Air Industries Group (AIRI) 2025 Q2 法說會逐字稿

Hello, and welcome to the Air Industries Group second-quarter of 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加航空工業集團 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

This call may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933 as amended, including statements regarding, among other things, the company's business strategy and growth strategy. Expressions, which identify forward-looking statements speak only as of the date the statement is made.

本次電話會議可能包含經修訂的 1933 年證券法第 27A 條所定義的前瞻性陳述，其中包括有關公司業務策略和成長策略等的陳述。識別前瞻性陳述的表達僅代表陳述發表之日的觀點。

These forward-looking statements are based largely on our company's expectations and are subject to a number of risks and uncertainties, some of which are beyond our control and cannot be predicted or quantified. These future developments and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements.

這些前瞻性陳述主要基於我們公司的預期，並受到許多風險和不確定因素的影響，其中一些是我們無法控制的，無法預測或量化。這些未來發展和實際結果可能與前瞻性陳述中所述、預期或依據的結果有重大差異。

In light of these risks and uncertainties, there can be no assurance that the forward-looking information will prove to be accurate. This call does not constitute an offer to purchase any securities nor a solicitation of a proxy, consent, authorization or agent designation with respect to a meeting of the company's shareholders.

鑑於這些風險和不確定性，無法保證前瞻性資訊的準確性。本次電話會議並不構成購買任何證券的要約，也不構成對公司股東大會的代理、同意、授權或代理人指定的徵求。

At this time, I would now like to turn the call over to Lou Melluzzo, President and CEO. Please go ahead, sir.

現在，我想將電話轉給總裁兼執行長 Lou Melluzzo。先生，請繼續。

Thank you, Joe, and thank you all for joining us today. There is no avoiding the fact that our results for the second quarter and six months of 2025 were disappointing. In the second quarter, we faced some headwinds. Delays in customer approvals, extended lead times from subcontractors definitely impacted our results. Combined with a higher noncash stock compensation, we had a net loss for the quarter.

謝謝你，喬，也謝謝大家今天加入我們。不可避免地，我們 2025 年第二季和六個月的業績令人失望。第二季度，我們面臨一些阻力。客戶批准的延遲、分包商交貨時間的延長無疑影響了我們的表現。加上非現金股票薪酬增加，導致本季我們出現淨虧損。

Despite this, adjusted EBITDA for the first half remained positive. This resulted from the ability to manage cost. To further increase profitability, we have implemented cost-cutting initiatives, including a workforce reduction that will reduce annual payroll by some $1 million, the savings may be a little bit more.

儘管如此，上半年調整後的 EBITDA 仍保持正值。這是成本管理能力的結果。為了進一步提高獲利能力，我們實施了削減成本的舉措，包括裁員，這將使每年的薪資支出減少約 100 萬美元，節省的金額可能還會更多。

Looking to the second half, reflecting the impact of these issues, we have adjusted our outlook. We now expect overall second quarter, second half results in 2025 to be lower than the first half. We do not believe that the -- we do believe that the fourth quarter will be the strongest quarter of the year.

展望下半年，考慮到這些問題的影響，我們調整了展望。我們現在預計 2025 年第二季、下半年的整體業績將低於上半年。我們不相信—我們確實相信第四季將是今年最強勁的一個季度。

In spite of recent headwinds, I remain confident of our long-term business outlook. In early July of 2025, we successfully completed an at-the-market ATM offering raising nearly $4 million in gross proceeds from the sale of 1,003,653 common shares, further strengthening our balance sheet. Our backlog reflecting sustained demand for our products grew to record levels in the first half of 2025.

儘管最近面臨困難，我仍然對我們的長期業務前景充滿信心。2025 年 7 月初，我們成功完成了 ATM 市場發行，透過出售 1,003,653 股普通股籌集了近 400 萬美元的總收益，進一步增強了我們的資產負債表。我們的積壓訂單反映了對我們產品的持續需求，在 2025 年上半年成長到創紀錄的水平。

The long lead times for raw materials, the long time necessary to manufacture our highly complex, sophisticated products, means the sales from our expanded backlog will begin to be realized in fiscal 2026 and in future years.

