Broadwind Inc (BWEN) 2025 Q4 法說會逐字稿

Greetings, and welcome to Broadwind's fourth quarter and full year 2025 earnings conference call. (Operator Instructions). As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Mr. Tom Ciccone. Thank you. You may begin.

各位好，歡迎參加 Broadwind 2025 年第四季暨全年財報電話會議。（接線員指示）。提醒各位，本次電話會議將被錄音。現在我想把電話會議交給主持人 Tom Ciccone 先生。謝謝。您可以開始了。

Good morning, and welcome to the Broadwind fourth quarter and full year 2025 results conference call. Leading the call today is our CEO, Eric Blashford; and I'm Tom Ciccone, the company's Vice President and Chief Financial Officer. We issued a press release before the market opened today detailing our fourth quarter results.

各位早安，歡迎參加 Broadwind 2025 年第四季暨全年業績電話會議。今天由我們的執行長 Eric Blashford 帶領會議；我叫 Tom Ciccone，擔任公司副總裁暨財務長。我們已在今日開盤前發布新聞稿，詳述第四季業績。

I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control.

我想提醒各位，管理層在今天電話會議中的評論與對提問的回應，可能包含前瞻性陳述；其本質具有不確定性，且不在公司控制範圍內。

Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest annual and quarterly filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call in the press release issued today. At the conclusion of our prepared remarks, we'll open the line for questions.

儘管這些前瞻性陳述係基於管理層目前的預期與信念，實際結果仍可能出現重大差異。關於可能導致實際結果不同的部分因素，請參閱我們最近向美國證券交易委員會（SEC）提交之年度與季度申報文件中的「風險因素」章節。此外，請注意，您可在今日發布的新聞稿中，找到本次電話會議所討論之歷史非 GAAP 財務衡量指標的調節表。在我們的準備發言結束後，將開放提問。

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

接下來，我把電話交給 Eric。

Thanks, Tom, and welcome to our call. 2025 was a pivotal year in our evolution as a leading manufacturing partner of choice for global OEMs and power generation and critical infrastructure, while becoming a leaner, more diversified business equipped to deliver profitable growth through the cycle.

謝謝你，Tom，也歡迎各位參加本次電話會議。2025 年是我們演進過程中的關鍵一年：我們持續強化作為全球 OEM、發電與關鍵基礎設施之首選製造合作夥伴的地位，同時也打造出更精實、更多元的業務組合，使我們能在景氣循環中實現獲利成長。

The divestiture of our Industrial Fabrication operations in Wisconsin in the third quarter represented an important step in optimizing our asset base, in increasing our balance sheet optionality, which positions us to redeploy capital toward higher-value opportunities.

我們在第三季出售威斯康辛州的工業製造（Industrial Fabrication）業務，是優化資產基礎的重要一步，並提升資產負債表的彈性，使我們得以將資本重新配置至更高價值的機會。

Our fourth quarter performance was in line with the preliminary results we issued in early February 2026. Fourth quarter results were impacted by a raw material supply disruption in our Heavy Fabrications business associated with an OEM customers directed by program, which reduced manufacturing throughput and operating efficiency during the period.

我們第四季表現與 2026 年 2 月初發布的初步結果一致。第四季業績受到重型製造（Heavy Fabrications）業務原物料供應中斷的影響；該中斷與某 OEM 客戶「指定供應商」（directed by）之專案相關，導致期間內製造產出與營運效率下降。

The company has implemented corrective actions to address the issue and expect operations to normalize during the first quarter of 2026. Demand conditions and customer activity were strong during the fourth quarter, supported by robust project activity across our Gearing and Industrial Solutions segments.

公司已採取矯正措施以解決該問題，並預期營運將於 2026 年第一季恢復正常。第四季需求狀況與客戶活動強勁，在我們齒輪（Gearing）與工業解決方案（Industrial Solutions）兩個部門的專案活動帶動下表現穩健。

Orders were led by 38% year-over-year growth in the Gearing and Industrial Solutions segments, partially offset by a 20% year-over-year decline in the Heavy Fabrications segment, reflecting the divestiture of the Wisconsin operation.

訂單主要由齒輪與工業解決方案部門年增 38% 所帶動；但重型製造部門訂單年減 20% 部分抵銷，反映威斯康辛州業務出售的影響。

Gearing orders increased to nearly $9.7 million as we saw strength in power generation, along with some resurgence in oil and gas and the wind aftermarket.

齒輪訂單增加至接近 970 萬美元，我們看到發電領域需求強勁，同時油氣與風電售後市場也出現一定程度的回升。

In March 2026, we received a $6 million follow-on order for precision machine gearing components used in midsized natural gas turbines, which power data centres and other applications.

2026 年 3 月，我們取得一筆 600 萬美元的追加訂單，內容為用於中型天然氣渦輪機的精密加工齒輪零組件；該類渦輪機為資料中心及其他應用提供動力。

This order represents the second half of the significant order we received in July of last year. Within the Industrial Solutions business, we received orders of $11.1 million reflecting increased demand across all segments served, including natural gas turbine components for new and aftermarket applications, wind repowering and solar.

