Data I/O Corp (DAIO) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to Data I/O's first-quarter 2026 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

各位下午好，歡迎參加 Data I/O 2026 會計年度第一季財務業績電話會議。(接線員指示) 請注意，本活動正在錄音。

At this time, I'd like to turn the conference over to Mr. Jordan Darrow, Investor Relations. Please go ahead, sir.

此時，我想將會議交給投資人關係的 Jordan Darrow 先生。先生，請開始。

Thank you, operator, and welcome to the Data I/O Corporation first-quarter 2026 financial results conference call. In addition to the earnings, we are also addressing the recently announced transformational acquisition and strategic direct investment of $9 million. With me today are the company's President and CEO, Bill Wentworth; and Chief Financial Officer, Charlie DiBona.

謝謝接線員，歡迎各位參加 Data I/O Corporation 2026 會計年度第一季財務業績電話會議。除了財報之外，我們也將說明近期宣布的具轉型意義之收購案，以及 900 萬美元的策略性直接投資。今天與我一同出席的有公司總裁暨執行長 Bill Wentworth，以及財務長 Charlie DiBona。

Before we begin, I'd like to remind you that statements made in this conference call concerning future events, results from operations, financial position, acquisitions, financings and capital markets initiatives, economic conditions, supply chain expectations, estimated impact of tax and other regulatory reform, product releases, new industry participants and any other statements that may be construed as a prediction of future performance or events are forward-looking statements, which involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from those expressed or implied in such statements.

在開始之前，我想提醒各位，本次電話會議中關於未來事件、營運結果、財務狀況、收購、融資與資本市場計畫、經濟情勢、供應鏈預期、稅務及其他法規改革的估計影響、產品發表、新的產業參與者，以及任何其他可能被解讀為對未來績效或事件之預測的陳述，均屬前瞻性陳述。此類陳述涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果與該等陳述所明示或暗示者有重大差異。

These factors also include uncertainties as to the impact of global and geopolitical events, international tariff and trade regulations, order levels for the company and the activity level of the automotive and semiconductor industry overall, ability to record revenues based on the timing of product deliveries and installations, market acceptance of new products, changes in economic conditions and market demand, part shortages, pricing and other activities by competitors and other risks, including those described from time to time in the company's filings on Form 10-K and 10-Q with the Securities and Exchange Commission in our press releases and other communications.

這些因素亦包括：全球及地緣政治事件之影響不確定性、國際關稅與貿易法規、公司訂單水準以及汽車與半導體產業整體景氣程度、能否依產品交付與安裝時點認列營收、新產品的市場接受度、經濟情勢與市場需求變化、零組件短缺、競爭對手的定價及其他行動，以及其他風險（包括公司不時於向美國證券交易委員會提交的 Form 10-K 與 10-Q 文件、新聞稿及其他溝通中所描述者）。

The company may also reference GAAP and non-GAAP financial performance measures, including onetime items, which are intended to provide listeners with a means to better understand the company's performance. Please refer to reconciliations in our earnings press release issued today after the market closed.

公司亦可能提及 GAAP 與非 GAAP 的財務績效衡量指標（包括一次性項目），旨在協助聽眾更好理解公司的表現。請參閱我們今日收盤後發布之財報新聞稿中的調節表。

Finally, the accuracy and completeness of all discussions on this call, including forward-looking statements, should not be unduly relied upon. Data I/O is under no duty to update any forward-looking statements.

最後，請勿過度依賴本次電話會議中所有討論（包括前瞻性陳述）的準確性與完整性。Data I/O 無義務更新任何前瞻性陳述。

And now I'll turn the call over to Bill Wentworth, President and CEO of Data I/O.

現在我將把電話會議交給 Data I/O 總裁暨執行長 Bill Wentworth。

Thank you very much, Jordan. As you heard from Jordan, we obviously have a lot of great news to talk about today, but I will start with kind of the low end of this conversation, which is talking a little bit about Q1 and talk a little bit about kind of what happened and what we did to pivot within Q1 to get the momentum that we now have in Q2 as the core business.

非常感謝你，Jordan。如同 Jordan 所說，今天顯然有許多好消息可以分享，但我會先從這段對話比較低的一端開始，也就是先談談第一季，說明一下發生了什麼，以及我們在第一季內做了哪些調整（pivot），讓核心業務在第二季取得目前的動能。

So we had some really good plans going into the year. They were well thought out. As you know, we have a very large installed base globally. And a lot of that equipment has certainly gotten an aged and some of it is aging out. So our plans were really around generating revenue through our existing clients first. Obviously, that's the easiest place to go. Things got off to a little slower start than we thought.

我們在年初制定了一些非常好的計畫。這些計畫經過周延思考。如各位所知，我們在全球擁有非常龐大的裝機基礎。其中許多設備確實已經老舊，有些也接近汰換期。因此，我們的計畫主要是先透過既有客戶來創造營收。顯然，那是最容易著手的地方。但事情的起步比我們預期稍慢一些。

So we made some pivots and really started to change a little bit of that messaging. And you can kind of see through Q1, especially into March, where bookings really started to pick up. Now we weren't -- didn't get those bookings in time to ship, but they certainly came into Q2 strong, and that continued to accelerate. So I am -- this company in the past has typically not given any guidance.

因此我們做了一些調整，並開始稍微改變訊息傳達方式。各位可以在第一季、尤其是進入三月時看到，接單（bookings）開始明顯回升。雖然我們沒有及時取得那些訂單以便在第一季出貨，但它們在第二季強勁挹注，且持續加速。因此我想說——公司過去通常不提供任何財測指引。

So this is something that somewhat new. I'm highly confident we be moving north of $5 million, both in bookings and revenue for the quarter. I won't go anything beyond that. This is really to give the shareholders an understanding of really directionally where the business is going on its own. Obviously, we have an investment we're going to talk about an acquisition, but it's really important that the shareholders and the people on the phone understand that the core business is healthy.

所以這在某種程度上是新的作法。我非常有信心，本季接單與營收都將超過 500 萬美元。我不會再提供超出這個範圍的內容。這主要是讓股東了解公司本業在方向上正往哪裡走。當然，我們還有一項投資，並將談到一項收購，但讓股東與電話線上的各位理解核心業務是健康的，這點非常重要。

It's a slow start, but we've got new products rolling out in the second half, but we've got some really good momentum. A lot of it is actually in North America and Mexico. Asia is still a little bit slow. We did book three purchase orders, four systems in Europe, which is the most we booked more than the last two years combined in Q1.

雖然起步較慢，但我們在下半年會推出新產品，同時也已累積相當不錯的動能。其中很大一部分其實來自北美與墨西哥。亞洲仍然稍微偏慢。我們在歐洲拿到三張採購訂單、共四套系統，這是我們在第一季的接單量，超過過去兩年加總的水準。

So we are seeing some good pickup. We also will land most likely -- we've landed about three net new logos since the beginning of the year. We've got three right now in the active pipe for this quarter that we have a good chance of closing. So the land three -- and these are not three site changes, not like another Jabil location or Flex. These are net new logos that we've never invoiced.

因此我們確實看到不錯的回升。此外，自年初以來我們很可能——我們已經拿下約三個淨新增客戶（net new logos）。本季目前在活躍管線中還有三個案子，我們有很高機會成交。所以這三個新增——而且這不是三個據點變更，不是像 Jabil 或 Flex 的另一個廠區。這些是我們從未開立過發票的全新客戶。

So that is obviously a big part of our plan was to diverse our customer base because we really were so heavily reliant on automotive. And I know in the past, those numbers were 58% to 63%. When I dug in during the year and especially in the second half, it was pretty clear to me a lot of the subcon that we had as kind of industrial were really automotive. So coming off a really tough time in the automotive industry.

因此，這顯然是我們計畫中的重要一環：分散客戶結構，因為我們過去對汽車產業的依賴度非常高。我知道過去那些數字大約是 58% 到 63%。當我在今年、尤其是下半年深入檢視後，我很清楚地看到，我們原本歸類為工業（industrial）的許多代工（subcon）客戶，其實是汽車相關。因此我們正從汽車產業非常艱困的一段時間走出來。

This has been a big transition overall for us. But we're seeing some of our automotive customers come back. We happen to be riding a few of the right horses there, which is always good. But we feel really good about Q2 and where we're going with the core business. So that's -- Charlie will get into some of the details on the financials. We had some onetime write-offs.