原料的交貨週期很長，製造我們高度複雜、精密的產品也需要很長時間，這意味著我們擴大的積壓訂單的銷售額將在 2026 財年及未來幾年開始實現。

An example highlights this. We recently announced a contract worth over $5 million for land and gear components for the B-52 aircraft. We have ordered the required raw material and expect it will arrive in mid-2026.

一個例子突出了這一點。我們最近宣布了一項價值超過 500 萬美元的合同，為 B-52 飛機提供陸地和起落架部件。我們已經訂購了所需的原料，預計將於 2026 年中期到達。

We anticipate making the first deliveries late in the fourth quarter of 2026, but the overwhelming percentage of sales and deliveries will be in 2027. That means a July 2025 order yield deliveries in 2027, a 1.5 years or up to 2 years later.

我們預計將於 2026 年第四季末進行首批交付，但絕大部分銷售和交付將在 2027 年完成。這意味著 2025 年 7 月的訂單將在 2027 年交付，即 1.5 年或最多 2 年後。

Since returning from the Paris Air Show in late June, our business development team has been extremely busy following up on new opportunities. We conducted several dozen meetings during the show encompassing both customers, prospects and suppliers. The meetings were fruitful in terms of assessing the current business climate, future opportunities and engaging with our supply chain.

自從六月下旬從巴黎航展回來後，我們的業務開發團隊一直忙於尋找新的機會。展會期間，我們與客戶、潛在客戶和供應商舉行了數十次會議。會議在評估當前的商業環境、未來機會以及與我們的供應鏈合作方面富有成果。

With that said, I'd like to turn the call over to Scott, who will discuss the financial results in more detail and then come back for some closing comments. Scott?

話雖如此，我想將電話轉給斯科特，他將更詳細地討論財務結果，然後回來發表一些結束語。史考特？

Thank you, Lou, and good afternoon, everyone. As Lou mentioned, our results for the second quarter and the first six months of 2025 fell short. Let me discuss the results in some more detail.

謝謝你，盧，大家下午好。正如樓所提到的，我們 2025 年第二季和上半年的業績不盡人意。讓我更詳細地討論一下結果。

Consolidated net sales for the second quarter ended June 30, 2025, were $12.7 million. This represents a decrease of about $800,000 or 6.7% for the same quarter in 2024. Gross profit was $2 million, which represents 16% of sales for Q2. Though inflation has moderated, prices are still increasing. We have been very successful in controlling our operating expenses.

截至 2025 年 6 月 30 日的第二季綜合淨銷售額為 1,270 萬美元。這意味著與 2024 年同期相比，減少了約 80 萬美元，即 6.7%。毛利為 200 萬美元，佔第二季銷售額的 16%。儘管通貨膨脹已經緩和，但價格仍在上漲。我們在控制營運費用方面非常成功。

Adjusting for noncash stock compensation expense, our consolidated operating costs were slightly lower this year as compared to 2024. Operating income of $8,000 in the second quarter of 2025 as compared to operating income of $752,000 in 2024.

經非現金股票薪酬費用調整後，今年我們的綜合營運成本與 2024 年相比略有下降。2025 年第二季的營業收入為 8,000 美元，而 2024 年的營業收入為 752,000 美元。

We had a net loss of $422,000 or $0.11 per share during Q2 of 2025 as compared to net income of $298,000 or $0.09 per share in Q2 of 2024. For the six months ended June 30, 2025, our adjusted EBITDA was $1,469,000 million, a decrease of $306,000 or 17% from the prior year six-month period.

