動長期改善的槓桿。我們對第一季毛利率不滿意，但我們不將其視為——我們不把它視為新的基準。業務正在贏單，材料經濟性仍然完好，且矯正措施已在進行中。隨著措施發揮效果，我們預期已取得的量將變得更有效率、更可重複且更具獲利性。

Turning to cash. We ended the quarter with $47.8 million of cash and no debt outstanding under our credit facility. That compares to $57.6 million of cash at year-end. The cash balance declined by approximately $9.8 million during the quarter. The movement deserves a direct explanation.

接著談現金。本季末我們持有4,780萬美元現金，且在我們的信貸額度下沒有任何未償債務。相較之下，年末現金為5,760萬美元。本季現金餘額約減少980萬美元。這項變動值得直接說明。

The largest use of cash was capital allocation. We repurchased approximately 296,000 shares during the quarter for $3.9 million at an average price of $12.92 per share. While we do not evaluate buybacks based on short-term stock movements, the discipline of that deployment is already evident.

現金最大的用途是資本配置。本季我們以每股平均12.92美元回購約296,000股，合計390萬美元。雖然我們不會以短期股價波動來評估回購，但這項資金部署的紀律性已經顯而易見。

Compared to the May 5 closing price of $14.94, those repurchases were made at an approximately 16% discount, representing roughly $600,000 of implied value creation in less than two months. More importantly, we believe those shares were repurchased at prices well below our view of long-term intrinsic value and not at the expense of operational flexibility as we ended the quarter with nearly $48 million of cash, no revolver debt and $14.2 million of remaining availability under our credit facility.

相較於5月5日收盤價14.94美元，這些回購約以16%的折價進行，代表在不到兩個月內隱含創造約60萬美元的價值。更重要的是，我們相信這些股票的回購價格遠低於我們對長期內在價值的判斷，且並未犧牲營運彈性；因為我們在季末仍有接近4,800萬美元現金、無循環信貸借款，且在信貸額度下尚有1,420萬美元可用額度。

Looking beyond the quarter, since January 1, 2025, we have repurchased approximately 1.18 million shares for roughly $14.9 million at a weighted average price of approximately $12.61 per share. That represents roughly 11% to 12% of the beginning 2025 share base repurchased on a gross basis. While we are rebuilding the operating platform, we have also been materially reducing the share count at prices we believe are attractive relative to the long-term value of the business.

放眼本季之外，自2025年1月1日以來，我們已回購約118萬股，合計約1,490萬美元，加權平均價格約每股12.61美元。這相當於以總額（gross basis）計算，回購了2025年期初股本的約11%至12%。在我們重建營運平台的同時，我們也以我們認為相對於公司長期價值具吸引力的價格，實質降低了流通股數。

The second major use of cash was investment in the business and our people. We paid approximately $2.2 million of incentive compensation during the quarter, reflecting the work completed in 2025 to reposition Ascent into a pure-play specialty chemicals platform. We fully understand that compensation will be scrutinized in a quarter with negative adjusted EBITDA and margin pressure. We do as well.

第二大現金用途是對業務與人才的投資。本季我們支付約220萬美元的激勵性薪酬，反映2025年完成的工作——將Ascent重新定位為純粹的特用化學品平台。我們完全理解，在調整後EBITDA為負且毛利率承壓的季度，薪酬將受到檢視。我們也同樣如此。

But we also believe retaining, aligning and rewarding the team that executed the divestitures, simplified the company, stabilize the platform, and are now driving the commercial and operational reset is a rational investment in the durability of the business.

但我們也相信，留任、對齊並獎勵那支完成資產出售、簡化公司、穩定平台，並正推動商業與營運重置的團隊，是對企業韌性的一項合理投資。

The third major use of cash is working capital. Net working capital consumed approximately $3.2 million of cash in the quarter. That was driven primarily by higher receivables as revenue increased, timing of customer collections and vendor payments and the normalization of accruals after year-end. Inventory was actually a source of cash in the quarter, improving by approximately $1.3 million, which is an important point. We are not simply building inventory without discipline. We are funding the working capital required to support new and growing programs while continuing to manage inventory tightly.

