Frequency Electronics Inc (FEIM) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Frequency Electronics first-quarter fiscal 2026 earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded. Any statements made by the company during this conference call regarding the future constitute forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

大家好，歡迎參加頻率電子 2026 財年第一季財報發布電話會議。（操作員指示）提醒一下，本次會議正在錄音。根據 1995 年《私人證券訴訟改革法案》的安全港條款，本公司在本次電話會議中做出的任何有關未來的陳述均構成前瞻性陳述。

Such statements inherently involve uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences are included in the company's press releases and are further detailed in the company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the company undertakes no obligation to update these statements for revisions or changes after the date of this conference call.

此類陳述本身涉及不確定性，可能導致實際結果與前瞻性陳述有重大差異。導致或促成此類差異的因素已包含在公司的新聞稿中，並在公司向美國證券交易委員會提交的定期報告中進行了詳細說明。透過做出這些前瞻性陳述，本公司不承擔在本次電話會議日期之後更新這些陳述以進行修訂或更改的義務。

It is now my pleasure to introduce your host, Thomas McClelland, President and Chief Executive Officer.

現在我很高興介紹您的主持人，總裁兼執行長 Thomas McClelland。

Thank you. Good afternoon, and thanks for joining the Frequency Electronics first-quarter fiscal year 2026 earnings call. With me today is our Chief Financial Officer, Steve Bernstein. On our fourth-quarter fiscal 2025 earnings call in July, I told you that particularly strong execution allowed the company to produce revenue on certain programs in fiscal 2025 that we had originally expected to produce over a more extended period of time in fiscal 2025, 2026, and beyond.

謝謝。下午好，感謝您參加頻率電子 2026 財年第一季財報電話會議。今天和我在一起的是我們的財務長史蒂夫·伯恩斯坦。在 7 月的 2025 財年第四季收益電話會議上，我告訴大家，特別強勁的執行力使公司能夠在 2025 財年透過某些專案創造收入，而我們原本預計這些收入將在 2025 財年、2026 財年及以後的更長時間內實現。

So while we do not provide guidance given the inherently lumpy nature of contract awards and customer-driven activity, we did want to point out in July that the previous quarter, the highest revenue quarter in 25 years, should not be viewed as the near-term new normal. We anticipated instead that the fiscal first quarter of 2026 would look more like the first two quarters in fiscal 2025. This would have been the case, but for customer-driven delays on a few key programs that pushed revenue recognition out of the fiscal first quarter.

因此，儘管考慮到合約授予和客戶驅動活動的固有波動性，我們不提供指導，但我們確實想在 7 月指出，上一季度是 25 年來收入最高的季度，不應被視為近期的新常態。相反，我們預計 2026 財年第一季將更像 2025 財年的前兩個季度。本來情況會是這樣，但由於客戶原因，一些關鍵項目被推遲，導致收入確認被推遲到第一財季。

Recall that the allocations for space and defense-related programs that were enacted by Congress were first finalized in early July with only a few weeks left in the quarter, which created some late-quarter customer scrambling. Critically, this revenue will still be earned in the coming quarters and predominantly in this current fiscal year. These are neither cancellations nor contract reductions. In fact, we expect at least one of these programs to be meaningfully increased in total contract value.

回想一下，國會頒布的太空和國防相關項目的撥款是在 7 月初首次確定的，而當時本季度僅剩幾週時間，這導致一些客戶在季度末爭相購買。至關重要的是，這些收入仍將在未來幾個季度，尤其是本財年產生。這些既不是取消，也不是合約減少。事實上，我們預計其中至少有一個項目的總合約價值將大幅增加。

Now that we're six weeks into this second fiscal quarter, I can clearly state that the issues we saw in the first quarter related to customer-led delays are now behind us, and we're making significant progress towards a bigger book of business. When we have a quarter like this first one with lower revenue than recent trend levels, while we're still investing in growth for the future, we can see temporarily lower levels of profitability.