2025 年第二季度，我們的淨虧損為 422,000 美元，即每股 0.11 美元，而 2024 年第二季度的淨收入為 298,000 美元，即每股 0.09 美元。截至 2025 年 6 月 30 日的六個月，我們的調整後 EBITDA 為 1,469,000 萬美元，較去年同期減少 306,000 美元，降幅為 17%。

Let me quickly highlight some items on our balance sheet. Our total debt has declined by a little more than $1 million. Inventory has increased by about $1.3 million. Accounts receivable has decreased by close to $2 million and accounts payable and accrued expenses have increased by approximately $1.2 million.

讓我快速強調一下我們資產負債表上的一些項目。我們的總債務減少了100多萬美元。庫存增加了約130萬美元。應收帳款減少了近 200 萬美元，應付帳款和應計費用增加了約 120 萬美元。

As Lou mentioned earlier, we completed our at-the-market offering in early July, raising nearly $4 million, selling over 1 million shares at an average price of about $3.95 per share. This enhances our balance sheet, increasing our liquidity and reducing our net debt as of July by nearly $4 million.

正如大樓之前提到的，我們在 7 月初完成了市場發行，籌集了近 400 萬美元，以平均每股 3.95 美元的價格出售了超過 100 萬股。這增強了我們的資產負債表，增加了我們的流動性，並減少了截至 7 月的淨債務近 400 萬美元。

And with that, I will return the call over to Lou.

說完這些，我就把電話回撥給 Lou。

Thanks, Scott. 2025 has been an interesting year for Aerospace. The administration has unveiled plans to fund the F-47, which is a sixth generation rider awarded to Boeing. There's talk of the E-2D crossing lines and being adopted by the Air Force. There's a proposal on the table for a new F/A-XX, which is a sixth generation fighter for the Navy, which would replace the F-18 and would be in support of the F-35C. As support provider to these big OEMs and government direct, we are in exciting times in this business.

謝謝，斯科特。 2025 年對航空航太業來說是充滿意義的一年。美國政府宣布了資助F-47的計劃，這是授予波音公司的第六代戰機附加條款。有傳言稱 E-2D 將會跨越國界並被空軍採用。目前有一項關於新型 F/A-XX 的提案，它是海軍的第六代戰鬥機，將取代 F-18 並為 F-35C 提供支援。作為這些大型 OEM 和政府直接支持提供者，我們正處於這個行業的激動人心的時刻。

I would like to highlight some of the recent accomplishments that Air Industries has had. We've been on a mission to recover from a decreased revenue stream with certain legacy customers by reinforcing relationships with our other existing customers, we have made a big push to add new clients, new aircraft platforms and expand into new markets.

我想強調一下航空工業公司最近的一些成就。我們一直致力於透過加強與其他現有客戶的關係來恢復某些老客戶的收入減少，我們大力推動增加新客戶、新飛機平台並拓展新市場。

There are strong and tangible evidence that we've succeeded at doing some of that. We received the largest long-term agreement in our history from an established customers. Northrop Grumman, a longtime client honored us with their prestigious Supplier Excellence Award.

有強有力的證據表明我們已經成功做到了其中的一些事情。我們從一位老客戶那裡獲得了歷史上最大的長期協議。我們的長期客戶諾斯羅普·格魯曼公司授予我們享有盛譽的「供應商卓越獎」。

We have greatly increased our content on the CH-53K helicopter, which is a new and fast-growing and important platform. And we have just received -- we have received more than $10 million in new orders from new and existing clients for aftermarket product. This is a strong validation of our success in further penetrating into aftermarket. Despite the challenges of the past several quarters, I remain fully convinced that we will continuously improve and will monetize our large backlog.

我們大幅增加了關於CH-53K直升機的內容，這是一個新的、快速成長的重要平台。我們剛剛收到——我們已收到來自新舊客戶的價值超過 1000 萬美元的售後產品新訂單。這是我們進一步滲透售後市場成功的有力證明。儘管過去幾季面臨挑戰，但我仍然堅信我們將不斷改進，並將大量積壓訂單貨幣化。

Joe, with that, I'd like to open up the call for the Q&A portion. See if we have any questions.

