Frequency Electronics Inc (FEIM) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Frequency Electronics third-quarter fiscal 2026 earnings release conference call.

各位好，歡迎參加 Frequency Electronics 2026 會計年度第三季財報發布電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

(接線員指示) 提醒各位，本次會議將被錄音。

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.

公司在本次電話會議中就未來所作的任何陳述，均構成前瞻性陳述，並受 1995 年《私人證券訴訟改革法案》安全港條款之規範。

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.

此類陳述本質上涉及不確定性，可能導致實際結果與前瞻性陳述存在重大差異。可能造成或促成此等差異的因素已載於公司新聞稿中，並在公司向美國證券交易委員會提交的定期報告文件中有更詳細說明。

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.

公司作出上述前瞻性陳述，並不承擔在本次電話會議日期之後就修訂或變更而更新該等陳述的任何義務。

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

現在很榮幸為各位介紹本次會議主持人：總裁兼執行長 Thomas McClelland。

Good afternoon. Thanks for joining Frequency Electronics' third-quarter fiscal year 2026 earnings call.

各位下午好。感謝各位參加 Frequency Electronics 2026 會計年度第三季財報電話會議。

With me today is our CFO, Steve Bernstein.

今天與我一同出席的是我們的財務長 Steve Bernstein。

On our second-quarter fiscal 2026 earnings call in December, I discussed our vision for how we see the growth in our company developing in the coming years.

在 12 月的 2026 會計年度第二季財報電話會議上，我談到我們對未來幾年公司成長發展的願景。

Specifically, I told you that the exciting growth prospects we have in large and growing end markets, which are larger than our historical addressable markets, will come, in addition to, continuing strength and growth in our ongoing businesses in space and defense.

具體而言，我告訴各位，我們在大型且持續成長的終端市場中擁有令人振奮的成長前景；這些市場規模大於我們過去可觸及的市場。這些成長將在我們既有太空與國防業務持續強勁與成長的基礎上，進一步帶來增量。

These new markets, such as quantum sensing; proliferated satellites; and Alternative Position, Navigation, and Timing programs are built upon our industry-leading capabilities in our core space and defense programs.

這些新市場，例如量子感測、分散式衛星，以及替代定位、導航與授時（Alternative Position, Navigation, and Timing）計畫，皆建立在我們於核心太空與國防計畫中業界領先的能力之上。

I also told you on that December call that we anticipate multiple awards in the coming months, some of which are as large or larger than the biggest ones we have historically announced.

我也在 12 月那通電話會議中提到，我們預期在接下來幾個月會獲得多項得標，其中部分規模將與我們過去公布過的最大案子相當，甚至更大。

Today, we're very pleased to report significant progress on all of these fronts.

今天，我們很高興向各位報告，在上述各方面都取得了重大進展。

In a separate press release that came out at the same time as our earnings report after the close of market today, we announced that we were awarded two contracts, valued at approximately $45 million.

在今日收盤後、與我們財報同時發布的另一則新聞稿中，我們宣布獲得兩份合約，合約金額合計約 4,500 萬美元。

One of these contracts is in the domain of FEI's traditional space satellite programs. One is part of the new proliferated satellite paradigm. Customer confidentiality prevents us from discussing these with greater specifics, at this time.

其中一份合約屬於 FEI 傳統的太空衛星計畫領域。另一份則屬於新興的分散式衛星典範的一部分。基於客戶保密要求，我們目前無法就此提供更具體的細節。

But there are two important points to consider:

但有兩個重要重點值得注意：

First, of course, is that these contracts reflect our ability to continue to win meaningful contracts in our traditional space business, while also winning significant business in our next-generation markets, at the same time.

第一，當然是這些合約反映出我們一方面能在傳統太空業務中持續拿下具意義的合約，同時也能在下一代市場中贏得重要業務。

In other words, while our business is never perfectly linear, we are definitely not projecting a dislocation in which the traditional business wanes, while the new business replaces it. Rather, they'll both grow and pave the way for us to become a substantially larger company.

換言之，雖然我們的業務從來不是完全線性發展，但我們絕非在預測一種「傳統業務衰退、由新業務取而代之」的位移情境。相反地，兩者都將成長，並為我們成為一家規模顯著更大的公司鋪路。

Second, we're already actively working on additional contracts of similar magnitude in both our traditional and new business lines; and anticipate additional awards in this calendar year.

第二，我們已在傳統與新業務線上積極推進其他規模相近的合約，並預期在本曆年內還會有更多得標。

On the December call, I also told you that, while backlog, in any given quarter, can fluctuate, given newly funded awards and what is converted into revenue in a given quarter, based on what we're seeing, coming down the road, we believe it is reasonable that we could see backlog north of $100 million in the not-too-distant future.

在 12 月那通電話會議上，我也提到，雖然在任何單一季度，受新獲資金支持的得標以及當季轉為營收的進度影響，積壓訂單（backlog）可能會波動；但根據我們對未來趨勢的觀察，我們認為在不久的將來看到積壓訂單超過 1 億美元是合理的。

Our January quarter end backlog was (technical difficulty), a new record for FEI. Of course, this backlog amount was prior to the award of the contracts announced today.

我們 1 月季度末的積壓訂單為（技術問題），創下 FEI 新紀錄。當然，該積壓訂單金額尚未包含今天宣布的合約得標。

This new business, announced today, will start to enter backlog in this current fiscal fourth quarter, which should help us make further progress towards the $100 million mark in the near future.

今天宣布的這些新業務將在本會計年度第四季開始納入積壓訂單，這應有助於我們在近期內朝 1 億美元門檻持續推進。

Now, that $100 million level, by the way, is not meant to (inaudible) but the level we're currently building towards.

順帶一提，1 億美元這個水準並不是要（聽不清楚），而是我們目前正在建立並邁向的水準。

Adding more awards, like the ones we announced today, could push us well past that, over time.

隨著時間推移，若再增加更多像今天宣布的這類得標，我們可能會大幅超越該水準。

Steve will provide more financial details a little bit later. But I would make a few financial comments here.

Steve 稍後會提供更多財務細節。不過我先在此補充幾點財務方面的評論。

For the third fiscal quarter, we reported revenue of $16.9 million, essentially the same as the second fiscal quarter. This revenue number is down year over year because of the particularly strong execution we exhibited in fiscal 2025, which allowed the company to produce revenue on certain programs in fiscal 2025 that we had originally expected to produce over a much more extended period of time, well into fiscal 2026, essentially pulling forward some revenue, as we've discussed in the previous calls.

