CPS Technologies Corp (CPSH) 2023 Q1 法說會逐字稿

Good day and welcome to the CPS Technologies Q1 2023 earnings conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Chuck Griffith, CFO and acting CEO of CPS Technologies. Sir, the floor is yours.

美好的一天，歡迎參加 CPS Technologies 2023 年第一季度收益電話會議。 （操作員說明） 現在我很高興將發言權交給主持人 Chuck Griffith，CPS Technologies 的首席財務官兼代理首席執行官。先生，地板是你的了。

Thank you, operator, and good afternoon, everyone. I'm joined today by Anthony Koski, our Corporate Development Officer. And in addition, I'd like to introduce Chris Witty from Darrow Associates. Many of you have asked about investor relations on these calls, and we have made the decision to work with Chris and Darrow moving forward. So, I'm now going to ask Chris to provide the Safe Harbor statement. Chris?

謝謝接線員，大家下午好。今天我們的企業發展官 Anthony Koski 也加入了我的行列。此外，我想介紹一下來自 Darrow Associates 的 Chris Witty。你們中的許多人在這些電話會議上詢問了投資者關係問題，我們決定與克里斯和達羅繼續合作。所以，我現在要請克里斯提供安全港聲明。克里斯？

Thanks, Chuck, and good afternoon, everyone. Before we begin the business portion of the call, I would like to point out that statements in this conference call that are not strictly historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and should be considered as subject to the many uncertainties that exist in CPS's operations and environment.

謝謝，查克，大家下午好。在我們開始電話會議的業務部分之前，我想指出，本次電話會議中並非嚴格歷史性的陳述屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，應被視為主題CPS 的運營和環境中存在許多不確定性。

These uncertainties include, but are not limited to, the war in Ukraine, economic conditions, market demands and competitive factors. Such factors could cause actual results to differ materially from those in any forward-looking statement. Additional information can be found in our filings with the SEC.

這些不確定因素包括但不限於烏克蘭戰爭、經濟狀況、市場需求和競爭因素。這些因素可能導致實際結果與任何前瞻性聲明中的結果存在重大差異。更多信息可以在我們向 SEC 提交的文件中找到。

Now I'd like to turn the call over to Chuck to offer his perspectives on the first-quarter results. Chuck?

現在我想把電話轉給查克，提出他對第一季度業績的看法。查克？

Thank you, Chris. First, let's address the elephant in the room, and that is the departure of Michael McCormack. Out of respect for Michael and his family and their privacy, I don't want to get into too much detail regarding his resignation. Suffice it to say that we will miss his drive, his leadership, and his sense of humor.

謝謝你，克里斯。首先，讓我們談談房間裡的大象，那就是邁克爾·麥科馬克的離開。出於對邁克爾及其家人和他們隱私的尊重，我不想透露有關他辭職的太多細節。我只想說，我們會懷念他的干勁、他的領導才能和他的幽默感。

Michael was an advocate of Jim Collins's book Good to Great. Collins said, make sure you have the right people on the bus and in the right seats. Of the four senior managers, three were hired during Michael's tenure, and I am very humbled personally by the confidence he showed in retaining me. The point is -- that I'm trying to make -- that Michael built a great team, not just at the senior level. He made the company stronger and better throughout his tenure and he will be missed.

邁克爾是吉姆·柯林斯的著作《從優秀到卓越》的倡導者。柯林斯說，確保公交車上有合適的人，坐在合適的座位上。在四位高級經理中，三人是在邁克爾任職期間聘用的，我個人對他在留住我方面表現出的信心感到非常謙卑。我想要表達的重點是，邁克爾建立了一支偉大的團隊，而不僅僅是高層團隊。在他的任期內，他使公司變得更強、更好，我們將懷念他。

The Board will as announced evaluate a candidate to take his place full time. Due in part to the foundation Michael laid, we are extremely confident that we're headed for another record year. Our business development team led by Anthony Koski has been able to maintain a strong book-to-bill ratio in spite of the fact that the denominator billing part of the equation continues to grow.

