AstroNova Inc (ALOT) 2026 Q1 法說會逐字稿

Greetings. Welcome to AstroNova's first quarter fiscal year 2026 financial results. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Deborah Pawlowski, Investor Relations for AstroNova. Thank you. You may begin.

問候。歡迎閱讀 AstroNova 2026 財年第一季財務表現。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹 AstroNova 投資者關係部門的 Deborah Pawlowski。謝謝。你可以開始了。

Thank you, and good morning, everyone. We certainly appreciate your interest in AstroNova, and thank you for sharing your time with us today. Joining me on our call are Greg Woods, our President and Chief Executive Officer; and Tom DeByle, our Chief Financial Officer.

謝謝大家，早安。我們非常感謝您對 AstroNova 的關注，也感謝您今天與我們分享時間。參加電話會議的還有我們的總裁兼執行長 Greg Woods 和財務長 Tom DeByle。

You should have the earnings release that went out this morning as well as the slides that will accompany our conversation today. If not, you can find these documents on the Investor Relations section of our website at astronovainc.com.

您應該已經看過今天早上發布的收益報告以及我們今天談話的幻燈片。如果沒有，您可以在我們網站 astronovainc.com 的投資者關係部分找到這些文件。

If you would turn to slide 2, we'll discuss the cautionary statement. As you are likely aware, during the formal presentation as well as the Q&A session, management may make some forward-looking statements about our current plans, beliefs and expectations.

如果您翻到投影片 2，我們將討論警告聲明。您可能知道，在正式演示和問答環節中，管理階層可能會對我們目前的計劃、信念和期望做出一些前瞻性的陳述。

These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated here today. These risks, uncertainties and other factors are provided in the earnings release as well as in other documents filed by the company with the Securities and Exchange Commission. These documents can be found on our website or at sec.gov.

這些聲明適用於受風險和不確定性以及可能導致實際結果與今天所述結果有重大差異的其他因素影響的未來事件。這些風險、不確定性和其他因素在收益報告以及公司向美國證券交易委員會提交的其他文件中均有說明。這些文件可以在我們的網站或 sec.gov 上找到。

Also, as noted on the slide, management will refer to some non-GAAP financial measures. We believe these will be useful in evaluating our performance. However, you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP.

此外，如投影片中所述，管理階層將參考一些非 GAAP 財務指標。我們相信這些將有助於評估我們的表現。但是，您不應孤立地考慮呈現這些附加信息，也不應將其視為根據 GAAP 編制的結果的替代品。

You can find reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides. Now if you will please turn to slide 3, I'll turn the call over to Greg. Greg?

您可以在今天的發布和幻燈片附帶的表格中找到非 GAAP 指標與可比較 GAAP 指標的對帳表。現在請翻到投影片 3，我會把電話轉給 Greg。格雷格？

Thank you, Debbie, and good morning, everyone, and thank you for joining us. Before I get into the details of the quarter, I want to reiterate our strategy to drive long-term revenue growth and improve profitability. AstroNova has a unique position in the global data visualization market with deeply embedded relationships, high-performance technology and a strong recurring revenue model.

謝謝你，黛比，大家早安，謝謝你們加入我們。在介紹本季的細節之前，我想重申我們推動長期收入成長和提高獲利能力的策略。AstroNova 在全球資料視覺化市場中擁有獨特的地位，擁有深厚的關係、高效能的技術和強大的經常性收入模式。

Our goal is to leverage our technologies and market position and our streamlined organization to deliver stronger growth and earnings with more predictable performance. Core to the strategy are three strategic drivers.

我們的目標是利用我們的技術和市場地位以及精簡的組織來實現更強勁的成長和收益以及更可預測的業績。該戰略的核心是三大戰略驅動力。

First, our Aerospace segment, which has a leading market share in cockpit printers is rapidly advancing the transition of customers from our legacy models to our high-performance and high-reliability tough freighter printers.

首先，我們的航空航天部門在駕駛艙印表機領域佔有領先的市場份額，正在迅速推動客戶從我們的傳統型號轉向高性能、高可靠性的堅固貨機印表機的轉變。

This transaction deepens our position with leading aerospace customers, decouples us from royalty costs associated with legacy products and simplifies our product portfolio which reduces supply chain complexity and inventory levels, improving cash generation and margins.