現在我們已經進入第二財季六週了，我可以明確地說，我們在第一季看到的與客戶導致的延遲相關的問題現在已經過去了，我們在擴大業務方面正在取得重大進展。當我們遇到像第一季這樣的收入低於近期趨勢水平的季度時，雖然我們仍在為未來的成長進行投資，但我們可以看到獲利水平暫時較低。

But make no mistake, this is not your grandfather's FEI. We have fundamentally transformed this business over the past few years to be a larger, more profitable, more cash-generative company that invests in the future and rewards shareholders for years to come.

但請不要誤會，這不是你祖父的國際馬聯。過去幾年來，我們從根本上改變了這項業務，使其成為一家規模更大、利潤更高、現金流更強的公司，投資未來並在未來幾年回報股東。

One indication of our future success is that our funded backlog remains at historically high levels, but we're also actively bidding on new programs and anticipate meaningful new business in the near term. Some of the programs we're bidding on are larger than the typical contract wins we've previously reported. Furthermore, these programs have significant follow-on potential over the next decade and beyond.

我們未來成功的一個跡像是，我們的資金積壓仍處於歷史高位，但我們也積極競標新項目，並預計短期內將有有意義的新業務。我們競標的一些項目的規模比我們之前報導的典型合約中標規模要大。此外，這些項目在未來十年甚至更長時間內都具有巨大的後續潛力。

Both space and non-space defense activity point to continued healthy growth in our core markets, both for our legacy products and our next-generation technology. Notable programs we're involved in include Golden Dome, Patriot missile system, B-2 bomber and Terminal High Altitude Area Defense system or THAAD, as well as other multi-domain defense systems.

太空和非太空防禦活動都顯示我們的核心市場（包括我們的傳統產品和下一代技術）持續健康成長。我們參與的著名項目包括金色圓頂、愛國者飛彈系統、B-2轟炸機和末段高空區域防禦系統（THAAD），以及其他多域防禦系統。

To support these markets as well as our new initiatives in quantum sensing, the company recently opened an engineering facility in Boulder, Colorado and hired senior scientists formerly with the National Institute of Standards Technology, Time and Frequency Division. These physicists and others who are expected to join FEI at the Boulder facility in the near future will support ongoing company programs and new technology efforts.

為了支持這些市場以及我們在量子感測領域的新舉措，該公司最近在科羅拉多州博爾德開設了一個工程設施，並聘請了前美國國家標準技術研究所時間和頻率部門的高級科學家。這些物理學家和其他預計在不久的將來加入 FEI 博爾德工廠的人員將支持公司正在進行的專案和新技術工作。

We anticipate that the Boulder facility will contribute positively to the bottom line by the third quarter of this fiscal year. In addition, as noted previously, we're pursuing external government funding for research and development with significant activity underway, particularly in the area of quantum sensing, which is a large emerging market for us.

我們預計博爾德工廠將在本財年第三季為獲利做出積極貢獻。此外，如前所述，我們正在尋求外部政府資助，用於正在進行的重要研發活動，特別是在量子感測領域，這對我們來說是一個巨大的新興市場。

Building on the enthusiastic response and strong encouragement from last year, our company will host its second annual Quantum Sensing Summit in New York City this October. This scientific conference will convene leaders from government, academia, industry, and other laboratories to explore emerging technologies, discuss strategies for realizing their full potential, and reinforce our nation's leadership in this critical field as well as FEI's expanding strategic role in advancing this technology. We're excited about the enthusiasm which has developed around this event. Additional details related to this event are available on the Frequency Electronics website.

基於去年的熱烈回應和大力鼓勵，我公司將於今年10月在紐約市舉辦第二屆年度量子感測高峰會。本次科學會議將召集政府、學術界、工業界和其他實驗室的領導人，共同探索新興技術，討論充分發揮其潛力的策略，並加強我國在這一關鍵領域的領導地位以及 FEI 在推進這一技術方面不斷擴大的戰略作用。我們對圍繞著這項活動所激發出的熱情感到非常興奮。有關此活動的更多詳細信息，請參閱頻率電子網站。

We have always been a quantum physics organization. Quantum is at the heart of atomic clocks that we have designed and produced for many years. This area of our business is robust and taking on more meaning in the position, navigation, and timing high-reliability security complex. And our solutions are critical elements of mission assurance and surveillance.

