Frequency Electronics Inc (FEIM) 2026 Q4 法說會逐字稿

Greetings, and welcome to the Frequency Electronics year-end fiscal 2026 earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Frequency Electronics 2026 財政年度年終財報發布電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

Any statements made by the companies 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. Such statements inherently involve uncertainties that could cause actual results to differ materially from the forward-looking statements.

本次電話會議中公司就未來所作的任何陳述，均構成依據 1995 年《私人證券訴訟改革法》安全港條款所界定的前瞻性陳述。此類陳述本質上包含不確定性，可能導致實際結果與前瞻性陳述存在重大差異。

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.

可能造成或促成此類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的說明。

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

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。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, everybody, and thanks for joining Frequency Electronics' fourth quarter fiscal year 2026 earnings call. With me today is our Chief Financial Officer, Steve Bernstein. We have a lot to cover today, but I want to start with a very clear statement.

各位下午好，感謝參加 Frequency Electronics 2026 財政年度第四季財報電話會議。今天與我一同出席的是我們的財務長 Steve Bernstein。今天要談的內容很多，但我想先用一句非常明確的話開場。

After a year of digestion, we're returning to growth now. This quarter, which ends in two weeks, will be the beginning of a multi-year ascent to a much bigger frequency electronics. On this call, we'll provide additional color on our end markets, talk about our new margin targets, and discuss the decisions we made during the year to better position the company to take advantage of the enormous growth opportunities in front of us.

在消化調整了一年之後，我們現在正重回成長軌道。本季將於兩週後結束，將是 Frequency Electronics 展開多年攀升、邁向更大規模的起點。在本次電話會議中，我們將就終端市場提供更多說明，談談新的毛利率目標，並討論我們今年所做的決策，如何讓公司更好地把握眼前龐大的成長機會。

But first, I want to share why we feel so confident in this pending upturn in our business. We've described over the past year how fiscal 2026 was a year of digestion for frequency after we pulled forward some revenue into the prior fiscal year. Despite that, our backlog continued to build throughout the year.

但首先，我想分享我們為何對即將到來的業務回升如此有信心。過去一年我們已說明，2026 財年對 Frequency 而言是消化調整的一年，因為我們將部分營收提前至上一財年認列。儘管如此，我們的在手訂單（backlog）在全年仍持續累積。

Two quarters ago. We told you that we believed it was reasonable that we could see a backlog north of $100 million in the not-too-distant future. Today, I'm pleased to report a record funded backlog of $111 million as of the end of our fiscal year. This backlog gives us a lot of visibility into coming revenue, and so do several other key data points.

兩個季度前。我們曾告訴各位，我們認為在不久的將來，在手訂單超過 1 億美元是合理的。今天我很高興報告，截至財年末，我們的已獲資金支持（funded）的在手訂單創下紀錄，達 1.11 億美元。這些在手訂單讓我們對未來營收有很高的能見度，另外還有幾個關鍵數據點也提供了佐證。

We don't usually discuss our book-to-bill ratio, but it was nearly three times in the fourth quarter. Book-to-bill, like revenue, can proceed for us in a non-linear fashion, but a number this high is a strong indication of the kind of demand we're seeing.

我們通常不會討論接單出貨比（book-to-bill），但第四季該比率接近 3 倍。接單出貨比和營收一樣，對我們而言可能呈現非線性變化，但如此高的數字強烈顯示我們所看到的需求強度。

Further, fiscal 2026 was the single biggest year of bookings in company history. Recall that the backlog we report is our funded backlog, and the total contract value of signed deals is multiples of our funded backlog. We had some very significant contract wins during 2026, especially in the fourth quarter, and those wins will contribute to revenue in fiscal 2027.

此外，2026 財年是公司史上接單（bookings）規模最大的一年。請記得，我們所揭露的在手訂單是已獲資金支持的在手訂單，而已簽署交易的合約總價值是該數字的數倍。我們在 2026 年取得了一些非常重大的合約勝利，尤其是在第四季，而這些勝利將為 2027 財年的營收做出貢獻。

We believe we can see multiple new quarterly revenue records established for frequency in the quarters ahead. We expect to announce a number of additional meaningful contracts in fiscal 2027. Looking ahead over the next two years, there are some very exciting opportunities that we're bidding on, including a number of sole source opportunities on proliferated satellite programs.

我們相信，在接下來的幾個季度，Frequency 有機會創下多個新的單季營收紀錄。我們預期在 2027 財年將宣布多項額外的重要合約。展望未來兩年，我們正在投標一些非常令人振奮的機會，其中包括多個在「增殖式（proliferated）」衛星計畫上的單一來源（sole source）機會。

Each of which is bigger than anything we've previously won. Our traditional satellite business also holds promise, and we're bidding on several large geostationary orbit programs. We're also embedded in multiple classified satellite programs, and as they see growth, so will we.

每一項的規模都大於我們過去曾贏得的任何案子。我們的傳統衛星業務同樣具備潛力，我們正在投標數個大型地球同步軌道（GEO）計畫。我們也已深度參與多個機密衛星計畫，隨著它們成長，我們也將同步成長。

On the defense side, we've discussed previously the replenishment opportunities for missile systems like Patriot and THAAD, for which we provide content in the missile batteries. These bookings are hitting now. Over the next few years, that same technology will be part of programs in both Golden Dome and SHIELD.

在國防方面，我們先前談過如愛國者（Patriot）與薩德（THAAD）等飛彈系統的補充採購機會，我們為其飛彈發射單元（missile batteries）提供關鍵內容。這些訂單目前正開始反映出來。在未來幾年，同樣的技術也將成為 Golden Dome 與 SHIELD 兩個計畫的一部分。

We'll win that Golden Dome and SHIELD business because we're embedded in those missile programs. Ours is a multi-domain business with opportunities in space, air, land, and sea. We're pursuing additional timing applications in naval programs and bidding on important quantum sensor programs today. We're still growing our traditional business while also expanding into new markets.

我們將贏得 Golden Dome 與 SHIELD 的業務，因為我們已嵌入這些飛彈計畫之中。我們是一個跨多領域的業務，機會涵蓋太空、空中、陸地與海上。我們正在海軍計畫中追求更多授時應用，同時也在投標重要的量子感測器計畫。我們在持續成長傳統業務的同時，也在擴展至新市場。

For instance, we continue to produce atomic clocks for GPS satellites while also developing solutions for condested environments in which GPS is denied. On previous calls, we've described the much larger total addressable markets we're going after. All of which are predicated on our existing competitive strengths.