董事會將如宣布的那樣評估一名全職接替其職位的候選人。部分由於邁克爾奠定的基礎，我們非常有信心我們將迎來另一個創紀錄的一年。儘管分母賬單部分持續增長，但由安東尼·科斯基 (Anthony Koski) 領導的業務開發團隊仍能夠保持強勁的訂單出貨比。

Working with our product development team led by Dr. Steve Kachur, we've been able to evaluate customer problems and find unique solutions to meet their needs. Finally, under Dan Barton's leadership, our operations team continues to produce technologically complex parts on time and within the budget, making it that much easier for Anthony's group to win additional business.

通過與 Steve Kachur 博士領導的產品開發團隊合作，我們能夠評估客戶問題並找到獨特的解決方案來滿足他們的需求。最後，在丹·巴頓的領導下，我們的運營團隊繼續在預算範圍內按時生產技術複雜的零件，使安東尼的團隊更容易贏得更多業務。

Now let's turn to the financial results. Today, we're pleased to announce first-quarter revenue rose to $7.1 million for the quarter ending April 1, 2023, compared with $6.7 million in the prior-year period. The $7.1 million in revenue represents a new record high for CPS, surpassing the previous record set during the second quarter of 2022. Revenue growth in Q1 was driven by expansion with one of our major customers, which had been particularly hard hit by the COVID-19 pandemic as well as increased armor shipments.

現在讓我們轉向財務業績。今天，我們很高興地宣布，截至 2023 年 4 月 1 日的季度第一季度收入升至 710 萬美元，而去年同期為 670 萬美元。 710 萬美元的收入代表了 CPS 的新紀錄，超過了 2022 年第二季度創下的先前記錄。第一季度的收入增長是由我們的一個主要客戶的擴張推動的，該客戶受到了新冠疫情的嚴重打擊。 19大流行以及裝甲出貨量增加。

Gross profit in the first quarter of 2023 totaled $2.2 million or 32% of sales. This compares with gross profit of $2 million or 30% of sales in the prior-year period. This increase in gross margin was primarily due to the impact of higher sales on fixed factory costs, as well as improved factory efficiencies and product yields.

2023 年第一季度的毛利潤總計 220 萬美元，佔銷售額的 32%。相比之下，去年同期的毛利潤為 200 萬美元，佔銷售額的 30%。毛利率的增長主要是由於銷售額增加對固定工廠成本的影響，以及工廠效率和產品產量的提高。

Selling, general, administrative expenses totaled $1.6 million in the first quarter versus $1.4 million in the prior-year period. Two factors were primarily responsible for this increase. Travel costs were significantly higher this year than in 2022, which had been negatively impacted by the COVID-19 pandemic. Many conferences last year were still virtual, and many customers were still restricting on-site visits.

第一季度的銷售、一般和管理費用總計 160 萬美元，而去年同期為 140 萬美元。造成這一增長的主要原因有兩個因素。今年的差旅費用明顯高於 2022 年，而 2022 年受到了 COVID-19 大流行的負面影響。去年許多會議仍然是虛擬的，許多客戶仍然限制現場參觀。

As part of our plan to hire and retain good employees, we also increased the company's 401(k) match for 2023. The company generated operating income of $694,000 in the first quarter of 2023 compared with $547,000 last year. This increase of 27% was the result of higher gross profit, partially offset by greater SG&A expense as I just discussed.

作為我們僱用和留住優秀員工計劃的一部分，我們還增加了公司 2023 年的 401(k) 匹配金額。該公司 2023 年第一季度的營業收入為 694,000 美元，而去年為 547,000 美元。 27% 的增長是毛利潤增加的結果，但正如我剛才討論的那樣，部分被更大的 SG&A 費用所抵消。

This quarter's operating profit was our second highest in over 10 years. Our book-to-bill for the quarter was 112%, further enhancing the 110% book-to-bill we reported for 2022. We are cautiously optimistic that the order win rate and ongoing demand will directly translate into steadily increasing revenue and operating profit for the rest of fiscal 2023 and into fiscal 2024.