喬，好了，現在我想開始問答環節。看看我們是否有任何問題。

(Operator Instructions)

（操作員指示）

[Igor Novo Gortsev, Lari capital].

[伊戈爾·諾沃·戈爾采夫，拉里首都]。

Hello and thank you for taking my question. I'm a new investor in your company. (multiple speakers) Forgive me if I'm asking the questions, which may be a little bit basic, but I have quite a few. So maybe I'll ask a couple and if nobody else, and I'll ask a few more.

您好，感謝您回答我的問題。我是貴公司的新投資者。（多位發言者）請原諒我問這些問題，這些問題可能有點基礎，但我確實有很多問題。因此，也許我會問幾個人，如果沒有其他人，我會再問幾個。

My first one is about your about your credit facility. So your credit facility is maturing in December. And right now, you, I think, violated some of the covenants, which don't seem to be all that critical because your EBITDA is still possible.

我的第一個問題是關於您的信貸額度。因此您的信用額度將於 12 月到期。而現在，我認為你違反了某些契約，但這些契約似乎不那麼重要，因為你的 EBITDA 仍然是可能的。

Could you talk a little bit how you guys -- because you're probably not going to have a very good year this year, a lot of orders deferred to the next year. So for a little bit of you kind of need to survive with your liquidity.

能否談談你們的情況？因為今年的業績可能不會很好，所以很多訂單都推遲到了明年。因此，你們中的一些人需要依靠流動性來生存。

How is your conversation with the current lender? Do you think that will be extended? Or you're talking to some other lenders? Could you just talk a little bit about that?

您與目前貸款人的談話情況如何？您認為這會延長嗎？或是您正在與其他貸款人洽談？能稍微談一下這個嗎？

So thank you for your question, [Igor]. We are in conversations with our current lender as we speak. They have been very supportive of us over the past several years. And I am confident that we will come to some sort of extension with them. I couldn't possibly say on what terms that would be, but I do not believe we will have an issue. Further, as I indicated before, we did recently successfully raised about $4 million. So that only enhances and adds to our liquidity for the remainder of the year.

謝謝你的提問，[伊戈爾]。我們正在與當前的貸款人進行交談。過去幾年他們給了我們很大的支持。我相信我們將與他們達成某種形式的延期。我無法說出具體條件，但我相信我們不會有任何問題。此外，正如我之前所說，我們最近成功籌集了大約 400 萬美元。因此，這只會增強並增加我們今年剩餘時間的流動性。

Okay. Once you touched upon the raise, was it an opportunistic raise because of my math serves me correctly, in July, it was on a day when you stock jumped for a short period of time above $4 and then just because of, I guess, a new order? Or this is something you were planning to do? Or that was just a good opportunity to raise knowing that your quarter is not going to be particularly strong?

好的。一旦您提到加薪，這是否是一次機會主義的加薪，因為我的數學沒有錯，在 7 月份的某一天，您的股票在短時間內躍升至 4 美元以上，然後只是因為，我猜，一個新訂單？或者這是您計劃要做的事情？或者這只是一個籌集資金的好機會，因為你知道你的季度業績不會特別強勁？

So back in December of '24, we started this process of -- we filed an S-3 that was effective in December of 2024. And we started raising money then. We raised some money at the end of the year, as I said. And then in the first quarter, through March, we had raised some additional funds, and then we had restarted this process. I want to say in late June prior to the market doing that in early July. So it was something that was already out there in the world. And at the time if the stock went -- took off that way, it just happened to work out.

因此，早在 2024 年 12 月，我們就開始了這個過程——我們提交了一份將於 2024 年 12 月生效的 S-3 文件。從那時起我們就開始籌集資金。正如我所說，我們在年底籌集了一些資金。然後在第一季度，到三月份，我們籌集了一些額外的資金，然後我們重新啟動了這個過程。我想說的是，在 6 月底市場 7 月初採取行動之前。所以它是世界上已經存在的東西。當時，如果股票以那種方式上漲，那麼它就恰好成功了。

I know it's a little bit early to talk about this, but giving you -- assuming everything is going to be okay past December this year lender, do you think as things look out through the end of the year, you would need another capital raise? Or do you think you're okay for now?

