CPS Technologies Corp (CPSH) 2025 Q4 法說會逐字稿

Good morning, everyone and welcome to CPS Technologies Fourth quarter 2025 earnings call.

各位早安，歡迎參加 CPS Technologies 2025 年第四季財報電話會議。

(Operator Instructions) It's now my pleasure to turn the floor over to your host, Charles Griffith, CFO at CPS Technologies.

(接線員指示) 現在我很榮幸把會議交給今天的主持人——CPS Technologies 財務長 Charles Griffith。

Thank you, Jenny and good morning, everyone. Today, I'm joined by Brian Mackey, our President and CEO. We look forward to discussing our fourth quarter results with you. But first, Chris Witty, our Investor Relations Advisor will provide a brief safe harbor statement.

謝謝你，Jenny，各位早安。今天與我一同出席的是我們的總裁兼執行長 Brian Mackey。我們期待與各位討論第四季的業績。不過在開始之前，我們的投資人關係顧問 Chris Witty 將先提供簡短的安全港聲明。

Thanks, Charles and good morning, everyone. Before we begin the business portion of today's 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.

謝謝你，Charles，各位早安。在開始今天電話會議的業務內容之前，我想指出，本次電話會議中凡非純屬歷史事實的陳述，均屬於 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述，並應被視為受 CPS 營運與所處環境中眾多不確定因素影響。

These uncertainties include but are not limited to the ongoing conflicts in Ukraine, Israel, and the Middle East, other geopolitical events, economic conditions, market demands and competitive factors.

這些不確定因素包括但不限於烏克蘭、以色列及中東地區持續的衝突、其他地緣政治事件、經濟狀況、市場需求以及競爭因素。

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. Now I will turn the call over to Brian and offer his perspective on the quarter after which Charles will review the financial results in greater detail. Brian.

上述因素可能導致實際結果與任何前瞻性陳述所述內容出現重大差異。更多資訊可參閱我們向美國證券交易委員會（SEC）提交的文件。現在我將把電話會議交給 Brian，他將分享對本季的看法，之後 Charles 會更詳細地回顧財務結果。Brian。

Thanks Chris. Good morning, everyone. As expected, we just closed out the best year in the company's history from a revenue standpoint with sales of $32.6 million. This was a milestone accomplishment for CPS and marks a strong comeback from where we were just one year ago.

謝謝 Chris。各位早安。如預期所示，我們剛結束公司歷史上以營收計算表現最佳的一年，銷售額達 3,260 萬美元。這是 CPS 的一項里程碑式成就，也標誌著我們相較於僅僅一年前所處的狀況，強勢回歸。

We continue to benefit from strong underlying demand and are well on our way to selecting a new site to expand and improve our production capabilities. We also have some news to share regarding hybrid tech armour.

我們持續受惠於強勁的基本需求，並正穩步推進選定新址，以擴充並提升我們的生產能力。此外，我們也有關於混合技術裝甲（hybrid tech armour）的消息要分享。

I'll speak more to both of these topics in a moment. As previously announced, we completed a secondary offering in the fourth quarter that raised $9.5 million of net proceeds. With our newly strengthened balance sheet, we are clearly in better shape than at any time in recent memory and we expect 2026 to position our company very well for higher growth going forward.

我稍後會更詳細談這兩個主題。如先前公告，我們在第四季完成一次次級發行，淨募資 950 萬美元。在資產負債表獲得強化後，我們顯然處於近年來最佳狀態，我們預期 2026 年將使公司在未來邁向更高成長時具備非常有利的定位。

Let me now turn the call over to Charles to provide further details about our financial results after which I will provide some additional perspective on the quarter and our outlook, Charles.

現在我把電話會議交給 Charles，請他提供更多財務結果細節；之後我將補充對本季以及展望的看法。Charles。

Thanks, Brian. The fourth quarter capped the year of significant achievement and puts the company on track for even better days ahead. CPS reported revenue of $8.2 million for the period compared with $5.9 million in the fourth quarter of fiscal 2024.

謝謝，Brian。第四季為這一年重要成果畫下句點，也讓公司朝向更好的未來邁進。CPS 本期營收為 820 萬美元，較 2024 會計年度第四季的 590 萬美元增加。

As with the year in total the increase was driven by strong product demand and higher overall shipments benefiting from our third shift and expanded production capabilities. Revenue in Q4 was down from Q3 levels primarily due to extended holiday periods for our customers, particularly overseas.

如同全年表現，營收成長主要由強勁的產品需求與整體出貨量提升所帶動，這得益於我們新增第三班次以及擴充的產能。第四季營收較第三季下滑，主要原因是客戶假期延長，尤其是海外客戶。

We reported gross profit in the fourth quarter of $1.2 million or approximately 14.6% of sales compared with the gross loss of $0.3 million last year.