整體而言，這對我們是一個很大的轉型。但我們也看到部分汽車客戶回來了。我們剛好押對了幾匹馬，這總是好事。不過我們對第二季以及核心業務的發展方向感到非常樂觀。接下來 Charlie 會進一步說明財務細節。我們有一些一次性沖銷。

And as we optimize the business, that has been a big part of the last two quarters. I will tell you that going into this quarter, our breakeven for the overall business starting April as a clean month going forward is less than $22 million a year overall. When I started, it was close to $27 million. And I will tell you, AI has been a big part of that ability to get more productivity, but also save money.

而在我們優化業務的過程中，這一直是過去兩季的重要工作之一。我可以告訴各位，從四月開始、以一個乾淨的月份作為起點往後看，我們整體業務的損益兩平點已降至每年低於 2,200 萬美元。我剛上任時，接近 2,700 萬美元。我也要說，AI 在提升生產力與節省成本方面，扮演了很重要的角色。

And it's not just about saving money because we -- look, AI is impacting our lives everywhere. We all see it. We see it across companies and across every domain. CEOs are asked about how they're deploying AI all the time. And it has a real positive impact to the company and to companies and to productivity. We've seen a lot of that in different projects that we're working on, and I'll talk more about that in the Q&A.

而且這不只是省錢而已，因為——你看，AI 正在各方面影響我們的生活。我們都看得到。我們在各家公司、各個領域都看得到。執行長們經常被問到他們如何部署 AI。它對公司、對各家公司以及對生產力都有非常正面的影響。我們在正在推進的不同專案中也看到了很多這樣的成果，我會在問答環節再多談一些。

I'd like to move on to the direct investment. This is something we've been working in and looking at the M&A pipeline that we started to build when we brought Benchmark on as an adviser, that pipeline has stayed pretty healthy, and it still is. But we're really looking for a transformational acquisition. I mean that's -- look, there's some small acquisitions we could do and that would kind of -- but we really needed something that was going to take us to the next step, the next level and give us some scale and scope and increase manufacturing capacity, things like that.

我想接著談直接投資。這是我們一直在推進並持續關注的事項；自從我們聘請 Benchmark 擔任顧問、開始建立併購（M&A）案源管線以來，該管線一直維持相當健康，目前仍然如此。但我們真正尋找的是一項具變革性的收購。我的意思是——你看，我們也可以做一些小型收購，那可能會有些幫助——但我們真正需要的是能把我們帶到下一個階段、下一個層級，並帶來規模與廣度、提升製造產能等的交易。

So we've been talking to a company over the last three, four, five months. And during that time, talking to some investors, -- and I'm happy to announce that we were able to bring in $9 million of proceeds in common stock, warrants, convertible debenture in support of our current M&A activity as well as future M&A. Fundamental institutional investor following our progress and met with us at least three times, maybe four over the last year.

因此，過去三、四、五個月我們一直在與一家公司洽談。在此期間，我們也與一些投資人交流——我很高興宣布，我們成功引入了 900 萬美元的資金，形式包括普通股、認股權證、可轉換公司債，用以支持我們目前的併購活動以及未來的併購。這是一家基礎型的機構投資人，持續追蹤我們的進展，過去一年至少與我們會面三次，可能四次。

I think we've built a really good relationship with the investor and other investors that are looking. So I really like where we're going as far as bringing in new money. And it's time. This is a new day and age for Data I/O. So we're excited about the future. The team is excited. The companies we're talking to are excited. There's a very large growing market for us.

我認為我們已與該投資人，以及其他正在觀望的投資人，建立了非常良好的關係。因此，就引入新資金而言，我很喜歡我們目前的走向。而且時機到了。對 Data I/O 來說，這是一個全新的時代。所以我們對未來感到興奮。團隊也很興奮。我們正在洽談的公司也很興奮。我們所面對的是一個非常龐大且持續成長的市場。

If you look at the overall semiconductor market, it has gone through the roof over the last several quarters. A lot of that has been in specialty parts such as GPUs and high-speed memory. But now you're starting to see the tide rise for everybody. And this is -- that is where we're seeing the activity as AI starts to get more pervasive across our infrastructure, there are other things that need to be built to support that or take advantage of AI automation.

如果你看整體半導體市場，過去幾個季度可說是大幅飆升。其中很大一部分來自特殊零組件，例如 GPU 與高速記憶體。但現在你開始看到水漲船高，大家都受惠。而這——也正是我們看到活動增加的地方：隨著 AI 在我們的基礎設施中愈來愈普及，還有其他需要建置的項目來支援它，或利用 AI 自動化帶來的優勢。

And we're seeing that in places like robotics, edge in the network, two of our new logos are robotics companies. You've heard me talk about this in the past couple of quarters, and it was definitely a target market for us. And so those are two of the new logos. So we're very excited about where we're going and where Data I/O sits in that supply chain, but as well as getting into services.

我們在機器人、網路邊緣（edge）等領域都看到了這些趨勢；我們兩個新的客戶標誌（new logos）就是機器人公司。你們在過去幾個季度聽我談過這點，這確實是我們的目標市場。因此，那就是兩個新的客戶標誌。所以我們對未來的方向、以及 Data I/O 在供應鏈中的位置感到非常興奮，同時也包括切入服務業務。

I'll talk a little bit more about the acquisition a little bit later. But if you followed us in our launching of our new website on April 10, it was a dynamic change in this company's history. You could see programming as a service, and we are in four or five very deep conversations right now with significant large subcontractors that want to move from doing it themselves, in-sourcing to programming as a service on-site or regional.

我稍後會再多談一些收購案。但如果你們有關注我們在 4 月 10 日推出的新網站，那是這家公司歷史上的一次重大且動態的改變。你可以看到「程式燒錄即服務（programming as a service）」，而我們目前正與幾家重要的大型分包商進行四到五場非常深入的洽談；他們希望從自行執行、內製（in-sourcing），轉向在現場或區域提供的程式燒錄即服務。

My expertise is services, so this falls right into a comfort zone of mine. And I'm really looking forward to getting back into the services business. It's a great industry. It's recurring. It's got a higher quality of revenue, improved cash flows. It kind of takes out that lumpiness of the CapEx business. I'm sure that -- I know Charlie is going to enjoy those new cash flows as we start to expand that business and the services.

我的專長在服務業務，所以這正好落在我熟悉且舒適的領域。我非常期待能回到服務業務。這是一個很棒的產業。它具有經常性（recurring）。收入品質更高，現金流也更好。它能在某種程度上消除資本支出（CapEx）業務的波動性。我相信——我知道 Charlie 會很享受這些新的現金流，因為我們將開始擴展該業務與服務。

And so we're focused on developing the software to also run our products in a multi-tenant environment. And all that leads to better revenue, better recurring revenue and a more predictable business for the future. I'll move on a little bit to the acquisition. I do want to save a good amount for the Q&A, I hope you guys are ready because we're certainly ready for your questions.

因此，我們也專注於開發軟體，讓我們的產品能在多租戶（multi-tenant）環境中運行。而這一切都將帶來更好的營收、更高的經常性收入，以及未來更可預測的業務。我接著稍微談一下收購案。我確實想為問答環節保留相當的時間，希望各位都準備好了，因為我們當然已經準備好回答你們的問題。

As I said, we've been working on this acquisition for quite some time. I will tell you that the team is very excited and what this acquisition does for the company. It's going to help us accelerate our growth. It's going to expand our scale and scope and manufacturing capability. It is truly a transformational acquisition. It will double the size of this company from a run rate perspective post first-quarter that we close or when that close happens. I do expect that to happen by the end of Q3. So stay tuned.

如我所說，我們已經為這項收購努力了一段時間。我可以告訴你，團隊對這項收購以及它將為公司帶來的影響感到非常興奮。它將幫助我們加速成長。它將擴大我們的規模與廣度以及製造能力。這確實是一項具變革性的收購。從營運年化（run rate）的角度來看，在交易完成後的第一個季度（或完成發生之時）將使公司規模倍增。我預期會在第三季末之前完成。敬請期待。

And I think at this point, I'd like to hand this over to Charlie and let's see where we go. Yes, I think at this point, Charlie, if you're ready.

