Geospace Technologies Corp (GEOS) 2025 Q3 法說會逐字稿

Welcome to the Geospace Technologies third-quarter 2025 earnings conference call. Hosting the call today from Geospace is Mr. Rich Kelley, President and Chief Executive Officer. He is joined by Mr. Robert Curda, the company's Chief Financial Officer.

歡迎參加 Geospace Technologies 2025 年第三季財報電話會議。今天主持 Geospace 電話會議的是總裁兼執行長 Rich Kelley 先生。與他一同出席的還有公司財務長羅伯特·庫爾達先生。

Today's call is being recorded and will be available on the Geospace Technologies Investor Relations website following the call. (Operator Instructions)

今天的電話會議正在錄音，會議結束後將在 Geospace Technologies 投資者關係網站上提供錄音。（操作說明）

It is now my pleasure to turn the floor over to Mr. Rich Kelley. Sir, you may begin.

現在我很高興把發言權交給里奇凱利先生。先生，您可以開始了。

Thank you, Angela. Good morning, and welcome to Geospace Technologies conference call for the third quarter of fiscal year 2025. I am Rich Kelley, the company's Chief Executive Officer and President. I'm joined by Robert Curda, the company's Chief Financial Officer.

謝謝你，安吉拉。早安，歡迎參加 Geospace Technologies 2025 財年第三季電話會議。我是 Rich Kelley，公司執行長兼總裁。今天和我一起的是公司財務長羅伯特·庫爾達。

In our prepared remarks, I will first provide an overview of the third quarter, and Robert will then follow up with more in-depth commentary on our financial performance as well as an overview of our financials. I will then give some final comments before opening the line for questions.

在準備好的演講稿中，我將首先概述第三季的情況，然後羅伯特將對我們的財務表現進行更深入的評論，並概述我們的財務狀況。最後，我將作一些總結性發言，然後開放提問環節。

Today's commentary on markets, revenue, planned operations and capital expenditures may be considered forward-looking as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on what we know now, but actual outcomes are affected by uncertainties beyond our control or prediction. Both known and unknown risks can lead to results that differ from what is said or implied today.

根據 1995 年《私人證券訴訟改革法案》的定義，今天對市場、收入、計畫營運和資本支出的評論可能被視為前瞻性評論。這些說法是基於我們目前所了解的情況，但實際結果會受到我們無法控製或預測的不確定因素的影響。已知風險和未知風險都可能導致與今天所說或所暗示的結果不同的結果。

Some of these risks and uncertainties are discussed in our SEC Form 10-K and 10-Q filings. For convenience, we will link a recording of this call on the Investor Relations page of our geospace.com website, which I invite everyone to browse through and learn more about Geospace, our subsidiaries and our products.

其中一些風險和不確定性已在我們的 SEC 10-K 表格和 10-Q 表格文件中進行了討論。為了方便起見，我們將在 geospace.com 網站的投資者關係頁面上提供本次電話會議的錄音鏈接，歡迎大家瀏覽並了解更多關於 Geospace、我們的子公司和產品的信息。

Note that today's recorded information is time-sensitive and may not be accurate at the time one listens to the replay. Yeahterday, after the market closed, we released our financial results for the period ended June 30, our third quarter fiscal year 2025.

請注意，今天記錄的資訊具有時效性，在您收聽重播時可能不準確。昨天，市場收盤後，我們發布了截至 6 月 30 日的財務業績，這是我們 2025 財年第三季的業績。

For the three months ended June 30, 2025, we reported revenue of $24.8 million with a net income of $0.8 million. For the first nine months of our fiscal year, we had $80.1 million in revenue with a net loss of $0.7 million. Strategic accomplishments during the third quarter in all of our business segments have reinforced the success of our diversification efforts, laying the foundation to further our revenue and profitability goals.

截至 2025 年 6 月 30 日的三個月，我們報告收入為 2,480 萬美元，淨收入為 80 萬美元。在本財年的前九個月，我們的收入為 8,010 萬美元，淨虧損為 70 萬美元。第三季我們在所有業務領域的策略成就鞏固了我們多元化努力的成功，為進一步實現我們的收入和獲利目標奠定了基礎。

In our Smart Water segment, we continue to generate strong organic growth with our Hydroconn universal AMI connectors. They remain a reliable revenue and profit center, setting another revenue record for the first nine months.

在我們的智慧水務領域，我們的Hydroconn通用AMI連接器持續實現強勁的內生成長。它們仍然是可靠的收入和利潤中心，前九個月再次創下收入紀錄。

Our Quantum line of products continues to gain market acceptance, and we are seeing increased demand. We also announced the product launch of AquaLink. It is an advanced multi-device and multiunit Internet of Things, or IoT endpoint designed to transform submetering and leak detection into multiunit residential and commercial properties.

我們的 Quantum 系列產品持續獲得市場認可，我們看到市場需求不斷成長。我們也宣布了AquaLink產品的上市。它是一款先進的多設備和多單元物聯網 (IoT) 終端，旨在將分錶計量和洩漏檢測應用於多單元住宅和商業房地產。

With AquaLink, we are providing a smart, scalable solution that addresses the growing demand for accurate water monitoring and multiunit properties. This multi-device, multiunit capability, combined with advanced intelligence features makes it an invaluable tool for property owners and managers to meet regulatory standards while smartly monitoring usage.

AquaLink 是一款智慧、可擴展的解決方案，能夠滿足日益增長的對精確水質監測和多單元住宅的需求。這種多設備、多單元功能，結合先進的智慧功能，使其成為業主和物業經理在滿足監管標準的同時，智慧監控使用情況的寶貴工具。

These achievements continue to support our position that the Smart Water segment has great potential for growth. Our Energy Solutions team announced a permanent reservoir monitoring contract award for the Mero Field 3 and 4 from Petrobras, operator of the Mero Field Consortium.