我們第四季毛利為 120 萬美元，約占銷售額的 14.6%，相較去年同期毛損 30 萬美元。

As in other recent quarters, the increase year over year was due to higher revenue and greater manufacturing efficiencies. However, margins in Q4 took a step down versus Q3 due to the reduction in revenue as well as the diluted impact on margins of the dramatically increased cost of gold.

與近期其他季度相同，年增主要來自更高的營收與更佳的製造效率。然而，第四季毛利率較第三季下滑，原因包括營收下降，以及黃金成本大幅上升對毛利率造成的稀釋影響。

A number of our products are gold plated and historically the expense of some of these charges was rather nominal. Now, however these dramatically increased costs are having a dilutive impact on margins as the margin for added gold costs is nominally zero.

我們有多項產品採用鍍金處理，過去其中部分費用相對不高。但目前這些大幅上升的成本正對毛利率造成稀釋影響，因為新增的黃金成本幾乎沒有毛利（名目上為零）。

Going forward, we expect margins to expand as we continue to implement improvements to our operations, notwithstanding any short-term impacts when we move production at the appropriate time. We remain focused on expanding margins as we increase productivity and improve asset utilization at the new facility.

展望未來，隨著我們持續推動營運改善，我們預期毛利率將擴張；即使在適當時點移轉產能時，短期可能仍會有一些影響。我們仍專注於在新廠提升生產力並改善資產使用效率的同時，擴大毛利率。

Selling general and administrative SG&A expenses totalled $1.3 million for the fourth quarter versus $1.0 million in the prior year. We continued to actively manage costs while ramping up production and investing for growth. SG&A remains fairly constant for each quarter of 2025.

第四季銷售、一般及行政（SG&A）費用合計 130 萬美元，去年同期為 100 萬美元。我們在擴大產能並為成長投資的同時，仍持續積極控管成本。2025 年各季度的 SG&A 大致維持穩定。

The company posted an operating loss of about $100,000 in the fourth quarter compared to approximately $1.3 million last year. We reported net income of around $12,000 per share versus a net loss of about $1.0 million or $0.07 per share in Q4 of fiscal 2024.

公司第四季營業損失約 10 萬美元，去年同期約為 130 萬美元。我們本季淨利約 1.2 萬美元（每股），相較於 2024 會計年度第四季淨損約 100 萬美元或每股虧損 0.07 美元。

Turning to the balance sheet, we ended the year with $4.5 million of cash and $8.8 million in marketable security. $0.3 million combined versus a combined total of $4.3 million at the beginning of 2025 which included $3.3 million social securities.

就資產負債表而言，我們年底現金為 450 萬美元、可出售有價證券為 880 萬美元。合計為 0.3 百萬美元，對比 2025 年初合計 430 萬美元，其中包含 330 萬美元的社會證券。

As a reminder, earlier, completed a public offering, which raised, there's a net Growth capital and funds to move to a larger manufacturing facility and further scale the business. Trade accounts receivable total $5.2 million. The 2020, $9 million Sorry, December 28, 2024, inventories rose to, Into the fourth quarter reflecting increased production and customer demand.

提醒各位，我們先前完成一次公開發行，募集到——淨成長資本與資金，用於搬遷至更大的製造設施並進一步擴大業務規模。應收帳款合計 520 萬美元。2020 年，900 萬美元 抱歉，2024 年 12 月 28 日，存貨上升至，進入第四季，反映產量增加與客戶需求。

Dollars at the start of the fiscal year. Liability side payables and accrual total $4.3 million at the end of the fourth quarter versus $4.0 million, 2024. Now Brian will provide a more in-depth discussion of the period and outlook.

為會計年度開始時的美元金額。負債端方面，應付帳款與應計費用於第四季末合計 430 萬美元，較 2024 年的 400 萬美元增加。接下來 Brian 將更深入討論本期表現與展望。

Thanks Charles. Let me first point out that as I'm sure our investors know Charles, our CFO, announced late last year he was finally looking forward to retirement.

謝謝 Charles。我先指出一點：我相信投資人都知道，Charles——我們的財務長——在去年稍晚宣布，他終於期待退休了。

He has earned it after a full career, including the last seven years at CPS where he has positively impacted not only our financial reporting but our strategy, growth trajectory and underlying operating results.

在完整的職涯之後，他確實當之無愧；其中包括在 CPS 的過去七年，他不僅對我們的財務報告，也對我們的策略、成長軌跡以及核心營運成果帶來正面影響。

Although we do not expect this to be his last earnings call with the company, I know the entire team here at CPS agrees with me. It's been a pleasure working with him these past several years and we certainly hope retirement treats him well. S

雖然我們不預期這會是他在公司最後一次參與財報電話會議，但我知道 CPS 全體團隊都同意我的看法。過去幾年能與他共事是我的榮幸，我們也衷心希望他的退休生活一切順利。S

Since joining the company in 2019, Charles has been instrumental in heading the company's finance and accounting functions, as well as providing overall leadership at CPS that's been crucial to driving the growth we've experienced.