此交易加強了我們與領先航空航太客戶的地位，使我們擺脫了與傳統產品相關的專利成本，並簡化了我們的產品組合，從而降低了供應鏈的複雜性和庫存水平，提高了現金產生率和利潤率。

The transition also enables us to capture a larger percentage of aftermarket sales. Our ToughWriter technology enables us to better leverage the positive macro backdrop of the commercial aerospace market as both Boeing and Airbus continue to ramp up their build rates.

這一轉變也使我們能夠佔據更大比例的售後市場銷售。隨著波音和空中巴士不斷提高其建造速度，我們的 ToughWriter 技術使我們能夠更好地利用商業航空市場的積極宏觀背景。

The second strategic driver is the launch of highly disruptive next-generation product identification solutions. These commercial scale printing solutions unlock new end markets with large customers that have higher volume printing needs.

第二個策略驅動力是推出極具顛覆性的下一代產品識別解決方案。這些商業規模的印刷解決方案為具有更大批量印刷需求的大客戶開闢了新的終端市場。

They also allow us to better control the supply chain for our ink and critical print engine components, lowering costs over time. This provides more avenues for growth and we have already been gaining traction with both new and existing customers.

它們還使我們能夠更好地控制墨水和關鍵列印引擎組件的供應鏈，從而降低成本。這為我們提供了更多的成長途徑，並且我們已經獲得了新舊客戶的青睞。

And the third strategic driver is further streamlining operations through head count reductions and restructuring while strengthening segment level accountability, we are working to structure incentive compensation with key performance indicators, including growth, profitability, cash generation and earnings per share to further improve alignment between management and shareholders. We are laser-focused on executing this strategy.

第三個策略驅動力是透過裁員和重組進一步精簡運營，同時加強部門層面的責任制，我們正在努力根據關鍵績效指標構建激勵薪酬，包括成長、獲利能力、現金產生和每股收益，以進一步改善管理層和股東之間的一致性。我們全心全意地執行這一戰略。

With that if you'll turn to slide 4, let me touch on the quarterly highlights. We believe that our first quarter of fiscal 2026 results are an early indication of the traction we are making with our strategy. We delivered double-digit growth in both segments and increased consolidated adjusted operating income by 13.5% year-over-year.

請翻到投影片 4，讓我來談談季度亮點。我們相信，2026 財年第一季的業績是我們策略取得進展的早期跡象。我們在兩個部門都實現了兩位數的成長，合併調整後營業收入年增 13.5%。

This was driven by our continued ToughWriter transition, renewed defense shipments of $0.5 million, higher demand for our desktop label printers, and a $1.4 million increase in product sales from last year's acquisition.

這是由於我們持續的ToughWriter轉型、價值50萬美元的國防發貨量、對我們桌面標籤印表機的更高需求以及去年收購後產品銷售額增加140萬美元所致。

We also accelerated our previously announced $3 million annualized cost reduction plan by completing $1.9 million of annualized cost saving actions in the quarter, most of which will begin to be realized in the second quarter. We plan to complete the remainder of the cost-saving actions in the second quarter.

我們還加速了先前宣布的 300 萬美元年度成本削減計劃，在本季度完成了 190 萬美元的年度成本節約行動，其中大部分將在第二季度開始實現。我們計劃在第二季完成剩餘的成本節約行動。

During Q1, we launched three next-generation product identification solutions ahead of schedule. The QL-425 and the QL-435 were launched as an extension of our flagship QuickLabel line of high-resolution color label printers, bringing a new level of speed, flexibility and cost efficiency to our professional labeling customers.

第一季度，我們提前推出了三款下一代產品識別解決方案。QL-425 和 QL-435 是我們旗艦 QuickLabel 系列高解析度彩色標籤印表機的擴展，為我們的專業標籤客戶帶來了全新的速度、靈活性和成本效率。

We also released a new direct-to-package printer, the AJ-800 and which enables printing on sustainable packaging materials like corrugated cardboard, die-cut boxes and paper bags as well as wood. And the AJ-800 expands our product portfolio into larger print media and higher volume production. We are ahead of schedule with the rollout of two additional next-generation products that we have in our pipeline. These are expected to be launched in the second quarter.