本季度的營業利潤是我們十多年來第二高的。我們本季度的訂單出貨率為 112%，進一步提高了我們報告的 2022 年 110% 的訂單出貨率。我們謹慎樂觀地認為，訂單贏得率和持續需求將直接轉化為穩定增長的收入和營業利潤2023 財年剩餘時間和 2024 財年。

Turning to the balance sheet. We ended the quarter with $7.4 million of cash versus $8.3 million on hand at the end of fiscal 2022. The decrease in cash was due primarily to increases in accounts receivable and significant reductions in deferred revenue, partially offset by operating cash flow. Although it remains open and available to us, no additional cash was raised under our ATM program in the first quarter.

轉向資產負債表。本季度結束時，我們的現金為 740 萬美元，而 2022 財年末手頭現金為 830 萬美元。現金減少主要是由於應收賬款增加和遞延收入大幅減少，部分被運營現金流所抵消。儘管它仍然開放並可供我們使用，但第一季度我們的 ATM 計劃沒有籌集到額外的現金。

Before turning the call over to Anthony, let me just add -- in the first quarter, we also announced another SBIR win. Dr. Kachur and his team will be working on the development of armor floor panels for the UH-60 Black Hawk helicopter. We are very excited about the prospects for this project as the lightweight attributes of our hybrid tech armor make it ideally suited for this type of application.

在將電話轉交給安東尼之前，讓我補充一下——在第一節，我們還宣布了 SBIR 的另一場胜利。 Kachur 博士和他的團隊將致力於為 UH-60 黑鷹直升機開發裝甲地板。我們對該項目的前景感到非常興奮，因為我們的混合技術裝甲的輕量化屬性使其非常適合此類應用。

While there is no guarantee that this particular project will become a full-scale production order, we remain optimistic. As we continue to apply for and win SBIRs the likelihood of one or more of these becoming a major win for CPS increases dramatically.

雖然不能保證這個特定項目將成為全面生產訂單，但我們仍然保持樂觀。隨著我們繼續申請並贏得 SBIR，其中一項或多項成為 CPS 重大勝利的可能性急劇增加。

So, as you can see, there are a lot of good things going on here at CPS. We believe the company is well positioned for strong performance in the quarters to come. And I would now like to turn the call over to Anthony, so he can get into a little more detail about the growing opportunities on the business development front. Anthony?

因此，正如您所看到的，CPS 正在發生很多好事。我們相信，該公司已做好準備，在未來幾個季度取得強勁業績。我現在想把電話轉給安東尼，這樣他就可以更詳細地了解業務發展方面不斷增長的機會。安東尼？

Thank you, Chuck, and hello, everyone. Another quarter of record result is certainly a great way to start 2023. First, I'd like to take this opportunity to echo Chuck's earlier comments on Michael's departure. He has been very influential to the organization and me personally as a mentor and a friend. We wish him and his family all the best and thank him again for his significant contributions.

謝謝你，查克，大家好。又一個季度創紀錄的業績無疑是開啟 2023 年的一個好方法。首先，我想藉此機會回應查克早些時候對邁克爾離職的評論。作為導師和朋友，他對組織和我個人都非常有影響力。我們祝愿他和他的家人一切順利，並再次感謝他做出的重大貢獻。

Now some updates on how we're planning for the future of CPS. The business development team and I continue to focus on identifying and penetrating new avenues of growth to scale our operations. In close collaboration with our product development team, led by Dr. Steve Kachur, we are actively pursuing opportunities within the advanced materials space, prioritizing high-value projects with significant potential upside.

現在介紹一下我們如何規劃 CPS 的未來。我和業務開發團隊將繼續專注於尋找和開拓新的增長途徑，以擴大我們的業務規模。我們與 Steve Kachur 博士領導的產品開發團隊密切合作，積極尋求先進材料領域的機會，優先考慮具有巨大潛力的高價值項目。

Although the development, qualification, and overall sales cycle can be long for any materials solutions, we are 100% committed to realizing the long-term upside these programs can produce. This long-game approach has not prevented us from converting many opportunities into near-term wins as demonstrated by our strong book-to-bill ratio. Considering this is calculated on a growing revenue number, as Chuck mentioned, makes it even more significant.