我們一直是個量子物理學組織。量子是我們多年來設計和生產的原子鐘的核心。我們的業務領域非常強大，並且在定位、導航和計時高可靠性安全綜合體中承擔著更重要的意義。我們的解決方案是任務保證和監視的關鍵要素。

What has changed over the past year or so is that our customers need quantum solutions, particularly in sensing that are real and timely in order to deal with an increasingly tech-focused and conflicted global defense landscape. We are in a prime position to deliver solutions given our technology expertise in defense, space, and quantum. Our opportunity set is not only the best we've seen but we believe is also the best in our industry, and our relevancy is critical to the mission of the defense of our country and allied partners.

過去一年左右發生的變化是，我們的客戶需要量子解決方案，特別是真實且及時的感知解決方案，以應對日益以技術為中心且衝突不斷的全球防禦格局。憑藉我們在國防、太空和量子領域的技術專長，我們處於提供解決方案的有利位置。我們的機會不僅是我們所見過的最好的，而且我們相信也是我們行業中最好的，而且我們的相關性對於我們國家和盟國的防禦使命至關重要。

Although this quarter showed a temporary decline in revenue and earnings, our strong fundamentals remain unchanged. We continue to generate profitability in our core technologies and are actively investing in innovation to drive long-term growth. With a debt-free balance sheet and the unwavering commitment of our talented workforce, we're confident in the company's continued strength and bright outlook.

儘管本季營收和收益暫時下降，但我們強勁的基本面仍然沒有改變。我們繼續在核心技術上創造獲利能力，並積極投資創新以推動長期成長。憑藉著無債務的資產負債表和優秀員工的堅定承諾，我們對公司持續的實力和光明的前景充滿信心。

Our leadership in position, navigation, and timing has never been more paramount in the industry. Traditional customers as well as emerging leaders are engaging with FEI, recognizing our unparalleled and growing technical leadership, coupled with manufacturing expertise. We have also now proven our ability to execute complex contracts with greater speed and precision than industry norms.

我們在定位、導航和計時方面的領導地位在業界從未如此重要。傳統客戶和新興領導者都在與 FEI 合作，認可我們無與倫比且不斷增長的技術領導力以及製造專業知識。我們現在也證明了我們有能力以比行業標準更快的速度和更精確的方式執行複雜的合約。

In recent years, we have returned cash to shareholders via two significant special dividends while still investing in the business for future growth. Today, the company announced a $20 million authorization for the repurchase of shares, and we remain committed to both investing for the future and finding ways to return cash to shareholders. Please see today's 8-K for further information.

近年來，我們透過兩次重大特別股息向股東返還現金，同時仍在投資業務以實現未來成長。今天，該公司宣布授權回購 2000 萬美元的股票，我們將繼續致力於投資未來並尋找向股東返還現金的方式。請參閱今天的 8-K 以獲取更多資訊。

Before I turn the call over to Steve to discuss our financials in greater depth, I want to highlight an issue making global headlines that goes to the heart of our mission, the growing battle to protect time. As the Financial Times recently reported, the ultra-precise clocks that power GPS and other satellite systems are increasingly at risk from wartime jamming and spoofing to accidental outages and even potential attacks on satellites themselves.