我們還發布了一款新型直接包裝印表機 AJ-800，它可以在瓦楞紙板、模切盒和紙袋以及木材等永續包裝材料上進行列印。AJ-800 將我們的產品組合擴展到更大的印刷媒體和更高的產量。我們提前推出了另外兩款正在籌備中的下一代產品。預計將於第二季推出。

In Q1, we up trained and upgraded our sales team, implemented a new targeted sales strategy under our recently appointed segment leadership and restructured our go-to-market approach. We are pleased with the progress the team has made already and encouraged by the early interest and orders they have generated.

在第一季度，我們對銷售團隊進行了培訓和升級，在最近任命的部門領導下實施了新的目標銷售策略，並重組了我們的行銷方式。我們對團隊已經取得的進展感到滿意，並對他們早期產生的興趣和訂單感到鼓舞。

In Aerospace, at the end of the quarter, we announced a renewed $10 million multiyear contract win for the delivery of our ToughWriter products over the next five years to a prime defense contractor and shipments on this program began late in Q1. We expect to realize $1.7 million of revenue this fiscal year from this program.

在航空航太領域，在本季度末，我們宣布贏得一份價值 1000 萬美元的續簽多年期合同，將在未來五年內向一家主要國防承包商交付我們的 ToughWriter 產品，該計劃的發貨已於第一季度末開始。我們預計本財政年度透過該計劃可實現 170 萬美元的收入。

The hard work and hard decisions we made over the past six months are improving results, but we still have more work to do. We expect our margin profile and aftermarket sales to strengthen as the rollout of our new Product ID solutions gain market acceptance and our ToughWriter transition continues to advance.

過去六個月我們所做的艱苦工作和艱難決定正在改善結果，但我們仍有許多工作要做。隨著我們新的產品 ID 解決方案獲得市場認可以及我們的 ToughWriter 轉型不斷推進，我們預計我們的利潤率和售後市場銷售將會增強。

For the full year, we continue to expect to deliver revenue in the range of $160 million to $165 million and adjusted EBITDA margin in the range of 8.5% to 9.5%. This is a critical juncture for AstroNova, and we are confident in our ability to deliver long-term shareholder value through the focused execution of our strategy.

就全年而言，我們預計營收將在 1.6 億美元至 1.65 億美元之間，調整後的 EBITDA 利潤率將在 8.5% 至 9.5% 之間。這對 AstroNova 來說是一個關鍵時刻，我們有信心透過專注執行我們的策略來實現長期股東價值。

Looking at slide 5. We will review orders and backlog and discuss the opportunities we are seeing in our markets. First quarter orders of $34.9 million were up 5.4% or $1.8 million compared with prior year period, driven by a combination of higher demand for new and existing product edification hardware and supplies.

看投影片 5。我們將審查訂單和積壓訂單，並討論我們在市場上看到的機會。第一季訂單金額為 3,490 萬美元，較去年同期成長 5.4% 或 180 萬美元，這主要得益於新產品和現有產品薰陶硬體和耗材的需求增加。

Product ID orders were up $3.3 million to $26.2 million. We secured a three year label supply contract with a multinational beauty company, which is a new account for us. We also captured a renewed upsized contract from a large private label coffee grocer in the UK. This current customer also will be upgrading its entire fleet of QuickLabel printers.

產品 ID 訂單增加了 330 萬美元，達到 2,620 萬美元。我們與一家跨國美容公司簽訂了為期三年的標籤供應合同，這對我們來說是一個新客戶。我們也與英國一家大型自有品牌咖啡雜貨店簽訂了一份續約的擴大合約。該現有客戶還將升級其全部 QuickLabel 印表機。

While declines of $1.5 million in aerospace orders partially offset overall order growth, we continue to have strong demand for ToughWriters, reflecting the improved bill rates of the major commercial aircraft OEMs. As we have previously pointed out, aerospace orders can vary quarter-to-quarter based on timing of customer contracts. For example, shortly after the end of Q1, we received a $1 million ToughWriter printer order from an in-flight entertainment customer.