例如，我們持續為 GPS 衛星生產原子鐘，同時也在開發用於 GPS 遭拒止的擁擠（contested）環境之解決方案。在先前的電話會議中，我們已描述我們所鎖定的更大總可服務市場（TAM）。這些機會皆建立在我們既有的競爭優勢之上。

These larger TAMs include proliferated satellites, quantum sensing, space defense and space exploration, and alternative PNT. These are multi-billion dollar markets we're selling into with high projected growth rates. Critically, we've already won business in all of these areas, and we anticipate winning much more business in all of these markets.

這些更大的 TAM 包括增殖式衛星、量子感測、太空防禦與太空探索，以及替代性 PNT（定位、導航與授時）。我們所銷售切入的是數十億美元規模的市場，且預期成長率很高。關鍵在於，我們已在上述所有領域贏得業務，並預期在所有這些市場中贏得更多業務。

It's worth emphasizing that the contracts we're winning today are a combination of these new markets we're selling into, as well as new and follow-on orders from our traditional markets. We anticipate announcing more wins in both new and traditional markets as the year goes on.

值得強調的是，我們目前贏得的合約，結合了我們正在切入的新市場，以及來自傳統市場的新訂單與後續追加訂單。我們預期隨著年度推進，將在新市場與傳統市場兩方面宣布更多得標。

Just in the past few months, we won very important contracts in high-growth new markets, and I'd like to spend a few minutes discussing two of these. First, we won a contract for approximately $7 million for compact, highly precise atomic clocks to support position, navigation, and timing for a lunar space mission.

僅在過去幾個月，我們就在高成長的新市場中拿下非常重要的合約，我想花幾分鐘談其中兩項。第一，我們贏得一份約 700 萬美元的合約，提供小型且高精度的原子鐘，以支援月球太空任務的定位、導航與授時。

We anticipate winning additional awards of greater magnitude to support similar programs in the future and to expand beyond the lunar environment into deep space missions. This win is an excellent example of FEI's ability to leverage our long-standing market leadership in space-qualified atomic clocks. To service exciting new and potentially very large markets.

我們預期未來將贏得金額更大的追加獎項，以支援類似計畫，並從月球環境擴展至深太空任務。此項得標是 FEI 能夠運用我們在太空級原子鐘長期市場領導地位的絕佳例證。以服務令人振奮且潛在規模非常龐大的新市場。

Second, we won a contract in the burgeoning area of space defense, the next major frontier of our country's defense. Space defense involves countering space-based threats, and this award. Leveraged the company's expertise in terrestrial secured communications in a new domain space and opens up significant new opportunities for FEI.

第二，我們在快速成長的太空防禦領域贏得一份合約，這是我國國防的下一個重要前沿。太空防禦涉及對抗來自太空的威脅，而這項得標。將公司在地面安全通訊方面的專業延伸至新的領域——太空，並為 FEI 開啟重大的新機會。

Also, the space defense win included not just hardware, but also internally developed software, which expands the solution set we can provide. There's an increasing need amongst our US government customers for space-qualified hardware that can provide secure communications from satellites to ground stations and via satellite cross-links.

此外，這項太空防禦得標不僅包含硬體，也包含公司內部開發的軟體，擴大了我們可提供的解決方案範疇。我們的美國政府客戶對太空級硬體的需求日益增加，該硬體需能提供從衛星到地面站，以及透過衛星交叉鏈路（cross-links）的安全通訊。

And FEI is uniquely positioned to provide such solutions given our heritage in both space systems and terrestrial secured communication systems. Space is more important than ever, and we're very encouraged to see generational levels of investment going into our end markets and increase government funding in all of our markets.

鑑於我們在太空系統與地面安全通訊系統兩方面的深厚傳承，FEI 具備獨特優勢可提供此類解決方案。太空的重要性前所未有，我們非常振奮地看到終端市場出現世代級的投資水準，且政府在我們所有市場中的資金投入也在增加。

The environment is robust, and so is our win rate, which validates the significant capital investments we've made over the past several years. We are meeting the customer where they are, and more importantly, where they're going. We're the best at what we do, and for many of our customers and products, there is simply no substitute.

整體環境強勁，我們的得標率亦然，這驗證了我們過去數年所做的重大資本投資。我們正與客戶站在同一位置，更重要的是，站在他們將前往的方向。我們在所做的事情上是最強的，對於許多客戶與產品而言，確實沒有替代方案。

All of these factors combined gave us the confidence to establish a three-year revenue target of at least $150 million. Which we announced on April 30, at the end of our fiscal year. This level is a minimum target and represents 34% compound annual growth from fiscal '26, forward.

所有這些因素綜合作用，使我們有信心設定至少 1.5 億美元的三年營收目標。我們已於 4 月 30 日、也就是我們會計年度結束時對外宣布。此水準為最低目標，並代表自會計年度 '26 起、往後的年複合成長率（CAGR）為 34%。

Frequency has not historically provided guidance because our business can be non-linear on a quarterly or even annual basis. But we feel increasingly confident in our ability to project our growth on a multi-year basis because of the continuing expansion of our backlog and order book, as well as the significantly larger end markets that we're selling into, all of which are based on technology that leverages our long-standing market leadership in space and defense applications.

Frequency 過去並未提供財測指引，因為我們的業務在季度、甚至年度層面可能呈現非線性。但由於我們的在手訂單（backlog）與訂單簿（order book）持續擴張，以及我們所銷售的終端市場顯著擴大，我們對於以多年期基礎來預測成長的能力愈來愈有信心；而這一切都建立在能運用我們在太空與國防應用領域長期市場領導地位之技術之上。

We expect that additional revenue to drive substantial incremental profitability, and today we're announcing for the first time three-year margin targets for frequency. In fiscal '27, we'll begin demonstrating a multi-year path to higher margins.

我們預期新增營收將帶來可觀的增量獲利能力，而今天我們也首次公布 frequency 的三年期利潤率目標。在會計年度 '27，我們將開始展現通往更高利潤率的多年期路徑。

We are today establishing a minimum gross margin target of 50%. And a minimum operating margin target of 30% by fiscal 2029. In addition, our depreciation and amortization expenses have historically been in the low to mid-single range as a percentage of revenue, and we anticipate that trend to continue.