在我將電話轉給史蒂夫以更深入地討論我們的財務狀況之前，我想強調一個成為全球頭條新聞的問題，這個問題與我們使命的核心有關，即日益激烈的保護時間的鬥爭。正如英國《金融時報》最近報導的那樣，為 GPS 和其他衛星系統提供動力的超精密時鐘越來越面臨戰時幹擾和欺騙、意外中斷甚至對衛星本身的潛在攻擊的風險。

This isn't just about navigation. Time is the invisible utility that keeps the world running. Financial markets, power grids, telecom networks, and emergency services all depend on precise, secure timing. Even a small disruption can ripple through critical infrastructure with serious consequences. In one recent case, suspected Russian GPS interference forced the European Commission President's plane to abandon satellite guidance and land in Bulgaria reportedly using paper maps.

這不僅與導航有關。時間是維持世界運轉的無形工具。金融市場、電網、電信網路和緊急服務都依賴精確、安全的時間安排。即使是很小的中斷也可能對關鍵基礎設施造成連鎖反應並造成嚴重後果。在最近的一個案例中，疑似俄羅斯 GPS 幹擾導致歐盟委員會主席的飛機放棄衛星導航，並使用紙質地圖降落在保加利亞。

That's why governments worldwide are accelerating investments in resilient timing. The US has unveiled its most advanced atomic clock. The UK and France have pledged to strengthen infrastructure together. Sweden is upgrading national timing systems to secure 5G communications. For FEI, this is powerful validation. Our technologies in alternative PNT and quantum-enhanced timing are designed precisely to close these vulnerabilities.

這就是為什麼世界各國政府都在加快彈性時機的投資。美國推出了最先進的原子鐘。英國和法國承諾共同加強基礎建設。瑞典正在升級國家計時系統以確保 5G 通訊安全。對於 FEI 來說，這是一個強大的驗證。我們的替代 PNT 和量子增強計時技術正是為彌補這些漏洞而設計的。

We're not just a supplier. We're a strategic partner helping ensure that our nation and our allies can rely on resilient, secure and sovereign sources of time. In summary, we remain highly confident in our continued upward but not necessarily linear trajectory and our increasing strategic importance in the industry. We look forward to demonstrating this in the quarters and years to come.

我們不僅僅是一個供應商。我們是戰略合作夥伴，幫助確保我們的國家和盟友能夠依賴有彈性、安全和主權的時間來源。總而言之，我們對於我們持續上升但不一定是線性的軌跡以及我們在行業中日益增長的戰略重要性仍然充滿信心。我們期待在未來的幾個季度和幾年內證明這一點。

I'll now turn the call over to Steve, and I look forward to taking your questions in a little bit later in the call.

我現在將電話轉給史蒂夫，我期待稍後在電話中回答您的問題。

Thank you, Tom. Good afternoon. For the three months ending July 31, 2025, consolidated revenue was $13.8 million compared to $15.1 million for the same period of the prior fiscal year. The components of revenue are as follows. Revenue from commercial and US government satellite programs was approximately $6.5 million or 47% compared to $8.3 million or 55% in the same period of the prior fiscal year.

謝謝你，湯姆。午安.截至 2025 年 7 月 31 日的三個月，綜合收入為 1,380 萬美元，而上一財年同期為 1,510 萬美元。收入的組成部分如下。來自商業和美國政府衛星計畫的收入約為 650 萬美元，佔 47%，而上一財年同期的收入為 830 萬美元，佔 55%。

Revenues on satellite payload contracts are recognized primarily under the percentage of completion method and are recorded only in the FEI-New York segment. Revenues from non-space US government and DOD customers, which are recorded both in the FEI-New York and FEI-Zyfer segments, were $6.9 million compared to $6.3 million in the same period of the prior fiscal year and accounted for approximately 50% of consolidated revenues compared to 42% for the prior fiscal year. Other commercial and industrial revenues were approximately $439,000 compared to approximately $544,000 in the prior fiscal year.