在本會計年度第三季，我們報告營收為 1,690 萬美元，與第二季基本持平。該營收數字較去年同期下滑，原因在於我們在 2025 會計年度展現了特別強勁的執行力，使公司能在 2025 會計年度於部分專案上認列原本預期會在更長期間、延伸至 2026 會計年度內才逐步認列的營收；也就是如我們在先前電話會議中所討論的，將部分營收提前認列。

Nonetheless, this was still the fourth-highest quarter of revenue in the past 10 years, with the only three higher quarters having occurred within the past four quarters.

儘管如此，這仍是過去 10 年中營收第四高的季度；而僅有的三個更高季度都發生在過去四個季度之內。

As we said on the December call, though our business does not proceed in a perfectly (inaudible) fashion, we have established a new hire base. We anticipate building upon that base now and in the years to come.

正如我們在 12 月電話會議所說，雖然我們的業務並非以完全（聽不清楚）的方式推進，但我們已建立新的聘用基礎。我們預期將在現在以及未來多年持續在此基礎上擴增。

Before I turn things over to Steve, I would like to make a few comments on the current state of the world and how it relates to FEI's business.

在把時間交給 Steve 之前，我想就當前世界局勢及其與 FEI 業務的關聯，先做幾點說明。

Obviously, most immediately, our country is now at war. As we've discussed on previous calls, we're involved in numerous defense programs, including Golden Dome, Patriot missile system, B-2 bomber, and Terminal High Altitude Area Defense missile system -- the THAAD system -- as well as other multi-domain defense systems.

顯然，最直接的是，我們的國家現在正處於戰爭狀態。如同我們在先前電話會議中討論的，我們參與多項國防計畫，包括 Golden Dome、愛國者飛彈系統、B-2 轟炸機，以及末段高空區域防禦飛彈系統——THAAD 系統——以及其他多領域防禦系統。

Missile systems and interceptors have been in the news quite a bit over the past two weeks. I would like to remind you of remarks we've made previously on our calls:

在過去兩週，飛彈系統與攔截器在新聞中被大量報導。我想提醒各位我們先前在電話會議中提過的觀點：

Our exposure on major missile programs is principally in the missile batteries, which are ground-based units used to detect, track, and intercept incoming threats, generally, by firing missiles at those threats.

我們在主要飛彈計畫中的曝險主要集中在飛彈砲組（missile batteries），也就是用於偵測、追蹤並攔截來襲威脅的地面單位，通常是透過向這些威脅發射飛彈來進行攔截。

As the government increases the deployment of these batteries, our business will expand, along with that. We've already seen evidence of that in the current quarter.

隨著政府增加部署這些砲組，我們的業務也將隨之擴大。我們在本季度已經看到相關跡象。

Further, the early days of this war, as well as the action earlier this year in Venezuela, have shown an increased reliance on traditional jet fighters and naval fleets, as opposed to next-generation defense technologies.

此外，這場戰爭的早期階段，以及今年稍早在委內瑞拉的行動，都顯示相較於下一代國防技術，對傳統噴射戰鬥機與海軍艦隊的依賴有所提高。

Similar to our discussion earlier on our space positioning in the traditional and emerging markets, we believe this military deployment is a good example of how there remains strong opportunities in our traditional defense business, even as we are engineering products for next-generation modalities.

類似於我們先前就太空領域在傳統與新興市場的定位所做的討論，我們認為這次軍事部署是一個很好的例子，說明即便我們正在為下一代作戰型態研發產品，我們的傳統國防業務仍然存在強勁機會。

We expect defense to continue to be a meaningful and growing business for FEI for many years.

我們預期國防業務在未來多年仍將是 FEI 重要且持續成長的業務。

Meanwhile, in the Ukraine-Russia war and in the Strait of Hormuz, GPS jamming has become ubiquitous, creating dead zones that threaten civilian aircraft, telecom, financial systems, shipping firms, and NATO allies. The need for Alternative Position, Navigation, and Timing Systems, [Alt-PNT], including the use of quantum sensing and magnetometers is paramount. We expect to be a part of that solution set in the years to come.

同時，在烏克蘭—俄羅斯戰爭以及荷姆茲海峽，GPS 干擾已變得無所不在，形成威脅民航機、電信、金融系統、航運公司與北約盟友的訊號死區。對替代定位、導航與授時系統（Alt-PNT）的需求——包括使用量子感測與磁力計——至關重要。我們預期未來幾年將成為該解決方案組合的一部分。

In fact, in this current fiscal year, we've already won some new business in both magnetometers and other quantum sensing, including business won out of our new Colorado facility. We expect a lot more Alt-PNT business in the years to follow.

事實上，在本會計年度，我們已在磁力計與其他量子感測領域贏得一些新業務，其中包括由我們新的科羅拉多廠區取得的業務。我們預期未來幾年將有更多 Alt-PNT 業務。

Our technology is used in systems and programs that play critical roles in keeping our country and our military safe. We're very proud of this work. It creates an additional sense of mission for our team.

我們的技術被用於在維護國家與軍隊安全方面扮演關鍵角色的系統與計畫中。我們對這項工作深感自豪。這也為我們的團隊帶來額外的使命感。

I would like to thank our employees, our customers, and our shareholders, all of whom we serve by carrying out this important work.

我想感謝我們的員工、我們的客戶以及我們的股東；我們透過推動這項重要工作來服務各位。

Lastly, we will be participating in two investor conferences in the fiscal fourth quarter. We look forward to meeting with a number of you at the Craig-Hallum NewSpace Conference on March 25 and the Morgan Stanley Golden Dome and National Security Innovation Summit on June 15.

最後，我們將在本會計年度第四季參加兩場投資人會議。我們期待於3月25日的Craig-Hallum NewSpace Conference，以及6月15日的Morgan Stanley Golden Dome and National Security Innovation Summit與各位中的多位會面。

Now, I'll turn the call over to Steve to provide some more financial details. I look forward to taking your questions during the Q&A, following Steve's remarks. Steve?

現在，我將把電話交給Steve，請他提供更多財務細節。在Steve發言之後的問答環節，我也期待回答各位的問題。Steve？

Thank you, Tom. Good afternoon.

謝謝你，Tom。各位下午好。

For the three months ended January 31, 2026, consolidated revenue was $16.9 million compared to $18.9 million for the same period of the prior fiscal year and substantially similar to the second quarter of this fiscal year, as Tom mentioned earlier, and which we have described on the past several calls.