這些成就繼續印證了我們的觀點，即智慧水務領域具有巨大的成長潛力。我們的能源解決方案團隊宣布，已從 Mero 油田聯盟的營運商巴西石油公司 (Petrobras) 獲得 Mero 油田 3 和 4 的永久性油藏監測合約。

The contract encompasses the supply and installation of nearly 500 kilometers of the OptoSeis Permanent Reservoir Monitoring System, or PRM, covering 140 square kilometers of seabed area located deep offshore in the Santos Basin off the coast of Brazil. The equipment manufacturing portion of this contract should generate in excess of $80 million in revenue and is anticipated to take 16 to 18 months to complete.

該合約包括供應和安裝近 500 公里的 OptoSeis 永久油藏監測系統 (PRM)，涵蓋位於巴西海岸桑托斯盆地深海的 140 平方公里海底區域。該合約中的設備製造部分預計將產生超過 8000 萬美元的收入，預計需要 16 到 18 個月才能完成。

We will be recognizing this revenue throughout the project for normal revenue recognition rules. We do not anticipate any revenue recognition in this fiscal year. The contract also includes installation of the system, which is to be completed by Blue Marine Telecom, a Brazilian subsea cable company. Full installation of this system and any associated revenue is anticipated in fiscal year 2027.

我們將按照正常的收入確認規則，在整個專案過程中確認這筆收入。我們預計本財年不會確認任何收入。合約還包括系統的安裝，這項工作將由巴西海底電纜公司 Blue Marine Telecom 完成。預計該系統的全面安裝以及相關的任何收入將在 2027 財年實現。

Energy Solutions also achieved its first sale of the newly released Pioneer, an ultra-lightweight land node used for seismic surveys. The first units were purchased by a global engineering and professional services firm based in Canada. As part of our ongoing review and modernization of our product portfolio, we sold the assets associated with our streamer recovery device product line to Seis Gear, in June.

Energy Solutions 也實現了新發布的 Pioneer 的首筆銷售，Pioneer 是一款用於地震勘測的超輕型陸地節點。首批設備由一家總部位於加拿大的全球工程和專業服務公司購買。作為我們持續審查和更新產品組合的一部分，我們在 6 月將與我們的纜繩回收設備產品線相關的資產出售給了 Seis Gear。

We have confidence that Seis Gear will support SRD customers with outstanding service and experience. While we continue to face headwinds in the ocean bottom node markets, these accomplishments indicate there are still opportunities to generate revenue and profitability in this segment.

我們相信 Seis Gear 將以卓越的服務和經驗為 SRD 的客戶提供支援。儘管我們在海底節點市場仍面臨許多不利因素，但這些成就表明，該領域仍有機會創造收入和獲利。

The increased success in our Smart Water and Energy Solutions segments have further improved utilization of our Houston facility and should positively impact operational efficiencies. Building off this success, we invested in the growth of our Intelligent Industrial segment this quarter with a recently announced acquisition of Heartbeat Detector, a security technology developed by United States Department of Energy's Oak Ridge National Laboratory.

我們在智慧水務和能源解決方案領域的成功進一步提高了休士頓工廠的利用率，並應能對營運效率產生正面影響。憑藉這一成功，我們本季投資於智慧工業部門的成長，最近宣布收購了 Heartbeat Detector，這是由美國能源部橡樹嶺國家實驗室開發的安全技術。

Used in more than a dozen countries to address human trafficking and prison security, the Heartbeat Detector is a small portable device that uses advanced sensors to rapidly identify people hidden in vehicles, providing a modern, user-friendly interface in as little as 10 seconds. The product, which relies on the GS-ONE low-frequency single-element geophones manufactured in our facilities has been proven 99% effective by Oak Ridge, Sandia and Thunder Mountain National Laboratories.

心跳探測器已在十幾個國家用於打擊人口販運和監獄安全，它是一款小型便攜式設備，利用先進的傳感器快速識別隱藏在車輛中的人員，並在短短 10 秒內提供現代化、用戶友好的介面。本產品採用我們工廠生產的 GS-ONE 低頻單元素地震檢波器，經橡樹嶺國家實驗室、桑迪亞國家實驗室和雷山國家實驗室驗證，其有效率達 99%。

Domestically, the Heartbeat Detector is used extensively by Departments of Corrections and prison systems. Globally, the product has been leveraged for border crossings and prisons in many countries. There are more than 300 manned border checkpoint crossings in the United States and more than double that in Europe based on EU estimates.

在國內，心跳偵測器被懲教署和監獄系統廣泛使用。在全球範圍內，該產品已被許多國家的邊境口岸和監獄所利用。根據歐盟的估計，美國有超過 300 個有人值守的邊境檢查站，而歐洲的邊境檢查站數量是美國的兩倍以上。

We intend to offer the Heartbeat Detector on a subscription basis, aligning with our strategy to grow recurring revenue streams. As we increase the emphasis on our security and defense product portfolio, we have engaged former US Border Patrol Chief, Carla Provost, to educate fellow national and homeland security professionals and accelerate end-user adoption of our advanced analytics and sensing solutions for border and perimeter security applications.

我們計劃以訂閱方式提供心跳偵測器，這符合我們增加經常性收入來源的策略。隨著我們越來越重視安全和國防產品組合，我們聘請了前美國邊境巡邏隊隊長卡拉·普羅沃斯特，為國家和國土安全領域的專業人士提供培訓，並加速最終用戶採用我們用於邊境和周邊安全應用的高級分析和感測解決方案。

We remain well positioned to exploit the tremendous potential we have created with our products and services portfolio, our talented staff and our continuing diversification into new high-margin markets. Additionally, our current backlog places us in a strong position going into the remainder of this year and beyond.