衛星有效載荷合約的收入主要按照完成百分比法確認，並且僅記錄在 FEI-紐約部門。來自非太空美國政府和國防部客戶的收入（記錄在 FEI-New York 和 FEI-Zyfer 部門）為 690 萬美元，而上一財年同期為 630 萬美元，約佔合併收入的 50%，而上一財年為 42%。其他商業和工業收入約為 439,000 美元，而上一財年約為 544,000 美元。

The revenue for the three months ending July 31, 2025, is lower than expected due largely to several externally imposed program delays, which halted work on the affected programs. Importantly, these delays are not expected to result in overall program revenue reductions, and the revenue shortfall from the first quarter of fiscal '26 is expected to be made up in the upcoming quarters, predominantly in this fiscal year.

截至 2025 年 7 月 31 日的三個月的收入低於預期，主要是由於幾個外部強加的項目延遲，導致受影響項目的工作停止。重要的是，這些延遲預計不會導致整體專案收入減少，26財年第一季的收入缺口預計將在未來幾季（主要是本財年）得到彌補。

For the three months ending July 31, 2025, both gross margin and gross margin rate decreased compared to the same period in the prior fiscal year. The decrease in gross margin was primarily due to the decrease in revenue, and the decrease in gross margin rate was attributable to quarterly fluctuations in the mix of business activity between higher-margin programs and lower-margin programs. As we have stated in the past, gross margin on the manufacture of existing products are generally high, whereas gross margin on development efforts and new products are typically lower.

截至2025年7月31日的三個月，毛利率和毛利率與上一財年同期相比均有所下降。毛利率的下降主要是由於收入的下降，而毛利率的下降則歸因於高利潤項目和低利潤項目之間業務活動組合的季度波動。正如我們過去所說，現有產品製造的毛利率通常較高，而開發工作和新產品的毛利率通常較低。

For the three months ending July 31, 2025, and 2024, selling, general, and administrative expenses were approximately 26% and 19%, respectively, of consolidated revenue. The increase in SG&A expense during the three months ending July 31, 2025, was primarily related to one-time expenses related to investments in the future growth of the company, including expansion into Colorado and quantum sensing and an increase in payroll-related expenses.

截至 2025 年 7 月 31 日和 2024 年 7 月 31 日的三個月，銷售、一般和管理費用分別約佔合併收入的 26% 和 19%。截至 2025 年 7 月 31 日的三個月內，銷售、一般及行政費用 (SG&A) 的增加主要與對公司未來成長的投資相關的一次性費用有關，包括向科羅拉多州的擴張和量子感測以及工資相關費用的增加。

R&D expense for the three months ending July 31, 2025, decreased to approximately $1.1 million from $1.5 million for the three months ending July 31, a decrease of approximately $400,000 and were approximately 8% and 10%, respectively, of consolidated revenue. Fluctuation in R&D expenditures will occur in some periods due to current operational needs supporting ongoing programs. The company plans to continue to invest in R&D in the future to keep its products at the state-of-the-art.

截至 2025 年 7 月 31 日的三個月的研發費用從截至 2025 年 7 月 31 日的三個月的 150 萬美元減少至約 110 萬美元，減少約 40 萬美元，分別佔合併收入的約 8% 和 10%。由於當前營運需要支援正在進行的項目，研發支出在某些時期會出現波動。該公司計劃未來繼續投資研發，以保持其產品處於最先進的水平。

For the three months ended July 31, 2025, the company recorded operating income of approximately $364,000 compared to an operating income of approximately $2.4 million in the prior fiscal year. Operating income decreased due to lower revenue and gross margin, as previously mentioned. Other income expense net is derived from various sources. The majority of the approximately $200,000 investment income for the three months ending July 31, 2025, was from interest income and unrealized gains on assets held in the Frequency Electronics deferred comp trust.

截至 2025 年 7 月 31 日的三個月，該公司的營業收入約為 364,000 美元，而上一財年的營業收入約為 240 萬美元。如前所述，營業收入因收入和毛利率下降而下降。其他收入支出淨額來自各種來源。截至 2025 年 7 月 31 日的三個月內，約 20 萬美元的投資收入大部分來自利息收入和頻率電子遞延補償信託持有的資產的未實現收益。

This yields a pretax income of approximately $556,000 for the three months ending July 31, 2025, compared to an approximately $2.6 million pretax income for the three months ending July 31, 2024. For the three months ending July 31, the company recorded a tax benefit of $77,000 compared to a tax provision of $133,000 for the same period of the prior fiscal year.