自2019年加入公司以來，Charles在領導公司財務與會計職能方面一直扮演關鍵角色，並在CPS提供整體領導力，對推動我們所經歷的成長至關重要。

We are now actively searching for a successor as capable as he is who will join the company on what we believe is an inflection point in support of future growth. This screening and interviewing effort will naturally be a key point of focus for us in the coming weeks.

我們目前正積極尋找一位同樣勝任的接任者，加入公司；我們相信公司正處於支持未來成長的關鍵拐點。在未來幾週，這項篩選與面試工作自然將成為我們關注的重點。

Now returning to our performance, we're obviously pleased with the rapid expansion of our sales and operations leading to record revenue this past year. I think it says a lot about our products, our markets, and the ability of our committed team here at CPS to raise production to meet demand.

回到我們的營運表現，我們顯然對銷售與營運的快速擴張感到滿意，並在去年創下創紀錄的營收。我認為這充分說明了我們的產品、我們的市場，以及CPS這支投入且敬業的團隊能夠提升產能以滿足需求的能力。

However, we know we have further to go with respect to both revenue and gross margins, which is why we're looking to upgrade our manufacturing capabilities as soon as possible. As we discussed last quarter, the key impetus for the capital raise in October is a planned move to a manufacturing facility nearby which will provide for long-term growth and product expansion.

然而，我們也知道在營收與毛利率兩方面仍有進一步提升空間，因此我們希望盡快升級製造能力。如同我們在上一季所討論，10月進行資本募集的主要動因，是計畫搬遷至附近的一處製造設施，以支援長期成長與產品擴充。

In our current facility we simply do not have enough space to respond to the continued growth and demand we're experiencing. Using some of the funds we recently raised, we are committed to finding and relocating to a new site to address our expansion requirements.

在目前的廠房中，我們確實沒有足夠空間來因應持續成長與不斷增加的需求。運用我們近期募集的部分資金，我們承諾將尋找並搬遷至新址，以滿足擴張需求。

With this in mind, we recently selected Dacon Corporation to serve as our general contractor. They're an experienced organization here in the Boston area. With the input and assistance of the Dacon team, we will soon select the best facility, negotiate a lease, and initiate a build out to meet our manufacturing requirements.

基於此，我們近期選定Dacon Corporation擔任我們的總承包商。他們是在波士頓地區具備豐富經驗的組織。在Dacon團隊的意見與協助下，我們將很快選定最合適的設施、洽談租約，並啟動裝修工程以符合我們的製造需求。

Although the specific timing will depend on the amount of work needed to upfit the selected facility to address our production plans, we anticipate initiating the move several months from now.

雖然具體時程將取決於為配合我們的生產計畫而對所選設施進行改裝所需的工作量，但我們預期將在數個月後啟動搬遷。

We're upbeat about the numerous positive aspects that will result once we have relocated. In addition to addressing our current space limitations, we anticipate greater operational efficiencies, reduced facility maintenance expenses, and a dramatically improved working environment for our team.

我們對搬遷完成後將帶來的多項正面效益感到樂觀。除了改善目前的空間限制外，我們預期可提升營運效率、降低設施維護費用，並為團隊大幅改善工作環境。

The new facility will likely provide a number of other advantages as well. As we are space constrained in our current facility, this also means we are generally revenue constrained, particularly now that our third shift of metal matrix composite product manufacturing is fully operational.

新設施也可能帶來其他多項優勢。由於目前廠房空間受限，這也意味著我們的營收通常也受到限制，尤其是在我們的金屬基複合材料（MMC）產品製造第三班次已全面運作的情況下更是如此。

Our commitment to relocate demonstrates our confidence in the growth opportunities that are before us. Sustained strong demand for our products combined with expanded floor space and the addition of targeted production equipment position us to meaningfully increase revenue and implement targeted gross margin improvements.

我們搬遷的承諾展現了我們對眼前成長機會的信心。對我們產品的持續強勁需求，結合擴增的廠房面積與新增的目標生產設備，使我們具備大幅提升營收並推動特定毛利率改善的有利條件。

Now an update regarding Hybrid Tech Armor. With the passage of the FY'26 defence bill, kinetic protection, our partner and the prime contractor for these efforts is optimistic that orders supporting the US Navy will resume in the latter half of the current calendar year.