我們憑藉自身的產品和服務組合、優秀的員工隊伍以及不斷向新的高利潤市場多元化發展，仍然擁有充分的優勢來發揮我們所創造的巨大潛力。此外，我們目前的積壓訂單使我們在今年剩餘時間和未來都處於有利地位。

Executive leadership continues to address workforce costs and development expenses on our path to sustained profitability. We will continue to pursue growth through acquisition with immediately accretive additions to top line revenue. Overall, I have continued optimism that our company is well positioned to perform going forward. I will now turn the call over to Robert to provide more detail of our financial performance.

高階領導將繼續關注勞動成本和發展費用，以實現持續獲利。我們將繼續透過收購實現成長，以期立即增加營收。總的來說，我對我們公司未來的發展前景依然保持樂觀。現在我將把電話交給羅伯特，讓他詳細介紹我們的財務表現。

Thanks, Rich, and good morning. Before I begin, I'd like to remind everyone that we will not provide any specific revenue or earnings guidance during our call this morning. In yesterday's press release of our third quarter ended June 30, 2025, we reported revenue of $24.8 million compared to last year's revenue of $24.9 million. The net income for the quarter was $760,000 or $0.06 per diluted share compared to last year's net loss of $2.1 million or $0.16 per diluted share.

謝謝你，里奇，早安。在開始之前，我想提醒大家，今天上午的電話會議上，我們不會提供任何特定的收入或獲利預期。在昨天發布的截至 2025 年 6 月 30 日的第三季新聞稿中，我們公佈的收入為 2,480 萬美元，而去年同期的收入為 2,490 萬美元。本季淨利為 76 萬美元，即每股攤薄收益 0.06 美元，去年同期淨虧損為 210 萬美元，即每股攤薄虧損 0.16 美元。

For the nine months ended June 30, 2025, we reported revenue of $80.1 million compared to revenue of $100.2 million last year. Our net loss for the nine-month period was $662,000 or $0.05 per diluted share compared to last year's net income of $6.3 million or $0.47 per diluted share. Our Smart Water segment produced revenue of $10.5 million for the three months ended June 30, 2025. This compares with revenue of $9.9 million for the same period of the prior fiscal year, an increase of 6%.

截至 2025 年 6 月 30 日的九個月，我們報告的營收為 8,010 萬美元，而去年同期的營收為 1.002 億美元。前九個月的淨虧損為 66.2 萬美元，即每股攤薄虧損 0.05 美元，而去年同期淨利潤為 630 萬美元，即每股攤薄收益 0.47 美元。截至 2025 年 6 月 30 日的三個月內，我們的智慧水務部門創造了 1,050 萬美元的收入。相比之下，上一財年同期營收為 990 萬美元，成長了 6%。

For the nine-month period, the segment contributed revenue of $27.3 million versus $20.6 million, an increase of 33%. The increase in revenue of both periods is due to higher demand for our Hydroconn connectors.

前九個月，該業務部門的收入為 2,730 萬美元，而去年同期為 2,060 萬美元，成長了 33%。這兩個時期的營收成長都是由於市場對我們Hydroconn連接器的需求增加所致。

The nine-month revenue marks a new high revenue for our Smart Water segment. Revenue from our Energy Solutions segment totalled $8.1 million for the three-month period ended June 30, 2025. This compares to $9.4 million in revenue for the same prior year period, representing a decrease of 14%.

前九個月的收入標誌著我們智慧水務業務部門的收入創下新高。截至 2025 年 6 月 30 日的三個月期間，我們能源解決方案部門的收入總計為 810 萬美元。相比之下，去年同期營收為 940 萬美元，下降了 14%。

Revenue for the nine-month period is $35 million, a decrease of 42% over the equivalent prior year period. The decrease in revenue for the three-month and nine-month period was due to lower utilization and sales of our marine ocean bottom nodes.

前九個月的營收為 3,500 萬美元，比上年同期下降了 42%。三個月和九個月期間收入下降是由於我們海洋海底節點的使用率和銷售額下降所致。

Our Intelligent Industrial segment revenue totalled $6.1 million for the three-month period ended June 30, 2025. This compares with $6.5 million for the equivalent year ago period, representing a decrease of 5%. Revenue for the nine-month period was $17.6 million. This compares to the prior year period of $19.1 million, a decrease of 8%. The decrease in revenue for both periods is due to lower demand from our surveillance and defense products and our imaging products.

截至 2025 年 6 月 30 日的三個月期間，我們的智慧工業部門收入總計 610 萬美元。相比之下，去年同期為 650 萬美元，下降了 5%。前九個月的收入為 1760 萬美元。與上年同期的 1,910 萬美元相比，下降了 8%。這兩個時期的收入下降都是由於我們的監控和國防產品以及成像產品的需求下降所致。

The decrease for the both periods was partially offset by an increase in demand for our contract manufacturing services. Our operating expenses increased by $900,000 for the third quarter of 2025 or 8% and increased by $5.4 million or 18% for the nine-month period. The increase for both periods is due to the higher personnel costs and increased sales and marketing costs.

這兩個時期內的下降都被我們合約製造服務需求的成長部分抵消了。2025 年第三季度，我們的營運費用增加了 90 萬美元，增幅為 8%；前九個月的營運費用增加了 540 萬美元，增幅為 18%。這兩個時期的成長都是由於人員成本上升以及銷售和行銷成本增加所造成的。

Our nine-month cash investments into plant, property and equipment was $5.8 million and additions to our rental fleet was $1.1 million. Our balance sheet at the end of the third quarter reflects $25.6 million of cash and short-term investments and our credit facility has available borrowings of $15 million with no borrowings outstanding.

我們在九個月內對廠房、物業和設備投入了 580 萬美元的現金，並增加了租賃車隊 110 萬美元。第三季末，我們的資產負債表顯示現金和短期投資為 2,560 萬美元，信貸額度為 1,500 萬美元，無未償還借款。

As of June 30, 2025, the company's working capital is $75 million, which includes $32 million of trade accounts and financing receivables. Additionally, the company owns unencumbered property and real estate in both domestic and international locations.