第三大現金用途是營運資金。本季淨營運資金約消耗320萬美元現金。主要原因是營收增加帶動應收帳款上升、客戶收款與供應商付款的時點差異，以及年末後應計項目的正常化。值得注意的是，庫存本季實際上是現金來源，改善約130萬美元。我們並非在缺乏紀律下單純堆高庫存。我們是在為支持新案與成長中專案所需的營運資金提供資金，同時持續嚴格管理庫存。

So when you look at the roughly $10 million decline in cash, we would frame it this way. Approximately $3.9 million went to repurchasing shares and what we believe were attractive prices. Approximately $2.2 million went to incentive compensation tied to the transformational work completed last year, approximately $3.2 million went to net working capital, much of it connected to supporting the revenue growth and timing dynamics of the quarter and approximately $400,000 went to capital expenditures.

因此，當你看現金約減少1,000萬美元時，我們會這樣解讀。約390萬美元用於以我們認為具吸引力的價格回購股票。約220萬美元用於與去年完成的轉型工作相關的激勵性薪酬；約320萬美元用於淨營運資金，其中多數與支持營收成長及本季時點動態相關；另約40萬美元用於資本支出。

This is not a recurring operating cash burn profile we are comfortable with or expect to normalize. It is a quarter in which cash was used to support three deliberate priorities: return capital when the valuation is compelling, invest in the team responsible for execution, and fund the working capital needed to convert pipeline into revenue, and optimize the business we have already won. This also ties directly to our acquisition strategy.

這並不是我們能接受或預期會常態化的經常性營運現金消耗輪廓。這是一個季度，現金被用來支持三項明確優先事項：在估值具吸引力時回饋資本、投資於負責執行的團隊，以及提供將管線轉化為營收並最佳化我們已贏得業務所需的營運資金。這也與我們的併購策略直接相關。

The Midwest acquisition is consistent with the same capital allocation framework. This is a relationship-driven transaction developed through the kind of industry knowledge, technical familiarity, and long-term commercial connectivity that we believe are critical in disciplined small-cap industrial acquisitions. We are not pursuing scale for the sake of scale. We are not buying capacity to fill plants. We are prioritizing higher-quality product revenue, customer intimacy, technical application know-how, and opportunities where Ascent's platform can improve sourcing, commercial reach and operating support.

對中西部（Midwest）的收購與相同的資本配置框架一致。這是一筆以關係為導向的交易，係透過我們認為在嚴謹的小型工業併購中至關重要的產業知識、技術熟悉度與長期商業連結所促成。我們不會為了規模而追求規模。我們不會為了填滿工廠而購買產能。我們優先聚焦於更高品質的產品營收、與客戶的緊密關係、技術應用專業，以及Ascent的平台能夠改善採購、商業觸及與營運支援的機會。

The underwriting reflects that discipline. We are acquiring a business with existing earnings quality, a purchase price supported by current cash flow rather than speculative pipeline assumption, and a pre-synergy gross margin profile of roughly 25% even before purchase accounting adjustments and the benefit of Ascent-led sourcing cost and commercial initiatives. This is not a transaction that requires us to manufacture the thesis after closing. The business already has the margin structure, customer relationships, and product orientation we want more of the new portfolio.

本次承作評估反映了這份紀律。我們收購的是一家具備既有獲利品質的企業，其收購價格由目前現金流支撐，而非建立在投機性的管線假設之上；此外，即使在購入會計調整以及Ascent主導的採購成本與商業推進措施帶來的效益之前，其協同效益前的毛利率結構約為25%。這不是一筆需要我們在交割後才去「打造」投資論點的交易。該業務已具備我們希望在新投資組合中增加的毛利結構、客戶關係與產品導向。

Importantly, we expect Midwest to be immediately accretive to annual adjusted EBITDA with upside as we execute on identified costs, sourcing and commercial opportunities. That expected contribution is not dependent on aggressive market recovery assumptions. It is supported by existing earnings quality and the ability to bring a more complete operating platform around a high-quality product business.