儘管任何材料解決方案的開發、認證和整體銷售週期都可能很長，但我們 100% 致力於實現這些計劃可以產生的長期優勢。這種長期策略並沒有阻止我們將許多機會轉化為短期勝利，我們強勁的訂單出貨比就證明了這一點。正如查克提到的，考慮到這是根據不斷增長的收入數字來計算的，這使得它變得更加重要。

We remain focused on managing our sales pipeline and ensuring we have an adequate funnel to meet our topline goals for the year. Suffice it to say that the pipeline is growing and diverse. It includes both existing and developing customers and products. I am pleased at the rate we were able to convert in Q1, and I'm optimistic we will be able to hit our sales goals for the year, including solid growth over fiscal 2022.

我們仍然專注於管理我們的銷售渠道，並確保我們有足夠的渠道來實現我們今年的營收目標。可以說，管道正在不斷增長且多樣化。它包括現有和發展中的客戶和產品。我對我們在第一季度實現的轉化率感到高興，並且我樂觀地認為我們將能夠實現今年的銷售目標，包括 2022 財年的穩健增長。

A few more highlights from the first quarter. The business development team is expanding. We recently welcomed Joe Englin as our new Senior Business Development Manager. Joe has over 15 years of experience in aerospace composites manufacturing having previously held leadership positions in both engineering and business development. Joe has hit the ground running and is already generating high-value prospects. We are excited to have him on the team and are confident he will make a significant contribution to the organization.

第一季度的更多亮點。業務開發團隊不斷擴大。我們最近歡迎喬·恩格林 (Joe Englin) 擔任我們新的高級業務開發經理。 Joe 在航空航天復合材料製造領域擁有超過 15 年的經驗，此前曾在工程和業務開發領域擔任過領導職務。喬已經開始行動並已經產生了高價值的前景。我們很高興他加入團隊，並相信他將為組織做出重大貢獻。

As previously announced, in Q1, we received a significant order for hermetic packages from a leading aerospace electronics manufacturer. I'm not able to disclose the company or the specific applications, but I can share that the packages will primarily support US space programs. I would also like to highlight that this represents a 100% increase in sales from this customer and includes both existing and new product designs.

正如之前宣布的，在第一季度，我們收到了一家領先的航空航天電子製造商的密封封裝大訂單。我無法透露該公司或具體應用程序，但我可以分享這些軟件包將主要支持美國太空計劃。我還想強調的是，這意味著該客戶的銷售額增長了 100%，其中包括現有的和新的產品設計。

This is a direct result of our team's ability to actively listen to our customers and be a solutions provider at a larger scale. We are confident that we will be able to continue driving incremental growth with this client and increase our portfolio of parts supporting our ongoing and developing programs.

這是我們團隊能夠積極傾聽客戶意見並成為更大規模的解決方案提供商的直接結果。我們相信，我們將能夠繼續推動該客戶的增量增長，並增加支持我們正在進行和開發的項目的零件組合。

We also initiated over 30 new product qualification projects in the first quarter. This has been a deliberate effort to bring in more new product qualification opportunities each quarter, and we are pleased to have hit our target for Q1.

一季度我們還啟動了30多個新產品鑑定項目。這是為了每個季度帶來更多新產品認證機會而進行的刻意努力，我們很高興達到了第一季度的目標。

Lastly, we successfully delivered new armor panels for qualification testing on a significant international opportunity supporting enhanced survivability of combat vehicles. This effort builds upon our proven HybridTech Armor technology packaged in a new way to achieve a higher level of protection. We are partnering with a global defense systems integrator and expect the qualification testing to happen later this year.