這意味著截至 2025 年 7 月 31 日的三個月的稅前收入約為 556,000 美元，而截至 2024 年 7 月 31 日的三個月的稅前收入約為 260 萬美元。截至 7 月 31 日的三個月，該公司記錄的稅收優惠為 77,000 美元，而上一財年同期的稅收準備金為 133,000 美元。

Consolidated net income for the three months ending July 31, 2025, was approximately $634,000 or $0.07 per share compared to approximately $2.4 million or $0.25 per share for the same period of the prior fiscal year. Our fully funded backlog at the end of July '25 was approximately $71 million compared to approximately $70 million for the previous fiscal year ended April 30, 2025.

截至 2025 年 7 月 31 日的三個月的綜合淨收入約為 634,000 美元或每股 0.07 美元，而上一財年同期約為 240 萬美元或每股 0.25 美元。截至 2025 年 7 月底，我們的全額資助積壓訂單約為 7,100 萬美元，而截至 2025 年 4 月 30 日的上一財年則約為 7,000 萬美元。

The company's balance sheet continues to reflect a strong working capital position of approximately $30 million at July 31, 2025, and a current ratio of approximately 2.3 to 1. Additionally, the company is debt free. The company believes that its liquidity is adequate to meet its operating and investing needs for the next 12 months and the foreseeable future.

該公司的資產負債表繼續反映出強勁的營運資本狀況，截至 2025 年 7 月 31 日約為 3,000 萬美元，流動比率約為 2.3 比 1。此外，該公司沒有債務。本公司認為其流動性足以滿足未來12個月及可預見的未來的營運和投資需求。

I will call -- turn the call back to Tom, and we look to your questions shortly.

我會打電話——把電話轉回給湯姆，我們很快就會回答你的問題。

Thanks, Steve. I think we're now prepared to take questions.

謝謝，史蒂夫。我想我們現在可以回答問題了。

(Operator Instructions) George Marema, Pareto Ventures.

（操作員指示）George Marema，Pareto Ventures。

Yes, hi. Thanks, Tom. Back in the beginning of the year, this last winter, you kind of outlined some of your various clock technologies, including the rubidium vapor clock, the mercury ion clock, of course, quantum sensing and NV Diamond magnetometer. And you kind of gave some timelines on that. I just wonder if I can get an update on sort of the progress on these, the productization of these things, and sort of like an updated timeline on when these might be -- convert to actual product.

是的，你好。謝謝，湯姆。早在去年冬天，也就是今年年初，您就概述了一些時鐘技術，包括銣蒸氣鐘、汞離子鐘，當然還有量子感測和 NV Diamond 磁力儀。您給了一些時間表。我只是想知道我是否可以獲得有關這些產品的進展、產品化的最新進展，以及何時可能將這些產品轉化為實際產品的更新時間表。

Okay. Well, keep in mind that we have atomic clocks that are available off the shelf at this time. And in fact, we're actively producing. In particular, we have a satellite-grade state-of-the-art GPS atomic clock for GNSS satellite systems that we're actively producing. But to address some of the more advanced things that we are working on, in particular, as you stated, we're working on mercury ion atomic clock.

好的。好吧，請記住，我們現在有現成的原子鐘。事實上，我們正​​在積極生產。特別是，我們擁有用於 GNSS 衛星系統的衛星級最先進的 GPS 原子鐘，我們正在積極生產。但為了解決我們正在研究的一些更先進的問題，特別是正如你所說，我們正在研究汞離子原子鐘。

And we are actually beginning to produce prototypes at this point in time in collaboration with the Jet Propulsion Laboratory. And we anticipate that this will be ready for low-rate production in another year or so. We're also, as you stated, working on various magnetometer technologies. This is primarily to support a very important field at this point in time, which is alternate navigation sources that are completely independent of GPS and related satellite navigation systems.