截至2026年1月31日止三個月，合併營收為1,690萬美元，較上一會計年度同期的1,890萬美元下降；且如Tom先前提到、我們在過去幾次電話會議中也曾說明，該水準與本會計年度第二季大致相當。

The components of revenue are as follows:

營收組成如下：

Revenue from commercial and US government satellite programs was approximately $4.2 million or 25% compared to $11.2 million or 59% in the same period of the prior fiscal year.

來自商業及美國政府衛星計畫的營收約為420萬美元，占25%；相較之下，上一會計年度同期為1,120萬美元，占59%。

Revenues on satellite payload contracts are recognized primarily under the percentage of completion method and reported only in the FEI-New York segment.

衛星酬載合約的營收主要依完工百分比法認列，且僅於FEI-New York事業部門中列報。

Revenues from non-space US government and Department of Defense customers, which are recorded in both the FEI-New York and FEI-Zyfer segments were $12.5 million compared to $7.4 million in the same period of the prior fiscal year and accounted for approximately 74% of consolidated revenue compared to 39% for the prior fiscal year.

來自非太空領域的美國政府及國防部客戶之營收（同時記錄於FEI-New York與FEI-Zyfer兩個事業部門）為1,250萬美元，較上一會計年度同期的740萬美元增加；約占合併營收的74%，相較上一會計年度的39%。

Other commercial and industrial revenues were approximately $180,000 compared to approximately $367,000 in the prior fiscal year.

其他商業與工業營收約為18萬美元，較上一會計年度約36.7萬美元下降。

The revenue for the three months ending January 31, '26, were lower than the revenues in the prior period, partly as a result of certain space programs in the FEI-New York segment during the prior fiscal year that were being expedited during the period due to very aggressive schedules.

截至2026年1月31日止三個月的營收低於前一期間，部分原因是上一會計年度期間，FEI-New York事業部門的某些太空計畫因時程非常緊迫而在該期間加速推進。

In addition, several new space bookings, anticipated for the three months ending January 31, '26, are now anticipated in the fourth quarter of fiscal '26.

此外，原先預期在截至2026年1月31日止三個月內取得的數筆新太空訂單，目前預期將落在2026會計年度第四季。

For the three months and nine months ending January 31, '26, both gross margin and gross margin rate decreased compared to the same period in the prior fiscal year. The decrease in gross margin and gross margin rate were attributable to a change in the mix of high-margin production satellite programs in the prior year periods versus lower-margin programs with significant non-recurring engineering efforts during the three months ending January 31, '26.

截至2026年1月31日止三個月及九個月，毛利與毛利率皆較上一會計年度同期下降。毛利與毛利率下降，主要歸因於產品組合變化：上一年度同期以高毛利的量產衛星計畫為主，而截至2026年1月31日止三個月則以毛利較低、且包含大量一次性工程（NRE）投入的計畫為主。

Going forward, the mix of programs will vary in any given quarter. But, in general, we expect our gross margin to move up, over time; particularly, as we add more business with higher rate of unit production and follow-on business from successful programs.

展望未來，各季的計畫組合都可能有所不同。但整體而言，我們預期毛利將隨時間逐步上升；尤其是在我們增加更多單位量產比重較高的業務，以及成功計畫帶來的後續訂單之後。

For the three months ending January 31, '26, and '25, selling, general, and administrative expenses increased by approximately $213,000 and were approximately 21% of consolidated revenue, up from 18% in the prior year. The increase in SG&A expenses during the three months ending January 31, 2026, was due to fluctuations in various expense accounts that make up SG&A.

截至2026年與2025年1月31日止三個月，銷售、一般及行政費用（SG&A）增加約21.3萬美元，約占合併營收的21%，高於上一年度的18%。截至2026年1月31日止三個月SG&A增加，係由構成SG&A的各項費用科目波動所致。

R&D expense for the three months ending January 31, '26, increased to approximately $1.8 million from $1.4 million for the three months ending January 31, '25, an increase of approximately $327,000 and were approximately 10% and 8%, respectively, of consolidated revenue.

截至2026年1月31日止三個月的研發費用增加至約180萬美元，較截至2025年1月31日止三個月的140萬美元增加約32.7萬美元；分別約占合併營收的10%與8%。

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.

由於支援進行中計畫的當前營運需求，研發支出在某些期間將會出現波動。公司計畫未來持續投資研發，以維持產品的最先進水準。

In total, operating expenses increased approximately $540,000. But this includes approximately $500,000 of non-recurring expenses. We anticipate showing more operating leverage, going forward, as additional revenue should expand at a much faster rate than expenses.

整體而言，營業費用增加約54萬美元。但其中包含約50萬美元的一次性費用。展望未來，隨著新增營收的成長速度預期將遠快於費用，我們預期將展現更高的營運槓桿。

For the three months ended January 31, '26, the company reported operating income of approximately $1.3 million compared to an operating income of approximately $3.5 million in the prior fiscal year. Operating income decreased due to lower revenue, lower gross margin, and increased SG&A, described earlier.

截至2026年1月31日止三個月，公司營業利益約為130萬美元，較上一會計年度的約350萬美元下降。營業利益下降係因營收較低、毛利較低，以及前述SG&A增加所致。

Other income expense, net, is derived from various sources, the majority of the approximately $0.2 million of investment income for the three months ending January 31, '26, was from interest income and unrealized gain on assets held in the Frequency Electronics deferred compensation trust. This yields a pre-tax income of approximately $1.4 million for the three months ending January 31, '26, compared to an approximately $3.6 million pre-tax income for the three months ended January 31, '25.

其他收益（費用）淨額來自多項來源；截至2026年1月31日止三個月約20萬美元的投資收益中，大部分來自利息收入，以及Frequency Electronics遞延補償信託所持資產的未實現收益。因此，截至2026年1月31日止三個月稅前利益約為140萬美元，相較截至2025年1月31日止三個月稅前利益約360萬美元。

For the three months ending January 31, '26, the company recorded an income tax benefit of approximately $127,000, which includes a discrete tax benefit of approximately $568,000. The discrete income tax benefit is primarily due to stock compensation windfall deductions.