雖然航空航太訂單下降 150 萬美元，部分抵消了整體訂單的成長，但我們對 ToughWriters 的需求仍然強勁，這反映了主要商用飛機 OEM 的帳單率提高。正如我們之前指出的，航空航天訂單可能會根據客戶合約的時間而逐季度變化。例如，第一季結束後不久，我們收到了機上娛樂客戶的價值 100 萬美元的 ToughWriter 印表機訂單。

During the quarter, we did also further expand our space launch data acquisition business. We secured an order from a new customer Amazon Kuiper systems for our data acquisition systems to be used on their low earth orbit satellite program.

本季度，我們也進一步擴大了航太發射資料採集業務。我們獲得了新客戶亞馬遜 Kuiper 系統的訂單，要求我們的數據採集系統用於他們的低地球軌道衛星計畫。

Backlog for the quarter declined by $2.8 million year-over-year to $25.5 million, primarily driven by clearing previously delayed shipments. As we move through fiscal 2026, we expect to benefit from our new product introductions and the increasing build rates with Airbus and Boeing.

本季積壓訂單年減 280 萬美元至 2,550 萬美元，主要原因是清理先前延遲的貨物。隨著我們進入 2026 財年，我們預計將受益於新產品的推出以及與空中巴士和波音的合作不斷加快的生產速度。

Before I pass the call over to Tom, please turn to slide 6, and I will touch on what we are seeing regarding tariffs. The headline commentary is that, so far, the impacts have been negligible for our business. Our aerospace shipments are insulated from many of the tariffs due to the contracts we have in place, which essentially hedge our exposure on the sales side.

在我將電話轉給湯姆之前，請翻到第 6 張投影片，我將談談我們所看到的有關關稅的情況。主要評論是，到目前為止，這對我們的業務的影響微乎其微。由於我們簽訂了合同，我們的航空航天貨運不受許多關稅的影響，這基本上對沖了我們在銷售方面的風險。

Most of our exposure comes from the component part. However, due to the expense and regulatory difficulties associated with making changes to aerospace avionics, we typically carry large inventories of the most critical components. This gives us a multi-month protection from vendor and, or tariff issues.

我們的大部分曝光都來自於組件部分。然而，由於對航空航太電子設備進行改造會產生費用和監管困難，我們通常會儲備大量最關鍵的零件庫存。這為我們提供了數月的供應商和關稅問題保護。

For Product ID, our next-generation print engine allows us to source in from across the world, providing flexibility on supply costs. Additionally, our global manufacturing presence in the United States, Europe and Canada gives us more options for rerouting our shipments.

對於產品 ID，我們的下一代列印引擎使我們能夠從世界各地採購，從而提供供應成本的靈活性。此外，我們在美國、歐洲和加拿大的全球製造業務為我們重新安排貨運路線提供了更多選擇。

To further combat tariffs, we implemented price increases on April 1 and tariff surcharges in the first week of May. We continue to remain agile and look for ways we can partner with and source from alternative suppliers to minimize cost impacts.

為了進一步打擊關稅，我們從4月1日起提高價格，並從5月第一周開始徵收關稅附加費。我們繼續保持敏捷，並尋找與其他供應商合作和採購的方式，以最大限度地減少成本影響。

I'll now hand the call over to Tom for the financial review. Tom?

我現在將電話交給湯姆進行財務審查。湯姆？

Thank you, Greg. Good morning, everyone. On slide 7, you can see our first quarter revenue of $37.7 million grew 14.4% year-over-year and 0.9% sequentially. 83% of the quarter's revenue was recurring. The first quarter is a seasonally slow quarter, so we expect improvements throughout fiscal 2026.

謝謝你，格雷格。大家早安。在第 7 張投影片上，您可以看到我們第一季的營收為 3,770 萬美元，年增 14.4%，季增 0.9%。本季 83% 的收入是經常性收入。第一季是季節性的淡季，因此我們預計整個 2026 財年都會有所改善。

Year-over-year revenue growth was 13.8% in product identification and 16.8% in aerospace. Product Identification sales increase for the quarter was driven by $1.4 million incremental MTEX sales and higher demand for tabletop and direct-to-package printers and supplies.