此筆訂單代表我們去年 7 月取得之重大訂單的後半部分。在工業解決方案業務方面，我們取得 1,110 萬美元訂單，反映所服務的各終端領域需求全面提升，包括用於新機與售後應用的天然氣渦輪機零組件、風電汰舊換新（repowering）以及太陽能。

The backlog for this business reached $38.1 million in the fourth quarter, yet another record. Operationally, we continue to invest in equipment technology to improve our process capabilities, reduce costs and improve our profitability.

該業務第四季在手訂單（backlog）達到 3,810 萬美元，再創新高。在營運方面，我們持續投資設備技術，以提升製程能力、降低成本並改善獲利能力。

In Gearing, we successfully completed three complex PPAPs or Production Part Approval Processes specific to the large orders, for the power generation market and installed and qualified the critical equipment used to ensure precise balancing of high-speed gear components using what's called Electromechanical Runout or EMRO technology.

在齒輪業務方面，我們成功完成三項複雜的 PPAP（生產零件核准程序，Production Part Approval Process），以配合發電市場的大型訂單，並完成安裝與認證關鍵設備；該設備採用所謂的 Electromechanical Runout（EMRO）技術，用於確保高速齒輪零件的精密平衡。

In the Industrial Solutions segment, we made prudent investments in equipment and staffing to double our capacity across all production processes, including machining, welding, assembly and kitting to address our growing backlog and to meet future customer demand and the gas power generation equipment market.

在工業解決方案部門，我們審慎投資設備與人力，使所有生產流程的產能倍增，包括加工、焊接、組裝與套件化（kitting），以因應持續增加的在手訂單，並滿足未來客戶需求以及燃氣發電設備市場的需求。

Additionally, in Q2 of this year, we are expanding our local footprint in North Carolina by about 30% to accommodate future growth.

此外，我們將於今年第二季把北卡羅來納州的在地據點面積擴大約 30%，以支援未來成長。

Within our Heavy Fabrication segment, Q4 revenue grew by 6% to $21.6 million year-over-year, primarily due to an increase in wind towers and repowering adapters sold.

在重型製造部門，第四季營收年增 6% 至 2,160 萬美元，主要因風電塔筒與汰舊換新轉接器（repowering adapters）銷售增加。

Revenue in our Gearing segment fell 8% year-over-year to $7 million due to lower demand from the wind aftermarket and mining sectors, partially offset by power generation and oil and gas.

齒輪部門營收年減 8% 至 700 萬美元，原因是風電售後市場與礦業需求較弱；但發電以及油氣需求部分抵銷了下滑。

Within Industrial Solutions, revenue grew 60% year-over-year due to stronger shipments into the natural gas turbine equipment market, both new and aftermarket and increased solar shipments, partially offset by a reduction of wind repowering shipments.

在工業解決方案方面，營收年增 60%，主要因對天然氣渦輪機設備市場（包含新機與售後）的出貨更強勁，以及太陽能出貨增加；但風電汰舊換新出貨減少部分抵銷。

In summary, the team and business continued to perform well as we sharpen our focus within adjacent higher-margin precision manufacturing verticals.

總結而言，隨著我們在相鄰的高毛利精密製造垂直領域中進一步聚焦，團隊與業務持續表現良好。

This past quarter, we quickly identified and addressed the supply disruption by working with our customer, to bring on an alternative supplier, minimizing the overall impact to our business.

本季我們迅速辨識並處理供應中斷問題，並與客戶合作導入替代供應商，將對整體業務的影響降至最低。

Furthermore, recent strategic actions to divest our Wisconsin facility position us for increased balance sheet strength and flexibility, while improving capacity utilization at our Abilene facility and reducing overhead costs.

此外，近期出售威斯康辛州廠的策略性行動，使我們的資產負債表更強健且更具彈性，同時提升阿比林（Abilene）廠的產能利用率並降低間接費用。

Despite the volatile trade policy environment, our 100% domestic manufacturing base remains a key competitive advantage, as we partner with Tier 1 OEMs who value our deep technical expertise, commitment to quality and on-time service.

儘管貿易政策環境波動，我們 100% 的國內製造基地仍是關鍵競爭優勢；我們與重視深厚技術專業、品質承諾與準時交付服務的一級（Tier 1）OEM 合作。

With that, I'll turn the call over to Tom, for a discussion of our fourth quarter financial performance.

接下來，我把電話交給 Tom，請他說明我們第四季的財務表現。

Thank you, Eric. Turning to Slide 5 for an overview of our fourth quarter performance. Fourth quarter consolidated revenues were $37.7 million, representing a 12% increase versus the prior year period. Fourth quarter increase was driven primarily by strength within the Industrial Solutions segment in which revenue was up 60% year-over-year.