最後，我們成功交付了新的裝甲板，以進行資格測試，這是支持增強戰車生存能力的重要國際機會。這項工作建立在我們經過驗證的 HybridTech Armor 技術的基礎上，以新的方式封裝，以實現更高水平的保護。我們正在與一家全球國防系統集成商合作，預計資格測試將於今年晚些時候進行。

Thank you. This concludes my prepared remarks. Chuck and I are now available to answer any questions. Operator, please go ahead.

謝謝。我準備好的發言到此結束。查克和我現在可以回答任何問題。接線員，請繼續。

Thank you. At this time, we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。 （操作員說明）

[Chris Wachowsk].

[克里斯·沃喬夫斯基]。

Hello. Congratulations on the great results. Can you give us kind of an estimate of how much of your revenues are commercial and how much they are for government on military programs?

你好。祝賀取得的優異成績。您能給我們估算一下您的收入中有多少是商業收入，有多少是用於政府軍事項目的收入嗎？

Sure, I believe that the parts that are going to defense contractors -- so, we're not selling directly to the government. I'm not sure if that's your question, but the portion going to defense contractors, I want to say, is about 30% to 40% -- in that range.

當然，我相信這些零件將賣給國防承包商——所以，我們不會直接賣給政府。我不確定這是否是你的問題，但我想說，分配給國防承包商的部分大約是 30% 到 40%——在這個範圍內。

Okay. Yeah, that's what I was asking about and my -- the main reason for that is because of defense contracts can be volatile in terms of starting and ending of programs. And do see that kind of productivity forthcoming or are you -- it seems like you're in the beginning of programs on all of your product? So, it does --

好的。是的，這就是我要問的問題，主要原因是國防合同在項目的開始和結束方面可能會不穩定。您是否看到了即將到來的那種生產力？您似乎正處於所有產品計劃的開始階段？所以，它確實——

Yes, it does. I'm sorry, finish. Sorry.

是的，它確實。對不起，說完。對不起。

Go ahead.

前進。

Yeah. We haven't seen that yet. And I think we're actually seeing a growth in that part of our business. We're getting a lot of these defense contractors coming to us with products for the first time or at least the first time that we're seeing them because of the confidence that we've been building with them. So, I think we're actually very excited about the future of the defense portion of our business.

是的。我們還沒有看到這一點。我認為我們實際上看到了這部分業務的增長。我們有很多國防承包商第一次帶著產品來找我們，或者至少是我們第一次看到它們，因為我們與他們建立了信心。因此，我認為我們實際上對我們業務的國防部分的未來感到非常興奮。

I don't know. Anthony, do you want to add anything to that?

我不知道。安東尼，你想補充什麼嗎？

Yeah. The only thing I would add is, obviously as you alluded to the government contracting in programs can be lumpy. I'll use that as a word to describe it. And as Chuck alluded to, we haven't seen a significant portion of that yet. But I think that -- using the armor as a perfect example -- we were actively delivering on our program with Kinetic Protection for the US Navy. And a lot of times with contracts like that, they're significant in scale and then you work them off a bit, and then once you get towards the end, you're working on the next contracting action.

是的。我唯一要補充的是，顯然正如您所提到的，政府在項目中的承包可能是不穩定的。我將用它作為一個詞來描述它。正如查克提到的，我們還沒有看到其中的很大一部分。但我認為——以裝甲作為一個完美的例子——我們正在積極為美國海軍實施我們的動能保護計劃。很多時候，像這樣的合同，它們的規模很大，然後你會稍微解決它們，然後一旦接近尾聲，你就會開始下一個合同行動。

So, it's all about foreseeing that lifecycle of the program and ensuring that we have an adequate pipeline of what's next kind of backfill sort of we don't see that lumpiness in the business. But yes, we haven't seen a ton of it yet, but we're actively managing and preparing for that cycle.