重要的是，我們預期Midwest將立即對年度調整後EBITDA具增益（accretive），並在我們落實已辨識的成本、採購與商業機會時帶來上行空間。這項預期貢獻不依賴激進的市場復甦假設。其基礎來自既有的獲利品質，以及我們有能力為一個高品質產品業務導入更完整的營運平台。

Our capital allocation priorities remain straightforward: protect the balance sheet, fund the operating improvements required to expand gross margin, invest behind our return organic growth, pursue disciplined acquisitions where the underwriting is supported by existing earnings quality, and repurchase shares when the risk-adjusted return is compelling relative to other uses of capital.

我們的資本配置優先順序仍然很清楚：保護資產負債表、投入擴大毛利率所需的營運改善、投資以支持我們的有機成長回報、在承作評估由既有獲利品質支撐的前提下進行嚴謹的併購，以及當風險調整後報酬相較於其他資金用途更具吸引力時回購股票。

Q1 was not a clean quarter from a margin standpoint, but it was a quarter in which the business grew. The balance sheet remains strong, and capital was deployed towards assets we understand, our shares, our people, our working capital engine and a higher quality product portfolio.

從毛利率角度來看，第一季並不是一個乾淨的季度，但這是一個業務成長的季度。資產負債表仍然強健，而資本也部署在我們了解的資產、我們的股票、我們的人才、我們的營運資金引擎，以及更高品質的產品組合上。

With that, I will turn it back to the operator for questions. Thank you!

接下來我把時間交還給接線員進行提問。謝謝！

(Operator Instructions)

(接線員指示)

Howard Ruth, Fairhope Capital.

Howard Ruth，Fairhope Capital。

Can you give us some details on the Midwest acquisition? I mean the only thing I see is it $14 million in cash. But what can you tell us about the revenue that you're acquiring the assets and what you expect going forward from that business?

你能提供一些關於Midwest收購案的細節嗎？我的意思是，我唯一看到的是以1,400萬美元現金支付。但你能談談你們所收購資產的營收情況，以及你們對該業務未來的預期嗎？

Yes, sure, Howard. Thanks for the question. So let's just start off from a revenue perspective. On an unaudited basis, 2025 revenue was roughly $10.8 million. Adjusted EBITDA came in just north of $2 million, adjusted EBITDA margins in that 19% to 20% range.

好的，當然可以，Howard。謝謝你的問題。我們先從營收面開始。以未經審計的基礎，2025年營收約為1,080萬美元。調整後EBITDA略高於200萬美元，調整後EBITDA利潤率約在19%到20%之間。

So that's like 7x EBITDA is kind of in the middle of your acquisition kind of parameters going forward?

所以大概是7倍EBITDA，算是落在你們未來併購參數的中間值？

It's based on the volume of business.

這是以業務量為基礎。

Yes. Okay. And do you consider -- you believe that will be immediately accretive to you? Will that revenue hit kind of quarterly starting in the second quarter?

是的。好的。那你們認為這會立即對你們具增益嗎？這筆營收會從第二季開始按季度反映嗎？

Yes.

是的。

Okay. So then on margins, I get kind of what you're saying here. The kind of surprised me because I think in the last call, we were looking at maybe 20%. But given where your business is, small numbers can make a big difference on the percentages. What do you look going forward from that 14.5% Will we bounce back toward 20% in Q2 and up from there toward that 30% goal? Or is it going to take a quarter or two to get on that trajectory?

好的。那麼關於毛利率，我大概理解你在這裡的意思。但這有點讓我意外，因為我記得在上次電話會議，我們看的可能是20%左右。不過以你們的業務規模，小幅變動就會對百分比造成很大影響。展望未來，從14.5%來看，我們會在第二季回升到接近20%，並從那裡往30%的目標前進嗎？還是需要一兩個季度才能走上那個軌道？

I think it's going to take a quarter or two. I mean, as we progress through the year, we expect to be back into those low 20s. So again, we -- the focus was on winning business quickly. In some cases, that's not optimized. We are out of the gate as we learn kind of how to efficiently make the products, where to efficiently make those products. So we expect that the margins to normalize throughout the year. And as a full year basis, we expect those to be in that low 20s together.