謝謝你，Eric。請翻到投影片第 5 頁，概述我們第四季的表現。第四季合併營收為 3,770 萬美元，較去年同期成長 12%。第四季的成長主要由工業解決方案部門帶動，該部門營收年增 60%。

Furthermore, the fourth quarter revenue level within the Industrial Solutions segment represents a 40% increase versus the average over the past four quarters.

此外，工業解決方案部門第四季的營收水準，較過去四個季度的平均值高出 40%。

We believe that this volume level will continue based on current customer indications. Outside of our Industrial Solutions segment, lower Gearing deliveries were more than offset by increased revenue within the Heavy Fabrication segment, which benefited from increased wind revenue versus the prior year quarter.

我們相信，根據目前客戶的指示，這樣的出貨量水準將可持續。除工業解決方案部門外，齒輪出貨較低所造成的影響，已被重型製造部門營收增加所抵銷；該部門受惠於相較去年同期更高的風電營收。

Adjusted EBITDA declined to $1.9 million versus the prior year of $2.1 million. Despite higher volume, adjusted EBITDA decreased due primarily to lower capacity utilization within our Gearing segment and operating inefficiencies associated with the directed by raw material supplier issue we referenced in our February 5 press release. Fourth quarter orders were strong and nearly $39 million.

調整後 EBITDA 下降至 190 萬美元，低於去年同期的 210 萬美元。儘管出貨量增加，調整後 EBITDA 下滑主要因齒輪部門產能利用率較低，以及我們在 2 月 5 日新聞稿中提及、與指定原物料供應商問題相關的營運效率不彰。第四季訂單表現強勁，接近 3,900 萬美元。

Orders increased within our Gearing and Industrial Solutions segments driven by strength in the power generation, oil and gas and natural gas turbine verticals, while orders decreased within our Heavy Fabrication segment, reflective of our exit the Manitowoc facility late in 2025.

在我們的齒輪與工業解決方案部門中，受惠於發電、石油與天然氣以及天然氣渦輪機垂直領域的強勁表現，訂單增加；而我們的重型製造部門訂單則下降，反映出我們於2025年末退出Manitowoc廠的影響。

Turning to Slide 6 for a discussion of our Heavy Fabrications segment. Fourth quarter orders were nearly $18 million, a 20% decrease versus the prior year quarter.

接著請看投影片6，討論我們的重型製造（Heavy Fabrications）部門。第四季訂單接近1,800萬美元，較去年同期下降20%。

However, after backing out the $6.3 million in industrial fabrication product line orders received for the Manitowoc facility in the prior year, orders increased more than 10% and on an adjusted basis due to meaningful tower orders being recognized in the current year quarter.

然而，若扣除去年同期為Manitowoc廠所取得的630萬美元工業製造產品線訂單，則由於本年度當季確認了具規模的塔架訂單，訂單在調整後基礎上增加逾10%。

Fourth quarter revenues of $21.6 million are up 6% versus the prior year quarter. Despite delays associated with the raw material supply issue we experienced, we were still able to recognize increased wind tower and repowering revenue in the fourth quarter.

第四季營收為2,160萬美元，較去年同期成長6%。儘管我們遭遇原物料供應問題所造成的延遲，我們仍能在第四季確認較高的風電塔架與汰舊換新（repowering）營收。

However, adjusted EBITDA was down versus the prior year due to the manufacturing inefficiencies associated with the aforementioned raw material supply issues.

不過，調整後EBITDA較去年同期下滑，原因在於前述原物料供應問題所導致的製造效率不彰。

Turning to Slide 7. Q4 Gearing orders remained strong at $9.7 million, an increase of 38% versus the prior year fourth quarter. We ended 2025 with approximately $26 million in backlog, a level we have not reached since 2023.

接著請看投影片7。第四季齒輪（Gearing）訂單維持強勁，達970萬美元，較去年第四季成長38%。我們在2025年結束時的在手訂單（backlog）約為2,600萬美元，這是自2023年以來未曾達到的水準。

As we noted in the prior quarter, we continue to see strength in the power generation and oil and gas verticals and that momentum continued into Q4.

如同我們在上一季所提到的，我們持續看到發電以及石油與天然氣垂直領域的強勁需求，而這股動能延續至第四季。

Additionally, as we announced via this morning's earnings release, we recently received just over $6 million in follow-on orders from a leading OEM in the natural gas term segment of the power generation end market.

此外，正如我們在今早的財報新聞稿中所宣布的，我們近期自發電終端市場中天然氣渦輪機終端領域的一家領先OEM，取得了略高於600萬美元的追加訂單（follow-on orders）。

Including this order, we've already booked almost $11 million in Q1 orders. Segment revenue was $7 million, down almost 8% versus the prior year quarter. We recognized an adjusted EBITDA loss of $0.3 million compared to $0.1 million of adjusted EBITDA in the prior year period.