接著更新Hybrid Tech Armor的進展。隨著FY'26國防法案通過，動能防護（Kinetic Protection）—我們的合作夥伴且為此項工作的主承包商—對於支援美國海軍的訂單將在本曆年下半年恢復，抱持樂觀態度。

Whereas our orders in the 2021-to-2024-time frame provided protection for cruiser weapons stations on aircraft carriers, these orders will be for a small quantity of US Navy destroyers. Funding has been secured to implement ballistic shields on a handful of these vessels.

相較於我們在2021至2024年間的訂單是為航空母艦上的巡洋艦武器站提供防護，這次的訂單將是供少量美國海軍驅逐艦使用。目前已取得資金，將在其中數艘艦艇上部署彈道防護盾。

Detailed contract negotiations are expected to begin in the coming months, and we will certainly keep our shareholders apprised as this continues to progress. With regard to our federally supported research activities, there's a lot to report as well.

預期在未來幾個月將開始進行詳細的合約談判；隨著進展推進，我們也一定會持續向股東通報。至於我們獲聯邦支持的研究活動，同樣有許多可報告的內容。

Since we re-engaged with the government funded programs in the SBIR and STTR in 2021, we have received 13 awards from either the Department of Defence or the Department of Energy.

自2021年我們重新參與SBIR與STTR等政府資助計畫以來，我們已獲得國防部或能源部共13項獎助。

However, as our investors may know, these federal programs have not yet been reauthorized by Congress and therefore they lapsed at the end of the previous federal fiscal year on September 30, 2025.

然而，如投資人可能所知，這些聯邦計畫尚未獲國會重新授權，因此已於上一個聯邦會計年度末（2025年9月30日）到期失效。

The negative impact on CPS has thankfully been limited. Proposals we already submitted are not being reviewed and new research topics are not being published. However, on the positive side our four ongoing contracts, 1 Phase-1 and 3 Phase-2 programs, as we've previously announced, continue to be executed and continue to be funded without interruption.

所幸，對CPS的負面影響相對有限。我們已提交的提案目前未被審查，新的研究主題也未發布。不過，正面的是，我們目前進行中的四項合約（1項第一階段與3項第二階段計畫）如先前公告，仍持續執行並在不中斷的情況下持續獲得資金支持。

Fortunately, within just the past few days we've seen indications Congress has reached a compromise which will enable reauthorization of these programs with full congressional approval potentially occurring later this month.

幸運的是，就在過去幾天，我們已看到跡象顯示國會已達成妥協，將使這些計畫得以重新授權，且完整的國會批准可能在本月稍晚完成。

It appears this reauthorization will be valid until September 30, 2031. Once Federal SBIR employees are back at their desks, we anticipate the publication of new topics to resume and our pending applications to be reviewed.

看來此次重新授權將有效至2031年9月30日。一旦聯邦SBIR人員回到工作崗位，我們預期新主題的發布將恢復，且我們待審的申請也將開始審查。

At the same time, we continue to strengthen our internal capabilities supported in part by strategic deployment of federal research funding. Over the past several months, we've made significant investments in capital equipment.

同時，我們也持續強化內部能力，部分仰賴策略性運用聯邦研究資金的支持。在過去幾個月，我們已在資本設備方面進行重大投資。

For our Almax product line, the newly installed higher capacity mill now allows us to process ceramic FY fibre at twice our previous rate. With the system now fully up and running, we are producing a broader range of samples to support customer engagement and business development efforts.

就我們的Almax產品線而言，新安裝的高產能研磨設備如今可讓我們以過去兩倍的速度處理陶瓷FY纖維。隨著系統全面上線運轉，我們正生產更廣泛範圍的樣品，以支援客戶互動與業務開發工作。

Also, in September we launched Phase-2 of our controlled fragmentation tungsten warhead program funded by the army. As we have now installed a new centering oven in our laboratory, we have established a fully operational work cell for manufacturing these alloys at CPS.

此外，在9月我們啟動了由陸軍資助的可控破片鎢彈頭計畫第二階段（Phase-2）。由於我們已在實驗室安裝新的定心爐（centering oven），我們已在CPS建立一個可全面運作的工作單元，用於製造這些合金。

Although still early in Phase-2, we are now producing 40-millimeter warhead samples with unique geometries designed to exceed Army performance benchmarks. These new internal capabilities also enhance our ability to work with other centred metals and advanced ceramics.

雖然第二階段仍處於早期，我們目前已在生產40毫米彈頭樣品，其獨特幾何設計旨在超越陸軍的性能基準。這些新的內部能力也提升了我們與其他定心金屬（centred metals）及先進陶瓷合作開發的能力。

Collectively, these investments carefully integrated within our new facility and supported by our growing team will accelerate product development and strengthen our competitive position.