我認為需要一兩個季度。也就是說，隨著今年推進，我們預期會回到20%出頭的水準。所以再次強調，我們的重點是快速拿下業務。在某些情況下，這並非最優化。我們在起步階段也在學習如何更有效率地製造產品、以及在哪裡製造這些產品最有效率。因此我們預期毛利率會在全年逐步正常化。以全年來看，我們預期會落在20%出頭的區間。

Is there any change on your goal of this being a 30% gross margin business overall?

你們把整體業務做到30%毛利率的目標有任何改變嗎？

Not at all.

完全沒有。

Okay. And then the pipeline conversion, last quarter, it was 31 projects, I think, about -- I guess this one is 31 projects, $7.6 million in annualized revenue. Last quarter, Q4 was a little bit more, 38 projects, $9.4 million. Is that -- is there a seasonality to your project conversion in Q4 being a little higher than Q1? Or is there any seasonality in that pipeline?

好的。再來是管線轉換，上季是31個專案，我想大約——我猜這一季是31個專案、年化營收760萬美元。上一季第四季高一些，38個專案、年化營收940萬美元。這是否代表第四季的專案轉換相較第一季略高有季節性？或者你們的管線是否存在任何季節性？

Yes. No, it was just how the projects came in inside of Q1. We saw a healthy influx, right, from a project count perspective, it was a little bit different. But the overall value of the pipeline increased exponentially, close to $24 million, $25 million from last quarter to this quarter. So we're -- we continue to be really pleased with how that pipeline continues to take shape. And I would say we're also pleased with the quality of projects that continue to come into the pipeline.

是的。不，這只是第一季專案進來的時間點分布所致。我們看到健康的流入，從專案數量角度來看確實有些不同。但管線的整體價值從上季到本季呈現大幅增加，接近2,400萬到2,500萬美元。因此，我們仍對這條管線持續成形的狀況感到非常滿意。我也會說，我們同樣對持續進入管線的專案品質感到滿意。

Great. And then Q4, you said the margins on that pipeline was around 40% coming in. I don't think you said anything about that here for Q1. What do you have on the margins of the business you brought in, in Q1?

很好。另外，第四季你提到新進管線的毛利率大約是40%。我想你在這裡沒有提到第一季的情況。第一季你們帶進來的業務，其毛利率大概是多少？

Yes. I think these are some larger scale wins, Howard. I believe they were in that 25-ish percent range, Ryan? Correct me if I'm wrong.

是的。我認為這些是一些規模較大的案子，Howard。我相信大約在25%左右，Ryan？如果我說錯請糾正我。

Yes.

是的。

Okay. Well, great. Well, congrats on the continued progress. I know this has been a tough slog going forward, but it seems like you're really getting things in place and look forward to a good kind of 2026 for you.

好的。那很棒。也恭喜你們持續取得進展。我知道一路走來不容易，但看起來你們確實把事情逐步到位，也期待你們在2026年有不錯的表現。

I appreciate that, Howard. I mean it's really good to see the momentum take shape and not just feel it, right, based on commitments, but to begin to see it roll through the income statement. Now yes, we're getting the top line, but we've got to work on improving that margin profile.

謝謝你，Howard。看到動能逐漸成形真的很好，而且不只是感覺到——基於承諾——而是開始看到它反映在損益表上。現在是的，我們的營收上來了，但我們必須努力改善毛利率結構。

And I assure you, the team has rallied around that, working to, as Ryan was talking about earlier, optimize the production scheduling and the sequencing and how we're allocating that out across our three manufacturing assets.

我向你保證，團隊已經凝聚共識，正如Ryan先前提到的，致力於最佳化生產排程與排序，以及我們如何在三個製造資產之間分配產能。

(Operator Instructions)

(接線員指示)

David Siefried.

David Siefried。

Congratulation on the revenue and the pipeline growth. So a question. So you spent $13 million on the Midwest acquisition, $47 million in cash end of Q1, subtract out that Midwest acquisition. But now were you supposed to get a release of like $5.5 million from escrow and from past divestitures? When is that going to be released?