包含這筆訂單在內，我們在第一季已接單近1,100萬美元。部門營收為700萬美元，較去年同期下降近8%。我們認列調整後EBITDA虧損30萬美元，相較去年同期為調整後EBITDA 10萬美元。

Due to the lower revenue levels, earnings were adversely impacted by reduced capacity utilization. As volumes recover, we expect operating leverage to improve in 2026.

由於營收水準較低，產能利用率下降對獲利造成不利影響。隨著出貨量回升，我們預期2026年的營運槓桿將改善。

Turning to Slide 8. Industrial Solutions booked over $11 million of orders during the fourth quarter, a 38% increase over the prior year quarter. Orders remained at an elevated level.

接著請看投影片8。工業解決方案（Industrial Solutions）在第四季接單超過1,100萬美元，較去年同期成長38%。訂單維持在高檔水準。

The resulting backlog again hit a new record level of over $38 million at the end of the fourth quarter, eclipsing the previous record of $36 million set at the end of Q3. This quarter represents the fifth straight quarter setting a record backlog level.

因此，在第四季末的在手訂單再次創下超過3,800萬美元的新高，超越第三季末創下的3,600萬美元前一紀錄。本季為連續第五季創下在手訂單新高。

Q4 segment revenue was $9.4 million, up both sequentially and versus the prior year quarter, reflective of the elevated order levels received recently.

第四季部門營收為940萬美元，無論較前一季或較去年同期皆成長，反映近期接單水準偏高。

Fourth quarter revenues represent a 60% increase over the prior year quarter and is the highest revenue level ever recorded within the segment. We believe this business will operate at these elevated revenue levels throughout 2026.

第四季營收較去年同期成長60%，並創下該部門歷史最高營收水準。我們相信此業務在2026年將可維持在這些較高的營收水準運作。

Adjusted EBITDA of $1.5 million or almost 16% segment EBITDA margin increased significantly over the $0.6 million or 10% segment EBITDA margin recorded in the prior year quarter, reflective of the increased revenue levels.

調整後EBITDA為150萬美元，或接近16%的部門EBITDA利潤率，較去年同期的60萬美元或10%部門EBITDA利潤率顯著提升，反映營收水準提高。

Turning to Slide 9. We ended the fourth quarter with total cash and availability on our credit facility, nearly $25 million. This is down from the prior year, and we were carrying significantly lower working capital levels as we had received advanced payments of our major customer late in 2024.

接著請看投影片9。我們在第四季末的現金總額及信用額度可用額度合計接近2,500萬美元。此數字較去年下降，且由於我們在2024年末收到主要客戶的預付款，因此當時的營運資金水準顯著較低。

Working capital levels were flat during the quarter, and we expect them to remain relatively consistent moving forward. Finally, with respect to our financial guidance. Today, we are reaffirming our full year 2026 guidance. We expect full year 2026 revenue to be in the range of $140 million to $150 million and the adjusted EBITDA to be in the range of $8 million to $10 million.

本季營運資金水準持平，我們預期未來將維持相對一致。最後，關於我們的財務指引。今天我們重申2026年全年指引。我們預期2026年全年營收將介於1.40億至1.50億美元，調整後EBITDA將介於800萬至1,000萬美元。

That concludes my remarks. I'll turn the call back over to Eric to continue our discussion.

以上為我的發言。我將把電話會議交回給Eric，繼續我們的討論。

Thanks, Tom. Now allow me to provide some thoughts as we move into 2026. We continue to make a decisive shift toward increasingly stable, growing power generation markets with an emphasis on oil and gas, renewables and potentially nuclear.

謝謝你，Tom。接下來讓我分享一些我們邁入2026年的看法。我們持續果斷地轉向更為穩定、成長中的發電市場，重點聚焦於石油與天然氣、再生能源，以及可能的核能。

Our strategic emphasis on pursuing the highest growth and the highest margin opportunities that leverage our precision manufacturing expertise.

我們的策略重點在於追求最高成長與最高毛利的機會，並運用我們在精密製造方面的專業能力。

Our facilities in Abilene, Texas, Chicago, Pittsburgh, and Sanford, North Carolina, near Raleigh, have more than 600,000 square feet of manufacturing space ready to serve our customers.

我們位於德州Abilene、芝加哥、匹茲堡，以及北卡羅來納州Sanford（靠近Raleigh）的廠區，擁有超過60萬平方英尺的製造空間，隨時準備為客戶提供服務。

Quarter upon quarter of repeat wins within the Gearing and Industrial Solutions segments from power generation, specifically within distributed power as well as growing opportunities in both small frame and utility scale natural gas turbines, support our strategy to expand in this market.

齒輪與工業解決方案部門在發電領域持續一季接一季取得重複勝出（repeat wins），尤其是在分散式電力（distributed power）方面，以及在小型機組與公用事業規模天然氣渦輪機兩者中不斷成長的機會，均支持我們擴大此市場布局的策略。

Quote activity continues to increase in both Gearing and Industrial Solutions, generated by our ability to solve the complex precision manufacturing and sourcing challenges faced by customers in this growing market. So, we are expanding resources to meet this demand in both divisions.