產品識別領域的營收年增 13.8%，航空航太領域的營收年增 16.8%。本季產品識別銷售額的成長得益於 140 萬美元的 MTEX 銷售額增量以及對桌面和直接包裝印表機及耗材的需求增加。

Importantly, we unveiled three new product identification solutions at the Fast Global Print Expo in Germany. We expect these product launches to help drive Product Identification hardware sales in the second half of fiscal 2016 with the continued growth of our recurring media and supply sales as we increase the installed base.

重要的是，我們在德國快速全球印刷博覽會上推出了三種新的產品識別解決方案。我們預計，隨著安裝基數的增加，我們的經常性媒體和供應銷售也將持續成長，這些產品的推出將有助於推動 2016 財年下半年產品識別硬體的銷售。

For aerospace, increased printer shipments to a major OEM and the carryover of shipments to a defense contractor under the recently renewed contract primarily drove revenue growth. The $10 million multiyear contract began shipping in the first quarter, and we expect to ship the remaining portion of the expected $1.7 million in orders before our fiscal year-end.

對於航空航太業來說，向一家大型原始設備製造商 (OEM) 出貨的印表機數量的增加以及根據最近續簽的合約向國防承包商出貨量的結轉是推動收入增長的主要因素。這份價值 1000 萬美元的多年期合約於第一季開始發貨，我們預計將在財年結束前發貨預計 170 萬美元訂單的剩餘部分。

We also expect an increase in the ToughWriter shipments from an existing commercial aerospace customer beginning in the second quarter as we had transitioned away from the legacy (inaudible) printers. ToughWriter aerospace printers or 42% of the first quarter shipments and we remain on track to double the percentage by the fiscal year-end.

我們也預計，從第二季開始，來自現有商業航空客戶的 ToughWriter 出貨量將會增加，因為我們不再使用傳統的（聽不清楚）印表機。ToughWriter 航空印表機佔第一季出貨量的 42%，我們仍有望在財年末將這一比例翻倍。

Turning to slide 8. Gross profit was $12.7 million, up $0.7 million increase year-over-year, representing 33.6% of sales. Adjusted gross profit was $13.1 million, a $1.1 million increase year-over-year, representing 34.6% of sales.

翻到幻燈片 8。毛利為 1,270 萬美元，較去年同期增加 70 萬美元，佔銷售額的 33.6%。調整後毛利為 1,310 萬美元，年增 110 萬美元，佔銷售額的 34.6%。

The increase in gross profit was primarily driven by higher sales volume but year-over-year margin was negatively impacted by dilution related to the acquisition and the legacy aerospace printer contract, which we expect to be completed by the end of the second quarter of fiscal 2026.

毛利的成長主要得益於銷售量的增加，但同比利潤率受到收購和傳統航空印表機合約相關的稀釋的負面影響，我們預計該合約將於 2026 財年第二季末完成。

On an adjusted basis, gross margin increased 30 basis points from the trailing period, reflecting higher volume in the quarter. Going forward, we expect gross profit and margin to improve throughout fiscal '26 as we increase the percentage of tough wider sales and the next-generation Product ID printer sales and supply.

經調整後，毛利率較上一季增加 30 個基點，反映出本季銷量增加。展望未來，隨著我們增加更廣泛的銷售比例以及下一代產品 ID 印表機的銷售和供應，我們預計整個 26 財年的毛利和利潤率將會提高。

Looking at slide 9. Product ID operating income for the quarter was $2.8 million or 10.6% of sales compared with $3 million in the prior year period. On a non-GAAP basis, operating income was $3.1 million or 11.9% of revenue. The year-over-year and quarter-over-quarter improvement in non-GAAP operating income was driven by higher sales was partially offset by lower margins on the acquired legacy technology.

看投影片 9。本季產品 ID 營業收入為 280 萬美元，佔銷售額的 10.6%，而去年同期為 300 萬美元。以非公認會計準則計算，營業收入為 310 萬美元，佔收入的 11.9%。非公認會計準則營業收入年比和季比的成長得益於銷售額的提高，但被收購的傳統技術的利潤率下降部分抵消。

Looking at slide 10, aerospace operating income for the quarter was $2.8 million, a 24.2% of sales. compared to $1.7 million in the prior year period. On a non-GAAP basis, operating income was $2.9 million or 25.7% of revenue.