我們今日設定最低毛利率目標為 50%。並設定至會計年度 2029 的最低營業利益率目標為 30%。此外，我們的折舊與攤銷費用歷來占營收比重約為低至中個位數百分比，我們預期該趨勢將持續。

The path to these higher margins is largely in our control and is a direct result of the significant business shift we're undertaking. On the gross margin side, we anticipate seeing meaningful improvement from two significant levers. The first is the much higher revenue base we're targeting as we've previously discussed, and which is well supported by our backlog, order book, industry trends, and government funding.

通往更高利潤率的路徑在很大程度上掌握在我們手中，且是我們正在推動之重大業務轉型的直接結果。在毛利率方面，我們預期將透過兩個重要槓桿看到顯著改善。第一個是我們先前已討論、且由在手訂單、訂單簿、產業趨勢與政府資金所充分支撐的更高營收基礎目標。

In addition, due to customer demand, we're moving from a bespoke manufacturer of exquisite products with more episodic production schedules to a high-rate production company making many more units of similar products on a more consistent basis.

此外，因應客戶需求，我們正從以客製化方式製造高端精密產品、且生產排程較為間歇性的製造商，轉型為高產能量產公司，以更一致的節奏生產更多相似產品的單位數量。

This higher-rate production will be more predictable, allow for better overhead absorption, and feature less non-recurring engineering as a percentage of total business, all of which should drive gross margins to at least 50%. We also anticipate seeing gross margin benefit from some pricing initiatives.

此種更高產能的生產將更可預測、可提升間接費用吸收效率，且非經常性工程（NRE）占整體業務的比重將更低；上述因素皆應推動毛利率至少達到 50%。我們也預期部分定價措施將帶來毛利率的助益。

In addition, we believe we will demonstrate very strong operating leverage in the business, such that as revenue increases sharply, we should gain meaningful efficiencies on our research and development and selling and administrative expenses.

此外，我們相信公司將展現非常強的營運槓桿；也就是當營收大幅成長時，我們在研發以及銷售、一般與行政（SG&A）費用上應可取得顯著效率提升。

Based on the gross margin target outlined above and those operating expense efficiencies in R&D and SG&A, we believe we'll then be able to generate minimum operating margins of 30%, with depreciation and amortization in the low to mid-single range as a percentage of revenue.

基於上述毛利率目標，以及研發與 SG&A 的營業費用效率提升，我們相信可達成最低 30% 的營業利益率，且折舊與攤銷占營收比重維持在低至中個位數百分比。

We invested significantly in the business during fiscal 2026 in order to better prepare the company for the strong growth ahead. The majority of this investment was focused on hiring engineering talent in advance of the large ramp-up in production and revenue that we're expecting.

我們在會計年度 2026 對業務進行了大量投資，以更好地讓公司為即將到來的強勁成長做好準備。這些投資的大部分聚焦於提前招募工程人才，以因應我們預期的生產與營收大幅爬坡。

This had near-term dampening effects on gross margin as engineering costs flow through the manufacturing overhead portion of our cost of goods sold, raising this expense before the revenue is generated. A second meaningful investment was a business process improvement investment, which should allow us to improve turnaround time.

由於工程成本會透過銷貨成本中的製造間接費用部分反映，這在營收尚未產生前就先推升了費用，因而對短期毛利率造成抑制效果。第二項重要投資是業務流程改善投資，應可協助我們縮短交付週期。

This investment also flowed through overhead and had a similar dampening impact on gross margins. But with the orders and demand coming in, we think it is prudent long-term decision to be ready for that business and to super serve our customers, who increasingly want more work done more quickly.

此項投資同樣透過間接費用反映，並對毛利率造成類似的抑制影響。但隨著訂單與需求湧入，我們認為從長期來看，為了承接這些業務並以更高水準服務客戶（客戶愈來愈希望更多工作能更快完成），現在做好準備是審慎的決策。

We believe this should meaningfully benefit our shareholders as well, as we increasingly provide higher levels of mission-critical products that perform to the highest standards in the harshest environments, and we'll do so with high incremental margins.

我們相信這也將為股東帶來顯著利益，因為我們將持續提供更高水準的關鍵任務產品，能在最嚴苛環境中以最高標準運作，且我們將以高增量利潤率來達成。

The investments we made in our new Colorado facility and team are already opening opportunities in quantum sensing and very low noise microarray resources. This is just one example of the many ways we expect our fiscal 2026 investments to pay off in spades. With these investments now made, we do not need to make additional meaningful investments in order to achieve our three-year revenue target. We simply need to execute.

我們在科羅拉多新廠與團隊上的投資，已開始在量子感測與超低雜訊微陣列資源方面開啟機會。這只是我們預期會計年度 2026 投資將帶來豐厚回報的眾多方式之一。在完成這些投資後，為了達成三年營收目標，我們不需要再進行額外的重大投資。我們只需要把執行做好。

It's also worth noting that these investments were made entirely with cash on hand generated from operations. Further, we've increased our internal focus on our largest and most profitable market opportunities and de-emphasized or discontinued products with lower growth potential and lower margin profiles that have historically been part of our business.

另外值得注意的是，這些投資完全以營運所產生的手上現金支付。此外，我們已提高內部對最大且最具獲利性的市場機會之聚焦，並弱化或停止成長潛力較低、利潤率結構較低、且過去一直是我們業務一部分的產品。

Specifically, we chose to restructure our Elcom manufacturing business in New Jersey in the fourth quarter because it simply did not have the growth or margin potential of our core space and defense markets, nor those of the much larger addressable markets we're starting to sell into.

具體而言，我們在第四季選擇重整位於新澤西的 Elcom 製造業務，因為它在成長或利潤率潛力上，明顯不如我們核心的太空與國防市場，也不如我們開始切入、且可服務市場規模更大的那些市場。

Though we sacrificed some near-term revenue in the fourth quarter through this restructuring. We believe it's the right long-term decision to better align our capital and talent towards their highest and best use and potential returns. Quite simply, we're playing for much larger stakes.