齒輪與工業解決方案兩個部門的報價活動持續增加，這源於我們有能力解決客戶在此成長市場中面臨的複雜精密製造與採購挑戰。因此，我們正在兩個事業部擴增資源以滿足此需求。

In our Gearing segment, we continue to execute our strategy to move beyond traditional gearing markets through opportunities in other precision machine products.

在齒輪部門，我們持續執行策略，透過其他精密機加工產品的機會，走出傳統齒輪市場。

We're pleased with the increasing level of customer activity we're seeing in various new infrastructure-related markets such as road maintenance, cement plants and aggregate material processing, along with some early green shoots in defense. Recent sizable orders we received from the power generation sector are the beginning of a multiyear cycle for which we are prepared.

我們對於在多個與新基礎建設相關的市場（例如道路維護、水泥廠與骨材處理）所看到的客戶活動增加感到欣慰，同時在國防領域也出現一些初期的正向跡象。我們近期自發電產業收到的具規模訂單，是一個我們已做好準備的多年期循環的開端。

The expansion of our capabilities to serve the high-speed gear segment such as the dynamic balancing capabilities I mentioned earlier, allow us to bring more processes in-house, decreasing lead times, while improving quality and profitability.

我們擴充服務高速齒輪領域的能力，例如我先前提到的動平衡（dynamic balancing）能力，使我們能將更多製程內製化，縮短交期，同時提升品質與獲利能力。

In Industrial Solutions, continued growth in the natural gas turbine industry, driven by the global demand for power is having a positive commercial impact on our business.

在工業解決方案方面，天然氣渦輪機產業在全球電力需求帶動下持續成長，正對我們的業務帶來正面的商業影響。

New data centre installations are driving increased demand for distributed power solutions, including those that provide redundancy.

新的資料中心（data centre）建置正推動分散式電力解決方案需求增加，其中包括可提供備援的方案。

And many of our key customers are adding significant production capacity in or to meet both the current and foreseeable future demand from power generation. We are proud to have recently received the 2025 Supplier Quality and Delivery Award from our largest customer, and recognition of our quick response to their significant growth and demand, all while meeting their strict quality and delivery requirements.

而我們許多關鍵客戶正新增或擴充顯著的產能，以滿足目前及可預見未來來自發電領域的需求。我們很自豪近期自最大客戶獲頒2025年供應商品質與交付獎（Supplier Quality and Delivery Award），這也肯定了我們對其顯著成長與需求的快速回應，同時仍能符合其嚴格的品質與交付要求。

In our Heavy Fabrication segment, we believe that domestic onshore wind tower activity will continue at its present rate through 2026 and into 2027.

在我們的重型製造（Heavy Fabrication）部門，我們相信美國國內陸上風電塔筒的活動量將以目前的速度持續到2026年，並延續至2027年。

We have good visibility for tower production into Q3 of 2026, and good customer indications beyond that. We are seeing increased quoting activity for our PRS line of natural gas pressure reduction units and expect sales to increase proportionately.

我們對塔筒生產的能見度可延伸至2026年第三季，且在此之後也獲得客戶良好的指引。我們看到天然氣減壓裝置（pressure reduction units）PRS產品線的報價活動增加，並預期銷售將按比例成長。

In summary, I'm pleased with the order growth and strategic actions we've taken this year as we continue to demonstrate our strong execution of our strategic priorities. Our divisions are well positioned to support the nation's growing need for power generation and infrastructure improvement, which we see as long-term opportunities for us.

總結來說，我對訂單成長以及我們今年採取的策略性行動感到滿意，因為我們持續展現對策略優先事項的強勁執行力。我們各事業部已做好充分準備，以支援國家對發電與基礎建設改善日益成長的需求；我們將其視為長期機會。

Our quality, quick response and ability to solve complex manufacturing challenges for our customers continue to help us win new opportunities. We've reduced our cost structure, are investing wisely, and are taking strategic actions to refocus our resources towards higher value and growing end markets. We value our people and are committed to keeping them safe, fulfilled and productive.

我們的品質、快速回應，以及為客戶解決複雜製造挑戰的能力，持續協助我們贏得新的機會。我們已降低成本結構、明智投資，並採取策略性行動，將資源重新聚焦於更高價值且成長中的終端市場。我們重視員工，並致力於讓他們安全、滿足且具生產力。

This year, we will be implementing an ISO 45001 Occupational Health and Safety Readiness Program with plans to add that certification to our existing ISO 9001 and AS9100 certifications.

今年，我們將導入ISO 45001職業健康與安全就緒計畫，並規劃在既有的ISO 9001與AS9100認證之外，新增該項認證。

Our 100% US based plants are expanding capabilities to take advantage of opportunities afforded by the pro-domestic manufacturing policy backdrop, afforded by the current administration.