恭喜營收與管線成長。我有個問題。你們在Midwest收購上花了1,300萬美元，第一季末現金4,700萬美元，扣掉那筆Midwest收購。但你們不是應該會從託管帳戶以及過去的資產出售中釋放大約550萬美元嗎？那筆款項什麼時候會釋放？

In July.

在七月。

You said in July?

你是說在七月？

Correct.

沒錯。

Okay. All right. Good. And then -- so now you've been with the company.

好的。好。很好。然後——所以你現在已經在公司了。

David, there's actually two tranches of that. So the larger portion, about $5 million will be released in July and then a separate tranche will be released in October.

David，其實那有兩個分期。所以較大的一部分，大約500萬美元會在七月釋出，然後另一個獨立的分期會在十月釋出。

Okay. Good. And then you've been with the company now for a long -- for a while, a couple of years. You've streamlined the business. You have a very good handle on what's happening.

好的。很好。然後你現在在公司也有很長——有一段時間了，兩三年。你已經精簡了業務。你對正在發生的事情掌握得很清楚。

Do you think at some point soon, you'll be able to give us like revenue targets, profitability targets for the business?

你覺得在不久的某個時間點，你能給我們像是營收目標、獲利目標之類的業務指引嗎？

Not inside of 2026, David. There's still so many moving parts, as you've heard on the call today. So as we're out growing and building new platforms and winning new business and seeing how that phasing works, there's still quite a bit of lumpiness. So what we don't want to do is get into a habit of providing unrealistic or incorrectly phased assumptions to our shareholders. So we'll work this year on continuing to stabilize the business, continue to build that momentum, minimize some of the lumpiness we've historically seen, right, from a quarter-on-quarter basis and then reevaluate as we get towards the tail end of this year.

在2026年之內還不行，David。如同你今天在電話會議上聽到的，仍然有太多變動因素。因此，當我們向外成長、建立新平台、拿下新業務並觀察其分期節奏如何運作時，仍然存在相當程度的波動。所以我們不希望養成向股東提供不切實際或分期節奏不正確的假設。因此，今年我們會持續致力於穩定業務、延續動能、降低我們過去在季度對季度基礎上所看到的一些波動，然後在接近今年年底時再重新評估。

Yes. Okay. Do you think you'll be in line for any tariff refunds?

是。好的。你覺得你們會有任何關稅退稅的機會嗎？

No, nothing material, right? Because the vast majority of our raw material inputs, David, are sourced domestically.

不，沒有任何重大影響，對吧？因為我們絕大多數的原物料投入，David，都是在國內採購。

Got it. So you picked up 60 customers with the Midwest purchase. And then as capacity is filled in Midwest, if there's a need for more product, that can just be put into our existing footprint, correct?

了解。所以你透過中西部的收購新增了60個客戶。然後當中西部的產能被填滿後，如果需要更多產品，就可以直接放到我們現有的產能版圖裡，對嗎？

Yes. I mean, look, ultimately, our plan is to transition from their current manufacturing facility into our manufacturing facility. What I would say is there's plenty of headspace to tack on large new pieces of business based on our underutilized process centers that we have.

是的。我的意思是，最終我們的計畫是把他們目前的製造設施轉移到我們的製造設施。我要說的是，基於我們現有未充分利用的製程中心，我們還有很大的餘裕可以承接大型的新業務。

And again, the good thing is it's not just one plant. We have similar capabilities across the network. So we're super excited about the acquisition. It's everything that we set out for, right? It's -- we're not buying an asset with -- that's going to compound our problem statement that we've historically had from a utilization standpoint.

而且再說一次，好處是這不只是一座工廠。我們在整個網路中都有類似的能力。所以我們對這次收購非常興奮。這完全符合我們當初設定的目標，對吧？我們不是在買一個資產——那會加劇我們過去在產能利用率方面的問題。

We're bring a product line that we can then integrate into our assets and equally as important, I mean, really sticky customized products that are developed for customer-specific problems. So exactly the types of sales that you've heard us talk about and get excited about over the past year with our solutions that we've developed in the oil and gas space just as an example.