截至2026年1月31日止三個月，公司認列所得稅利益約12.7萬美元，其中包含約56.8萬美元的一次性（離散）稅務利益。該一次性所得稅利益主要來自股票酬勞的超額扣除（windfall deductions）。

For the three months ended January 31, '25, the company recorded an income tax benefit of $11.8 million, which included a discrete income tax benefit of $11.9 million. The discrete income tax benefit in the comparable period is primarily due to the release of the valuation allowance.

截至2025年1月31日止三個月，公司認列所得稅利益1,180萬美元，其中包含1,190萬美元的一次性（離散）所得稅利益。可比期間的一次性所得稅利益主要來自估值備抵（valuation allowance）的轉回。

Consolidated net income for the three months ended January 31, '25, was approximately $1.6 million or $0.16 per share compared to approximately $15.4 million or $1.60 per share for the same period of the previous fiscal year.

截至2025年1月31日止三個月，合併淨利約160萬美元，或每股0.16美元；相較上一會計年度同期約1,540萬美元，或每股1.60美元。

Our fully funded backlog, at the end of January '26, was approximately $83 million, a new all-time high for FEI, as compared to approximately $70 million for the previous fiscal year ended April 30, '25.

截至2026年1月底，我們的全額資金支持在手訂單（fully funded backlog）約為8,300萬美元，創FEI歷史新高；相較截至2025年4月30日止上一會計年度的約7,000萬美元。

The company's balance sheet continues to reflect a strong working capital position of approximately $32 million at January 31, '26, and a current ratio of approximately 2.6:1.

截至2026年1月31日，公司資產負債表持續反映強勁的營運資金狀況，營運資金約3,200萬美元，流動比率約為2.6：1。

The amount of cash reported, as of the quarter end January 31, represent a low point, going forward, which is a combination of investments made by the company, purchases of stock, and collections coming in early in the fiscal fourth quarter that were adjusted in the third quarter.

截至1月31日季末所列示的現金金額，展望未來可視為一個低點；此係公司投資支出、庫藏股買回，以及原本在本會計年度第四季初入帳、但在第三季已調整的收款等因素共同造成。

Specifically, we have already collected over $11 million of cash since February 1, 2026. We expect that to continue building through the quarter.

具體而言，自2026年2月1日以來，我們已收回超過1,100萬美元現金。我們預期該金額將在本季持續累積增加。

Additionally, the company is debt-free. The company believes that its liquidity is adequate to meet its operating investing needs for the next 12 months in the foreseeable future.

此外，公司無負債。公司認為其流動性足以滿足未來12個月可預見期間的營運與投資需求。

I will turn the call back to Tom. We look forward to your questions, shortly.

我把電話交回給Tom。我們稍後期待回答各位的問題。

Thanks, Steve. We're now ready for questions.

謝謝，Steve。我們現在準備開始提問。

(Operator Instructions)

（接線員指示）

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

A couple for you here, guys.

我這裡有幾個問題要請教各位。

Tom, the proliferated win, talk to me about what you're learning out in the marketplace in your ability to win in these proliferated constellation deals? I know this is something you've felt your way through. Looks like you've got some success in our guiding to continued success.

Tom，關於你們在「大規模部署」方面的得標，能否談談你們在市場上觀察到的情況：在這些大規模星座（proliferated constellation）交易中，你們的得標能力正在學到什麼？我知道這是你們一路摸索前進的領域。看起來你們已經取得一些成果，也請談談你們對持續成功的指引。

Where do you have the right to win? Where do you win? Where do you not have a right to play? Just, what have you learned there?

你在哪些地方有權利贏？你在哪些地方能贏？你在哪些地方沒有資格參與？那麼，你從中學到了什麼？

Well, I think, when we can provide some technical edge, we're very successful. We're seeing that. That's what the win that we announced today reflects.

嗯，我認為，當我們能提供一些技術優勢時，我們就非常成功。我們也看到了這一點。這正是我們今天宣布的勝利所反映的。

When there are systems that have minimal technical requirements and all of the emphasis is just on the lowest possible cost, then it's a much bigger challenge for us.

當有些系統的技術要求最低，而所有重點都只放在盡可能低的成本時，對我們來說就會是更大的挑戰。

Realizing your hands are somewhat tied, talk to me, to the degree you can, on the $45 million. I think you said there's a couple of wins in there.

我知道你的手在某種程度上被綁住了；就你能談的範圍，跟我談談那4,500萬美元。我想你說那裡面有幾個贏單。

Are these roughly equal in size? I know you said one was proliferated, one wasn't. But just rough proportion of what's in there?

這些在規模上大致相當嗎？我知道你說一個是「proliferated」，一個不是。但就裡面內容的大概比例呢？

Well, yeah, I'm going to dodge that one a little bit, Jeff. But let me just say they are both significant.

嗯，是的，Jeff，這題我會稍微閃一下。但我只想說，兩個都很重要。

Okay. Coming into funded backlog, I think that the phrasing was they will start to come in new backlog. Can you give us some swag at how quickly that's going to play into the backlog?

好的。關於進入已獲資金的在手訂單（funded backlog），我想你們的措辭是它們會開始進入新的在手訂單。你能不能大概估一下，這會多快反映到在手訂單裡？

Yeah. Just a reminder that we talk about funded backlog. It's a question of the funding profile on each of these programs.

可以。提醒一下，我們談的是已獲資金的在手訂單（funded backlog）。這取決於每個專案的資金撥付曲線（funding profile）。

But the reality is that will be pretty significant in the quarter that we're in currently. I don't think that I can say a whole lot more than that, at this point.

但實際情況是，在我們目前所在的這一季，影響會相當顯著。現階段我想我也很難再多說什麼。

Okay. Steven, on the cost structure, I was just unclear: I think you referenced there were some unusuals in there. Obviously, R&D has bumped up considerably over the last few quarters.

好的。Steven，關於成本結構，我有點不太清楚：我想你提到裡面有一些不尋常項目。顯然，研發費用在過去幾季大幅上升。

I'm trying to understand what the steady-state OpEx levels are, going forward.

我想了解的是，往後穩態（steady-state）的營運費用（OpEx）水準會是多少。

Just, what was in there this quarter that was one-time and not (multiple speakers) --?

就是說，這一季裡有哪些是一次性、而不是(多位講者) --？

Well, in the general operating expenses, we still have investments that we're making into.

嗯，在一般營運費用方面，我們仍有一些正在投入的投資。

Colorado is the largest piece of that. Once that's done, it should normalize pretty much. That was one of the larger piece of it.