我們100%位於美國的工廠正擴充能力，以把握在現任政府推動的「支持本土製造」政策背景下所帶來的機會。

We're encouraged that our order intake continues to grow, positioning us for improved utilization of our manufacturing footprint in 2026 as we strengthen our foundation for steady, profitable growth, serving the power generation, critical infrastructure and other key markets with high-quality precision components and proprietary products to capitalize on improved demand in the years ahead.

我們對訂單承接持續成長感到鼓舞，這使我們在2026年能更有效利用製造據點；同時，我們也在強化穩健且具獲利性的成長基礎，透過高品質精密零組件與自有產品服務發電、關鍵基礎設施及其他重要市場，以掌握未來數年需求改善所帶來的機會。

With that said, I'll turn the call back over to the moderator for the Q&A session.

話說到這裡，我把電話交回主持人，進入問答環節。

(Operator Instructions) Eric Stine, Craig-Hallum.

（接線員指示）Eric Stine，Craig-Hallum。

Hi Eric, hi Tom.

嗨，Eric，嗨，Tom。

Hi Eric. Good morning, Eric.

嗨，Eric。早安，Eric。

Good morning, Eric.

早安，Eric。

So I know gearing and Industrial Solutions backlog up 2times or more year-over-year. You did mention your expectations for revenue for Industrial Solutions in 2026. I'm curious if you could just talk about Gearing a little bit. I know that -- I mean, obviously, the demand is there, but the quarter was limited by utilization. So just curious, I mean, maybe thoughts on that, steps you need to do to get through that and what 2026 growth might look like in Gearing throughout the year?

我知道齒輪（Gearing）以及工業解決方案（Industrial Solutions）的在手訂單（backlog）年增達2倍或以上。你確實提到對2026年工業解決方案營收的預期。我想請你談談齒輪業務。我知道——我的意思是，顯然需求存在，但本季受到產能利用率的限制。所以我想了解你對此的看法、需要採取哪些步驟來克服，以及2026年齒輪業務全年成長可能會是什麼樣子？

Sure. Yes, so as you mentioned, our backlog is about double where we -- from where we enter 2025 with. So we are expecting significant growth within that segment in terms of revenue, for sure, double-digit growth can be relied on there. We're entering with a much stronger backlog. So it's about execution versus commercial success this year.

當然。是的，如你所提，我們的在手訂單大約是我們進入2025年時的兩倍。因此，我們預期該部門的營收將有顯著成長，確實可以期待兩位數成長。我們以更強勁的在手訂單進入新年度。所以今年的重點在於執行力，而不是商務端的成功。

I mean, on execution, can you talk about that a little bit? I mean, so this is not limited by timing of when customers want these components. It's more about you driving higher throughput. Or just any details about kind of how the year ended and why 2026 may be different or may be limited at the start or anything along those lines?

我的意思是，在執行面，你能多談一點嗎？也就是說，這不是受限於客戶希望這些零組件的交期時點。而是更關乎你們提升產出吞吐量。或是任何關於年底狀況的細節，以及為什麼2026年可能不同、或年初可能受限之類的說明？

Well, I can add a little bit. We've got a lot more visibility. This is Eric, with the backlog that we have. We are working towards the customer's requested dates which are spread out throughout the year. So I'd say there's a ramp-up going to happen in Q1 with steady revenue in two, three and four. Again, much visibility for the full year. Some of our backlog is into 2027, but most of it is 2026, if that helps you.

我可以補充一些。我們的能見度高很多。我是Eric，基於我們目前的在手訂單。我們正依照客戶要求的交期推進，而這些交期分散在全年各時點。所以我會說第一季會有一個爬坡（ramp-up），第二、第三與第四季則會有穩定的營收。同樣地，對全年有很高的能見度。我們部分在手訂單延伸到2027年，但大多數是在2026年，如果這樣能幫助你。

Yes. No, that is helpful. Okay. Maybe I mean, after selling Manitowoc balance sheets in solid shape, you talked about redeploying it to different areas that includes bolt-ons and some new capabilities. I mean what -- maybe it's hard to share, but if there's anything you can share about areas that you think need added to whether organic or inorganic?

是的。這很有幫助。好的。也許我想問，在出售Manitowoc之後，資產負債表狀況穩健；你提到要把資金重新部署到不同領域，包括補強型併購（bolt-ons）以及一些新能力。我的意思是——也許不容易分享，但你是否能談談你認為需要補足的領域，不論是有機或無機成長？

Well, we're definitely focused on power generation and critical infrastructure in all of our divisions and our M&A search is in those areas, especially with grid or power generation. I think we're entering a super cycle for power generation and grid both that's going to last at least 10 years, and that's where my focus is, my targets are in M&A.

我們確實在所有事業部都聚焦於發電與關鍵基礎設施，而我們的併購（M&A）搜尋也在這些領域，特別是電網或發電相關。我認為我們正進入發電與電網的超級循環（super cycle），至少會持續10年，而這就是我在併購上的重點與目標。

Also for organic growth, both in BIS, which is obviously power generation, and in -- BIS is Industrial Solutions and in Gearing with power generation in these turbines that are, I would call midrange, which are 100-megawatts and less.