我想在這個時間點，我希望把時間交給 Charlie，看看接下來怎麼進行。是的，我想此刻，Charlie，如果你準備好了。

Good afternoon, everyone. I'm going to cover four areas today. First, I'll walk through our first-quarter financial results. Then I'll move on to our updated business framework and second-quarter revenue guidance because I suspect that's top of mind for everyone. Third, I'll discuss the $9 million direct investment and what it means for our balance sheet and capitalization.

各位下午好。我今天將涵蓋四個部分。首先，我會帶大家回顧我們第一季的財務結果。接著我會談我們更新後的業務框架與第二季營收指引，因為我猜這是大家最關心的。第三，我會說明這筆 900 萬美元的直接投資，以及它對我們資產負債表與資本結構的意義。

And finally, I'll walk you through the transformational acquisition that Bill was just discussing. So let me start with the quarter. Net sales in the first-quarter were $3.3 million, down from $6.2 million in the first-quarter of 2025. The reduced revenues in part reflect lower bookings and backlog coming out of Q4, which was a function of the broader industry dynamics we discussed in prior calls.

最後，我會帶大家了解 Bill 剛剛討論的那項具變革性的收購案。那我先從本季開始。第一季淨銷售額為 330 萬美元，低於 2025 年第一季的 620 萬美元。營收下滑部分反映了從第四季延續下來的接單（bookings）與在手訂單（backlog）較低，而這是我們在先前電話會議中討論過的更廣泛產業動態所致。

In addition, as Bill noted, we saw a slower-than-expected ramp of our new sales initiatives. That said, we experienced positive acceleration of traction and momentum through the quarter. First-quarter bookings were $4.2 million, which was a meaningful improvement from the $3.1 million in the fourth-quarter of last year, though it was still below the $4.6 million we booked in Q1 of 2025.

此外，如 Bill 所提到，我們的新銷售計畫推進速度比預期更慢。儘管如此，我們在本季期間看到了正向的牽引力與動能加速。第一季接單為 420 萬美元，較去年第四季的 310 萬美元有顯著改善，但仍低於 2025 年第一季的 460 萬美元接單。

We're encouraged by the sequential improvement both quarter-over-quarter and through the course of Q1 and importantly, by the composition and quality of the interest in bookings we're seeing. Regionally, first-quarter bookings were strongest and most notably improved in Europe, as Bill mentioned. We saw especially late quarter growth in Europe, which is very encouraging.

我們對接單的連續改善感到鼓舞，無論是季對季（quarter-over-quarter）以及第一季內的逐步改善；更重要的是，我們看到的接單意向在組成與品質上都相當不錯。就區域而言，第一季接單最強、且改善最明顯的是歐洲，如 Bill 所提。我們在歐洲看到特別是在季末的成長，這非常令人鼓舞。

Revenue mix was 47% adapters and 34% software and services, representing 81% of total first-quarter revenue, providing a very stable and recurring revenue base with capital equipment making up the remaining 19%. We do expect that capital equipment sales, though, with the strong strength in bookings will rebound in Q2.

營收組合方面，轉接器（adapters）占 47%，軟體與服務占 34%，合計占第一季總營收的 81%，提供了非常穩定且具經常性的營收基礎；資本設備占其餘的 19%。不過，我們確實預期資本設備銷售在第二季將因接單的強勁表現而回升。

Backlog as of March 31 was $2.6 million, up from $2.3 million at the year-end, and deferred revenue was held consistent at $1.5 million as of both quarter ends. Gross margin was 49.5% in the first-quarter compared to 51.6% in Q1 of last year. The decrease reflects lower absorption of labor and overhead costs on the reduced revenue base. Direct material costs, however, remained relatively steady, and the teams have continued to actively mitigate the impact of tariffs and other inflationary pressures.

截至3月31日的在手訂單為260萬美元，高於年末的230萬美元；而遞延收入在兩個季度期末均維持在150萬美元不變。第一季度毛利率為49.5%，相較去年第一季度的51.6%。下降主要反映在收入基礎縮小的情況下，勞務與間接費用的吸收不足。然而，直接材料成本仍相對穩定，團隊也持續積極降低關稅及其他通膨壓力的影響。

Operating expenses were $4.75 million for the quarter, of which approximately $1.2 million was onetime expenses. The onetime items were primarily related to the optimization of our German operations, ongoing investments in core programming platform information systems and our ERP -- ongoing ERP transition. Excluding the onetime items, operating expenses were approximately $3.55 million, which is in line with prior year despite the additional operating complexity of the transition we're executing.

本季度營業費用為475萬美元，其中約120萬美元為一次性費用。一次性項目主要與我們德國營運的優化、對核心程式設計平台資訊系統的持續投資，以及我們的ERP——持續的ERP轉換相關。剔除一次性項目後，營業費用約為355萬美元，儘管我們正在執行的轉換帶來額外的營運複雜度，但仍與去年同期大致一致。

I want to emphasize that point. Ongoing operating costs are being managed down even as we invest for the future. Bottom line, net loss -- the net loss for Q1 was $3.2 million or $0.34 per share compared with a net loss of $382,000 or $0.04 a share in Q1 of 2025. The increased loss reflects both lower revenue and the onetime expenses.

我想強調這一點。即使我們為未來投資，持續性的營運成本仍在被有效下調管理。總結來說，第一季度淨損為320萬美元，或每股0.34美元；相較之下，2025年第一季度淨損為38.2萬美元，或每股0.04美元。虧損擴大反映了收入下降以及一次性費用的影響。

Adjusted EBITDA, excluding equity compensation and onetime items was a negative $1.75 million for the quarter compared to a negative $98,000 a year ago. Both periods include elevated overhead for annual public company expenses that are generally paid in the first-quarter. On the balance sheet, cash at the quarter end was $5.7 million compared with $7.9 million at year-end.

調整後EBITDA（剔除股權薪酬與一次性項目）本季度為負175萬美元，去年同期為負9.8萬美元。兩個期間均包含年度上市公司費用所帶來的較高間接費用，這些費用通常在第一季度支付。資產負債表方面，季度末現金為570萬美元，較年末的790萬美元下降。

The decline reflects cash expenses paid annually in the first-quarter, including public company compliance costs and insurance renewals, along with onetime items, platform investments and a temporary increase in inventory as we built ahead to satisfy the demand we saw through the end of the quarter. Net working capital was $9.3 million, down from $12.3 million at year-end.

下降主要反映第一季度按年支付的現金支出，包括上市公司合規成本與保險續保費用，以及一次性項目、平台投資，並且因我們提前備貨以滿足截至季度末所見需求而造成庫存的暫時性增加。淨營運資金為930萬美元，低於年末的1,230萬美元。

Importantly, we continue to have no debt on the balance sheet as of March 31. And today, we announced a private placement resulting in aggregate proceeds of $9 million, which I'll discuss in detail shortly. Before I get to that and the strategic transaction, let me address the forward outlook because I know near-term trajectory is top of mind for many of you.

重要的是，截至3月31日，我們的資產負債表仍然沒有任何負債。此外，我們今天宣布完成一項私募配售，合計募集資金900萬美元，我稍後會詳細說明。在談到該事項及策略性交易之前，我先談談前瞻展望，因為我知道許多人最關心的是短期走勢。

Our framework for 2026, which we discussed in the last quarterly call, is built on the following pillars: organic revenue growth for 2026 over 2025, and we continue to see good demand signals for that as well as strength in our recurring revenue base and new sales models we're implementing. Acceleration of recurring and services revenues, including the launch of our on-site programming as a platform service as we move forward; entry into the programming services market, which represents a meaningful opportunity to expand our addressable market and our addressable market in which Bill has particular expertise.