因此，這一切都是為了預見程序的生命週期，並確保我們有足夠的管道來進行下一代回填，這樣我們就不會看到業務中出現這種混亂。但是，是的，我們還沒有看到很多這樣的情況，但我們正在積極管理和準備這個週期。

Okay. That's good to hear. Another question is on the -- more on the commercial side or it might also be defense, but on the non-armor -- the electronic side for using your product for cooling plates, for electronics. It seems like looking at -- listening to other conference calls, it seems like the power electronics market in industrial power electronics is very strong despite of what might be happening with the economy.

好的。聽起來還不錯。另一個問題是在商業方面，或者也可能是防禦，但在非裝甲方面，電子方面，將您的產品用於冷卻板和電子產品。看起來——聽其他電話會議，工業電力電子領域的電力電子市場似乎非常強勁，儘管經濟可能會發生什麼。

Are you seeing a corresponding strength there? And are you -- is there a possibility for you to move into more mass-market applications and to have products that are useful for in our lives -- not really extremely high-power devices, but more of a plentiful industrial devices that might be lower power?

你在那裡看到了相應的力量嗎？你是否有可能進入更多的大眾市場應用並擁有對我們生活有用的產品——不是真正的極高功率設備，而是更多可能的工業設備功率較低？

Sure, yeah. I think the answer to that question is yes. What we're seeing is -- I'll give you a good -- an example is the chips that they're putting on these plates typically had been silicon and now there's a shift towards silicon carbide. And what that means -- with silicon carbide, as you may know, is more efficient than silicon. Especially, this is important when we get to things like electric vehicles and battery storage and the ability to run on a -- run farther on the same charge.

當然，是的。我認為這個問題的答案是肯定的。我們看到的是——我給你一個很好的例子——他們放在這些板上的芯片通常是矽，現在正在轉向碳化矽。這意味著——正如您所知，碳化矽比矽更有效。尤其是，當我們涉及電動汽車和電池存儲以及在相同電量下運行更遠的能力等方面時，這一點尤其重要。

However, the silicon carbide runs at a hotter temperature than silicon, and that makes the AlSiC application more suited towards those middle range power modules where in the past with silicon you were you were fine using a copper baseplate, for example. But as we get to -- as we start running hotter, then you may want to consider AlSiC.

然而，碳化矽的運行溫度比矽更高，這使得 AlSiC 應用更適合那些中檔功率模塊，例如，在過去使用矽時，您可以使用銅基板。但當我們開始變得更熱時，您可能需要考慮 AlSiC。

So, there was always an area where you always used AlSiC and an area where you always used copper. And then there was a gray area in between and I think what we're seeing is that gray area is shifting towards using more of an AlSiC solution because of -- as you start developing silicon carbide. So, there's certainly applications. We've certainly been involved in our products going into electric vehicles, which of course has a tremendous upside, it appears.

因此，總有一個區域總是使用 AlSiC，而另一個區域總是使用銅。然後中間有一個灰色區域，我認為我們看到的是灰色區域正在轉向使用更多的 AlSiC 解決方案，因為 - 當你開始開發碳化矽時。所以，肯定有應用程序。我們當然已經將我們的產品應用於電動汽車，這當然具有巨大的優勢，看起來。

And whether -- what portion of that market, we could potentially end up, I really couldn't say at this point. Bu it's certainly something that we could see some great results in. And Anthony, I'll ask if you want to expand on any of that.

至於我們最終可能會佔據該市場的哪一部分，我現在還不能說。但這肯定是我們可以看到一些偉大成果的事情。安東尼，我會問你是否想擴展其中任何一個。

No. You pretty much covered it, Chuck. We've made a lot of great progress in engaging with a lot of the semiconductor manufacturers that are starting to heavily utilize silicon carbide as Chuck described. And just as we mature those discussions and understanding, we're still targeting in that higher-end, higher-performance applications -- Formula E, military fleet electrification as a few couple of examples.

不，你幾乎涵蓋了它，查克。正如查克所描述的，我們在與許多半導體製造商合作方面取得了很大進展，這些製造商開始大量使用碳化矽。正如我們成熟的這些討論和理解一樣，我們仍然瞄準更高端、更高性能的應用——電動方程式賽車、軍事艦隊電氣化等幾個例子。

The wider commercial HEV and EV market -- as silicon carbide as a material continues to be used more and more to improve efficiencies and power density, it does increase the heat. But when you're dealing with commercial marketplace and commercial EV, then you're dealing with the price war and you have competition overseas that you're dealing with.