截至 2025 年 6 月 30 日，該公司營運資金為 7,500 萬美元，其中包括 3,200 萬美元的貿易應收帳款和融資應收款。此外，該公司在國內和國際上均擁有無抵押的房產和不動產。

This concludes my discussion, and I'll turn the call back to Rich.

我的發言到此結束，現在我把電話轉回給里奇。

Thank you, Robert. This concludes our prepared commentary, and I will now turn the call back to the moderator for any questions from our listeners.

謝謝你，羅伯特。我們的預先準備好的評論到此結束，現在我將把發言權交還給主持人，請聽眾朋友們提問。

(Operator Instructions) We go first to investor, Michael Cox.

（操作員指示）我們先採訪投資人麥可·考克斯。

Hi, guys. I just wanted to start with a couple of questions about the PRM announcement. I just -- the announcement itself came as a bit of a surprise. I think from previous quarters' discussions around us, it sounds like there were conversations happening, but didn't feel like the announcement of a contract was imminent. Can you just talk about how we got to the point where all of a sudden this announcement came out? And I know it wasn't to you guys, but the fact that it became a rather surprising announcement.

嗨，大家好。我想先問幾個關於PRM公告的問題。我只是──這個消息本身有點出乎我的意料。我認為從前幾季我們周圍的討論來看，似乎確實有一些對話正在進行，但感覺合約的宣布還不近在眼前。你能談談事情是如何發展到突然發布這個公告的嗎？我知道這對你們來說可能不是個意外，但這確實是一個相當令人驚訝的消息。

Well, thank you, Michael, for the call. Yeah, as you know, we really don't discuss in detail operations ongoing. This contract was actually in discussions for many months with Petrobras, lots of back and forth with regards to technical requirements and commercial requirements. So it was nice to be able to land that contract going against our -- the competitor that's already on Barrel 1 and 2. So I would say, overall, we work on the negotiations of the contract around six months.

謝謝你，邁克爾，打電話來。是的，你也知道，我們通常不會詳細討論正在進行的行動。實際上，這份合約與巴西石油公司（Petrobras）進行了數月的磋商，就技術要求和商業要求進行了多次反覆溝通。所以，能夠拿下這份合同，對抗我們的競爭對手——他們已經佔據了1號和2號桶——真是太好了。所以總的來說，我們大約需要六個月的時間來進行合約談判。

In comparing, obviously, when the announcement came out, we didn't have a whole lot of numbers to go on, and you just talked about $80 million of equipment manufacturing revenue. Size-wise, just by kilometers, it's similar to the Snorre Field from a decade ago.

顯然，在進行比較時，公告發布之時，我們並沒有太多數據可以參考，而你剛才提到的是 8000 萬美元的設備製造收入。從面積上看，僅以公里數計算，它與十年前的斯諾爾平原相似。

But I don't recall that being broken down into equipment versus installation versus other revenues. Is this -- that was the headline number was big. But can you help us think about what this is going to overall impact over the course of the contract will be from a revenue perspective beyond the $80 million?

但我不記得當時是否細分過設備收入、安裝收入和其他收入。是這個嗎——這個數字很大，這是個大新聞。但是，除了 8000 萬美元之外，從收入角度來看，您能否幫助我們思考一下，在整個合約期間內，這將會產生怎樣的整體影響？

So it's slightly different than Sonora and the other Equinor contracts in the sense that, that was the older PRM technology with electromechanical devices versus an optical solution that we have now. The other thing, too, is that our end customer, Petrobras has announced the overall value of the contract in their press release, but they did not break down the details between the goods portion and the insulation portion.

因此，它與 Sonora 和其他 Equinor 合約略有不同，因為 Sonora 和 Equinor 合約採用的是較早的 PRM 技術，使用機電裝置，而我們現在採用的是光學解決方案。另外，我們的最終客戶巴西石油公司（Petrobras）已在其新聞稿中公佈了合約的總價值，但他們沒有細分貨物部分和絕緣材料部分的具體金額。

So we're not at liberty to discuss the details of that as well. But what we can say is the majority of the insulation revenue will be recognized by our partner in Brazil, Blue Marine. So that's why I can address what the goods portion is, but I can't really address the overall services contract.

所以我們也不能討論這方面的細節。但我們可以肯定的是，大部分隔熱材料收入將由我們在巴西的合作夥伴 Blue Marine 確認。所以這就是為什麼我可以解釋貨物部分的內容，但我無法真正解釋整個服務合約的內容。

Okay. And then -- so obviously, it sounds like reading between the lines here, the new technology versus the old (inaudible) mechanical is it higher margin and lower revenue, for you guys, higher margin? I mean, what's -- or is it just the state of the world these days is you're just not going to make as much money on PRM as you used to.

好的。然後——很明顯，從字裡行間可以聽出來，新技術與舊的（聽不清楚）機械相比，利潤率更高但收入更低，對你們來說，利潤率更高嗎？我的意思是，現在的情況是——或者說，這就是當今世界的現狀——你不可能像以前那樣透過公關行銷賺到那麼多錢了。

I mean, we still anticipate good margins on it. But just the cost breakdown of the components themselves put forth a completely different financial model with regards to calculating revenue and costs.

我的意思是，我們仍然預期它能帶來良好的利潤。但僅從各個組成部分的成本組成來看，就收入和成本的計算方式而言，就提出了一種完全不同的財務模型。

Got it. Okay, well, how are there other discussions going on, on the PRM front now that this one has been announced?