我們對2026年的框架（已在上次季度電話會議中討論）建立在以下支柱之上：2026年相較2025年的有機營收成長；我們也持續看到良好的需求訊號，以及我們經常性收入基礎的韌性與正在導入的新銷售模式所帶來的動能。加速經常性與服務收入，包括隨著我們推進，推出將現場程式設計作為平台服務；進入程式設計服務市場，這代表擴大我們可服務市場（TAM）的重要機會，而Bill在該領域具備特別的專長。

Operational optimizations driving improved gross and operating margins. As revenue increases, we expect not only better absorption of labor and overhead, but mix will also continue to play a role as we introduce higher-margin software and services. and expense reductions totaling approximately $1.8 million in annual run rate from operational optimizations implemented since the beginning of 2026.

透過營運優化推動毛利率與營業利益率改善。隨著營收增加，我們預期不僅勞務與間接費用的吸收會更好，產品組合也將持續發揮作用，因為我們將推出更高毛利的軟體與服務；此外，自2026年初以來已實施的營運優化，帶來約180萬美元的年度化費用削減（run rate）。

That's over the last five months, including the German restructuring and broader structural cost improvements. These are already in place, and we expect to see -- reap the benefits of these as we go forward. And finally, as Bill mentioned, AI is deeply ingrained across all functions and driving productivity gains in engineering, operations, customer support and administration and finance.

這是過去五個月的成果，包括德國重整以及更廣泛的結構性成本改善。這些措施已經到位，我們預期未來將逐步——收穫其效益。最後，如Bill所提，AI已深度融入各項職能，並在工程、營運、客戶支援、行政與財務等方面帶來生產力提升。

Now for the second-quarter, we are providing revenue guidance of $5 million to $5.4 million. That implies a minimum of approximately 20% sequential growth from the first-quarter. I want to be very clear that we are providing this guidance and the context around it. As we saw the sequential acceleration of sales activity within the quarter, we also saw some revenue recognition slippage of bookings that were processed but pushed into Q2 based on the timing of rev rec.

至於第二季度，我們提供的營收指引為500萬至540萬美元。這意味著相較第一季度，至少約有20%的季增。我想非常清楚地說明，我們提供此指引及其背景。當我們看到本季度內銷售活動的連續加速時，也看到部分已處理的訂單在收入認列上出現延後，因收入認列時點而被推遲至第二季度。

The Q2 guidance includes these delayed first-quarter sales as well as solid new activity early in the quarter. The demand did not disappear. It shifted. The combination of the late Q1 momentum carrying over and customer engagement building in Q2 gives us visibility to provide this range. I also want to be equally clear, we do not expect to be providing revenue guidance or other specific forward-looking guidance on a regular basis going forward.

第二季度指引包含這些延後自第一季度的銷售，以及本季度初期穩健的新活動。需求並未消失。只是時點移轉。第一季度末的動能延續，加上第二季度客戶互動升溫的組合，使我們具備能見度提供此區間。我也要同樣清楚地表示，未來我們不預期會以固定頻率定期提供營收指引或其他具體的前瞻性指引。

This quarter is an unusual circumstance as we saw such rapid acceleration from a weak start of the year. We believe it's important and appropriate to share that with investors in this instance, but this should not be taken as a precedent for ongoing quarterly guidance. On an organic basis, the combination of revenue growth and cost discipline gives us line of sight to positive operating cash flow on an organic basis by the end of 2026.

本季度屬於特殊情況，因為我們從年初的疲弱開局中看到非常快速的加速。我們認為在此情況下與投資人分享是重要且適當的，但不應將此視為未來持續提供季度指引的先例。在有機基礎上，營收成長與成本紀律的結合，使我們能夠看見在2026年底前於有機基礎上達成正向營運現金流的路徑。

And that organic basis does not yet include the strategic acquisitions that we're going to talk about today or other ones that might come through the course of the year. So let me turn to the $9 million direct investment, which we announced today and which we expect to close before the end of May. We entered into a securities purchases agreement with a single institutional investor for an aggregate gross proceeds of $9 million.

而這個有機基礎尚未納入我們今天將討論的策略性併購，或今年過程中可能出現的其他併購。因此，讓我轉到我們今天宣布、並預期在5月底前完成交割的900萬美元直接投資。我們已與單一機構投資人簽訂證券購買協議，合計總募集金額為900萬美元。

The structure, as you can see in the press release is as follows: investment includes the issuance of approximately 870,000 shares of common stock, a convertible debenture in the principal amount of approximately $6.8 million and warrants to purchase up to 1.08 million shares of common stock. The warrants carry an exercise price of $3 per share and are exercisable for five years from issuance.

如新聞稿所示，其結構如下：本次投資包括發行約87萬股普通股、本金約680萬美元的可轉換公司債，以及可購買最多108萬股普通股的認股權證。認股權證的行使價為每股3美元，自發行日起可行使五年。

The convertible debenture is unsecured and bears and is convertible into Series B preferred stock, which is nonvoting and convertible into common stock at an initial conversion price of $2.50 per share. The debenture will automatically convert upon receipt of stockholder approval pursuant to NASDAQ rules. Let me explain why this is the right transaction for the company.

該可轉換公司債為無擔保，並可轉換為B系列優先股；該優先股不具表決權，並可按初始轉換價每股2.50美元轉換為普通股。依據NASDAQ規則，在取得股東核准後，該公司債將自動轉換。我來說明為何這對公司而言是正確的交易。

First, it validates our strategy. This is a sophisticated institutional investor, making a significant commitment to Data I/O at this stage of our transformation. They will become our single largest shareholder. That kind of conviction from an institutional source, particularly at this inflection point is a strong signal. Second, it strengthens the balance sheet. $9 million in gross proceeds provides us with additional working capital and financial flexibility without encumbering the company with traditional secured debt.

第一，它驗證了我們的策略。這是一位成熟且專業的機構投資人，在我們轉型的此階段對Data I/O做出重大承諾。他們將成為我們單一最大股東。來自機構資金、尤其在這個轉折點所展現的信念，是一個強烈訊號。第二，它強化了資產負債表。900萬美元的總募集資金為我們提供額外的營運資金與財務彈性，同時不會以傳統的擔保負債方式束縛公司。

The debenture is unsecured, and we anticipate its conversion to preferred stock. This gives us room to operate and invest. Third, it enables our M&A strategy. Combined with our existing cash and the deal structure we've negotiated for the acquisition, this capital positions us well for the transaction and to continue to invest in the organic business. Fourth, the terms are reasonable and aligned.

該公司債為無擔保，我們預期其將轉換為優先股。這讓我們有更大的操作與投資空間。第三，它使我們的併購（M&A）策略得以推進。結合我們現有的現金，以及我們為此次收購所談妥的交易架構，這筆資金使我們在完成交易並持續投資於內生成長業務方面具備良好條件。第四，條款合理且一致。

The coupon of the debenture is modest. The conversion and exercise prices reflect -- the conversion -- excuse me, the warrant exercise prices reflect a premium to where the stock has been trading and the investors' willingness to take a large position at this stage speaks to their confidence in the combined organic and inorganic plan. The investment strengthens our foundation.

該公司債的票息不高。轉換價格與行使價格反映——轉換——抱歉，認股權證的行使價格反映了相較於股票近期交易價格的溢價，而投資人願意在此階段建立大部位，顯示他們對結合內生與外生成長計畫的信心。這項投資強化了我們的基礎。

Now let me tell you what we're building on. We executed a letter of intent to acquire a leading manufacturer in our space. The total consideration is approximately $23 million. And upon closing, as Bill mentioned, this acquisition is expected to nearly double our annual revenues as well as be immediately accretive to both earnings and cash flow. Let me start with the strategic rationale.

現在讓我告訴各位我們正在以什麼為基礎來打造。我們已簽署意向書（LOI），擬收購我們領域中的一家領先製造商。總對價約為2,300萬美元。並且在交割後，如Bill所提到的，預期此次收購將使我們的年度營收幾乎翻倍，且將立即對獲利與現金流具增益（accretive）。我先從策略理由談起。

Well, actually, let me leave that for the Q&A later, okay? One notable part of the structure, though, I do want to mention is that of the purchase price, about $3 million is going to be in the form of equity. The fact that the current private equity owners have agreed to take roughly 15% of the consideration in our stock is meaningful.