更廣泛的商用混合動力汽車和電動汽車市場——隨著碳化矽作為一種材料繼續被越來越多地使用以提高效率和功率密度，它確實增加了熱量。但是，當您處理商業市場和商業電動汽車時，您就會面臨價格戰，並且面臨海外競爭。

So, I still see that, at least in the near term, having a bigger play in those higher-end, more extreme applications. But the advance of silicon carbide as a material in those applications has made it even more appealing for our types of materials.

因此，我仍然認為，至少在短期內，在那些更高端、更極端的應用中發揮更大的作用。但碳化矽作為材料在這些應用中的進步使其對我們的材料類型更具吸引力。

That's great. That's good to hear. And I was hoping that you would say that the cutoff line where your devices are applicable is going lower. So, can you -- lastly, can you perhaps give us an estimate of what that cutoff line is -- that you market the device either by voltage or by power of silicon carbide? Is it like anything over 800 volts or 1,600 volts?

那太棒了。聽起來還不錯。我希望您會說您的設備適用的截止線正在降低。那麼，您能否——最後，您能否給我們一個截止線的估計——您通過電壓或碳化矽功率來銷售該設備？它類似於 800 伏或 1,600 伏以上的電壓嗎？

I can't give you that number. (multiple speakers)

我不能給你那個號碼。 （多個發言者）

I don't know if we -- I can take that, Chuck. I don't know if we have necessarily a specific line, but I think that you're kind of right in that range. So, we've always operated in this 1,100 to 1,200 volt; that was where else AlSiC started coming into play. And I think with the introduction of silicon carbide, it's probably getting closer to that -- it's 700 to 800 volt. But that's not something that's been a line in the sand that we've drawn to say that this is what we're going to market to. But it certainly expands that area that we have reached to.

我不知道我們是否——我能接受，查克。我不知道我們是否有特定的界限，但我認為你在這個範圍內是正確的。因此，我們一直在 1,100 至 1,200 伏電壓下運行；這就是 AlSiC 開始發揮作用的地方。我認為隨著碳化矽的引入，它可能會越來越接近這個電壓——700 到 800 伏。但這並不是我們劃定的界限，說這就是我們要推銷的產品。但它確實擴大了我們已經達到的領域。

All right. Good to hear. That's it for me. Good luck.

好的。很高興聽到。對我來說就是這樣。祝你好運。

Thank you.

謝謝。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

[Stephen Fasi].

[斯蒂芬·法西]。

Thank you. Hi. Good afternoon. Just a quick question about the vehicle armor. You guys at least -- I'm trying to work from memory here, but we're looking into vehicle armor or working with somebody maybe a couple of years ago. Can you say whether it's the same customer or a different customer or a -- without necessarily -- I'm not necessarily asking the name. I'm just wondering.

謝謝。你好。下午好。只是一個關於車輛裝甲的簡單問題。至少你們——我正在嘗試憑記憶工作，但我們正在研究車輛裝甲或與幾年前的某人合作。你能說是同一個客戶還是不同的客戶，或者——不一定——我不一定要問名字。我是在想。

Yes, I would as -- go ahead, Chuck.

是的，我願意——繼續吧，查克。

Yeah. It is the same customer that we've been working with right along at least since the -- in the four years since I've been here, it's been mainly that at one customer.

是的。至少從我來到這里以來的四年裡，我們一直在與同一位客戶合作，主要是針對一位客戶。

Yeah. Okay, good. Yes, thanks. Appreciate it.

是的。好的。對了謝謝。欣賞它。

Thanks, Steve.

謝謝，史蒂夫。

Thank you. And there were no other questions in queue at this time. (Operator Instructions)

謝謝。並且此時隊列中沒有其他問題。 （操作員說明）

[Ron Richards].