整體而言，這些投資在新設施中經過審慎整合，並由我們持續成長的團隊支撐，將加速產品開發並強化我們的競爭地位。

The additional space at our new location will enable us to commercialize engaging emerging product lines as we pursue sizable market opportunities. This includes radiation shielding, where research continues with ongoing funding from the DOE.

新址的額外空間將使我們在追求龐大市場機會的同時，得以將具吸引力的新興產品線商業化。其中包括輻射屏蔽領域，目前在能源部（DOE）持續資助下，相關研究仍在進行。

Where we are now actively working to develop and test larger scale samples while we continue to evaluate applications of lightweight MMC radiation shielding across multiple industries.

我們目前正積極開發並測試更大尺度的樣品，同時持續評估輕量化MMC輻射屏蔽在多個產業中的應用。

Overall, we expect these complementary processes to unlock new opportunities for our company that build upon and expand our existing intellectual property and manufacturing capabilities and ultimately lead to a greater array of offerings for our customers.

總體而言，我們預期這些互補的流程將為公司開啟新的機會，在既有智慧財產與製造能力的基礎上加以延伸與擴展，並最終為客戶帶來更豐富多元的產品與解決方案。

In summary, we expect 2026 to be a year of solid revenue as we complete the relocation and lay the groundwork for sustained long-term growth going forward.

總結來說，隨著我們完成搬遷並為未來持續的長期成長奠定基礎，我們預期 2026 年將是營收穩健的一年。

Once fully operational in the new facility, we will be well positioned to meet increasing demand, implement additional initiatives targeting improved gross margins and expand into large and attractive new markets. We can now open the call up for questions, Jenny.

一旦新廠房全面投入營運，我們將具備良好條件以因應不斷增加的需求、推動更多旨在提升毛利率的措施，並擴展至規模大且具吸引力的新市場。現在我們可以開放提問了，Jenny。

Thank you very much. (Operator Instructions) Thank you. Chip Moore, Roth Capital.

非常感謝。(接線員指示) 謝謝。Roth Capital 的 Chip Moore。

Morning. Hey, thanks for taking the questions. Appreciate it. Hey, Brian, congrats, Charles on retirement.

早安。嘿，謝謝讓我提問。感謝。嘿，Brian，恭喜，Charles 退休。

Thanks.

謝謝。

Maybe just to start for me, on the facility move, it sounds like you're obviously very close and you've got it, down to a couple of sites.

我先從廠房搬遷開始問起，聽起來你們顯然已經非常接近定案，並且已縮小到幾個地點。

Just walk us through in a little more detail how you're thinking about timing and some of the moves, in preparation for that, and then any early thoughts on capacity, in future expansion? Will you have room to grow and how are you thinking about some of those dynamics?

能否更詳細帶我們了解一下你們對時程與一些搬遷準備工作的思考，另外對於產能與未來擴充是否有初步想法？你們會有成長空間嗎？對這些動態你們怎麼看？

Yeah, thanks. Good morning. We do have, we've narrowed it, we've looked at a number of sites. We've narrowed it down to a very small list and again with the input of the Dacon team evaluating all the different, bones of those places whether it's electrical, plumbing, etc. to meet the various needs that we have for our production requirements.

好的，謝謝。早安。我們確實已經縮小範圍，也看了不少地點。我們已縮小到非常短的名單，並再次在 Dacon 團隊的意見協助下，評估各個場所的各項「硬體基礎」條件，例如電力、管線、給排水等，以符合我們生產需求的各項要求。

So, that will probably take a few months, as I mentioned to upfit the selected facility at which point we will begin executing a move and sort of work centre by work centre over time. What you've seen on our balance sheet is the growth of our inventory levels.

因此，如我提到的，對選定的廠房進行整備（upfit）可能需要幾個月，之後我們會開始執行搬遷，並隨時間推進以工作中心（work centre）為單位逐步移轉。你們在我們資產負債表上看到的是庫存水位的增加。

So, that we have inventory to pull from for at least for the products where we can do that during the time that we're shut down to implement the move and timing and structure of that move will be led by which work cells need to be up and operational most quickly, to support our customers of course we have to revalidate our production equipment, etc.

這樣一來，至少對於那些在搬遷期間可以提前備貨的產品，我們就能有庫存可供調度；因為在我們為了執行搬遷而停工的期間，需要依搬遷的時程與架構來安排，而這將由哪些工作單元（work cells）必須最快恢復運作來主導，以支援客戶需求；當然我們也必須重新驗證生產設備等。

So, it will naturally be disruptive, but we're taking a variety of steps to mitigate that as much as possible and we do expect to initiate that move a few months from now and it'll take several months to get everyone from here to there. We have a number of facilities that we're looking at that are all relatively close to our facility.