其中最大的一塊是在科羅拉多。等那部分完成後，應該就會大致正常化。那是其中比較大的一塊。

And so, when you say normalize, are we going to go up from this level, as we go forward into future quarters? Or was there unusual in here and we should step down from here?

那你說的「正常化」是指，未來幾季會在這個水準之上繼續上升嗎？還是說這裡面有不尋常項目，所以之後應該會從這裡往下？

Well, again, operating expenses, in general, unfortunately, there's always some bump, whether it's 3%, 4%, 5%, based on just the normal growth of normal expenses.

嗯，再說一次，一般來說營運費用不幸的是總會有些起伏，不管是3%、4%、5%，主要是因為一般費用的正常成長。

Unless something changes, I don't see a large increase. But I don't see a large decrease.

除非有什麼改變，我不認為會有大幅增加。但我也不認為會有大幅下降。

Okay. Maybe, last for me. Tom, with respect to TURbO, I know you had given some color commentary in a few prior quarters that you felt it had the potential to go from a couple of million to maybe $20 million in the out-year, if things go right.

好的。可能我最後一題。Tom，關於TURbO，我知道你在前幾季有提到一些看法，你覺得如果進展順利，它有機會從幾百萬美元成長到未來年度（out-year）可能2,000萬美元。

Just your updated thinking on TURbO, based on market reception, pipeline, et cetera?

基於市場反應、管線等因素，你對TURbO的最新看法是什麼？

I think, if anything, we're more optimistic about TURbO. We're beginning to see significant revenue, at this time. Every indication is that this is going to grow dramatically over the next -- even over the next couple of quarters and definitely over the next couple of years.

我想如果有什麼變化的話，那就是我們對TURbO更樂觀了。我們現在開始看到可觀的營收。各種跡象都顯示，這在接下來——甚至接下來幾季，以及未來幾年——都會大幅成長。

[Chris Bukowski], Private Investor.

[Chris Bukowski]，私人投資人。

Congratulations on the new wins. Could you clarify what exactly is the proliferated satellite? Is that the Starlink-type satellite? I'm not asking if it's Starlink or not, just if it's that type of satellite?

恭喜拿下新的贏單。你能釐清一下，所謂的proliferated satellite到底是什麼嗎？是像Starlink那種類型的衛星嗎？我不是在問是不是Starlink，只是問是不是那種型態的衛星？

Yeah. Yeah. It's actually a pretty good question.

是的。是的。這其實是個相當好的問題。

I'm not sure I really like that term proliferated satellites. But it is one that is being used out there.

我不確定我是否真的喜歡「proliferated satellites」這個詞。但外界確實在使用這個說法。

I think the distinction we're trying to make is between what we call traditional satellite systems, where there may be three to five satellites in a constellation, oftentimes, in geosynchronous orbits versus these newer satellite systems that are being envisioned, at this point in time.

我想我們試圖區分的是我們所稱的傳統衛星系統：一個星座可能只有三到五顆衛星，往往在地球同步軌道；相對地，則是目前正在構想的這些較新的衛星系統。

Often, but not always in low-earth orbit, but consisting of many, many more satellites, typically from 300 to, in some cases, many thousands -- and SpaceX is now talking about a constellation of 1 million satellites.

它們通常——但不一定——在近地軌道，但由更多、更多的衛星組成，典型是300顆到某些情況下數千顆——而SpaceX現在甚至在談一個由100萬顆衛星組成的星座。

But I think the real distinguishing feature is that the thought process that goes behind these systems, what's become very clear, recently, is that satellites are vulnerable from our enemies. This has been demonstrated, recently, that both the Chinese and the Russians, in particular, have the capability to destroy other satellites.

但我認為真正的區別在於這些系統背後的思維方式。最近變得非常清楚的是，衛星容易受到敵方攻擊。最近已經證明，特別是中國與俄羅斯，都具備摧毀其他衛星的能力。

When we have a satellite system that has only a couple of satellites in it, if one of those satellites gets destroyed, it's a huge loss for us. It can represent billions of dollars, in fact.

當我們的衛星系統只有少數幾顆衛星時，如果其中一顆被摧毀，對我們而言就是巨大的損失。事實上，這可能代表數十億美元。

The idea is, instead of having a couple of satellites worth $1 billion each, to have a system where there are many more satellites but the individual satellites are much, much less costly.

這個想法是：與其只有幾顆、每顆價值10億美元的衛星，不如建立一個由更多衛星組成、但單顆衛星成本低得多的系統。

The simple way I like to look at it is that the system itself may, overall, cost the same amount of money. But, instead of those costs being distributed over a few satellites -- three, four, five satellites -- it is distributed over 300 or 1,000 satellites.

我喜歡用一個簡單方式來看：整個系統的總成本，整體而言可能差不多。但不是把成本分攤在少數幾顆衛星——三、四、五顆——而是分攤在300顆或1,000顆衛星上。

In order to make that approach work, obviously, the individual satellites have to cost a lot less. That's what we end up looking at. We look at individual satellites. The contribution that we make in a product to an individual satellite has to cost a lot less than what we would deliver for one of the traditional satellites.

要讓這種做法可行，顯然單顆衛星的成本必須低很多。這就是我們最後會去看的重點。我們看的是單顆衛星。我們在產品上對單顆衛星所做的貢獻，其成本必須遠低於我們為傳統衛星所交付的內容。

And then, of course, another important feature is that, if you're going to launch 300 satellites instead of three, you need to do it at a much more rapid pace than as necessary for the three satellites. The production rate has to increase dramatically.

當然，另一個重要特徵是：如果你要發射300顆衛星而不是3顆，你就必須以比3顆衛星所需更快得多的節奏來完成。生產速率必須大幅提升。

This lower cost and more rapid production makes for a significantly different manufacturing approach than with traditional satellites.

這種更低成本與更快速的生產，會帶來與傳統衛星截然不同的製造方式。

But one of the things -- so we are actually investing, in order to really get involved in a very significant way, in this new satellite business. One of the attractive features is that, on an ongoing basis, many of these systems are envisioned to have just a continuous ongoing production of satellites.

不過其中一點——所以我們其實正在投資，為了能以非常顯著的方式參與這個新的衛星業務。其中一個吸引人的特徵是，許多這類系統被設想為在營運期間會持續、不間斷地生產衛星。

The idea is that the individual satellites are intended to have a shorter lifetime, instead of 15 years for traditional satellites, maybe three to five years for the newer satellites. And so we get into a production mode, where we are delivering, on a scheduled basis, say, the first 300 satellites in a 300-satellite system.