實際上，我們目前正開始與噴射推進實驗室合作生產原型。我們預計，大約一年後，該設備將可以投入低速生產。正如您所說，我們還在研究各種磁力儀技術。這主要是為了支援目前一個非常重要的領域，即完全獨立於 GPS 和相關衛星導航系統的替代導航來源。

We have externally supported programs to develop this technology, in particular, NV Diamond magnetometer technology. And we anticipate by the middle of next calendar year to have prototypes available to support testing done by some of the -- our potential customers. And roughly a year after that, we're anticipating that we'll have next-generation higher performance devices available. Let me leave it at that.

我們有外部支援的專案來開發這項技術，特別是NV Diamond磁力儀技術。我們預計到明年年中將有原型可供一些潛在客戶進行測試。大約一年後，我們預計將推出下一代性能更高的設備。我就不多說了。

Okay. And I had one more question, which is kind of a two-part question about quantum sensing. The first one is just sort of a general update on where we are on the space application. And I know you guys focus on space applications, but I was wondering, there seems to be some emerging research on how quantum sensing can also be used in other areas like quantum computing, for example. Has there been any thought, discussion, or interest in applying your technology to anything outside of space?

好的。我還有一個問題，這是一個關於量子感測的兩部分問題。第一個只是關於我們在空間應用方面進展的一般性更新。我知道你們專注於太空應用，但我想知道，似乎有一些新興的研究關於量子感測如何應用於其他領域，例如量子計算。您是否想過、討論過或有興趣將您的技術應用於太空以外的任何事物？

Yes, so quantum computing doesn't necessarily exclude space. So the space, it's not like those are opposites, space and quantum computing. But certainly, we also don't need to do quantum computing in space. I think that at this point in time, we are not investing directly in quantum computing. But a lot of the technologies that we're working on potentially have applications in quantum computing. And I think our approach is that quantum computing is a very tricky kind of business.

是的，所以量子計算並不一定排除空間。因此，空間和量子計算並不是對立的。但當然，我們也不需要在太空進行量子運算。我認為目前我們還沒有直接投資量子運算。但我們正在研究的許多技術都有可能應用於量子計算。我認為我們的方法是量子計算是一種非常棘手的業務。

I think everybody realizes it's not ready for prime time right now and an awful lot of people working on it. And instead, we're focusing on some aspects of quantum sensing that it's very clear that we can make a contribution very quickly in the near future. At the same time, I think we are aware of what's going on in quantum computing, and we're trying to put together a workforce that's part of the reason for our investment in the Colorado facility so that we put together an engineering team with the kind of expertise that can potentially contribute to quantum computing in the future.

我想每個人都意識到它現在還沒有準備好在黃金時段播出，而且還有很多人在為此努力。相反，我們專注於量子感測的某些方面，很明顯我們可以在不久的將來很快做出貢獻。同時，我認為我們了解量子運算領域正在發生的事情，我們正在努力組建一支勞動力隊伍，這也是我們投資科羅拉多工廠的原因之一，這樣我們就可以組建一支擁有專業知識的工程團隊，未來有可能為量子運算做出貢獻。

Okay. Thank you, Tom, for your outstanding leadership. I appreciate it.

好的。謝謝你，湯姆，你傑出的領導。我很感激。

Thanks.

謝謝。

(Operator Instructions) And there were no other questions from the lines at this time. I will now hand the call back to Thomas McClelland for closing remarks.

（接線員指示）此時線路上沒有其他問題。現在我將把電話轉回給湯瑪斯‧麥克萊蘭，請他作結語。

Okay. Well, I would like to thank everybody for taking the time to listen and to participate in today's earning call. We look forward to providing further updates in the coming months. Thank you.

好的。好吧，我要感謝大家抽出時間聆聽並參加今天的財報電話會議。我們期待在未來幾個月提供進一步的更新。謝謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開線路。感謝您的參與。