嗯，實際上，我先把那部分留到稍後的問答環節，好嗎？不過，架構中有一個值得一提的重點是：在收購價款中，約300萬美元將以股權形式支付。現有的私募股權持有人同意約15%的對價以我們的股票收取，這點很有意義。

These are people who know the business best and they are expressing confidence in the value of the combined enterprise. So let me leave you with this. The first-quarter financials reflect where we've been. a business in transition with costs coming down and customer activity building. The Q2 guidance of $5 million to $5.4 million revenue reflects where we're going on an organic basis.

這些人最了解這門生意，他們正在表達對合併後企業價值的信心。所以我想用這點作結。第一季財務數字反映了我們過去的狀態：一個正在轉型中的業務，成本下降、客戶活動正在回升。第二季營收指引為500萬至540萬美元，反映了我們在內生面向的前進方向。

The $9 million investment gives us the balance sheet to execute and the acquisition that nearly doubles our revenue is accretive to earnings and cash flow. It signals the transformation of Data I/O in action. We're incredibly excited about what lies ahead, and we look forward to updating you as we move through the closing process and begin integration planning.

這筆900萬美元投資讓我們具備可執行的資產負債表，而這項幾乎使營收翻倍的收購將對獲利與現金流具增益。這顯示Data I/O的轉型正在發生。我們對未來感到非常振奮，也期待在交割流程推進並開始整合規劃時，向各位更新進展。

With that, I'll turn it back to the operator for Q&A portion of the call.

接下來我把電話交回給接線員，進入問答環節。

David Kanen, Kanen Wealth Management.

David Kanen，Kanen Wealth Management。

Congratulations on the transaction. Very exciting. First question is for Charlie. Bill, you called out -- Bill called out a breakeven of $22 million with the restructuring. So in other words, Charlie, just to clarify, you're saying at $5.5 million per quarter, you'll essentially be EBITDA neutral. Is that correct? And then what is the

恭喜完成這筆交易。非常令人振奮。第一個問題是問Charlie的。Bill，你提到在重整之後損益兩平點是2,200萬美元。換句話說，Charlie，我想確認一下，你的意思是每季5,500萬美元左右時，EBITDA基本上會打平。這樣理解正確嗎？另外，

Assuming gross margins stay roughly in line with where they've been. Yes. Which we should see

前提是毛利率大致維持在目前的水準。是的。而我們應該會看到

There's a slight improvement on some of the changes. We'll see more improvement with the acquisition, but yes, that's a bright state.

在部分調整之下會有些微改善。透過這次收購我們會看到更多改善，但沒錯，那是個不錯的狀態。

Okay. And then, Bill, you alluded to this will roughly double the size of the company. So let's say, for example, that number is $20 million in services. is this a double digit? Is this like a 15% EBITDA margin business? How should we look at that in terms of modeling going forward?

好的。接著，Bill，你提到這將使公司規模大致翻倍。所以假設例如那個數字是2,000萬美元的服務收入，這會是雙位數嗎？例如是EBITDA利潤率15%的業務嗎？就未來建模而言，我們應該如何看待？

Yes. I think it'd be a little early to model that just because there is a lot -- there are some significant -- there are some solid synergies. I'm not going to say significant. We still have some investigation to do there, Dave, during the due diligence stage of this, which we just kicked off yesterday. So I'd probably hold that back. And it's not all services. It's probably like a, call it, 60-40, right? So it's not all services.

是的。我認為現在就建模可能還太早，因為有很多——有一些重要的——有一些扎實的綜效。我不會說是重大的。在盡職調查階段我們還需要做一些調查，Dave，而我們昨天才剛啟動。所以我可能先不在這裡給出。而且也不全是服務。大概是，姑且說，60-40，對吧？所以不全是服務。

There is CapEx in there. But the services that come along with this company are much more, I would say, recurring nature than even our recurring on the adapters and things more supply chain business and things like that, that are pretty consistent. Whether the side goes up and down, there's always some consistent level of revenue and fairly predictable regardless of what's going on market-wise.

其中也包含資本支出（CapEx）。但這家公司所帶來的服務，我會說其經常性（recurring）特質更強，甚至比我們在轉接器等項目上的經常性收入更具持續性；那比較偏供應鏈業務之類，表現相當穩定。不論景氣上下波動，總會有一定程度的穩定收入，而且不管市場狀況如何，都相當可預測。

So again, it's -- it will double the size of the company, certainly accretive. There's a lot of work to do between now and when we try to get this thing closed. But there is certainly upside across the board and improving gross margin for both companies, honestly. I mean when I talk -- when I think through AI and what we've done here and the significant productivity improvements we've seen and taking projects that have taken years, and we're actually starting some of them over to reduce our technical debt.

所以再說一次，它——確實會讓公司規模翻倍，而且肯定具增益。從現在到我們嘗試完成交割之間，還有很多工作要做。但整體而言確實有上行空間，坦白說也能提升兩家公司的毛利率。我的意思是，當我談到AI以及我們在這裡所做的事情、我們看到的顯著生產力提升，還有那些原本需要好幾年才能完成的專案，我們甚至開始把其中一些重新做，以降低我們的技術負債。

And Dave, you've been with the business for a while. We've got a lot of antiquated equipment and software and hardware out there, and we're finding ways to literally cut the time by 70%, 80% walking through their factory and looking at what they do, there's clear signs in where we can reduce design times by a couple of -- four or five weeks and certainly bring AI in to get them more productive. So there's just a lot of upside across the board. But from a revenue perspective, yes, you should definitely think kind of 40-plus.

Dave，你在這個產業也待了一段時間。我們有很多老舊的設備、軟體與硬體在外面，而我們正在找方法，實際上把時間縮短70%、80%；走訪他們的工廠、看他們怎麼做，就能清楚看到我們可以在哪些地方把設計時間縮短幾週——四到五週——並且把AI導入，讓他們更有效率。所以整體而言上行空間很大。但就營收角度來看，是的，你應該可以把它視為40以上。

Okay. And then in terms of the capacity to grow organically with the existing footprint or facilities that they have, what is the opportunity of that $20 million or so in revenue, where do you think you can grow that organically with the current facilities that they have?

好的。那麼就他們現有的據點或設施而言，在內生增長的產能方面，他們的機會是什麼？以約2,000萬美元左右的營收來看，你認為在現有設施下，內生可以成長到什麼程度？

Yes. It's a great question, Dave, and thanks for asking it because taking a tour of the facility, I was like, yes, we now have expansion capabilities to scale because if you think about where we're going with our core capital CapEx business, we have a fairly tight production floor downstairs. And as we get into programming as a service, I'm going to be building even more equipment for our own long-term contracts around programming on-site as a service.

是的。這是個很好的問題，Dave，謝謝你問，因為參觀該設施時我就想：是的，我們現在有擴張能力可以擴大規模。因為如果你想想我們核心的資本設備（CapEx）業務，我們樓下的生產區其實相當緊。而當我們推進「程式設計即服務」（programming as a service）時，我將為我們自身的長期合約打造更多設備，用於在客戶現場提供程式設計即服務。

So that will increase the need to build more. We would not be able to do that here. I can tell you that. So this allows us to accelerate programming as a service because they have plenty of manufacturing space for us to grow into as well as their core business.

因此，這會增加我們需要製造更多設備的需求。我們在這裡做不到。我可以很明確地告訴你。所以這讓我們能加速推進程式設計即服務，因為他們有充足的製造空間，讓我們在其核心業務之外也能擴張成長。

Okay. And then final question before I go back into the queue. My apologies for monopolizing. I'm just questions

好的。然後在我回到排隊之前最後一個問題。抱歉我佔用太多時間。我就是有些問題

No worries. We love the multiple questions today, Dave, there's a lot going on.

沒問題。Dave，我們今天很喜歡多個問題，因為現在有很多事情正在發生。

Okay. So Bill, you alluded to potentially the market coming to you. I forgot the exact phraseology, but there's increasing urgency around edge AI infrastructure build-out, security provisioning. So can you talk a little bit about that, the -- let's call it, this AI build-out and exactly where that intersects with programming and what this opportunity is over the next 12 to 24 months?