[羅恩·理查茲]。

Hey guys. I was looking over previous conference calls, and I noticed in the August 2022 conference call, they were talking about working on the benefits of additive manufacturing and 3D printing. You talked about possibly updating your work in that area -- that you were doing some work for several customers. Any updates on that project?

大家好。我查看了之前的電話會議，注意到在 2022 年 8 月的電話會議中，他們正在討論研究增材製造和 3D 打印的好處。您談到了可能更新您在該領域的工作——您正在為多個客戶做一些工作。該項目有任何更新嗎？

Yeah. So, we -- one of the SBIRs that we've been working on involved the 3D printing. And that one is -- I believe that one is still moving forward. We've also done some internal work with 3D printing. In fact, Dr. Kucher was showing me just yesterday some really complex parts that we've made that could be for a -- I'll just say a company everybody on this call has heard of. And it's still very interesting.

是的。所以，我們一直在研究的 SBIR 之一涉及 3D 打印。那就是——我相信一個人仍在前進。我們還完成了一些 3D 打印的內部工作。事實上，庫徹博士昨天向我展示了我們製造的一些非常複雜的零件，這些零件可能適用於——我只想說，這次電話會議中的每個人都聽說過的一家公司。這仍然很有趣。

So, I think it's still early to talk about major commercial applications at this point in time, but we're definitely working on it. And we're definitely moving forward with that and think it certainly could be an area that could be very successful for us.

所以，我認為現在談論主要的商業應用還為時過早，但我們肯定正在努力。我們肯定會向前邁進，並認為這肯定是一個對我們來說非常成功的領域。

Okay. And also, I was wondering what the hermetic seal -- have you guys been involved with Starlink using your hermetic seals?

好的。而且，我想知道密封是什麼——你們使用你們的密封參與了星鏈嗎？

Not -- I can take this one, Chuck. So, not directly, recently. But a lot of our customers sell into Starlink, but Starlink has been a target of ours for quite some time now. And we're actively beginning to reengage them. We actually kind of just started over the last couple of weeks to reengage them directly. But as I mentioned, a few of our customers are selling into Starlink.

不——我可以接受這個，查克。所以，不是直接的，最近的。但我們的很多客戶都向 Starlink 出售產品，但 Starlink 已經成為我們的目標已經有一段時間了。我們正在積極地開始重新吸引他們。實際上，我們在過去幾週才開始直接重新與他們接觸。但正如我提到的，我們的一些客戶正在向 Starlink 出售產品。

Okay, great. Thank you, guys.

好的，太好了。感謝你們。

And thank you. And there were no other questions in queue at this time. I would like to hand the call over to Chuck Griffith for some closing remarks.

謝謝你。而且此時隊列中沒有其他問題。我想將電話轉交給查克·格里菲斯 (Chuck Griffith)，讓其發表一些結束語。

Okay. So, thank you, Paul, and thank you, everybody, for getting on the call. It's been a pleasure talking to you all today and listening to the questions. And we're -- as we've talked about before, we're certainly looking forward to another great quarter and another great year for this year. And hopefully, we'll be back here in about 90 days and being able to tell you that we have achieved that goal at least for one more quarter. So, again, thank you all for getting on. And with that, we'll close out.

好的。所以，謝謝保羅，也謝謝大家撥通電話。今天很高興與大家交談並聽取大家的問題。正如我們之前談到的，我們當然期待今年又一個偉大的季度和另一個偉大的一年。希望我們能在大約 90 天后回到這裡，並能夠告訴您我們至少在一個季度內已經實現了這一目標。所以，再次感謝大家的參與。至此，我們就結束了。

Thank you. And there were no other questions at this time. This does conclude today's conference call. You may disconnect your lines at this time and have a wonderful day. Thank you for your participation.

謝謝。而且此時也沒有其他問題了。今天的電話會議到此結束。此時您可以斷開線路並度過美好的一天。感謝您的參與。

Thank you, everybody.

謝謝大家。