知道了。好的，既然這項計劃已經宣布，那麼在 PRM 方面還有其他討論正在進行嗎？

So what I can say is, yes, I mean, there are ongoing discussions with other partners, including Petrobras. I mean, they have a multiyear plan for their fields. Of course, each of those are subject to final approval by their management team where it makes financial sense. So I mean, we will continue to discuss with partners who are interested in PRM, advising them on the opportunities and the benefits of our technology. But I would not want you to read into that. There are other contracts pending.

所以我可以說的是，是的，我的意思是，我們正在與其他合作夥伴，包括巴西石油公司，進行討論。我的意思是，他們為自己的產業制定了多年規劃。當然，所有這些最終都需要管理團隊的批准，並且必須在財務上合理。所以我的意思是，我們將繼續與對 PRM 感興趣的合作夥伴進行討論，向他們介紹我們技術的機會和優勢。但我不想讓你過度解讀。還有其他合約正在洽談中。

Got it. Okay, I'll step back and let someone else ask some questions.

知道了。好的，我退後一步，讓其他人提問吧。

Thank you, Michael.

謝謝你，麥可。

Scott Bundy, Moors & Cabot.

Scott Bundy，Moors & Cabot。

Good morning, guys. A couple of questions for you. Does OptoSeis allow you guys to go deeper than existing equipment out there provided by [Ocotel] for example?

各位早安。我有幾個問題想問你。OptoSeis 是否能讓你們進行比現有設備（例如 Ocotel 提供的設備）更深層的探測？

I think the depth performance between the two are very similar. I mean, in the sense that they're already going to be on Mero 1 and 2, we're on Mero 3 and 4. I think the depth performance is the same. However, we differentiate on the fact that our technology does not require any in-water wagmi connectors, which improves the reliability of the product over the life of the reservoir. There are some other technologies with regards to how we actually interpret the optical signals that give us an advantage over our competitors as well.

我認為兩者的深度表現非常相似。我的意思是，他們已經要上 Mero 1 和 2 了，而我們已經上 Mero 3 和 4 了。我認為深度性能是一樣的。但是，我們與眾不同之處在於，我們的技術不需要任何水下瓦格米連接器，這提高了產品在儲液罐使用壽命內的可靠性。在光訊號的解讀方面，還有一些其他技術也使我們比競爭對手更具優勢。

And just for, Rob, going back to December of '23, when we produced something in the vicinity of $50 million in revenues and gross margins around pushing 40% in a $45 million to $50 million revenue per quarter, are we capable of getting back to that 40% gross margin?

羅布，讓我們回到 2023 年 12 月，當時我們的收入接近 5000 萬美元，毛利率接近 40%，每季收入為 4500 萬至 5000 萬美元。我們是否有能力恢復到 40% 的毛利率？

I think you said 2023, did you mean 2013?

你好像說的是2023年，你是不是想說2013年？

No. And so we sold a product that produced roughly $50 million in revenues in the December quarter 2023. And margins back then were roughly 40%. That was on a -- that was the product that was originally going to be rented and it was converted to a sale.

不。因此，我們在 2023 年 12 月季度銷售了一款產品，該產品創造了約 5,000 萬美元的收入。當時的利潤率約為 40%。那是原本打算出租的產品，後來改成了出售。

Yeah. We sold some mariners at that time.

是的。當時我們賣了一些水手。

Correct.

正確的。

Yeah. I think part of the things that affect the gross margin at that time is we had some manufacturing times, manufacturing activity that went on to build that equipment, so we had nice absorption, also that's a high profitability product to begin with. And through the PRM contract, we will certainly have a higher level of absorption, which will lead to a higher profitability. I would expect it to be somewhere in the 40% to 45% range overall.

是的。我認為當時影響毛利率的部分原因是，我們有一些生產時間，生產活動是為了建造那些設備，所以我們有很好的消化能力，而這本身就是一個高利潤產品。透過 PRM 合同，我們肯定會獲得更高的吸收率，這將帶來更高的獲利能力。我預計總體而言，這個比例會在 40% 到 45% 之間。

Okay. Great. And just while I have you there's a receivable for that particular contract that I believe comes due in late September or early October that's somewhere in the vicinity of $25 million to $30 million. Do I have that correct?

好的。偉大的。趁您還在，我想提一下那份合約的應收帳款，我相信會在九月下旬或十月初到期，金額大約在 2500 萬美元到 3000 萬美元之間。我理解的對嗎？

No. From October -- December '23, no, we do not have a receivable on the books associated with that transaction.

不。從 2023 年 10 月到 12 月，不，我們的帳簿上沒有與該交易相關的應收帳款。

I could be wrong, but there is a receivable that -- if I'm correct, that comes due in October of this year for $25 million to $30 million. Am I wrong?

我可能錯了，但有一筆應收帳款——如果我沒記錯的話——將於今年 10 月到期，金額為 2500 萬至 3000 萬美元。我錯了嗎？

We do have receivables on the books that -- one second, Scott. We're just reviewing the numbers real quick. Yeah. We have receivables on the books for customers that have brought Energy Solutions equipment, but their due dates are a little bit further out than that.

我們帳面上確實有一些應收帳款——等一下，史考特。我們正在快速瀏覽一下數據。是的。我們有應收帳款，這些應收帳款來自購買了 Energy Solutions 設備的客戶，但他們的付款到期日比這要晚一些。

Okay. But this calendar year, is that correct?

好的。但就本年度而言，情況是否正確？

No, I think they extend beyond this calendar year. They're on progress payment plans, so we'll have some this year and some next year.

不，我認為它們的影響範圍會超出今年。他們採用分期付款計劃，所以今年會有一些到貨，明年會有一些到貨。

Rich, if you -- can you just talk a little bit about this product that you just purchased? Can you give any indication of did we buy it for stock, cash? What revenues? The only thing you've really told us is that it would be accretive. Can you give us a little more detail about this particular product and why you're excited about it?