儘管我們透過此次重整在第四季犧牲了一部分短期營收。但我們相信，從長期來看，這是正確的決策，可使我們的資本與人才更好地對準其最高、最佳用途與潛在報酬。簡而言之，我們是在為更大的賭注而戰。

The Elcom restructuring included a $3.8 million inventory write-down, a non-cash charge with flow through cost of goods sold and further depressed gross margins for this reported period. But which is not reflective of ongoing business trends. Additional severance costs flowed through selling at administrative expenses.

Elcom 重整包含 380 萬美元的存貨減記，這是一項非現金費用，會透過銷貨成本反映，並進一步壓低本報告期間的毛利率。但這並不代表持續性業務趨勢。額外的資遣費用則透過銷售與行政費用反映。

Further, the restructuring yielded over $9 million in future tax benefits, which will benefit the company going forward as we turn to profitable growth this year. Lastly, we had several non-recurring charges that flowed through operating expenses this quarter, the majority of which was a non-cash charge for an accrual related to a one-time change in employee sick/paid time off policies.

此外，此次重整帶來超過 900 萬美元的未來稅務利益，隨著我們今年轉向獲利性成長，將在未來使公司受益。最後，本季我們還有數項一次性費用透過營業費用反映，其中大部分為非現金費用，係因一次性調整員工病假／帶薪休假（PTO）政策而產生的應計負債相關費用。

Most of this charge flowed through cost of goods sold, impacting gross margins, and the balance flowed through selling and administrative. Steve will provide further detail on the impact of these charges. As a result of all of these charges this quarter, our as-reported results do not appropriately reflect the core strength of our underlying business, which will pave the path towards the much higher revenue and margin levels we described earlier.

其中大部分費用透過銷貨成本反映、影響毛利率，其餘則透過銷售與行政費用反映。Steve 將就這些費用的影響提供更多細節。由於本季所有這些費用，我們的帳面（as-reported）結果未能恰當反映我們基礎業務的核心強勁程度；而該基礎業務將鋪陳我們先前所述更高營收與利潤率水準的道路。

We decided to take the pain now so that we can focus on our highest return opportunities going forward. In short, this quarter and year were preparation for the improvements we're about to see, including in the current quarter. We've historically been conservative in our accounting presentation, and today's reporting of charges does not reflect any intended change in that regard.

我們決定現在先承受這些痛苦，以便未來能專注於最高報酬的機會。簡言之，本季與本年度是在為我們即將看到的改善做準備，其中也包括本季的改善。我們在會計呈現上歷來較為保守，而今天對費用的揭露並不代表我們在此方面有任何意圖上的改變。

Will not become a company with constant adjustments to seek to flatter financials rather than inform investors. In this case, however, we thought it was cleanest to clear the decks now as we head into fiscal 2027, the beginning of a multi-year acceleration phase, which should allow FEI to demonstrate both strong growth and operating leverage in the years to come.

我們不會成為一家不斷進行調整、只為美化財務數字而非告知投資人的公司。然而，在此情況下，當我們邁入會計年度 2027（多年期加速階段的起點）時，我們認為現在先把帳面整理乾淨是最清楚、最俐落的作法，這應可讓 FEI 在未來幾年同時展現強勁成長與營運槓桿。

We know that there will be no substitute for demonstrating these results, and we look forward to doing so starting this year. And now I'll turn the call over to Steve to provide a few more financial details, and I look forward to taking your questions during the Q&A following Steve's remarks. Steve?

我們知道，沒有任何事能取代把這些成果實際展現出來，我們也期待從今年開始做到。現在我把電話交給 Steve，請他提供更多財務細節；在 Steve 發言後的問答環節，我也期待回答各位的問題。Steve？

Thank you, Tom, and good afternoon. As we have discussed. 2026 was a year of revenue digestion for us, and this quarter made for a particularly difficult comparison as the prior year's fourth quarter was the highest revenue quarter in 25 years for the company. That said, we are confident that we are returning to growth in the current fiscal first quarter and for fiscal '27, in general.

謝謝你，Tom，下午好。如同我們先前討論過的，2026 年對我們而言是營收消化的一年，而本季的比較尤其艱難，因為去年第四季是公司 25 年來營收最高的一季。儘管如此，我們有信心在目前的會計年度第一季以及整體 2027 會計年度將重回成長。

In fact, we can start setting multiple new quarterly revenue records in the coming quarters. For the three months ended April 30, 2026, consolidated revenue was $15.4 million compared to $19.9 million for the same period of the prior fiscal year.

事實上，我們在接下來幾季就可以開始創下多項新的單季營收紀錄。截至 2026 年 4 月 30 日止三個月，合併營收為 1,540 萬美元，較前一會計年度同期的 1,990 萬美元下降。

The components of revenue are as follows. Revenue from commercial and US government satellite programs was approximately $7.7 million or 50% compared to $12 million or 60% in the same period of the prior fiscal year. Revenue on satellite payload contracts are recognized primarily under the percentage of completion method and are recorded only in the FEI New York segment.

營收組成如下。來自商業與美國政府衛星計畫的營收約為 770 萬美元（占 50%），相較於前一會計年度同期的 1,200 萬美元（占 60%）。衛星酬載合約的營收主要依完工百分比法認列，且僅記錄於 FEI New York 部門。

Revenue from non-space US government and Department of Defense customers, which are recorded in both the FEI New York and FEI-Zyfer segments, were $6.8 million compared to $7 million in the same period of the prior fiscal year and accounted for approximately 44% of consolidated revenue compared to 35% for the prior fiscal year.

來自非太空領域的美國政府與國防部（DoD）客戶之營收（同時記錄於 FEI New York 與 FEI-Zyfer 部門）為 680 萬美元，較前一會計年度同期的 700 萬美元略降，約占合併營收 44%，相較前一會計年度的 35%。

Other commercial and industrial revenues were approximately $908,000 compared to approximately $890,000 in the prior fiscal year. For the fiscal year ended April 30, 2026, revenue decreased by approximately $6.6 million or 9% compared to the prior fiscal year.

其他商業與工業營收約為 90.8 萬美元，較前一會計年度約 89.0 萬美元略增。截至 2026 年 4 月 30 日止會計年度，營收較前一會計年度減少約 660 萬美元或 9%。

Fiscal 2026 was a year of digestion from a revenue standpoint as the company pulled forward some revenue into last year of fiscal 2025. Satellite program revenues for the government NUs were 31% and 53% of total revenues for the fiscal year '26, and '25, respectively.