在有機成長方面也是如此，無論是在BIS（也就是工業解決方案 Industrial Solutions，顯然與發電相關），以及在齒輪（Gearing）方面，聚焦於這些我稱為中型（midrange）的渦輪機發電應用，也就是100兆瓦及以下。

Got it. And maybe I mean so we -- but these are not -- I mean, I guess, bolt-on certainly implies that these are not necessarily significant acquisitions, but more about adding capabilities, whether it's a new product line, new manufacturing footprint, that sort of thing?

了解。那也許我的意思是——我們——但這些不是——我的意思是，我想補強型（bolt-on）當然意味著這些不一定是重大收購，而是更偏向增加能力，不論是新的產品線、新的製造據點之類？

Yes. So that they would be bolt-on acquisitions to our existing platforms.

是的。因此，這些會是對我們既有平台的補強型收購。

All right, thank you very much.

好的，非常感謝。

Thank you. Thanks, Eric.

謝謝。謝謝你，Eric。

Justin Clare, Roth Capital Partners.

Justin Clare，Roth Capital Partners。

Hey, good morning. Thanks for, taking our questions here. I wanted to just start out on the capacity outlook for Industrial Solutions. So you mentioned that you're expanding the capacity there, I think, by 30% to accommodate future growth. So just wondering with that added capacity, how much potential revenue might be supported for the Industrial Solutions segment when it's fully utilized? And then if you could speak to how you anticipate utilization increasing over time here?

嗨，早安。謝謝讓我們在這裡提問。我想先從工業解決方案的產能展望談起。你提到你們正在擴充那邊的產能，我記得是增加30%，以因應未來成長。想請問在新增產能後，當工業解決方案部門完全滿載時，大約可支撐多少潛在營收？另外也請談談你預期未來利用率會如何逐步提升？

Sure. Just for clarification, our footprint is increasing 30%. But our capacity, we've already doubled it through staffing and equipment. So that floor space is just over and above that. So I think we can easily double our revenue, if not, maybe 2.2times more than 2025 revenue in our existing facility before we end up having capacity constraints.

當然。先澄清一下，我們的廠房面積（footprint）增加30%。但我們的產能（capacity）其實已透過人力配置與設備把它加倍了。所以新增的樓地板面積是在此之上的額外擴充。因此，我認為在現有廠房內，在真正遇到產能限制之前，我們的營收很容易翻倍，甚至可能達到2025年營收的2.2倍。

We're right now only operating at one shift, so we can add another shift, if necessary. So I think we could certainly get into the $70 million range revenue within our existing facility.

我們目前只在單一班次運作，所以如有需要，我們可以再增加一個班次。因此，我認為在現有廠房內，我們確實可以把營收提升到約7,000萬美元的區間。

Okay. And any sense for the timing in which you might be able to achieve that level of revenue given the visibility you have into demand and the discussions that you're having with your customers?

好的。就您目前對需求的能見度，以及與客戶的討論來看，您是否能大致判斷達到該營收水準的時間點？

Well, the growth in the combined cycle, natural gas, utility scale, natural gas turbines which we serve in that market is really, really strong. Primary customer, one of our primary customers, our primary customer, GE, says their orders increased 77%, in 2025 alone.

嗯，我們所服務的市場——聯合循環、天然氣、公用事業級的天然氣渦輪機——其成長真的非常、非常強勁。我們的主要客戶之一、也是主要客戶GE表示，僅在2025年，他們的訂單就增加了77%。

So I expect that the demand will be there from our primary customer and others all the way through 2030. So with customer indications, I think we've got a real strong chance of hitting that revenue number over the next several years.

因此，我預期從我們的主要客戶以及其他客戶那裡，需求將一路延續到2030年。所以根據客戶的指示，我認為在未來幾年內，我們很有機會達到那個營收數字。

Got it. Okay. That's helpful. And then maybe shifting over to the heavy fab business here. So the backlog was down in Q4, but that partly reflects the Manitowoc divestiture. Just wondering if you could speak to the underlying demand trends that you're seeing, the visibility you have and maybe the timing for backlog conversion and what you're expecting in terms of the cadence in orders -- some of the timing of bookings relative to when revenue would be recognized?

了解。好的。這很有幫助。接著也許把焦點轉到重型製造（heavy fab）業務。Q4的在手訂單（backlog）下降，但部分反映了Manitowoc的剝離。想請您談談目前看到的基本需求趨勢、您掌握的能見度，以及在手訂單轉換的時點；另外也想了解您對接單節奏的預期——也就是訂單入帳（bookings）的時間點相對於營收認列的時間點。

Sure. As has been the practice in the market for some time now, we tend to get -- our customers tend to release orders about 6 months or so in advance of their production needs. We've got good visibility for towers and adapters into Q3 2026, and customers have indicated that, that level of volume should continue through the remainder of 2027 and into 2027.