Rich，可以稍微談談你剛買的這款產品嗎？可以透露一下我們是用股票還是現金買的嗎？收入是多少？你唯一真正告訴我們的是，它會帶來收益。能詳細介紹一下這款產品以及您對它感到興奮的原因嗎？

Sure. So with regards to the deal itself, it was a cash deal. It had an upfront component and then an earn-out component for the overall purchase. So depending on performance of the product over the next five years, depending on what the total purchase price is. The part -- there's two things that are exciting to us.

當然。所以就交易本身而言，這是一筆現金交易。它包括前期付款部分和後續收益付款部分，用於最終完成購買。因此，最終價格取決於產品未來五年的表現，也取決於總購買價格。這部分——有兩件事讓我們感到興奮。

One is it's really our first foray into a fully subscription model, so we provide the solution to -- in the US, it's mostly used in prison.

一方面，這是我們首次嘗試完全訂閱模式，所以我們提供的解決方案——在美國，它主要用於監獄。

So anywhere you have a gate where you control -- you're concerned about security, you've got a man with a gun standing post. And you got trucks coming and going, you're concerned about any trafficking or in prisons example, people coming out. This allows a very low cost effective solution for the guard to very quickly run a couple of sensors on the vehicle, and it can detect if there is a human inside the truck within 10 seconds.

所以，凡是有大門的地方，只要你控制它──如果你擔心安全問題，就會安排一個人持槍站崗。而且卡車來來往往，你會擔心是否有人口販運，或是例如監獄裡的人出獄。這樣一來，保全人員只需在車輛上快速安裝幾個感測器，就能以非常低的成本有效地檢測出卡車內是否有人，只需 10 秒即可完成檢測。

And this has been proven for over 25 years. This was a technology developed by Oak Ridge National Labs for their own security of their own labs. And we have the exclusive license from ORNL for this technology, and that was what we were going after. It fits very well with our security and perimeter detection solutions portfolio, it ties in very well with -- if you think about the SADAR solution with regards to perimeter security, it ties in very well with that as well, so it's a nice fit into our overall portfolio.

這一點已經得到了超過25年的驗證。這是橡樹嶺國家實驗室為保障自身實驗室安全而開發的技術。我們擁有橡樹嶺國家實驗室 (ORNL) 頒發的這項技術的獨家許可，而這正是我們努力的目標。它與我們的安全和周界檢測解決方案組合非常契合，與——如果你想想 SADAR 解決方案在周界安全方面的表現，它也與此非常契合，因此它很好地融入了我們的整體產品組合。

It has great growth potential. The former solution, the former company had an older solution that was more of a big CapEx expenditure for the end client. This has now been redeveloped and repackaged into a low-cost subscription model. And so we think it's got a great opportunity not only in the US but also internationally.

它具有巨大的成長潛力。之前的解決方案，也就是之前那家公司採用​​的舊方案，對最終客戶來說需要大量的資本支出。現在，這項技術已被重新開發並重新包裝成低成本的訂閱模式。因此，我們認為它不僅在美國，而且在國際上都擁有巨大的發展機會。

The other thing that we're very excited about is there's obviously intense focus on the borders with regards to human trafficking. This gives a great solution for the US Border Patrol to take advantage of this technology at the truck checkpoints. And that's one of the things when we talk about bringing Carla Probus on, she has experience with those teams and those people, and she's a firm believer in this technology, so we feel like we have a strong champion in her and promoting this within the US.

另一件讓我們非常興奮的事情是，顯然各方高度重視邊境地區的人口販運問題。這為美國邊境巡邏隊在卡車檢查站利用這項技術提供了一個很好的解決方案。這也是我們談到邀請卡拉·普羅布斯加入的原因之一，她有與這些團隊和人員合作的經驗，而且她堅信這項技術，所以我們覺得她是一位強有力的支持者，能夠在美國推廣這項技術。

So speaking of Carla, was Carla involved in the original Homeland Security $10 million sale back in early 2020, I think.

說到卡拉，我記得卡拉是否參與了2020年初國土安全部1000萬美元的原始交易。

She was not directly involved, but she was aware of it. I mean, she was obviously in border patrol at the time. What she'll tell you is she was in the room when that tunnel was detected by our technology. And there were highs all around.

她雖然沒有直接參與，但她知情。我的意思是，她當時顯然是在邊境巡邏隊工作。她會告訴你，當我們的技術偵測到那條隧道時，她就在房間裡。到處都是高潮。

So just a couple of others regarding budget and homeland, the annual review that comes out of February has a pretty significant number over years associated with a 30-mile project. The recent budget looks a little different. Can you square that up for me?

關於預算和國土安全，還有幾點需要說明。 2 月發布的年度審查報告顯示，多年來與 30 英里長的項目相關的數字相當可觀。最近的預算看起來有點不一樣。你能幫我把這筆帳算清楚嗎？

Yeah. I think that you're speaking about the General Accounting Office report that we reviewed earlier compared to the One Big Beautiful Bill that's got roughly $30 million allocated for that. So I think that if you look at the way that line is structured, even though it does mention tunnel detection specifically, it also mentions other expenditures on that line.

是的。我想你指的是我們之前看過的美國總審計署的報告，與那份撥款約 3000 萬美元的「一項宏偉法案」相比。所以我覺得，如果你看一下這條線路的結構，雖然它確實專門提到了隧道偵測，但也提到了這條線路上的其他支出。

Talking to CBP, I mean, they do anticipate still to issue another request for proposals for more mileage. That number is still not finalized, and the timing of that has been delayed until probably next calendar year.

我的意思是，我跟美國海關與邊境保護局（CBP）談過，他們預計還會發布另一份關於增加里程數的提案徵集書。這個數字尚未最終確定，而且確定時間可能要推遲到明年。

So we do anticipate with the availability of funds, we do anticipate CBP wanting to do more mileage on tunnel detection. We just don't have much more insight than that at this time.