從營收角度來看，2026 會計年度是消化的一年，因為公司將部分營收提前至 2025 會計年度認列。政府 NUs 的衛星計畫營收分別占 2026 與 2025 會計年度總營收的 31% 與 53%。

Satellite program revenue for commercial NUs were 6% of total revenues for both fiscal years '26, and '25. Revenue from non-space US government and DoD customers increased by approximately $11.5 million or 43.2% in fiscal '26, compared to fiscal year '25.

商業 NUs 的衛星計畫營收在 2026 與 2025 兩個會計年度皆占總營收的 6%。來自非太空領域的美國政府與 DoD 客戶之營收在 2026 會計年度較 2025 會計年度增加約 1,150 萬美元或 43.2%。

These revenues accounted for approximately 60% and 38% of consolidated revenues for the fiscal years 2026 and 2025, respectively. Other commercial and industrial sales accounted for approximately 3% of consolidated revenue for both fiscal years '26, and '25. Sales in the other commercial and industrial sales were $2.1 million and $2.4 million for the fiscal years ended April 30, 2026, and the fiscal year ending April 30, 2025, respectively.

上述營收分別占 2026 與 2025 會計年度合併營收的約 60% 與 38%。其他商業與工業銷售在 2026 與 2025 兩個會計年度皆約占合併營收的 3%。其他商業與工業銷售金額分別為截至 2026 年 4 月 30 日止會計年度的 210 萬美元，以及截至 2025 年 4 月 30 日止會計年度的 240 萬美元。

For the three months ending April 30, '26, and the fiscal year ending April 30, '26, the gross profit and gross profit percentage decreased as a result of several pre-revenue investments and non-recurring factors, as Tom mentioned. Similarly, there were several non-recurring items that impacted operating expenses, specifically selling and administrative expenses, causing operating profit and operating margins to decrease.

截至 2026 年 4 月 30 日止三個月以及截至 2026 年 4 月 30 日止會計年度，毛利與毛利率因若干營收前投資及一次性因素而下降，如 Tom 所提。同樣地，也有數項一次性項目影響營業費用，特別是銷售與管理費用，導致營業利益與營業利益率下降。

We have provided tables in the press release so that investors can better understand the impact of these items and see what our margins would have been without these growth-oriented investments in advance of revenue and without these non-recurring charges.

我們已在新聞稿中提供表格，讓投資人能更清楚了解這些項目的影響，並看到若不計這些在營收前的成長導向投資與一次性費用，我們的利潤率會是什麼水準。

Adjusted for the charges and investments, our gross margin and operating margins would have been approximately 36% and 1%, respectively, for the quarter and approximately 41% and 11% respectively, for the fiscal year. These are levels we anticipate growing meaningfully in the years to come, as Tom stated earlier, starting in the current fiscal year.

若調整上述費用與投資，我們本季的毛利率與營業利益率將分別約為 36% 與 1%；而全年則分別約為 41% 與 11%。如 Tom 先前所述，這些水準是我們預期在未來幾年將顯著提升的，並將從目前會計年度開始。

Lastly, the company made significant cash investments during fiscal '26, but expect to return to normal cash generation in fiscal '27, beginning in our current fiscal quarter. We encourage you to read our upcoming 10-K for further details. John, we can open the line now for Q&A.

最後，公司在 2026 會計年度進行了大量現金投資，但預期在 2027 會計年度將回到正常的現金創造能力，並從我們目前這一會計季度開始。我們建議您閱讀即將發布的 10-K 以取得更多細節。John，我們現在可以開放問答。

(Operator Instructions)

（接線員指示）

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Wow, great. Thank you for taking my questions. We've heard a lot about space and satellites. However, GPS jamming and time jamming in the battlefield has become a major problem. Can you talk about how both the war with Iran as well as the Ukraine-Russia war are impacting demand for frequencies, precision timing clocks, if at all?

哇，太好了。謝謝你回答我的問題。我們聽到很多關於太空與衛星的內容。不過，在戰場上 GPS 干擾與時間干擾已成為重大問題。你能談談伊朗戰事以及烏俄戰爭如何影響對頻率、精密授時時鐘的需求（如果有的話）嗎？

Well, yeah, sure. Happy to respond to that. Of course, I think those war environments are impacting our products and our markets in several different ways. I mean, one of the things that we have talked about previously is the fact that GPS, which is important for a lot of military applications, is frequently jammed in those areas and also spoofed. In other words, there are in place of the normal GPS signals, there are artificial signals which indicate that the untrue location information.

嗯，好的，當然。很樂意回應。當然，我認為這些戰爭環境以幾種不同方式影響我們的產品與市場。我的意思是，我們之前談過的一點是：GPS 對許多軍事應用很重要，但在那些地區經常被干擾，也會被欺騙（spoof）。換句話說，會以人為訊號取代正常 GPS 訊號，並顯示不真實的位置資訊。

So those things going on have made it very clear to everybody that for defense applications in particular, but even for a lot of commercial applications. GPS cannot be relied on for position navigation and timing applications. So that's just expanded tremendously our accessible market. Of course, when we provide more precise atomic clocks.

因此，這些情況讓大家非常清楚：特別是在國防應用上，甚至在許多商業應用上，GPS 不能作為定位、導航與授時（PNT）應用的可靠依據。所以這大幅擴大了我們可觸及的市場。當然，當我們提供更精準的原子鐘時。

This allows better timing in all of these applications, even during those periods when GPS or other navigation systems are not available. The other thing, of course, there are a lot of applications that are being envisioned at this point, which will provide that same kind of information that's provided from the satellite navigation systems, but in other ways.

這能在所有這些應用中提供更好的授時，即使在 GPS 或其他導航系統不可用的期間亦然。另外，當然，目前也正在構想許多應用，能以其他方式提供與衛星導航系統相同類型的資訊。

And of course, since ultimately those navigation systems rely on precision timing, our products are very important there. And the other application which we are in the early stages of is as an alternate means of navigation, magnetic navigation, in which by measuring the magnetic field in one's location and with an accurate map of the magnetic field on the surface of the Earth, one can navigate without depending on any external signals from navigation satellites or anything else.