從第 10 張投影片可以看出，本季航空航太營業收入為 280 萬美元，佔銷售額的 24.2%，而去年同期為 170 萬美元。以非公認會計準則計算，營業收入為 290 萬美元，佔收入的 25.7%。

The sequential and the year-over-year growth of operating income and margin were driven by improved product mix as we transition commercial and defense customers to our higher-margin ureter solutions and benefited from operating leverage gained on higher volume.

隨著我們將商業和國防客戶轉向利潤率更高的輸尿管解決方案，並受益於更高銷售量帶來的經營槓桿，營業收入和利潤率實現了連續和同比增長，這得益於產品組合的改善。

Operating income was partially offset by legacy printer contract that is expected to be completed in the second quarter. Aerospace operating expense was lower year-over-year as we benefited from a $0.3 million reserve reversal related to a commercial airline.

預計第二季完成的遺留印表機合約部分抵銷了營業收入。由於我們受益於與一家商業航空公司相關的 30 萬美元儲備金逆轉，航空航天運營費用同比有所下降。

Turning to slide 11. In Net loss was $0.4 million or a negative $0.05 per share compared with net income of $1.2 million or $0.15 per share in the prior year period. Adjusted net income was $0.4 million or $0.05 per share.

翻到第 11 張投影片。淨虧損為 40 萬美元，即每股虧損 0.05 美元，而去年同期的淨收入為 120 萬美元，即每股 0.15 美元。調整後的淨收入為 40 萬美元，即每股 0.05 美元。

Adjusted EBITDA of $3.1 million increased 27.6% compared with the prior year period and grew 28% compared with the trailing fourth quarter of fiscal '25. Adjusted EBITDA margin for the first quarter added 80 basis points year-over-year and sequentially. We are expecting operating expenses to be benefit from the restructuring program for the remainder of fiscal 2016.

調整後的 EBITDA 為 310 萬美元，較去年同期成長 27.6%，較 2025 財年第四季成長 28%。第一季調整後的 EBITDA 利潤率同比和環比增加了 80 個基點。我們預計 2016 財年剩餘時間的營運費用將受惠於重整計畫。

Moving to slide 12. During the quarter, we strengthened our balance sheet by paying down $3.9 million in debt and improved liquidity. We ended the quarter with $12.6 million in total liquidity, including $5.4 million in cash and $7.2 million in revolver availability. Our leverage ratio of funded debt to EBITDA is 3.5 times. Our targeted leverage ratio is approximately 2 times.

移至投影片 12。在本季度，我們透過償還 390 萬美元的債務和提高流動性來增強我們的資產負債表。本季末，我們的總流動資金為 1,260 萬美元，其中包括 540 萬美元的現金和 720 萬美元的循環信貸額度。我們的融資債務與 EBITDA 的槓桿率為 3.5 倍。我們的目標槓桿率約為2倍。

At the end of the quarter, we are in compliance with our covenants of our lending agreement. Cash provided by operations in the first quarter was $4.4 million, down from $6.9 million in the prior year period. The decline was primarily driven by the timing of associated with bulk replenishment of legacy Inc., printed and media supplies amounting to about $3 million.

在本季末，我們遵守了貸款協議的約定。第一季經營活動產生的現金為 440 萬美元，低於去年同期的 690 萬美元。下降的主要原因是與大量補充遺留公司印刷和媒體用品相關的時間安排，總額約為 300 萬美元。

We are focused on improving our inventory turns from current levels of approximately 2 times to more than 3 times over the fiscal '26 and '27 years. Capital expenditures were $60,000 in the quarter, and we expect to be less than $2 million for the full fiscal year.

我們致力於在 26 財年和 27 財年將庫存週轉率從目前的約 2 倍提高到 3 倍以上。本季的資本支出為 6 萬美元，我們預計整個財年的資本支出將低於 200 萬美元。

Now please turn to slide 13, and I'll hand the call back to Greg for closing comments.

現在請翻到第 13 張投影片，我將把發言權交還給 Greg，請他作最後發言。

Thanks, Tom. We are executing a clear strategy to deliver revenue growth and improve our profitability. We have implemented changes in the organization and are working diligently to deliver on our strategic plan. We believe that this quarter reflected a positive turning point in our business as we gained traction in both of our segments and controlled our costs. We have several catalysts that we are confident will propel our growth in fiscal 2026 and beyond.