其概念是，單顆衛星的設計壽命會更短；相較於傳統衛星15年的壽命，新型衛星可能是3到5年。因此我們會進入一種生產模式：按排程交付，例如在一個300顆衛星的系統中，先交付第一批300顆衛星。

But, as soon as we're done delivering the 300 satellites, we have to start all over again. Because the first satellites that were launched are nearing the end of life and have to be replaced with new ones.

但一旦我們交付完這300顆衛星，就必須重新開始。因為最早發射的那些衛星已接近壽命終點，必須以新的衛星替換。

It makes for, potentially, a much more continuous kind of production. That's something that we think makes for a much more predictable business.

這可能會帶來一種更為連續的生產模式。我們認為這會使業務更具可預測性。

It's also, in many ways, a more attractive business than the traditional satellites, where we would have a large-scale production activity over a couple of years. And then, when we're finished with three or four satellites, we're done perhaps for the next decade, until people are talking about potentially replacing those satellites.

而且在許多方面，這也比傳統衛星業務更具吸引力；傳統衛星通常是在兩三年內進行一次大規模生產活動。然後當我們完成三到四顆衛星後，可能接下來十年就告一段落，直到大家開始討論可能要汰換那些衛星。

Anyway, it's probably a more long-winded answer than you wanted. But let me leave it at that.

總之，這可能比你想要的答案更冗長。不過我就先說到這裡。

That was very appreciated. Please feel free to be as long-winded as you want. It seems like there will be some headwinds -- some tailwinds -- for gross margin.

非常感謝。請盡量暢所欲言，想講多長都可以。看起來毛利率會有一些逆風——也有一些順風。

I'm sure having continuous production would really help gross margins. But then, having a new satellite program which requires limited cost, that might hurt gross margins.

我相信持續性生產確實會很有助於提升毛利率。但另一方面，若是新的衛星計畫需要承擔一定的成本，可能會壓縮毛利率。

Do you think you'll be able to keep your gross margins on this new proliferated satellite program? Is there going to be, like, a learning period, where gross margins will be lower?

你們覺得在這個新的「增殖式」衛星計畫上，能維持毛利率水準嗎？會不會有一段學習期，導致毛利率較低？

Yeah. It's a good question. It's something we've talked about on previous calls. I think we do anticipate, in the short run, somewhat lower gross margins on the proliferated satellite business, as it gets refined in the initial years.

是的。這是個好問題。我們在之前的電話會議也談過。我認為我們確實預期，短期內增殖式衛星業務的毛利率會略低一些，因為在最初幾年仍在逐步精進與完善。

But, at the same time -- and it's really one of the things we're trying to emphasize today -- is that the traditional satellite business is still alive and well. That is a business that our gross margins are very strong.

但同時——這也是我們今天想強調的重點之一——傳統衛星業務依然活躍且運作良好。那是一項我們毛利率非常強勁的業務。

Whereas, we have to invest, to some extent, in the proliferated satellites, we have really good gross margins with the traditional satellites.

相較之下，我們確實需要在增殖式衛星上投入一定程度的投資，但在傳統衛星方面我們的毛利率非常好。

I also want to emphasize that, in the long run, we anticipate very strong margins for the proliferated satellite business, as well.

我也想強調，從長期來看，我們同樣預期增殖式衛星業務的毛利率會非常強勁。

Okay. You mentioned that, in this current quarter, things are going -- this $45 million, some of it is going to the funded backlog. Are you allowed to tell us when actual production would start?

好的。你提到在本季，這4,500萬美元中有一部分會進入已獲資金支持的在手訂單（funded backlog）。你們方便告訴我們實際生產大概何時開始嗎？

That's something, I think, I'm not prepared to get into. It's the very early stages of these programs. The schedules are being worked out now with our customers.

我想這部分我還不準備深入說明。這些計畫仍處於非常早期的階段。目前正與客戶一起敲定時程安排。

[Michael Eisner], Private Investor.

[Michael Eisner]，私人投資人。

Congratulations on the two contracts and future contracts. Most of my questions are answered.

恭喜拿下這兩份合約以及未來的合約。我的問題大多都已經得到解答。

Can you comment on Golden Dome?

你能評論一下 Golden Dome 嗎？

I don't think there's a whole lot I can say.

我想我能說的不多。

From our point of view, Golden Dome is just being defined, at this point in time. We have spoken, specifically in the past and earlier today, about some of the programs, Patriot missile and THAAD, which, I think, are, in some ways of thinking, considered part of the Golden Dome concept.

就我們的角度來看，Golden Dome 目前仍在定義之中。我們過去以及今天稍早都曾具體談到一些計畫，例如愛國者飛彈（Patriot）與薩德（THAAD）；我認為從某些角度來看，這些可被視為 Golden Dome 概念的一部分。

We are also involved in several other missile programs, which we can't talk about in specific. But we're very, very involved in a number of things that are part of the Golden Dome concept.

我們也參與了其他幾個飛彈計畫，這些無法具體說明。但我們非常、非常深入參與多項屬於 Golden Dome 概念的一部分的工作。

Of course, the satellites are also a very, very important part of the Golden Dome concept. We're very involved in that, also.

當然，衛星也是 Golden Dome 概念中非常、非常重要的一環。我們在這方面也參與很深。

But, other than that, Michael, I don't think I can really get into any specifics.

但除此之外，Michael，我想我真的無法談任何具體細節。

Frequency Electronics has been around 60, 70 years. Frequency is a nice name, good name, respected name.

Frequency Electronics 已經存在 60、70 年了。Frequency 這個名字很不錯，是個好名字，也很受尊敬。

But did you ever think of adding to Frequency, maybe, Frequency Quantum Sensing, for example, or Timing -- what the company actually does?

但你們有沒有想過在 Frequency 後面加一些字，例如 Frequency Quantum Sensing（量子感測），或 Timing（定時）——也就是公司實際在做的事情？

Yeah. Sure. We have thought about it. There have been all sorts of suggestions, along the lines that you're suggesting, right now; and quite a number of other ones, also.

有的。當然。我們確實想過。目前有各式各樣的建議，方向就像你現在提的這種；另外也有不少其他提案。

Yeah. I don't think I want to say a whole lot more than that.

是的。我想我不想再多說什麼。

But, at the moment, we're sticking with the 65-year-old name that we have.