因此，這在本質上會帶來干擾，但我們正採取多項措施，盡可能降低影響；我們預期幾個月後啟動搬遷，並且從這裡搬到那裡讓所有人就位將需要好幾個月。我們正在評估的多個廠房都離我們現有廠區相對近。

Here, so we don't expect much negative impact on our talented workforce, because their commute probably won't change too much. That was a key for us as well. Charles, anything you want to add to that.

因此，我們不預期會對我們優秀的人才團隊造成太多負面影響，因為他們的通勤距離大概不會改變太多。這對我們而言也是關鍵考量之一。Charles，你要補充嗎？

Yeah, just, so I think, Brian mentioned several months, but I think probably, I would expect we'll have a decision on this specific facility within maybe a month you think.

好的，補充一下，我想 Brian 提到幾個月，但我認為大概在一個月內就會對具體廠房做出決定，你覺得呢？

Yeah some number of weeks, yeah.

對，幾週內，沒錯。

Yeah, certainly several weeks, maybe a month so. See once that happens, So, we let people know.

對，肯定是幾週，可能一個月左右。一旦確定，我們就會通知大家。

Okay, yeah, sounds like final negotiations, so, yeah, that's helpful and maybe if I step back just on demand, I guess for AlSiC in particular, you had the big customer re-up in October, just broader demand there and I think you've talked in the past about potential for another large customer out there just given some of the capacity constraints but what are you seeing in that market?

好的，聽起來是在做最後協商，這很有幫助。那我退一步問需求面，特別是 AlSiC，你們在 10 月有大客戶續約；更廣泛來看那邊的需求如何？而且我記得你們過去談過，考量一些產能限制，可能還有另一個大型客戶的機會；你們在那個市場看到什麼？

Yeah, we continue to see that that demand that customer does order that you mentioned that order is their typical pattern for a 12-month need, so we're working to fulfil that as well and as I mentioned, that's one of the items where we can build inventory ahead to satisfy their needs as we relocate and coming back that'

是的，我們持續看到需求；你提到的那位客戶下單模式一如往常，是以 12 個月需求為基礎的訂單，所以我們也正在履行。正如我提到的，這也是我們可以在搬遷前提前建立庫存、以在搬遷期間滿足其需求的項目之一；而回到你剛才提到的……

You'd asked a question about capacity we do expect to increase capacity in the new facility. There's some equipment that we're ordering that will get delivered to the new facility and we will also have additional floor space that will be available but generally uncommitted in the short-term because we simply know that these other opportunities continue to blossom.

你問到產能，我們確實預期在新廠房提升產能。我們正在訂購一些設備，將會直接交付到新廠房；此外我們也會有更多可用的廠房面積，但短期內大致不會被完全承諾使用，因為我們知道其他機會仍在持續萌芽。

So, we've got, floor space earmarked to be able to take advantage of those in a way that we cannot. In our current facility and yes, that new potential customer that that continues to play forward, they're working to validate the performance of our product, as you would expect before they make a larger commitment and those tests and discussions are ongoing.

因此，我們已預留部分廠房面積，以便把握這些機會，這是我們在現有廠房做不到的。至於你提到的那位潛在新客戶，進展仍在推進；他們正在驗證我們產品的性能，這也符合你對他們在做出更大承諾前會採取的做法之預期，而相關測試與討論仍在進行中。

Excellent, Brian and maybe one more from me, on how to think about margin trajectory near term, right? I think, the gold prices, how big an impact is that now with gold, continuing to move higher, and can you offset that?

很好，Brian。那我再問一個：短期毛利率走勢該怎麼看？金價方面，現在金價持續走高，影響有多大？你們能否抵消？

At all and then hyper-tech Armor coming back, I, that should be beneficial to margins. It sounds like maybe that's some not big volumes initially and a little later, but any more thoughts there?

另外 Hyper-tech Armor 回來，我想這對毛利率應該有利。聽起來初期量可能不大、會晚一些放量，但你們還有什麼想法？

Yeah, I think, well, I hope gold is about as high as it's going to get, it's pretty much, I think it's more than doubled since, about a year ago, and that's always been a factor in our equation but just the fact that we're billing more for gold but also spending more for gold just has a negative impact on the margin percentage.

是的，我想——我希望金價差不多已經到頂了；我認為它幾乎在大約一年前以來翻倍以上。這一直是我們模型中的一個因素，但由於我們對黃金的開票金額更高、同時也要支付更高的黃金成本，這會對毛利率百分比造成負面影響。

Obviously, the margin, the bottom-line margin is not going to change at all or very little, I should probably say maybe to the good, but not, it probably, impacts the margin by maybe a point or two depending on the volume in any given quarter.