我知道現在談論這個有點早，但假設你——假設今年 12 月之後一切都會好起來，貸款人，你認為從今年年底的情況來看，你是否需要再次籌集資金？或者你認為你現在還好嗎？

I would say that we are probably okay for now. I don't have anything currently in the works for that. But, we'll see what time brings.

我想說我們現在可能還好。我目前還沒有任何相關工作要做。但是，我們拭目以待吧。

Okay. So let's -- if you don't mind, just a couple of more questions and I'll get to the back of the queue. European sales. You don't really have any significant European customers. But now the situation has changed, especially with the new tariff yield between where Europe is almost obligated to buy more from the US and also very increased European defense spending. I think this is where the biggest increase is happening. Do you anticipate getting some of the European sales? Or this is not something you're actively working on?

好的。那麼——如果您不介意的話，我們再問幾個問題，然後我就回到隊列後面了。歐洲銷售。您實際上並沒有任何重要的歐洲客戶。但現在情況發生了變化，特別是在新的關稅收益下，歐洲幾乎有義務從美國購買更多產品，而且歐洲的國防開支也大幅增加。我認為這是成長最大的領域。您預計會獲得一些歐洲銷售嗎？或者這不是您正在積極從事的事情？

Well, [Igor], I think some of the -- we sell not directly. Well, in some cases, we do, but it's not a big portion of our business, but a lot of the spares and other things like that, that we sell directly through the OEMs make their way over to globally. So it's not just US-based. If our OEMs will have greater content for spares, certainly, if the government -- otherwise, we're selling to the US government predominantly. So it might have an impact, but I think it's a little bit too early to say.

嗯，[伊戈爾]，我認為有些——我們不是直接銷售。嗯，在某些情況下，我們確實會這樣做，但這不是我們業務的很大一部分，但我們透過 OEM 直接銷售的許多備件和其他類似的東西都銷往了全球。所以它並不只存在於美國。如果我們的原始設備製造商 (OEM) 擁有更多的備件，當然，如果政府——否則，我們主要向美國政府銷售。所以它可能會產生影響，但我認為現在說還為時過早。

As far as tariffs, although it does not affect us directly, I mean, all in all, we have one product in our entire company that we buy material from overseas that are -- that is tariff prone and that's direct pass-through to our client as per our contract.

至於關稅，雖然它不會直接影響我們，但我的意思是，總的來說，我們整個公司有一種產品是從海外購買材料，這種產品容易受到關稅影響，並且根據我們的合約直接轉嫁給我們的客戶。

Other than that, the tariffs will probably affect the OEM, the big -- the Pratt and the Sikorskys and so forth and that, but we've got some protection in that game. So we're hoping that our sales will increase because of what's happening, but it's too early to tell.

除此之外，關稅可能會影響原始設備製造商，大型企業——普惠、西科斯基等等，但我們在這一領域得到了一些保護。因此，我們希望我們的銷售額能夠因為目前的情況而增加，但現在下結論還為時過早。

Okay. So you anticipated my last question, I was specifically about the input of materials, especially now with steel tariffs and other raw material tariffs and things like that, is -- do you have a lot of contract protection? In other words, is it built as a price margin already built in at the cost of the components available.

好的。所以你預料到我的最後一個問題，我具體是關於材料投入，特別是現在鋼鐵關稅和其他原材料關稅等等，你是否有很多合約保護？換句話說，它是否以現有組件的成本建立了一個已經內建的價格利潤。

So as Lou was saying, there is only one product that we manufacture that has -- it has material that comes from a foreign source and that contract specifically has a price protection clause in it that if the cost of the material increases by more than 5%. Contractually, they are bound to pay the difference. So we have complete price protection basically built into that contract. That is the only contract that has foreign material in it.