而且當然，既然這些導航系統最終都仰賴精密授時，我們的產品在那裡就非常重要。另外一個我們仍處於早期階段的應用，是作為替代導航手段的磁導航：透過量測所在位置的磁場，並搭配地球表面磁場的精確地圖，就能在不依賴導航衛星或其他任何外部訊號的情況下進行導航。

And this, of course, is very important in these battlefield kind of situations that are being experienced in the Middle East at this point in time. So maybe I'll leave it at that. These are just a few of the important things that are coming out of the war situation in the Mideast.

而這當然在目前中東所經歷的這類戰場情境中非常重要。所以我想就先說到這裡。以上只是中東戰事所帶出的一些重要面向。

I think maybe the other big thing that we should talk about is, of course, a lot of missiles have been expended there, and so, of course, there's a huge replacement activity for those missiles. Although, in most cases, we don't have hardware on the missiles themselves. We do have a lot of hardware in the missile batteries, and there's a -- we we're seeing a tremendous uptick in those markets also.

我想另一個我們應該談的重大因素是：那裡消耗了大量飛彈，因此飛彈的汰換需求非常龐大。雖然在多數情況下，我們並沒有把硬體裝在飛彈本體上。但我們在飛彈砲組／飛彈陣地（missile batteries）上有很多硬體，我們也看到那些市場出現大幅度的成長。

Great. That's super helpful. I have one follow-up. You gave long-term gross margin targets. But as it relates to the $111 million backlog, how much of that is expected to convert to revenue in the current fiscal year? And what is the average gross margin in that backlog?

很好。這非常有幫助。我有一個追問。你們給了長期毛利率目標。但就 1.11 億美元的在手訂單（backlog）而言，其中有多少預期會在本會計年度轉為營收？而該在手訂單的平均毛利率是多少？

Yeah, I have to be a little bit careful about the providing specific numbers on that. So let me just say that I think what we typically see is that the programs that we work on typically take place over a period of one to three years.

是的，關於提供具體數字這件事，我得稍微謹慎一點。所以我只能說，我們通常看到的是，我們所執行的專案一般會在一到三年的期間內進行。

So we expect that backlog to be worked off over the next three years completely. And we do expect the gross margins to increase significantly over the course of this fiscal year.

因此，我們預期這些積壓訂單會在未來三年內完全消化完畢。而且我們也預期在本會計年度期間，毛利率將會顯著提升。

When you say over one to three years, that's the funded backlog, not the total backlog? So the funded backlog of $111 million is over one to three years, yes.

你說的一到三年，是指已獲資金支持的積壓訂單（funded backlog），不是總積壓訂單（total backlog）嗎？是的，1.11億美元的已獲資金支持積壓訂單是落在一到三年。

That's actually primarily the total backlog.

那其實主要是總積壓訂單。

Yeah, right.

對，沒錯。

When you report the funded backlog, yeah.

當你們報告已獲資金支持的積壓訂單時，是的。

So the funded presumably should be on the shorter end of that one to three years, I would assume. Is that accurate or should I not think that way necessarily?

所以我推測，已獲資金支持的部分應該會比較偏向那一到三年區間的較短端。這樣理解正確嗎？還是我不一定要這樣想？

That's reasonable.

這樣的推論是合理的。

Okay, great. Look, thanks for taking my questions. Appreciate it.

好，太好了。謝謝你回答我的問題。感謝。

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Great, thanks. Thanks for taking the questions and a lot to love about that forward model and congrats on the backlog growth. Obviously, you're right in front of some very large demand drivers. Tom, if you look at the bookings you're putting to the tape now and what's in the pipeline, you called out a bunch of drivers, and it's a blessing of bridges.

很好，謝謝。謝謝你們回答問題；你們的前瞻模型有很多值得肯定之處，也恭喜積壓訂單成長。顯然，你們正處在一些非常龐大的需求驅動因素之前沿。Tom，如果看你們現在落地的接單（bookings）以及管線（pipeline）裡的案子，你提到了一堆驅動因素，這真的是多重利多匯聚。

You've got so many things working here. Can you just help us prioritize, though, what are the biggest needle movers right now in terms of the surge we've seen thus far in the backlog growth? And based on pipeline, what's going to drive backlog growth next 6 to 12 months if they're different?

你們有太多事情同時在推進。但你能否幫我們排一下優先順序：就目前為止我們看到積壓訂單大幅成長的這波動能而言，現在最大的關鍵推動因素是哪些？另外，根據管線來看，未來6到12個月推動積壓訂單成長的因素會是什麼（如果不同的話）？

Well, I mean, you actually hit the nail on the head. There's one of the reasons that we're so optimistic, Jeff, is that there are so many different arenas that we're acting in that all look really, are just growing tremendously at this point.

嗯，你其實說到重點了。Jeff，我們之所以這麼樂觀，其中一個原因就是：我們所參與的領域很多，而這些領域目前看起來都在非常快速地成長。

But that being said, I think. Actually, over this last fiscal year, non-space played a big role in the revenue that we did generate. But I think in the coming year, space is going to be forefront. We're really excited about the activity related to the lunar activity, the movement toward the, repopulating the moon, so to speak.

不過話雖如此，我認為……其實在剛過去這個會計年度，非太空（non-space）業務在我們所創造的營收中扮演了很重要的角色。但我認為在接下來的一年，太空業務會站到最前面。我們對與月球活動相關的進展非常興奮，也就是所謂朝向「重新回到月球、重新在月球建立活動」的趨勢。

I think there are a number of very large space programs that we're working on at this point, and I think. An important thing that I'd like to talk about, in most cases in the space arena, we really have very little competition. We've looked at it, and over the last couple of years in space, we've had a 90% win rate on the contracts that we have bid on.

我想目前我們正在參與多個非常大型的太空計畫，而且我認為……有一點很重要我想談一下：在多數太空領域的案子裡，我們其實幾乎沒有競爭對手。我們做過檢視，過去幾年在太空領域，我們對所投標的合約中標率達到90%。

So we're in a really strong position there. Space is booming. So I think that's the one that I'd emphasize, but we do have to keep in mind that we've had a tremendous amount of activity in non-space defense-related things also.