好的。所以 Bill，你提到市場可能會來找你們。我忘了確切的措辭，但圍繞邊緣 AI 基礎設施建置、安全配置的急迫性正在提高。所以你能不能多談一點這個——我們姑且稱之為 AI 建置——以及它究竟在哪裡與燒錄/程式寫入（programming）交會，未來 12 到 24 個月這個機會是什麼？

Absolutely, Dave, another great question. And as we talked about this in previous quarters, and we've just been kind of waiting for the wave to come. And we saw signs of this in Q4. It's why we really thought Q1 would really get out to a faster start than it did. Those conversations obviously accelerated towards the end of the quarter, and now we're deep in discussions and getting POs and booking new logos from those business. But it's really products that surround or utilize AI, such as robotics and automation in cars.

當然可以，Dave，這又是個很好的問題。如同我們在前幾季談到的，我們一直在等待浪潮到來。我們在第四季看到一些跡象。這也是為什麼我們原本真的以為第一季會比實際情況更快起跑。這些對話顯然在季末加速，現在我們正深入討論、拿到採購訂單（PO），並從那些業務拿下新客戶（new logos）並入帳。但這主要是圍繞或運用 AI 的產品，例如汽車中的機器人與自動化。

We've got a new client that we should be announcing soon that has a very large business in both of those sectors. So when I look at what AI is doing in our overall economy and across every domain, that automation is going to drive other products that need to be automated or the ability to accept that automation and those AI signals.

我們有一個新客戶應該很快就會宣布，他在這兩個領域都有非常龐大的業務。所以當我看 AI 在整體經濟以及各個領域所帶來的影響時，這種自動化將推動其他需要自動化的產品，或是需要具備接收這些自動化與 AI 訊號的能力。

So as you say, like if you look at Avnet and Arrow's quarters, the last three quarters, I mean, their numbers have gone through the roof, right? And they're a great barometer because they're really kind of what I would call supermarkets of the world as far as semiconductors. So if you ever want to look at really what are the trends, they're a great barometer for that.

所以如你所說，如果你看 Avnet 和 Arrow 過去三季的表現，我是說，他們的數字已經衝上天了，對吧？而他們是一個很好的風向球，因為就半導體而言，他們真的有點像我所說的「全球超市」。所以如果你想看真正的趨勢是什麼，他們是很好的指標。

And I segregate that from like the Microns of the world and NVIDIA's the world that have just gone in a stratosphere with their numbers. I mean I've never thought Micron from four years ago will go from $56 to almost $700 or more. But the overall semiconductor industry is rising with it because there's needs for like more photonics inside the cabinets and just a little discrete power management chips and all these things.

而我會把這跟 Micron 以及 NVIDIA 這些公司區分開來，他們的數字已經飆到平流層。我的意思是，我從沒想過四年前的 Micron 會從 56 美元漲到接近 700 美元甚至更高。但整體半導體產業也跟著上升，因為像是機櫃內需要更多光子元件（photonics），以及一些離散式電源管理晶片等等各種需求。

So granted those aren't programmable, but there's a lot of automated solutions needed for these things. So I think overall, the push is here, and it's starting to drag other industries and semiconductors with it. So that's what we're seeing. That's what we're hearing, and that's what customers are telling us. And I will tell you, the OpEx model, customers love it.

所以當然，那些不一定是可程式化的，但這些事情需要很多自動化解決方案。所以我認為整體推力已經來了，而且開始把其他產業與半導體一起帶動。這就是我們看到的。這就是我們聽到的，也是客戶告訴我們的。而且我可以告訴你，客戶很喜歡 OpEx（營運費用）模式。

And the great thing about programming as a service, the signatory stage for an OpEx contract isn't at the VP of Finance level. You're at director, manufacturing manager, these decisions can be made at lower levels, which means we can execute multiyear contracts and services, including a managed service fee that we'll have on top of a multiyear contract with guaranteed volumes and minimum monthly revenues that they have to meet.

而「程式寫入即服務」（programming as a service）很棒的一點是，OpEx 合約的簽核層級不需要到財務副總裁（VP of Finance）。在總監、製造經理這些層級就能做決策，這表示我們可以執行多年期合約與服務，包含在具備保證量與每月最低收入門檻的多年期合約之上，再加上一筆我們的託管服務費（managed service fee）。

So that's what really -- I'm really looking forward to that. And also opening up regional programming centers for -- look, like I said, we've got a huge installed base out there. We've got a lot of customers that bought one system and they never really bought again. And maybe they thought their business was going to go one way and it stayed flat.

所以這就是——我真的很期待的部分。另外也會開設區域性的程式寫入中心——你看，就像我說的，我們在外面有很龐大的已安裝基礎（installed base）。我們有很多客戶只買過一套系統，之後就再也沒有買。也許他們原本以為業務會往某個方向走，但結果持平。

But those customers probably still have a good amount of programming business that we can take back from them regionally. And the advantage we have, Dave, is that we can give them a little bit of value of that equipment, even though it may have aged out or also there's no depreciation left on it because it's still the programming ads and the adapters.

但這些客戶可能仍然有相當多的程式寫入業務，我們可以在區域層級把它們再拿回來。而我們的優勢是，Dave，我們可以讓他們從那些設備中獲得一些價值，即使設備可能已經老舊，或是帳上已經沒有折舊了，因為仍然需要燒錄用的附加項（programming adds）與轉接器（adapters）。

So we're in a great place to give customers real value even in old equipment to move to a new model. So I hope that answers your question.

所以我們處在一個很好的位置，即使是舊設備也能為客戶提供實質價值，協助他們轉向新模式。希望這回答了你的問題。

Jon Hickman, Ladenburg.

Jon Hickman，Ladenburg。

So I'm new to the story, and I'm sorry if this is naive of me or so. But could you elaborate a little bit more on the -- it says that these guys do semiconductor handling and packaging. Why -- with what's all going on, why is the seller wanting to sell?

我剛開始了解這家公司，如果我的問題有點天真先說聲抱歉。不過你能否再多說一點——這裡寫說這些人做半導體搬運與封裝。在目前這麼多事情正在發生的情況下，為什麼賣方會想賣？

Well, it wasn't a company that was in a process, right? And so when I think of M&A, and I've done a lot of M&A over my career, when you're looking at transforming a company such as Data I/O, you're looking around for strengths and weaknesses, right? Where are we strong, whereas a company that might be a great target because they're in an adjacent market or they have some of the businesses in a core part of your market and you put those two companies together and can help accelerate growth, scale and scope and revenue.

嗯，這不是一家正在進行出售流程的公司，對吧？所以當我談到併購（M&A），我職涯做過很多併購，當你想要轉型像 Data I/O 這樣的公司時，你會去檢視優勢與劣勢，對吧？我們強在哪裡？同時也會去看某家公司是否是很好的標的，因為它在相鄰市場，或是在你核心市場的某些部分有業務；把兩家公司結合後，可以加速成長、規模與範疇（scale and scope）以及營收。

So it wasn't a question that they had to sell or like obviously, I understand your question because you're thinking why would anybody sell in this market right now because it's so robust, but not everybody's benefit. But their business has definitely strengthened over the last 1.5 years, and they're going into this year strong, and we like where their numbers are going as well as ours.

所以這不是他們非賣不可的問題——當然我理解你的問題，因為你在想，現在市場這麼強勁，為什麼有人要賣？但不是每個人都能受惠。不過他們的業務在過去一年半確實變得更強，今年開局也很強，我們也喜歡他們以及我們的數字走向。

So I think it was more of a you never know when you're going to get a dance partner in life, right? And sometimes timing is everything. I think the match between me and the other CEO, we felt strongly that this was a good idea. And quite frankly, if they were going to go to market at some point, we were definitely one of the companies that would have received the book.

所以我認為更像是——你永遠不知道人生什麼時候會遇到舞伴，對吧？而有時候時機就是一切。我想我和對方 CEO 的契合度，我們都很有信心這是個好主意。坦白說，如果他們未來某個時間點要正式啟動出售流程，我們肯定會是收到投資簡報（book）的公司之一。

But look, we both decided that we felt that this would be a good time for us to merge the companies. We both saw the great opportunities for both firms and the strengths and weaknesses. And so that's why we have come to an agreement.