正如 Lou 所說，我們生產的產品中只有一種是 - 其材料來自國外，而合約中明確規定了價格保護條款，即如果材料成本上漲超過 5%。根據合同，他們必須支付差額。因此，我們基本上在合約中內建了完整的價格保護。這是唯一一份包含外來材料的合約。

I understand that. But I'm -- if I just may clarify, obviously, you buy the rest from US manufacturers, but US manufacturers eventually are going to have to raise the price of that component. So I'm asking if they raise the price of their components, would you be forced to swallow the extra cost? Or that's something which you protected?

我明白。但是我可以澄清一下，顯然，您從美國製造商那裡購買了其餘部分，但美國製造商最終將不得不提高該零件的價格。所以我想問的是，如果他們提高零件的價格，你是否被迫承擔額外的成本？還是那是你保護的東西？

In some cases, probably half the cases the product is supplied to us by the OEM. So if they raise the prices, it's on them. In other cases, our clients have been very willing to work with us if it's outside of the scope of the contract. And anything that we can put price protection at the early stage, we do.

在某些情況下，可能有一半的產品是由 OEM 提供給我們的。所以如果他們提高價格，那是他們的責任。在其他情況下，如果超出合約範圍，我們的客戶非常願意與我們合作。我們會盡一切努力在早期階段提供價格保護。

Okay. So that's, I think that's a good answer. Thank you very much for being patient with my questions, and I'll get back to you if somebody else is.

好的。所以，我認為這是一個很好的答案。非常感謝您耐心回答我的問題，如果其他人願意回答，我會回覆您。

Thank you.

謝謝。

(inaudible), Private Investor.

（聽不清楚），私人投資者。

Good afternoon. Thank you for taking my question. Just just to clarify why sales are going down. I'm not clear. Is it -- if you can just clarify some more, and hopefully, sales will start increasing. Thank you.

午安.感謝您回答我的問題。只是想解釋為什麼銷售額會下降。我不清楚。是的—如果您能再澄清一下，希望銷售額能夠開始增加。謝謝。

Thank you for the question. Sales going down right now is a timing issue. We've had -- we've got some customer approvals that just did not materialize timely enough to make the quarter, and a few other things of nature. We got some first articles that have not come back on time. Our backlog is still very healthy.

謝謝你的提問。目前銷售額下降是時機問題。我們已獲得一些客戶的批准，但這些批准未能及時實現，導致無法完成本季的工作，此外還存在一些其他自然原因。我們收到了一些未按時返回的首篇文章。我們的積壓訂單仍然非常充足。

It's the largest backlog we've ever had. Materials that we thought would take six months, nine months or taking a year, 1.5 years. So there's a lag in there in what's going on in the industry.

這是我們有史以來遇到的最大規模的積壓訂單。我們原以為這些材料需要六個月、九個月或一年、一年半的時間。因此，該產業的發展存在滯後現象。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員指示）

[Lawrence Cates], Private Investor.

[勞倫斯·凱茨]，私人投資者。

Yes. I just wondered, given that the sales have been essentially flat or even going down for years now. I wonder if you considered selling the company to maybe a larger, to a larger firm and maybe they could make things move better?

是的。我只是好奇，因為多年來銷售額基本上持平甚至下降。我想知道您是否考慮將公司出售給更大的公司，也許他們可以讓事情變得更好？

That's a great question, [Lawrence]. Sales have -- in our Connecticut operations, we have grown three years in a row to the tune of about 60%, 50% and 40% year on after year. In our New York operations, we had a few years back, we had a big client move some work offshore to Poland to be exact. And we've made that work back up.

這個問題問得好，[勞倫斯]。在我們康乃狄克州的業務中，銷售額已連續三年成長，年復一年分別成長約 60%、50% 和 40%。幾年前，在我們紐約的業務中，有一位大客戶將部分工作轉移到了波蘭。我們已經恢復了這項工作。

So although it looks like sales have remained stagnant, we kind of built up from C level and that we've got and we're moving up. But -- so we have seen some growth. It certainly has not come at the rate that I think you're happy with. I can -- judging by the question, but we have seen some growth.