我們帶進來的是一條產品線，之後可以整合到我們的資產中；同樣重要的是，我是說，這些是非常黏著度高的客製化產品，為客戶特定問題所開發。所以這正是你在過去一年聽到我們談論、並對之感到興奮的那類銷售——例如我們在油氣領域所開發的解決方案。

Yes. Excellent use of capital with the buyback and the investment into the team, the management team. I think that's money well spent. Who knows where the stock goes from here. But at some point, when you start showing a bottom-line profit, it's going to be materially higher.

是。用回購以及對團隊、管理團隊的投資來運用資本非常出色。我認為這筆錢花得很值得。誰知道股價接下來會怎麼走。但在某個時間點，當你開始展現底線獲利時，股價會顯著更高。

So are you going to change your metrics as far as how much shares can be bought at these levels, even though it's higher than what you bought in Q1, but still cheap compared to where it's going to be in a year?

所以你們會改變你們的衡量方式嗎？就以在這些價位能買回多少股份而言——即使它比你們在第一季買的更高，但相較於一年後可能到達的位置仍然很便宜？

Yes. I mean we're going to continue to leave that optionality. I think where the stock moved in early Q1 gave us a great opportunity compared to where we believe the intrinsic value of the stock really should be. So we'll continue to monitor it. If the stock stays compressed and below where we believe it should be, we'll be opportunistic in buying it back.

會。我的意思是，我們會持續保留那種彈性。我認為股價在第一季初的走勢，讓我們相較於我們認為的股票內在價值，獲得了一個很好的機會。所以我們會持續觀察。如果股價仍然受壓、低於我們認為應有的水準，我們會把握機會進行回購。

But again, we're being -- we like the optionality we have with our balance sheet right now, and we'll protect it first. We'll invest in the business to grow as kind of a first priority, and we'll always leave that last piece available to us to go out and repurchase shares where we can.

但再說一次，我們會——我們喜歡目前資產負債表所帶來的彈性，我們會優先保護它。我們會以投資業務成長作為第一優先，並且始終保留最後那一部分彈性，讓我們在適當時機外出回購股份。

Yes. Okay. And then one last question. I think in December, you rolled out the digital first market strategies. How was the follow-through on that in Q1 with website traffic and any leads that got generated and that type of thing?

是。好的。然後最後一個問題。我記得在十二月，你們推出了「數位優先」的市場策略。第一季在網站流量、以及產生的任何潛在客戶（leads）等方面，後續執行情況如何？

Yes. Sorry about that. No, I was going to say, David, I can respond directly to that. Somehow I got tagged on to all of the inquiries that come in through our website, which is very, very interesting, but it doesn't do my inbox any favors. We're seeing an enormous amount of traffic come in. And what's really encouraging is not just the volume of traffic, but the quality of earnings.

是。抱歉。不，我是想說，David，我可以直接回覆這個問題。不知怎麼的，我被加到所有透過我們網站進來的詢問郵件收件名單裡，這非常、非常有趣，但對我的收件匣一點幫助也沒有。我們看到大量的流量湧入。而真正令人鼓舞的不只是流量的數量，還有詢問的品質。

In some cases, it's net new customers that we've never worked with that are asking for samples that they want to try a Dufomer in one of their paint formulations as an example. In other instances, there are customers out there looking for new surfactant supplier. So we're very encouraged. I would say that there's just been continued tailwinds from Q4 when we've launched that into Q1 and now Q2.

在某些情況下，是我們從未合作過的全新客戶，要求樣品，例如他們想在某個塗料配方中試用Dufomer。在其他情況下，則有客戶正在尋找新的界面活性劑供應商。所以我們非常受到鼓舞。我會說，自從我們在第四季推出以來，這股順風持續延伸到第一季，現在也延續到第二季。

At this time, I'm showing no further questions in the queue. I would now like to hand it back over to Brian for closing remarks.

目前我看到隊列中沒有其他問題。我現在想把電話交回給Brian做結語。

Okay. Great. Thank you, Haley. We'd like to thank everyone for listening to today's call, and we look forward to speaking with you again when we report our second quarter 2026 results.

好的。很好。謝謝你，Haley。我們要感謝各位收聽今天的電話會議，並期待在我們公布2026年第二季業績時再次與各位交流。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本次議程到此結束。您現在可以掛線。