但就目前而言，我們會繼續沿用這個已有 65 年歷史的名稱。

I just thought because there's so much in Frequency from years ago, there is so much more now. We keep -- it sounds like, on this call, we're getting involved with more stuff in technology -- a technology company? That it's a technology company.

我只是想說，因為多年前 Frequency 代表的東西很多，而現在又多了更多內容。我們一直——聽起來在這通電話會議上，我們正涉入更多技術領域——是一家科技公司？也就是說，它是一家科技公司。

(multiple speakers) The one thing I'll say: We've given some thought to this thing. I'm not going to say, one way or the other, what the future will bring. But I think there's -- we've just been talking about it -- a tremendous amount of business that we're looking at, at this point in time. We're anticipating very, very significant growth.

（多位講者）我唯一想說的是：我們確實對這件事做過一些思考。我不會說未來會如何發展。但我認為——我們剛才也在談——目前我們正在評估的業務機會非常龐大。我們預期會有非常、非常顯著的成長。

I think the important thing to do is concentrate on executing that business effectively. And so that's what we're focusing on.

我認為最重要的是專注於有效地執行這些業務。因此這就是我們目前的重點。

We feel that's way more important than the name we provide to the company.

我們覺得這遠比公司叫什麼名字重要得多。

(Operator Instructions)

（接線員指示）

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Just a few from me guys.

各位，我這邊只有幾個問題。

In terms of the script, Steven -- I might have missed it -- I thought you had said you had some bookings pushouts. I didn't quite catch it. I think you said, Q1 went to Q4. Just recap that for me?

就講稿內容而言，Steven——我可能漏聽了——我以為你說有一些訂單（bookings）往後遞延。我沒有完全聽清楚。我以為你說第一季延到第四季。可以幫我再回顧一下嗎？

And then, Tom, I know you've been talking about $100 million backlog you thought in the relatively near future. It sounded like slightly different verbiage here so maybe it's not quite as near as you thought it had been. Just connect those two dots for me and help me understand what's going on there.

另外，Tom，我知道你一直在談你認為在相對不久的將來在手訂單（backlog）會到 1 億美元。但這次聽起來用詞稍微不同，所以也許沒有你原先想的那麼近。請把這兩點串起來，幫我理解目前的狀況。

Well, I think that, again, we can't really get into quantitative specifics. But I do think that the $100 million mark is going to be breached relatively quickly.

嗯，我想再說一次，我們確實無法談太多量化的具體細節。但我確實認為 1 億美元這個門檻會在相對短的時間內被突破。

I think just the -- what we talked about today, the numbers we -- our backlog is up from what it was last quarter, slightly. We just announced, today, $45 million of new contracts. That's going to be hitting the backlog -- beginning to hit the backlog this quarter. There's more in the input pipeline.

我想就——我們今天談到的內容、我們的數字——我們的在手訂單相較上季略有增加。而且我們今天剛宣布了 4,500 萬美元的新合約。這些將會反映到在手訂單中——並在本季開始進入在手訂單。而且還有更多案子在導入管線中。

We're very quickly approaching the $100 million mark.

我們正非常快速地接近 1 億美元的水準。

Yeah. Understood. Just back to the original question: Steve, did you reference contracts pushing out from Q1 to Q4? If so, can you expand on that?

好的。了解。回到最初的問題：Steve，你是否提到合約從第一季延後到第四季？如果是的話，可以再多說明一下嗎？

No. I said, they pushed from Q3 to Q4. That's why some of the revenue was down a drop because of that. That's all.

沒有。我說的是從第三季延到第四季。因此部分營收才會因為這個原因而下降。就這樣而已。

Yeah. I think the -- and, very specifically, the contracts that we just announced.

是的。我想——而且非常具體地說——就是我們剛剛宣布的那些合約。

One of the frustrating things in the satellite business is our wonderful government. They like to get their satellite hardware as quickly as possible. But they're not so fast in executing contracts.

在衛星產業中，令人沮喪的一件事就是我們這個很棒的政府。他們希望盡快拿到他們的衛星硬體。但在執行合約方面，他們就沒那麼快。

To say the least. Thank you so much.

至少可以這麼說。非常感謝。

[Robert Smith, Center for Performance Investing].

[Robert Smith，Center for Performance Investing]。

I just wanted to congratulate you, Tom, on your transforming this company and positioning it for future growth.

我只是想恭喜你，Tom，你改造了這家公司，並讓它為未來成長做好定位。

I'm hopeful that you can continue to execute.

我希望你能持續把執行做好。

I think you're doing a wonderful job. Kudos to you. Grateful to be aboard.

我覺得你做得非常出色。向你致敬。很感謝能一起參與。

I appreciate it. We'll do our best.

感謝你。我們會盡力而為。

Chris Bukowski, Private Investor.

Chris Bukowski，私人投資人。

I wanted to ask you if you can expound a little bit on the Alternative Position and Navigation? Now, obviously, there's GPS jamming all over the place.

我想請你能否再多談一點替代定位與導航（Alternative Position and Navigation）？顯然，GPS 干擾到處都是。

How do you help address that? Would that lead to your devices being actually deployed in the terrestrial -- in the boats and cars and so on?

你們如何協助解決這個問題？這是否會讓你們的裝置實際部署到地面端——例如船隻、汽車等等？

Okay. For Alternative Navigation, there are dozens or more things that people are considering. I think it's maybe worth just a little bit of discussion about this.

好的。關於替代導航，人們正在考慮的方案有數十種甚至更多。我想或許值得稍微討論一下。

We all have come to depend on GPS, Global Positioning System, over the last couple of -- but the one thing that distinguishes GPS is the G part of it, the Global. It's available, literally, any place on the surface of the earth.

過去這幾十年來，我們都已經依賴 GPS（全球定位系統）。但 GPS 的關鍵在於其中的 G，也就是「全球」。它幾乎在地球表面的任何地方都可用。

When people talk about alternatives to GPS, sometimes, they talk about other satellite navigation systems, which are potentially also global in reach. But, in general, people like to talk about things that are not satellite systems.

當人們談到 GPS 的替代方案時，有時會談到其他衛星導航系統，它們在覆蓋範圍上也可能是全球性的。但一般而言，人們更喜歡談論非衛星系統的方案。

The whole idea is that the satellite Global Positioning System is vulnerable. The satellites can be destroyed or damaged by our enemies, in particular; and, also, the signals can be jammed. If you just replace one satellite system with another satellite system, you have essentially the same problems that you had with the original system.