因此，我們預計，隨著資金的到位，美國海關與邊境保護局（CBP）希望在隧道檢測方面取得更大進展。目前我們掌握的資訊僅限於此。

But the committee has directed the CBP to provide tunnel detection technology no later than 90 days, which is 90 days from July. Is that going to help the cause here?

但委員會已指示美國海關與邊境保護局最遲在 90 天內（即 7 月起算的 90 天）提供隧道偵測技術。這樣做對解決這個問題有幫助嗎？

I don't think so. I mean, I know that they were directed that, but I'm sure you know what's going on in D.C. and in all these agencies. I mean, they are scrambling. They're losing people, and so they're resource constrained.

我不這麼認為。我的意思是，我知道他們是奉命行事，但我相信你也知道華盛頓特區和所有這些機構裡正在發生的事情。我的意思是，他們正在手忙腳亂。他們人員流失嚴重，因此資源有限。

The procurement people are prioritizing -- they were given the directors to review all of their contracts, review and justify them again and renew them. So as far as this as being a priority for them, I don't see it being a top priority given all the other directors they have to follow.

採購人員正在優先處理——他們被賦予了讓董事們審查所有合約、重新審查並證明其合理性以及續約合約的權力。所以，就這件事是否是他們的優先事項而言，考慮到他們還要聽從其他所有董事的指示，我不認為這是他們的首要任務。

So your best guess is that this is a 2026 event, not a -- calendar 2026 event, not a 2025 event.

所以你最好的猜測是，這是一個 2026 年的活動，而不是日曆上的 2026 年活動，也不是 2025 年的活動。

That's the feedback we're getting, Scott, is that we can anticipate an RFP sometime early next calendar year.

史考特，我們得到的回饋是，預計明年年初會收到一份招標書。

Okay. All right, guys. Thanks very much. Appreciate the time.

好的。好了，各位。非常感謝。感謝您抽出時間。

Thanks for the call.

謝謝你的來電。

Bill Dezellem, Tieton Capital.

Bill Dezellem，Tieton Capital。

Thank you. Let's start with the Petrobras comment or contract for just a moment, and then we'll jump to a couple of other areas. So relative to that contract, given that there's some confusion about the revenue versus for you all versus contractors, et cetera, et cetera.

謝謝。我們先簡單談談巴西石油公司（Petrobras）的評論或合同，然後再跳到其他幾個方面。所以，相對於該合約而言，考慮到對於收入、你們所有人的收入、承包商的收入等等，存在一些混淆。

And I guess, electromechanical versus the fiber optic. Is it fair to say that this is the second largest contract in Geospace's history based off of the operating income or gross margin dollar contribution that you will ultimately receive over the life of the contract?

我想，這是機電式與光纖式的比較。根據您在合約有效期內最終獲得的營業收入或毛利金額，是否可以說這是 Geospace 歷史上第二大合約？

Yeah, absolutely.

是的，絕對的。

And congratulations, by the way. It's not every day one wins the second largest contract in your history, so well done. And that revenue, you are going to begin recognizing that revenue in your first fiscal quarter of the coming fiscal year. Is that what we heard? Or am I confused?

順便恭喜你。不是每天都能贏得隊史第二大合約的，幹得漂亮！您將在下一個財政年度的第一個財政季度開始確認這筆收入。我們聽到的就是這些嗎？還是我理解錯了？

Well, I was very careful about that because we are still working with our customer to define the actual revenue recognition milestones and the timing of those. So we are hoping to be able to recognize revenue in Q1, but that has not been finalized yet.

嗯，我在這方面非常謹慎，因為我們仍在與客戶合作，確定實際的收入確認里程碑及其時間表。因此，我們希望能夠在第一季確認收入，但這尚未最終確定。

Explains why I was a little bit confused. Let me shift then to the border patrol and first of all, why is the border patrol not adopted the Heartbeat Detector technology up to this point?

這就解釋了我為什麼有點困惑。那麼，讓我們把話題轉向邊境巡邏隊。首先，為什麼邊境巡邏隊至今還沒有採用心跳偵測器技術？

That's a great question and one that gets asked frequently. So we had long conversations with the team from GeoVox about how the border works and there are two technologies that are currently used down there. One is a Backscatter and the other one is x-ray. Neither one of those are ideal, but they are used, they've already made the investment.

這是一個很好的問題，也是一個常被問到的問題。因此，我們與 GeoVox 團隊進行了長時間的討論，以了解邊境是如何運作的，目前在那裡使用了兩種技術。一種是反向散射，另一種是X射線。這兩個方案都不是理想的，但它們已經被使用了，他們已經投入了資金。

So the uphill climb that we have, I guess, for Carla and the team is to sell them on the efficiency of using this technology. So the other ones that take a long time to set up. They're very capital intensive. This is -- takes just a minute -- less than a minute to set up less than 10 seconds to detect and the truck is on its way. So we can vastly improve their operational efficiency at the border.

所以，我想，卡拉和她的團隊面臨的艱鉅任務是說服他們相信使用這項技術的效率。所以其他那些需要很長時間才能設定好的設備。它們都是資本密集型產業。這只需要一分鐘——設定不到一分鐘，檢測不到 10 秒，卡車就可以出發了。這樣我們就能大幅提高他們在邊境的運作效率。

The other thing, too, is at the border with their current technology, they scan less than 1% of the trucks that come through the border. This should vastly improve the percentage of trucks that they can actually scan and detect. So we think we have some winning arguments going forward. And I think with this current environment and the current focus on the border that we'll have a much better success in selling the solution.

還有一點，以他們目前的技術，邊境檢查人員只能掃描不到 1% 的過境卡車。這應該可以大大提高他們實際能夠掃描和檢測到的卡車比例。所以我們認為我們有一些能夠贏得未來的理由。我認為，在當前的情況下，尤其是在當前對邊境問題的關注下，我們將更容易成功推銷該解決方案。

And then let's circle back to the One Big Beautiful Bill Act, if we could. What funding -- I think you already gave the answer in a previous comment. But what funding is in that bill for subterranean tunnel detection?