但你看，我們雙方都認為現在是合併兩家公司的好時機。我們都看到了兩家公司各自的巨大機會，以及優勢與劣勢。因此我們才達成協議。

Who from the other companies are with you?

對方公司有哪些人會跟你們一起？

I can't really get into those details. We just kicked off early due diligence. We'll be getting more on that once we close and talk through really what the -- not only the strategic rationale, but how we're going to lay each other strategy and how well they fit together in the future, the team members and things like that. That's a little way premature.

我不太能談這些細節。我們才剛啟動初期盡職調查（due diligence）。等到交割完成後，我們會有更多資訊，並且會更深入說明——不只是策略理由，還包括我們將如何把彼此的策略整合、未來如何契合，以及團隊成員等事項。現在談這些還太早了。

Okay. And then I missed one thing. How many warrants are going with this deal?

好的。然後我漏了一件事。這筆交易會附帶多少份認股權證？

1.08 million.

108萬份。

Howard Root, Fairhope Capital.

Howard Root，Fairhope Capital。

Congrats on the next step in this transformation. It's good to see. A couple of questions. First, a little one. Of the $5 million in Q2 that you're kind of guiding toward, is any of that your programming as a service? Has that started to kick in yet? Or when do you see that kicking in? And what's kind of the scope of the size and ballpark and you see that hitting your revenue?

恭喜你們在這次轉型上邁出下一步。很高興看到這一點。我有幾個問題。第一個比較小。你們對第二季約5百萬美元的指引中，有沒有包含任何「程式燒錄即服務」（programming as a service）的收入？這部分是否已經開始貢獻了？或者你們預期何時會開始貢獻？以及你們認為其規模大概會是什麼範圍、何時會反映在營收上？

Yes. Great question, Howard. No, it does not include any of that. I can tell you that we are deep in conversations with 8 clients. These are existing customers that already have our equipment, but were looking to buy more. Their businesses are expanding. Some of them are just looking to maybe move to an OpEx model because of all the benefits that you get from an OpEx model, and there are many of them. So no, I would expect that I'd be shocked if we didn't have at least one to three contracts signed by the end of Q3.

是的。Howard，問得很好。不，裡面不包含任何那部分。我可以告訴你，我們正與8家客戶深入洽談。這些都是既有客戶，已經有我們的設備，但原本想再買更多。他們的業務正在擴張。其中一些可能只是想轉成OpEx模式，因為OpEx模式有很多好處，而且確實有很多。所以沒有，我會很驚訝如果我們在第三季末前沒有至少簽下1到3份合約。

Now so none of that revenue is really built in our current model. There's a little bit in Q4. But I will tell you the conversations are accelerating far faster than even I thought. So no, none of that revenue is in there.

所以目前我們的模型其實沒有把那部分營收納入。第四季有一點點。但我可以告訴你，這些對話加速得比我原先預期還快得多。所以沒有，那部分營收沒有算進去。

And in terms of

至於

Like size of revenue or contract may vary. So kind of the rule of thumb that I've used over the years in doing because even at source, we had four on-site programming centers with clients. We typically minimal -- the minimum part of annual volumes are usually around $1 million to $1.5 million. From there, that's a machine or two.

像是營收規模或合約金額會有所不同。所以我多年來一直用的一個經驗法則是——因為即使在Source時期，我們也有四個客戶的現場燒錄中心。通常年量的最低門檻大約在100萬到150萬美元。從那裡開始，通常就是一到兩台機器。

You typically look at a big contract would be 5 million, 10 million parts a year, obviously, can find $20 million plus, and they're out there. I mean we have one subcontractor that is talking to us about giving us space in one site and servicing 6 others from that site. So those deals can get big quickly. And if you look at 10 million-plus parts and an average programming price of anywhere between $0.09 and $0.14, $0.15, and that does not include security provisioning, it's pretty good revenue.

一般來說，大型合約會是每年500萬、1,000萬顆，當然也能找到2,000萬顆以上的，而且市場上確實有。我的意思是，我們有一家分包商正在跟我們談，願意在某個據點提供空間，並從該據點服務另外6個據點。所以這類交易很快就能做大。如果你看1,000萬顆以上，平均燒錄單價大約在0.09到0.14、0.15美元之間，而且這還不包含安全佈署（security provisioning），那就是相當不錯的營收。

And obviously, there's a managed service fee in there for things like sockets and maintenance and software. So you add that into the total equation. And then multiyear contracts, these will be three-year minimum contracts. So very dependable, reliable revenue. The other note that I didn't get to kind of touch on, which I think is important to everybody is that security provisioning, and I know Data I/O went through this for -- with SentriX for many, many years.

而且很明顯，裡面還會有像插座、維護與軟體等項目的託管服務費。所以把這些加進總體計算。另外是多年期合約，這些至少會是三年期合約。因此是非常可預期、可靠的營收。還有一點我剛才沒有提到、但我認為對大家很重要的是安全佈署；我知道Data I/O在SentriX上為此投入了很多很多年。

There's the CRA Act, which is the Cyber Resilience Act, which is coming out from the EU, becomes mandatory September of 2027. So we're starting to see security provisioning start to become more of an important thing to get taken care of going into 2027. So we are in discussions to have some defend the strategic relationships in that area with both semi houses and contract manufacturers.

有一個CRA法案，也就是《網路韌性法》（Cyber Resilience Act），將由歐盟推出，並在2027年9月起成為強制要求。所以我們開始看到，面向2027年，安全佈署正變得更重要、需要提前處理。因此我們正在討論，在該領域與半導體廠（semi houses）及代工製造商建立一些具防禦性的策略合作關係。

I just want to -- because that was a question Dave kind of talked a little bit, I want to get back and get that answer. But it's important for everybody because security provisioning can be kind of two times the programming charge. We've got three opportunities in India right now. And one of them, there is an on-site programming center, and they're just not happy with their services. So we've got some opportunities to really just lodge some competitors as well.

我只是想——因為那是Dave稍微提到的一個問題，我想回來把答案補完整。但這對大家很重要，因為安全佈署的費用可能是燒錄費用的兩倍左右。我們目前在印度有三個機會。其中一個有現場燒錄中心，但他們對服務不滿意。所以我們也有一些機會，基本上可以把競爭對手擠出去。

Great. Great. And in terms of the acquisition, if I do the numbers, $23 million, basically $20 million of that in cash. You're raising $9 million gross, you've got $5 million on your balance sheet. That still leaves $6 million, $7 million kind of unaccounted for. How are you going to finance the rest of the acquisition?

很好。很好。再談收購案，如果我算一下數字，2,300萬美元，其中基本上2,000萬美元是現金。你們募資總額900萬美元，你們資產負債表上有500萬美元。那還有大概600萬到700萬美元沒有著落。你們要怎麼籌措剩下的收購資金？

I'll turn that over to Charlie.

我把這題交給Charlie。

We're looking at sort of a combination -- potential combination of other sources of cash, also potential debt or assumption of debt. They do have some debt on their balance sheet as it is right now. We may just bring that over. That might be the most expeditious way. But we're -- I think we're very confident about the ability to raise this to secure the rest of the financing.

我們在看一個組合——可能是其他現金來源的組合，也可能是舉債，或承接其債務。他們目前資產負債表上確實有一些債務。我們可能就把那部分承接過來。那可能是最迅速的方式。但我們——我想我們對於籌到資金、確保剩餘融資的能力非常有信心。

So you need to raise more money in order to close the transaction? Is that one of the conditions of closing?

所以你們需要再募更多錢才能完成交易交割嗎？那是交割條件之一嗎？

No, not raising -- we don't need to raise more equity. We think we can do it most likely with debt or absorption or assumption of their debt.

不，不是再募資——我們不需要再增發股權募資。我們認為最可能是透過舉債，或吸收／承接他們的債務來完成。

Okay. Okay. Then finally, in terms of the big, big picture, is this acquisition kind of a next step in the process? Or do you see this as kind of the step and now you've got to kind of -- you've got your three legs of the stool, if you will, from what you have, this programming as a service and then this and then you've got to integrate and go forward? Or are you still looking at doing other acquisitions in the next six months to a year?