因此，儘管看起來銷售額仍然停滯不前，但我們是從 C 級開始建立的，並且正在不斷上升。但是——我們已經看到了一些成長。我認為它的發展速度肯定沒有達到您滿意的程度。我可以——根據問題來判斷，但我們已經看到了一些成長。

And then to answer the second portion of your question as to why we haven't sold, we're a public company. So if an opportunity should arise, we're always either going to buy or sell. That's what a public company does, and it needs to do what's right for their shareholders. So that. I hope that answered your question, [Lawrence]

然後回答你問題的第二部分，為什麼我們沒有出售，我們是一家上市公司。因此，如果有機會，我們總是會買入或賣出。這就是上市公司所做的，它需要為股東做正確的事。以便。我希望這回答了你的問題，[勞倫斯]

Well, yes, I guess I've been a shareholder for a very long time. And it just seems to me like it's always a matter of the check is in the mail, but never gets here. We're now at $12 million. And I don't think we've been lower than that I can remember in quarters for a very long time. We have all -- we're always told about the great backlog and all, but it never seems to result in better numbers for the quarter. So I just wondered if maybe somebody else could take the apparent, the ostensible expertise that's there and make things work better. So that was all I wondered.

嗯，是的，我想我已經當股東很久了。在我看來，情況似乎總是這樣的：支票已經在郵件中，但從未到達我這裡。現在我們的資金為 1200 萬美元。我認為我們已經很久沒有在季度中取得比這更低的成績了。我們總是被告知有大量積壓訂單，但這似乎從未為本季帶來更好的業績。所以我只是想知道是否有其他人可以利用表面上的專業知識並使事情變得更好。這就是我所想知道的一切。

I can't answer that question. But as I said before, if an opportunity arises, I'm sure that our shareholders and our Board would approve it.

我無法回答這個問題。但正如我之前所說，如果機會出現，我相信我們的股東和董事會會批准的。

Okay, or at least, or at least or consider it.

好的，或者至少，或至少考慮一下。

Would consider it right.

會認為這是正確的。

[Igor Novorasa with my Capital].

[伊戈爾·諾沃拉薩和我的首都]

Okay. So I'll ask more questions. Thank you for giving me an opportunity to do so. So my next question is about your backlog. Obviously, you have a record backlog, and I think that's what a lot of investors are potentially excited by the future of the company. Could you just tell me historically how much of the backlog is actually historically converted into the actual orders? My understanding is orders are in theory, at least all cancelable, right, because that's mostly like the government orders. But like what is your historical -- sort of conversion percentage of backlog to the order?

好的。所以我會問更多問題。謝謝您給我這樣的機會。所以我的下一個問題是關於您的積壓工作。顯然，你們擁有創紀錄的積壓訂單，我認為這是許多投資人對公司未來感到興奮的原因。您能否告訴我歷史上有多少積壓訂單實際上轉化為了實際訂單？我的理解是，理論上所有命令至少都是可以取消的，對，因為這很像政府命令。但是，您的歷史積壓訂單轉換率是多少？

So we -- the backlog that we put out there is two parts. It is our firm backlog and our full backlog, our firm backlog of indicates an amount that can't not really be canceled. It means that we have a firm order against it. And if it were to be canceled, there would be termination liability. Typically, once an order is placed, and it gets into the full backlog, meaning that it's just an order, right?

因此，我們提出的積壓工作分為兩部分。這是我們確定的積壓訂單和全部積壓訂單，我們的確定積壓訂單表示無法真正取消的數量。這意味著我們對此有堅決的命令。如果取消，就會有終止責任。通常，一旦下訂單，它就會進入全部積壓狀態，這意味著它只是一個訂單，對嗎？

As time progresses, we get releases against it, which then turn into sales. Obviously, these orders are long-term agreements, long-term orders. So there is time over the course of several years where there would be releases against it.