所以我們在那裡的地位非常強。太空產業正在蓬勃發展。因此我會特別強調這一塊，但我們也必須記得，非太空的國防相關領域同樣也有非常大量的活動。

Yeah, that's great. Thank you for the color. Steven, just one for you. You commented on the quarter, and you said you're going to have several new record revenue quarters, quote, in the coming quarters, that's pretty vague, that could be years, that could be this year. Were you specifically trying to say over the next four quarters, the next fiscal year, we should see several all-time record quarters? I just want to be clear what you're trying to say there.

很好。謝謝你提供的補充說明。Steven，我有一題想問你。你在談到本季時提到，接下來幾季會出現好幾個新的營收季度紀錄（原話如此）。這說法有點籠統，可能是好幾年，也可能是今年。你是特別想說在接下來四個季度、也就是下一個會計年度，我們會看到好幾個創歷史新高的季度嗎？我只是想確認你那句話的意思。

Yes, I believe in fiscal '27, we should have.

是的，我相信在27會計年度，我們應該會有。

Okay. All right. That's helpful. And then, Tom, from the manufacturing front, I mean, first of all, fantastic to see the trajectory that 50% gross margins based on mix and a number of other things that you're working through. One of the underpinnings there, obviously, is scale. And you talked about moving from bespoke manufacturing to process-driven manufacturing.

好的。好。這很有幫助。接著，Tom，從製造端來看——首先，看到你們在產品組合與其他多項因素推動下，毛利率朝50%邁進的軌跡，真的很棒。其中一個基礎顯然是規模化。你也談到要從客製化（bespoke）製造轉向流程驅動（process-driven）製造。

Those are different mindsets, skill sets, facility setups, equipment. It sounds like you've been working on that a lot during this fiscal year. I think you've referenced that. Let's talk about where you think you are now in terms of readiness to go into that, I would say, different mindset and different way of operating.

那是不同的思維模式、技能組合、廠房配置與設備。聽起來你們在本會計年度已經在這方面做了很多工作。我想你也曾提到過。能否談談你們目前的狀態：就我所說的那種不同思維與不同營運方式而言，你們覺得現在準備到什麼程度了？

I think we are very much, I think, in the last couple of quarters of fiscal '26, we were in a transition period, and I think we are really ready for this at this point in time. I think it's something that we've been working on very hard. And I think we have a very clear roadmap on what we need to do over the next three years.

我認為我們已經非常……我想在26會計年度的最後幾個季度，我們處於轉型期，而我認為此刻我們真的已經準備好了。這是我們一直非常努力在推進的事情。而且我認為我們對未來三年需要做什麼，有一個非常清晰的路線圖。

I think we have a lot of work at this point in time. We're very focused on executing, but I think we have the basic items in place in order to be able to achieve what we've talked about. And interestingly, we are going to do that without any significant facility expansion. We're going to do that within our current facilities.

我認為目前我們還有很多工作要做。我們非常專注在執行，但我認為我們已具備基本要素，能夠達成我們所談到的目標。而且有趣的是，我們將在不進行任何重大廠房擴建的情況下做到這一點。我們會在現有廠房內完成。

Internal to those facilities, of course, there's already been significant expansion taking place. And as I mentioned earlier, of course, we've been adding significantly to the labor force. So I think that although, as you say, there is some transition to more of a production kind of environment, we should keep in mind that we're not going from making one or two to making hundreds of thousands.

當然，在這些廠房內部，其實已經有相當顯著的擴充正在進行。而且如我先前提到的，我們也在大幅增加人力。所以我認為，雖然如你所說，確實有一些轉向更偏量產型環境的變化，但也要記得，我們不是從做一兩個，變成做幾十萬個。

We're still in the satellite business, and so -- although it's more continuous production and at a significantly higher rate, we're not talking about manufacturing cell phones or anything like that.

我們仍然是在衛星產業，所以——雖然會是更連續的生產、且速度顯著提高——但我們談的不是製造手機或那類產品。

Yes, got it, and maybe one more and I'll let somebody else jump in. Just a housekeeping on the Elcom exit, you referenced some lost revenue in Q4, certainly sounds like it's going to be some headwind to fiscal '27. Can you quantify what the revenue impact was in the quarter and what you expect it to be for the coming fiscal for fiscal '27?

了解。那我再問一題就讓其他人接著問。關於退出Elcom的例行性問題：你提到第四季有一些流失的營收，聽起來這也會對27會計年度造成一些逆風。你能量化一下本季的營收影響是多少，以及你預期在接下來的會計年度、也就是27會計年度，影響會是多少嗎？

Steve, do you want to.

Steve，你要不要回答？

Well, I think the revenue foregone was about $1 million roughly for Q4.

嗯，我認為第四季放棄的營收大約是100萬美元左右。

Okay. And in terms of additional rundown of a revenue stream that you're walking away from in FY27, just how do we think about the rest of the headwind from exiting Elcom?

好的。那就27會計年度而言，對於你們正在退出、等於放棄的一條營收來源，後續還會有多少額外的下滑？我們應該如何看待退出Elcom帶來的其餘逆風？

I think we'll make it up in multiples with what we have, and it will improve our performance, not hinder our performance in any way.

我認為以我們現有的業務來看，我們會以數倍的方式把它補回來，而且這會改善我們的表現，不會在任何方面妨礙我們的表現。

All right. I'll come back to that one offline. But I appreciate it. Thanks for the questions, guys, and congrats. I mean, just really seems like you've got the business right-sized here and ready to pounce on some great opportunities coming through the doors and love that Target model. So thanks.

好的。我會私下再回來處理那個問題。但我很感謝。各位，謝謝提問，也恭喜。我的意思是，看起來你們已經把業務調整到合適的規模，準備好把握一些送上門的絕佳機會，而且我很喜歡那個 Target 模式。所以謝謝。

Appreciate it. Thank you.

感謝。謝謝。

Michael Eisner. He is a private investor.

Michael Eisner。他是一位私人投資人。

Hi. Nice backlog. So Elcom is closed right now, completely?

嗨。積壓訂單不錯。所以 Elcom 現在是完全關閉了嗎？

Well, we have some ongoing activities there. We have some commitments that we have to honor going forward. But the plan is to completely shut down those activities over the course of this year.

嗯，我們那邊還有一些持續進行的活動。我們有一些承諾必須在未來履行。但計畫是在今年內逐步把那些活動完全關停。

Oh, we'll take a year to close completely.