好的。好的。最後，從更宏觀的角度來看，這次收購算是流程中的下一步嗎？還是你們把它視為關鍵一步，現在你們已經有「三腳凳」的三條腿——你們既有的業務、這個「程式燒錄即服務」，再加上這次收購——接下來就要整合並往前走？或者你們仍在考慮未來六個月至一年內再做其他收購？

Yes, it gives me the second leg. We still need to go up to the third. But the second leg, obviously, is in -- it's my background. That's why we launched services in early this year, obviously, in March or actually April 10 is when we launched the new website. So services is always going to be on our schedule, whether organic or acquisition. Obviously, doing both accelerates everything.

是的，這讓我有了第二條腿。我們還需要再補上第三條。但第二條腿顯然是——這是我的背景。這也是為什麼我們在今年年初推出服務，顯然是在3月，或者其實是4月10日我們上線了新網站。所以服務一定會在我們的規劃中，不論是有機成長或透過收購。當然，兩者並行會加速一切。

And there are a lot of other service-only providers out there that will be worth taking a look at. This is the first step in that. but it really gives us a great foothold along with what we're already doing organically.

而且市場上還有很多只做服務的供應商，值得我們去看看。這是第一步，但它確實讓我們在既有的有機布局之外，取得一個很好的立足點。

(Operator Instructions) Robert Anderson, Penbrook.

(接線員指示) Robert Anderson，Penbrook。

I'm having a little trouble understanding what this acquisition actually does. On the one hand, you suggest it's a manufacturing company, somewhat similar to what you do. So I get the sense that they're right now a competitor, but then they also provide programming as a service. So help me to understand, broadly speaking, what this company does.

我對於這項收購實際上帶來什麼作用有點難以理解。一方面，你們表示它是一家製造公司，某種程度上與你們的業務相似。所以我感覺他們目前算是競爭對手，但同時他們也提供程式設計即服務。所以請幫我理解一下，概括來說，這家公司是做什麼的。

Yes, sure. I mean they're in a couple of different markets that are complementary to ours. I wouldn't say they're a direct competitor, Bob. I've talked about buying other -- and they are -- there are other programming companies that would be interesting to look at. I'm not saying that's off the table. But we're looking more in the adjacent plays and services.

好的，當然。我的意思是，他們在幾個與我們互補的不同市場。我不會說他們是直接競爭對手，Bob。我曾談過收購其他——而且確實——還有其他程式設計公司也值得看看。我不是說那不在考量範圍內。但我們更著眼於相鄰的布局與服務。

So complementary to us. I wouldn't say not competitive directly. But the other attributes of this business is that, as you know, we've been so -- holds it on to automotive. One of the other attributes of this business is there are various different domains that they have. Less than 10% of their business is in automotive. So they do service a lot of semiconductor companies, which we can latch on to those relationships and expand our technology into those companies. They're military, defense and aero kind of a hotspot.

所以是與我們互補。我不會說不是直接競爭。但這個業務的其他特點是，如你所知，我們一直——把重心放在汽車領域。這個業務的另一個特點是，他們涵蓋多個不同的領域。他們在汽車領域的業務不到10%。因此他們服務許多半導體公司，我們可以藉由這些關係切入，並將我們的技術擴展到那些公司。他們在軍事、國防與航太領域也算是一個熱點。

We'd like to get there as well. So when you think about the domain barriers that are broken down right away because the customer relationships that they have to leverage are pretty significant. And so we both benefit from some of that. I would say on our side, there's obviously -- when you think through when you're mapping out what your strategy is once you get through a transformational deal like this, you start looking at who are the people that are going to help you execute all this, right?

我們也希望能進入那裡。所以當你想到，因為他們擁有相當重要、可加以運用的客戶關係，領域壁壘能立刻被打破。因此我們雙方都能從其中一些方面受益。我會說，就我們這邊而言，顯然——當你在規劃一筆像這樣的轉型交易完成後的策略時，你會開始思考，哪些人能幫你把這一切落地執行，對吧？

So I've been planning that for probably at least the last three, four, five months of the people that can come in and help. And I've come across some wonderful people that have been in this industry that can help both companies grow. So there's only so much, Bob, I can share right now, but stay tuned. I think you'll get a much clearer picture post close.

所以我大概至少在過去三、四、五個月一直在規劃，哪些人可以加入並提供協助。我也遇到一些在這個產業裡非常優秀的人才，能幫助兩家公司成長。所以目前我能分享的有限，Bob，但請持續關注。我想在交易完成交割後，你會看到更清楚的全貌。

This concludes our question-and-answer session. I'd like to turn the floor back over to Bill Wentworth, Chief Executive Officer, for closing remarks.

我們的問答環節到此結束。我想把時間交回給執行長 Bill Wentworth 作結語。

All right. Well, I want to thank everybody for the time today. It was -- this is an exciting time in Data I/O's history. I can tell you the team -- there have been people here, and thank you, operator. The team, we've got members here that have been for 20, 25, 35 years. And I can tell you from the energy inside this building right now, they are all extremely excited to -- for this next chapter.

好的。我想感謝大家今天撥冗參與。這——對 Data I/O 的歷史而言是個令人振奮的時刻。我可以告訴你，團隊——這裡有一些人，另外也謝謝接線員。我們的團隊裡，有成員已在這裡服務了20、25、35年。我可以從目前這棟大樓裡的氛圍感受到，大家都對——下一個篇章感到非常興奮。

There's a couple of people here that were supposed to retire six months ago, a year ago. I don't see them going anywhere. They are really excited about where we're going. And these are key, key contributors that have been with this company for a very long time. And they're like this is something that we've been looking forward to for over a decade.

這裡有幾位原本應該在六個月前、一年前就退休的人。我看他們哪裡也不會去。他們對我們要前往的方向非常興奮。而且這些都是關鍵、關鍵的貢獻者，已在這家公司很長一段時間。他們說，這是我們期待了十多年的一件事。

So the energy here and just utilizing the new tools and we've done -- we've really started to really work on graduating from within. If you want to build a great culture, lean on the people that have been here for a while, but give the younger generations and the talent here that didn't maybe get the opportunity they should have had in the past and giving that to them now.

所以這裡的能量，以及善用新工具——我們也已經——我們真的開始著手推動內部晉升。如果你想建立很棒的文化，就要倚重那些在這裡待了一段時間的人，同時也要把機會給年輕世代與這裡的人才——他們過去可能沒有得到本該有的機會——現在把機會給他們。

And we are really grooming some really great leaders for the future. Very excited about the future. So we still have a lot of work to do. This is where the real work begins. -- although it feels like the last three months feels like 10 years. But look, I've done enough M&A and integration in my time across my own business and larger companies. Charlie has also done the same.

而且我們正在為未來培養一些非常優秀的領導者。對未來非常興奮。所以我們仍然有很多工作要做。真正的工作從這裡開始——雖然過去三個月的感覺像是過了十年。但你看，我在自己的事業以及更大型公司裡，做過足夠多的併購與整合。Charlie 也同樣如此。

We've also brought in some talent that's on the executive team now that also has a significant amount of M&A experience but as well as more importantly, integration. And it's really how you handle the people during that. And when I look at acquisitions and M&A, culture is a huge part of that, if not number one. But on top of that is being able to bring stakes and weaknesses together that complement each other, which in my -- at least in my experience, accelerates growth.

我們也引進了一些現在在高階管理團隊中的人才，他們同樣擁有相當豐富的併購經驗，更重要的是整合經驗。而真正關鍵在於你在那個過程中如何對待員工。當我看待收購與併購時，企業文化是其中非常重要的一部分，甚至可能是第一要務。除此之外，還要能把彼此的優勢與弱點結合起來、形成互補；以我的——至少以我的經驗，這會加速成長。

So looking forward to all of this, and I'd like to close out and thank everybody for their time today, and we're really looking forward to the next several updates over the next months and quarters coming. Thank you.

所以很期待接下來的一切；我也想在此作結並感謝大家今天的時間，我們也非常期待在接下來幾個月與幾個季度陸續帶來更多更新。謝謝。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

各位女士、先生，至此我們將結束今天的電話會議與簡報。感謝各位參與。您現在可以掛斷電話線。