當然。如同市場一段時間以來的慣例，我們通常會——我們的客戶通常會在其生產需求前大約6個月左右釋出訂單。我們對塔筒與轉接件（adapters）的能見度良好，可看到2026年Q3；客戶也表示，該等出貨量水準應會延續到2027年剩餘期間並延伸到2027年。

Yes. Just to add to that, Justin, you asked about converting backlog. We see this as a ratable conversion consistent through 2026. So we're not seeing any really spikiness in terms of revenue. It should be pretty ratable over the four quarters of '26.

是的。補充一下，Justin，你問到在手訂單的轉換。我們認為這會在2026年呈現穩定、平均的轉換。因此，我們沒有看到營收會出現任何明顯的尖峰波動。在2026年的四個季度中，應該會相當平均。

Okay, got it. That's helpful. Thank you.

好的，了解。這很有幫助。謝謝。

Thanks, Justin.

謝謝你，Justin。

Amit Dayal, HC Wainwright.

Amit Dayal，HC Wainwright。

Thank you. Good morning, everyone. Thanks for taking my questions. Eric, with respect to sort of the 20% roughly level of organic year-over-year revenue growth you are guiding for, with the kind of visibility you have right now and some of the macro conditions, I mean, they look favourable. Do you think this is a level of growth you can maintain for the next few years at a minimum?

謝謝。各位早安。謝謝回答我的問題。Eric，關於你們所指引的大約20%的有機年對年營收成長，在目前的能見度以及一些總體環境條件下——看起來相當有利——你認為至少在未來幾年能維持這樣的成長水準嗎？

Well, the markets that we're going into have CAGRs of about 6-plus percent year-over-year, but they're -- but they're in great demand cycles that we're in, on the products that we're in, such as natural gas turbines in medium and high capacity, the growth is beyond that CAGR that I mentioned to you. So I think we can. Those two divisions achieved that kind of growth rate going forward over the next several years, really to through 2030, which is as far as we can see out now.

嗯，我們切入的市場年複合成長率（CAGR）大約是年增6%以上，但——但在我們所處的強勁需求循環中、以及我們所提供的產品上，例如中高容量的天然氣渦輪機，其成長高於我剛才提到的CAGR。所以我認為可以。這兩個事業部在未來幾年、一直到2030年（這是我們目前能看到的最遠時間點）都能達到那樣的成長率。

Okay. Understood. And then the $6 million follow-on order -- is this just one customer? And then adjacent to that, are there other opportunities similar to this that you may be pursuing that are in the pipeline, but not in the backlog?

好的。了解。另外，那筆600萬美元的追加訂單——這只是來自單一客戶嗎？以及與此相鄰的問題，你們是否還在追求其他類似的機會，這些機會可能在管線中，但尚未反映在在手訂單中？

Sure. Again, this is the power generation market, which we're really excited about. That's the market that we're attacking because we have the capital equipment in place. We get the certifications in place. We've got the customer relationships in place now. That is one customer that we're talking to with regard to that particular order, but we're talking to several others in that space.

當然。再次強調，這是在我們非常看好的發電市場。這是我們正在積極攻佔的市場，因為我們已具備資本設備。我們也已取得相關認證。而且我們現在也建立了客戶關係。就那筆特定訂單而言，我們正在與一位客戶洽談，但在該領域我們也正與其他幾家客戶洽談。

Okay. And just given sort of the recent volatility around events taking place in the Middle East and your exposure to the oil and gas space. Are you seeing a little bit more inquiries, et cetera, or activity from that segment right now

好的。再者，考量到近期中東事件帶來的波動，以及你們在油氣領域的曝險。你們是否看到該區塊目前有更多詢問等活動？

We are. Several of our customers -- now the orders aren't huge, like they were several years ago, but they're -- I would call them substantive and it's multiple customers.

有的。我們有幾位客戶——目前的訂單規模不像幾年前那麼大，但——我會稱之為具有一定份量，而且是來自多位客戶。

So I think what they're doing is hedging their best, if you will, that, a, there could be a disruption in their supply, which sometimes come from overseas. But there's demand because the price of oil is an indicator of demand in the US, and our customers are in the fracking and drilling US based space.

所以我認為他們是在盡可能進行避險：第一，供應可能會中斷，而供應有時來自海外。另外也有需求，因為油價是美國需求的指標，而我們的客戶是在美國本土的水力壓裂（fracking）與鑽探領域。

So that's all I have guys. I'll take my other questions offline. Thank you.

所以我就這些了，各位。我會把其他問題私下再問。謝謝。

Thank you.

謝謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eric Blashford for closing comments.

問答環節到此結束。接下來我想把電話交回給Eric Blashford做結語。

Yes. Thanks, everyone, for being on the call today and your interest in our company. We look forward to coming to you again at the end of Q1 to talk about our results. Thank you.

好的。謝謝各位今天參與電話會議並關注我們公司。我們期待在第一季結束時再次與各位交流，討論我們的業績結果。謝謝。

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

今天的會議到此結束。您現在可以掛斷電話線，感謝您的參與。