隨著時間的推移，我們會獲得相應的版本，然後轉化為銷售。顯然，這些訂單是長期協議、長期訂單。因此，在未來幾年內，將會有針對此問題的發布。

So our firm fully funded backlog right now, I think, Scott of correct me if I'm wrong, it's at about $120-plus million. Those are orders that have -- that are fully funded and release on it over the next 18 months.

因此，我認為，我們公司目前已為積壓訂單提供了全額資金，如果我錯了，請斯科特糾正我，金額約為 1.2 億美元以上。這些訂單已經全額資助，並將在未來 18 個月內發布。

18 to 24, yes.

18 到 24 歲，是的。

18 to 24, I'm sorry. And then -- so that's kind of what we are guiding like. That's kind of what we go by, but order awards that shed out go out six, seven years, which nobody knows what's going to happen in seven years, but this is what we quoted and this is what they've committed to, but not against a full funded or in excess of $270 million.

18到24歲，對不起。然後——這就是我們所指導的。這就是我們所遵循的，但訂單獎勵要持續六七年，沒有人知道七年後會發生什麼，但這就是我們所引用的，也是他們所承諾的，但不是全額資助或超過 2.7 億美元。

Okay. And my final question is about the overall defense spending on the US side. So there was several months ago, there was a lot of concern, especially with Elon Musk and the government who said that all the planes and helicopters obsolete and everything is going to be drones.

好的。我的最後一個問題是關於美國整體國防開支的問題。幾個月前，人們非常擔心，尤其是伊隆馬斯克和政府說，所有的飛機和直升機都過時了，一切都將被無人機取代。

I guess now that he's no longer there, what's the overall mood of using the aviation and traditional planes and helicopters? Or how is it looking over the years from a sort of philosophy point of view, direction point of view of the defense department.

我想，既然他現在已經不在了，那麼使用航空和傳統飛機和直升機的整體情緒是什麼樣的呢？或者從國防部的哲學角度、方向角度來看，這些年來情況如何。

Although I'm not a mind leader, I can tell you that drones will only aid manned aircraft will only be in accordance with. I don't see a manned aircraft going anywhere, at least in my lifetime. They are a great product, and they're inexpensive to build and they're expandable, and they have a lot of pluses to them, but they don't have a human brain, and that's not going to go away anytime soon.

雖然我不是思想領袖，但我可以告訴你，無人機只會輔助載人飛機而已。至少在我有生之年，我不認為載人飛機會有任何發展。它們是很棒的產品，而且製造成本低廉，可擴展，並且具有許多優點，但它們沒有人腦，而且這一特點在短期內不會消失。

So they would not be spending the money on the F-47, the new aircraft that was just awarded to Boeing. They would not be putting that kind of dollars into the budget if they thought the drones were going to solve the problems in the next three years. So I remain confident that the human aircraft will be around for a long time.

因此他們不會把錢花在剛剛授予波音公司的新型飛機 F-47 上。如果他們認為無人機能夠在未來三年內解決這些問題，他們就不會在預算中投入那麼多資金。因此我仍然相信載人飛機將會長期存在。

All right. Thank you. I don't have any more questions.

好的。謝謝。我沒有其他問題了。

Thank you for your questions. We appreciate it.

感謝您的提問。我們對此表示感謝。

And there are no further questions at this time, so I'd like to turn the call back to Lou Melluzzo for closing remarks.

現在沒有其他問題了，所以我想把電話轉回給 Lou Melluzzo 做最後發言。

Thank you, Joe. Thank you all for taking the time to be on the call today and for your question and your interest in the Air Industries Group, and we look forward to talking to you on the next call. Thanks, Joe. I think you can disconnect.

謝謝你，喬。感謝大家今天抽出時間參加電話會議，感謝你們的提問以及對航空工業集團的關注，我們期待下次電話會議與你們再次交流。謝謝喬。我想你可以斷開連接了。

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

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。