當然，毛利額（底線的毛利）基本不會改變，或只會有非常小的變動；我應該說可能還會略為有利，但不會太大。不過就毛利率而言，可能會影響約 1 到 2 個百分點，取決於任何一季的出貨量。

And then I think, the other factor that's been a bit of an issue with margin is the fact that we're growing inventory and we do try to be conservative in terms of our inventory evaluations, our standard costs for our inventory, and so that basically means that, as we build inventory we're expensing costs that.

另外，我認為另一個對毛利率造成一些影響的因素，是我們正在增加庫存，而且我們在庫存評價、庫存標準成本方面會採取較保守的作法；因此基本上代表，當我們建立庫存時，會先認列一些成本。

Don't get picked up with a with a corresponding sale until sometime later down the road. So, as we build inventory, I think that sort of a headwind, when it comes to margins as well.

這些成本要到之後某個時間點有對應銷售時才會被回收（對應認列）。因此，當我們建立庫存時，我認為這也會在毛利率上形成一股逆風。

But effect that when we do move and during that period when we're not producing, we should maybe see, the opposite impact. Again, I can't tell you that's going to be 1 point or 2 points or 3 points but certainly it should be a tailwind instead of a headwind, I think.

但其效果是，當我們真的搬遷、且在那段期間我們不生產時，可能會看到相反的影響。同樣地，我無法告訴你會是 1 點、2 點或 3 點，但我認為它肯定會從逆風變成順風。

Got it. very helpful. I'll hop back in the queue and take the rest of mine offline. Thanks very much.

了解了。非常有幫助。我會回到隊列裡，並把我其餘的問題改到線下處理。非常感謝。

That's great.

太好了。

Thank you very much. (Operator Instructions) Stephen Fosse, Private Investor.

非常感謝。（接線員指示）Stephen Fosse，私人投資人。

Thank you. Good morning, guys, I was going to ask about the facilities move but that's pretty well taken care of. I do have a quick question about, I probably asked this before exposure to, rising aluminium costs if that's, a potential margin issue.

謝謝。各位早安，我原本想問關於設施搬遷的事，但看起來已經處理得差不多了。我確實有個簡短問題，關於（我可能以前問過）對鋁成本上升的曝險，這是否可能成為毛利的問題。

Because it's kind of linked with the price of copper as well. I don't know about your particular grades of aluminium, but you know there's.

因為它某種程度也和銅價連動。我不清楚你們特定等級的鋁材，但你知道，確實有……

So, aluminium is a relatively small percentage of our overall cost of making a product, so it's, it doesn't have a huge impact again you could view it as perhaps a headwind but it's also you know something that, because it's not occurring immediately you know it's going up.

所以，鋁在我們整體製造產品的成本中占比相對小，因此影響不大；你可以把它視為一點逆風，但同時你知道，因為它不是立刻發生的——你知道它正在上升——

So, it does give for many of our products it does give our sales force the opportunity to you know incorporate that into new pricing and obviously you know the guy that places the one order a year you know that.

所以，對我們許多產品而言，這也讓我們的銷售團隊有機會把這點納入新的定價；而且你知道，那種一年只下單一次的客戶，你知道……

Can't be adjusting their price all the time but on the other hand, there's certainly a lot of other folks that are placing orders monthly or quarterly and so we can pick that up. I don't think it's a huge issue though because again it the cost of aluminium is relatively. Small piece of the cost of an attic base plate.

不可能一直調整價格；但另一方面，確實有很多其他客戶是每月或每季下單，因此我們可以把這部分反映進去。不過我不認為這是很大的問題，因為再怎麼說，鋁的成本相對……只占 attic base plate 成本的一小部分。

And some of our sourcing decisions have changed as well. I would say to your point, Steve that market has been more dynamic than maybe in some points in history. So, our purchasing team has been, needed to be nimbler for those reasons to find the best available cost.

而且我們的一些採購決策也有所改變。我會說，Steve，就你提到的點，這個市場比歷史上某些時期更為動態。因此，我們的採購團隊基於這些原因需要更靈活，以找到當下最佳的可得成本。

Okay great thanks appreciate that.

好的，太好了，謝謝，感謝你的說明。

Thank you very much. (Operator Instructions) Joe Shika, Private Investor.

非常感謝。（接線員指示）Joe Shika，私人投資人。

Thank you. Good morning, gentlemen. Thank you for taking my call. I'd like to just ask a question about tungsten alloys. I understand you've got a process called binder jet additive manufacturing to create high density tungsten oils, alloys, excuse me and you're moving away from a depleted uranium.

謝謝。各位先生早安。感謝接聽我的電話。我想問一個關於鎢合金的問題。我了解你們有一種稱為黏結劑噴射（binder jet）的增材製造流程，用來製作高密度鎢油——抱歉，是鎢合金——而且你們正逐步遠離貧化鈾。

So, my question is what the potential dollars on this is and secondly, would this process create a moat for your company that would prohibit other competitors to enter. Thank you very much.