喔，所以要花一年才會完全關閉。

Well, it's not 100% determined. We have some commitments that we had made prior to the decision to shut down Elcom that we have to honor some open quotes, et cetera. So yes, we have to play that by year to some extent. But roughly over the next fiscal year, we should wind down all of that activity.

嗯，這還不是 100% 確定。在決定關停 Elcom 之前，我們做出了一些承諾，必須履行一些未結的報價等事項。所以是的，在某種程度上我們得視年度情況來處理。但大致上在接下來的一個會計年度內，我們應該會把所有相關活動逐步收尾。

But it shouldn't be too bad on the course.

但對整體進程來說應該不會太糟。

Yes, that's correct.

是的，沒錯。

So besides Elcom, most of the write-downs are done.

所以除了 Elcom 之外，大部分的減記都已經完成了。

Yes.

是的。

All right. I'm just trying to get an idea of the big picture with the margins. How many employees did we end up at year end?

好。我只是想掌握一下毛利率的大方向。我們在年末總共有多少名員工？

Year end, we have about 250 employees.

年末我們大約有 250 名員工。

All right. That's why the expenses went up. So, hypothetically, if you're growing at 34% CAGR. How many more employees are you going to need in one year?

好。這就是費用上升的原因。那麼，假設你們以 34% 的年複合成長率在成長。一年內還需要增加多少員工？

Yeah, I'm not really in a position to answer that at this point. I don't think we're going to have to add. We've already added a significant amount in preparation for this, so I don't anticipate a huge additional workforce, but beyond that, I can't say anything specific.

是的，我目前其實不太能回答這個問題。我不認為我們必須再增加。我們已經為此做了相當程度的人力增補準備，所以我不預期還需要大幅增加人力，但除此之外，我無法給出更具體的說法。

All right. But most of them are the $250 a year end is the big amount.

好。但大部分的人力就是年末的 250 人這個數字，是主要的量。

Yes.

是的。

All right. I'm just trying to get to where we're getting the gross margins and the operating margins from. Are we the only ones that do space defense? Do we have competition in that?

好。我只是想了解我們的毛利率和營業利益率是從哪裡來的。我們是唯一在做太空防禦的嗎？這方面有競爭對手嗎？

Well, I think, space defense covers a lot of things. I think in the portion of that arena that we participate in, we have very little competition.

嗯，我想太空防禦涵蓋很多事情。我認為在我們所參與的那一部分領域裡，競爭非常少。

All right. Let me just -- I think and are we working with SpaceX or anything? Or you can't comment.

好。我再問一下——我想我們有和 SpaceX 合作或類似的嗎？還是你不能評論。

Well, at this point, we don't have any active programs with SpaceX, but we're -- SpaceX and a number of other companies were pursuing all sorts of things.

嗯，目前我們沒有與 SpaceX 的任何進行中專案，但我們——SpaceX 以及其他一些公司都在推進各式各樣的事情。

All right, so the new revenue growth should make up for the tailwinds, back the loss of the, how should I word this, should make up for the problems of Elcom?

好，所以新的營收成長應該能抵消順風因素，回補 Elcom 的損失——我該怎麼說呢——應該能彌補 Elcom 的問題？

Yes, absolutely.

是的，絕對可以。

Chris Bokosky, private investor.

Chris Bokosky，私人投資人。

Hello, congratulations on the great orders. Just generally speaking, you talked a lot about communications when you talked about the orders. Can you generally tell us about technologically why precision timing is important for communications, and are there any new things in satellite communications that require new higher precision timers?

你好，恭喜拿到很棒的訂單。整體來說，你在談到訂單時提了很多通訊方面的內容。你能否大致說明，從技術角度來看，為什麼精密定時對通訊很重要？另外，衛星通訊是否有任何新發展需要新的、更高精度的計時器？

Well, I think especially for military applications where secure communication is required, then precision timing is important. There are, of course, a number of different means of communication in these arenas, but one of the key things is to only communicate during predefined time intervals.

嗯，我想特別是在需要安全通訊的軍事應用中，精密定時就很重要。當然，在這些領域有多種不同的通訊方式，但其中一個關鍵點是只在預先定義的時間區間內進行通訊。

And in order to do that, you need very careful synchronization between the communicating parties. So that's just one very specific example. Short of going into a long-winded technical discussion, maybe I'll leave it at that.

而要做到這一點，通訊雙方之間就需要非常精確的同步。這只是其中一個非常具體的例子。如果不展開冗長的技術討論，我可能就先說到這裡。

Okay. I don't mind your long-winded technical discussions, but that's all right. So would you say that your influx of orders is partly due to the higher required?

好的。我不介意你做冗長的技術討論，但也沒關係。所以你會說你們訂單湧入部分是因為更高的需求？

I'm not sure I caught all of that. Could you maybe just -- Yeah.

我不確定我是否聽清楚全部內容。你可以再——對。

Would you say that your influx of new orders is at least partially caused by the higher required security in satellite communications?

你會說你們新增訂單的湧入，至少部分是由於衛星通訊對更高安全性的要求所致嗎？

Oh, yes. Well, definitely. I think that's an important aspect of it. I think, yes.

喔，是的。嗯，當然。我認為那是其中一個重要面向。我想，是的。

And as far as the record quarters go, did you say that the next quarter will be a record quarter or that the next year will have multiple record quarters?

另外，關於創紀錄的季度，你是說下一季會是創紀錄的一季，還是說下一年度會有多個創紀錄的季度？

Well, I hesitate to make specific statements about individual quarters, but over the course of fiscal 2027. There will be record quarters.

嗯，我不太願意對單一季度做出具體說法，但在 2027 會計年度期間，會出現創紀錄的季度。

All right. That's good to hear, and congratulations again, and good luck.

好。很高興聽到這個，再次恭喜，祝你們好運。

We have no further questions in the queue. We have reached the end of the question-and-answer session, and I will now turn the call over to management for our closing remarks.

目前佇列中沒有其他問題。問答環節到此結束，我現在把電話交回管理層做結語。

Okay. Thank you, everybody, for taking the time to listen and to participate in today's earnings call. We look forward to providing further updates in the coming months. And once again, thanks, everybody. All right. Bye.

好的。謝謝各位今天撥冗收聽並參與本次法說會。我們期待在接下來幾個月提供更多更新。再次感謝各位。好。再見。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。