核心概念是：衛星式的全球定位系統是脆弱的。衛星可能被敵方摧毀或破壞；此外，訊號也可能被干擾（jam）。如果只是用另一套衛星系統取代原本的衛星系統，本質上仍會面臨與原系統相同的問題。

People talk primarily about non-satellite alternatives. In general, the non-satellite alternatives are not global in reach. That means that, if you're not talking about systems, usually, when you talk about alternatives, you're talking about employing multiple approaches to navigation.

因此人們主要談的是非衛星的替代方案。一般來說，非衛星方案無法做到全球覆蓋。這表示，通常在談替代方案時，指的是採用多種導航方法的組合。

One alternate may work in a particular environment, say, an urban environment. Another approach will work over the ocean or in the middle of the desert, someplace.

某一種替代方案可能在特定環境有效，例如城市環境。另一種方法可能適用於海上或沙漠中央等地。

With all of that preliminary being said, there are a couple of things that we're involved in and think are going to become important over the next couple of years and probably over the next decade.

在上述前提之下，我們目前參與了幾項工作，並認為它們在未來幾年、甚至未來十年都會變得重要。

One of them that we're working on very actively, right now, is a so-called magnetic navigation. The idea here is that the magnetic field around the surface of the earth is not exactly constant. It varies by small amounts. The exact magnetic field and direction is location-sensitive.

其中一項我們目前非常積極在做的是所謂的磁導航（magnetic navigation）。其概念是：地球表面附近的磁場並非完全恆定。它會有些微變化。磁場的精確強度與方向會隨位置而異。

If you have a very accurate map of the magnetic field in a region on the surface of the earth and you have a means of measuring the magnetic field, then you can compare your measurements to the magnetic map and locate yourself with really quite precision.

如果你有某個地區地表磁場的高精度地圖，並且有量測磁場的方法，那麼就能把量測結果與磁場地圖比對，進而相當精準地定位自身位置。

Probably, not at this point in time, with the same precision that we get from GPS. But, under the right conditions, it can be pretty close to that.

就目前而言，精度可能還達不到 GPS 的水準。但在合適條件下，它可以相當接近。

That's something that we're pursuing. We're pursuing the magnetometer end of this; the sensor for measuring the magnetic field. Of course, that, by itself, isn't going to allow you to navigate.

這是我們正在推進的方向。我們在推進的是磁力計（magnetometer）端，也就是量測磁場的感測器。當然，僅靠這個本身還不足以讓你完成導航。

You also have to have the magnetic maps, which, by the way, is something that we are looking at helping to improve the existing magnetic maps of the surface of the earth.

你還需要磁場地圖；順帶一提，我們也在研究如何協助改善現有的地球表面磁場地圖。

Another alternative to GPS that is considered is, really, a similar concept. But you can imagine using a combination of fixed terminals on the surface of the earth and drones. Those fixed terminals and drones effectively act as a mini GPS system. The drones are equivalent to the GPS satellites. In a localized area, that configuration provides a means of very, very precise localized navigation.

另一種被視為 GPS 替代方案的，其實是相近的概念。你可以想像在地表使用固定終端，並搭配無人機。這些固定終端與無人機實際上就像一套迷你 GPS 系統。無人機相當於 GPS 衛星。在局部區域內，這種配置能提供非常、非常精準的在地化導航能力。

These are just a couple of things that Frequency Electronics is actually involved, in terms of Alternative Navigation.

以上只是 Frequency Electronics 在替代導航方面實際參與的幾個項目。

There are, of course, many other things that people talk about; various detecting radio frequency signals from radio stations and using that.

當然，還有許多其他人們會談到的方案；例如偵測來自廣播電台的射頻訊號並加以利用。

There's inertial navigation and various other things.

還有慣性導航以及各種其他方法。

I'll just leave it at that, for now.

我先說到這裡。

Are you getting any revenue, right now? Production revenue will be a couple of years out?

你們現在有任何營收嗎？量產營收要再過幾年才會出現嗎？

Well, yeah, we are, because the US government is very interested in developing these technologies and their funding development activities. And so we're getting revenue from those development funds.

嗯，有的，因為美國政府對發展這些技術非常有興趣，並且正在資助研發活動。因此我們從這些研發資金中取得營收。

But we anticipate, over the next decade, instead of development revenue, turning that into product-based development -- product-based revenue, excuse me.

但我們預期在未來十年，會把這些研發營收轉為以產品為基礎的——更正，是以產品為基礎的營收。

[Sam Nelson], Private Investor.

[Sam Nelson]，私人投資人。

I was just trying to get a better idea of, with the new contracts, how that award might ultimately flow through the backlog.

我想更清楚了解的是，針對新合約，這些得標金額最終會如何反映到積壓訂單（backlog）中。

I think, on previous calls, you described how ultimately the impact might be like 10x the initial value that's realized on the backlog.

我記得在之前的電話會議中，你提到最終的影響可能會像是積壓訂單中最初認列價值的 10 倍。

Just to clarify, I was wondering if we could look at these new contract awards in a similar way, where the initial realized amount of the contract that's falling in backlog -- could we 10x that; or what might the impact ultimately be?

我想確認一下，我們是否也能用類似方式看待這些新合約得標：也就是合約最初落入積壓訂單的已認列金額——我們是否可以把它乘以 10 倍？或者最終影響可能會是什麼？

Yeah. I think, without making specific statements, that 10x approximation, I think, is reasonably valid here.

是的。我想在不做具體陳述的前提下，那個 10 倍的概略估算，在這裡我認為大致上是合理的。

The contribution to backlog depends on the initial funding on these contracts.

對積壓訂單的貢獻取決於這些合約的初始撥款（initial funding）。

Yeah. Something along those lines.

是的。大概就是那樣。

Again, not providing specific guidance.

再次強調，我們不提供具體指引。

Okay. Thank you.

好的。謝謝。

We have no further questions in the queue.

目前佇列中沒有其他問題。

I'd like to turn the floor back to management for any closing remarks.

我想把時間交還給管理層，請問是否有任何結語。

Okay. Thank you for taking the time to listen and participate in today's earnings call.

好的。感謝各位撥冗收聽並參與今天的法說會。

We look forward to providing further updates in the coming months. Thank you.

我們期待在接下來幾個月提供更多更新資訊。謝謝。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

您現在可以掛斷電話。

Thank you for your participation.

感謝您的參與。