謝謝，湯姆。我們正在執行明確的策略來實現收入成長並提高獲利能力。我們已經在組織內實施了變革，並正在努力實現我們的策略計劃。我們相信本季度反映了我們業務的積極轉折點，因為我們在兩個部門都獲得了發展動力並控制了成本。我們有幾種催化劑，我們相信它們將推動我們在 2026 財年及以後的成長。

First, we are focused on launching our innovative Product ID solutions, three of which have already been launched and are receiving strong customer interest and orders. We expect to launch six more disruptive solutions before the end of fiscal 2026.

首先，我們專注於推出創新的產品 ID 解決方案，其中三種解決方案已經推出，並獲得了客戶的強烈關注和訂單。我們預計在 2026 財政年度結束前推出另外六項顛覆性解決方案。

Second, we continue to make rapid progress on the ToughWriter transition program with several large commercial and defense customers transitioning to ToughWriters that will ramp up shipping in Q2 and beyond.

其次，我們繼續在 ToughWriter 過渡計畫上取得快速進展，一些大型商業和國防客戶正在向 ToughWriter 過渡，並將在第二季及以後增加出貨量。

Importantly, we are looking critically at our cost structure and cash flow generation. We are on track to complete our $3 million cost reduction program by Q2 and we will continue to manage our costs prudently as we roll out next-generation and higher-margin solutions across our Product ID and aerospace segments.

重要的是，我們正在嚴格審視我們的成本結構和現金流產生。我們預計在第二季完成 300 萬美元的成本削減計劃，並且我們將繼續審慎地管理成本，因為我們將在產品 ID 和航空航太領域推出下一代和更高利潤的解決方案。

We believe the actions we have taken in the past 6 to 12 months put us in a position to scale into new end markets and new geographies with high-margin solutions. Furthermore, we have additional long-term opportunities to improve margins through the roll-off of royalties from legacy cockpit printers and through our multisource ink supply program based on our new print engine technology.

我們相信，過去 6 到 12 個月所採取的行動使我們能夠以高利潤的解決方案擴展到新的終端市場和新的地區。此外，我們還有其他長期機會來提高利潤率，透過從傳統駕駛艙印表機收取版稅，以及透過基於我們新列印引擎技術的多源墨水供應計劃。

We are reiterating our guidance for the full year of fiscal 2026. We expect to deliver full year revenue of $160 million to $165 million, a 7% year-over-year increase at the midpoint and adjusted EBITDA margin in the range of 8.5% to 9.5% and or an 80 basis point expansion year-over-year at the midpoint.

我們重申對 2026 財年全年的指導。我們預計全年營收將達到 1.6 億美元至 1.65 億美元，中位數年增 7%，調整後 EBITDA 利潤率將在 8.5% 至 9.5% 之間，或年增 80 個基點（中位數）。

In summary, we are pleased with the progress that has been made this quarter, but we have more work to do. I want to thank our team for their hard work and position us for the future. We remain confident in our plan and believe we have the right people, infrastructure and go-to-market strategy in place to drive long-term growth and profitability.

總而言之，我們對本季的進展感到滿意，但我們還有很多工作要做。我要感謝我們團隊的辛勤工作，並為我們的未來做好準備。我們對我們的計劃充滿信心，並相信我們擁有合適的人才、基礎設施和市場進入策略來推動長期成長和獲利能力。

Now Tom and I will be happy to take your questions.

現在湯姆和我很樂意回答你們的問題。

(Operator Instructions) There are no questions at this time. I would like to turn the conference back over to management for closing remarks.

（操作員指示）目前沒有問題。我想將會議交還給管理階層，請他們發表結束語。

Great. Thank you, and thank you, everyone, for joining us here today. We look forward to keeping you updated on our progress at AstroNova, and enjoy the weekend, and we'll talk to you guys soon. Have a good day.

偉大的。謝謝大家，也謝謝大家今天來參加我們的活動。我們期待向您通報 AstroNova 的最新進展，祝您週末愉快，我們很快就會與您聯繫。祝你有美好的一天。

Thank you. This will conclude 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。