所以我的問題是，這件事潛在的金額規模是多少？第二，這個流程是否會為你們公司建立護城河，讓其他競爭者難以進入？非常感謝。

Yeah, good morning, Joe. What you're speaking to specifically is some of the SBIR funding that we were awarded in 2025, particularly for a phase one related to US Army artillery, who was trying to move away from depleted uranium and our proposal to accomplish that was the binder jet approach that you discussed, as a way to construct a product, a layer from tungsten.

是的，Joe，早安。你所指的具體是我們在 2025 年獲得的一些 SBIR 資助，特別是與美國陸軍火砲相關的第一階段；他們正試圖遠離貧化鈾，而我們為達成此目標所提出的方案，就是你提到的黏結劑噴射方法，作為以鎢逐層構建產品的一種方式。

Which is cost effective, we had nice technical results from that funded effort. We're looking to continue that work in relevant directions. That's something that will continue to play out over time, but I think it's a good example of the places where we are using our historic intellectual property and know-how and our manufacturing equipment.

這在成本上具有效益，我們在該項受資助的工作中也取得了良好的技術成果。我們正尋求在相關方向上持續推進這項工作。這會隨時間持續發展，但我認為這是個很好的例子，說明我們如何運用既有的智慧財產與專業知識，以及我們的製造設備。

To develop new technologies for just the reason you described, we want that protective moat around these things that we're bringing to market. Our new facility will enable us the space not only in a much bigger laboratory area but also that undedicated floor space to move into when we go to small quantities or large quantities.

來開發新技術，正如你所描述的原因：我們希望在這些推向市場的事物周圍建立保護性的護城河。我們的新廠房不僅能提供更大的實驗室空間，也有未指定用途的樓地板面積，讓我們在從小量到大量生產時都能移入使用。

So, in the bigger picture of our portfolio, that's exactly what we're trying to do is have more intellectual property for that protective moat. That one specific opportunity will continue to play forward.

所以從我們產品組合的更大格局來看，我們正是要做這件事：累積更多智慧財產，以形成保護性的護城河。那個特定機會會持續往前推進。

That's not going to be significant revenue in 2026 or anything like that, but it's a great example of the types of things that we're broadening into but staying close to home in our material science space.

這在 2026 年不會帶來顯著營收或類似的影響，但它是我們正在擴展的方向之類型的絕佳例子，同時也仍然緊扣我們材料科學的核心領域。

Well, that's a good answer, but do you have, can you give me just kind of a ballpark on what kind of dollars you're potentially looking at in sales?

嗯，這回答得很好，但你能不能給我一個大概的區間，說你們在銷售上可能看到的金額規模？

The long-term picture for that would be very large if the army engages that solution to use for its artillery. That's a very large market and that's kind of the view we have of any number of these markets.

就長期而言，如果陸軍採用該解決方案用於其火砲，那會是非常大的規模。那是一個非常大的市場，而這也大致是我們看待許多這類市場的角度。

I mean, with very minimal exception, I mean, we, we're not looking for needles in a Haystack. These are Haystacks. We don't spend a ton of time deciding if it's a huge Haystack or a large one because, frankly, we're a $32 million revenue company from 2025.

我的意思是，除了極少數例外，我們不是在大海撈針。這些是「草堆」。我們不會花太多時間去判斷它是超大的草堆還是很大的草堆，因為坦白說，我們在 2025 年的營收是 3,200 萬美元。

So, that's a very large market potential as is many of these things, because it could potentially be a solution that the army engages for its artillery, and those are big numbers.

所以，這個市場的潛力非常大，就像許多這些項目一樣；因為它可能成為陸軍在火砲上採用的解決方案，而那會是很大的數字。

Well, very good answer, gentlemen and God bless you and thank you for the call.

嗯，非常好的回答，各位先生，願上帝保佑你們，也謝謝這通電話。

Thanks, Joe.

謝謝你，Joe。

Thank you very much. Well, that appears to be the end of our question-and-answer session. I will now hand back over to Brian for any closing comments.

非常感謝。看起來我們的問答環節到此結束。我現在把時間交回給 Brian，請他做任何結語。

Super. Okay, thanks everyone for joining us and for your ongoing interest in CPS. We look forward to speaking to you again at the end of our first quarter. If you have any questions in the interim, please reach out to Chris Witty, our Investor Relations Advisor.

太好了。好的，感謝各位參與，也感謝各位持續關注 CPS。我們期待在第一季結束時再次與各位交流。若期間有任何問題，請聯絡我們的投資人關係顧問 Chris Witty。

Thank you very much. (Operator Instructions).

非常感謝。（接線員指示）。