然後，如果可以的話，讓我們再回到《一項偉大的法案》。關於資金來源——我想你已經在之前的評論中回答過了。但是該法案中為地下隧道探測提供了哪些資金？

There's a particular line in there that is $30 million, but it's addressed in several different solutions in there is mission tunnel detection. And so it's the discretion of the CBPs how they actually allocate those funds.

其中有一條特別的線路價值 3000 萬美元，但它在幾個不同的解決方案中得到了解決，其中包括任務隧道檢測。因此，如何實際分配這些資金完全由美國海關和邊境保護局自行決定。

So it is not a -- for sure that, that will be -- that the full $30 million would be for tunnels.

所以，不能肯定地說，這3000萬美元將全部用於建造隧道。

No. And given the way that this -- the administration today, how they're deciding to apportion and allocate funds, I mean, all that's going to be a question mark at this point.

不。鑑於本屆政府目前的決策方式，他們如何決定資金的分配和撥付，我的意思是，所有這些目前都仍然未知。

And then relative to your comment in response to a prior question that you anticipate an RFP in the first calendar quarter, so the March quarter of next year. You all have -- and I don't understand the government contracting that well, so bear with me here.

然後，關於您在回答先前問題時提到的，您預計會在第一季（即明年三月季度）發布 RFP。你們都有──我對政府合約不太了解，所以請各位多多包涵。

But I believe you have SBR 3 certification. And it was our understanding that the implications of that, that if there is a government need and an acquisition of tunnel detection equipment that it would be -- the contract would go to Geospace because you have the SBR 3 certification. But you mentioned an RFP.

但我相信你擁有SBR 3認證。我們當時的理解是，如果政府有需要並需要購買隧道探測設備，那麼合約就會授予 Geospace，因為你們擁有 SBR 3 認證。但你提到了招標書。

Can you -- would you please reconcile these things? And maybe help me understand what I don't understand about the whole process.

您能否－您能否解釋一下這些事情的來龍去脈？或許還能幫我理解整個過程中我不理解的地方。

That's a great question, Bill. So the SBR 3, we certainly have that. That's certainly in place with regards to the technology. However -- and we've asked -- we sought legal guidance on this as well as far as what that really means for the government, whether they're actually forced to buy from us or what that actually means. So I don't have a good answer for you on that.

比爾，你問得好。所以，SBR 3，我們當然有。就技術而言，這一點毋庸置疑。然而——我們也曾詢問過——我們也就此尋求了法律指導，以了解這對政府究竟意味著什麼，他們是否真的被迫向我們購買，或者這究竟意味著什麼。所以，這個問題我沒有好的答案。

I do know that there were three solutions that were -- that are existing on the border today being evaluated. Until the RFP comes out, we don't really know -- we don't really have -- we can't really defend our SBR 3 position with regards to the RFP until we see it. I know it's not very clear. And we have the same question, Bill. So I don't have a good answer for you today, but we are definitely investigating that.

我知道目前邊境地區有三種解決方案正在評估中。在 RFP 發布之前，我們真的不知道——我們真的沒有——在看到 RFP 之前，我們無法真正捍衛我們在 SBR 3 方面的立場。我知道這不太清楚。比爾，我們也有同樣的問題。所以今天我無法給你一個確切的答案，但我們肯定會調查此事。

And so we're looking forward to the actual RFP to see what the wording is, what the technology is referenced in there to see if we can apply the SBR 3 that we have to it.

因此，我們期待正式的 RFP，看看措辭如何，其中引用了哪些技術，看看我們是否能將我們擁有的 SBR 3 應用於其中。

And what do you know about the, I'll call it, the bake-off between you and the two other competitors on the border?

那麼，你對你和另外兩位邊境競爭對手之間的，我姑且稱之為「烘焙大賽」的事了解多少呢？

Absolutely nothing. As I've said in the previous calls and previous meetings, the CBP has been very tight-lipped about the three solutions.

什麼都沒有。正如我在先前的電話會議中所說，美國海關與邊境保護局對這三個解決方案一直守口如瓶。

Then coming back to the One Big Beautiful Bill Act, what allocations are in that bill for military and/or Navy that would be interesting and relevant to Geospace?

回到《一項偉大的法案》，該法案中有哪些撥款用於軍事和/或海軍，與地緣空間相關且有趣？

That was not as clear. I mean, obviously, they have money in there for harbor protection, threat detection, things like that but they weren't as specific as the appropriations we had seen earlier, they had specifically $12.8 million allocated to that.

這一點不太清楚。我的意思是，很顯然，他們有錢用於港口保護、威脅檢測等等，但這些撥款不像我們之前看到的撥款那樣具體，他們專門為此分配了 1280 萬美元。

So we are still working with our partners to understand what the priorities are and the timing of that. I will say that we don't anticipate -- talking to our partners on that particular topic, we don't anticipate any decisions until either late this calendar year or early next calendar year.

因此，我們仍在與合作夥伴共同努力，以了解優先事項和時間表。我想說的是，就這個特定議題與我們的合作夥伴進行討論後，我們預計在今年年底或明年年初之前不會做出任何決定。

So the $12.8 million that was in maybe the house bill, if I recall correctly, that is not -- did not make it specifically into the final bill.

所以，如果我沒記錯的話，眾議院法案中可能包含的 1280 萬美元，並沒有——並沒有被明確列入最終法案。

That’s correct.

沒錯。

That is appreciated. And yet, you think that there is some activity going on later this year or early next year that could be relevant to you all?

非常感謝。但是，你們認為今年晚些時候或明年年初會有一些活動與你們有關嗎？

Yeah. The discussions that we're having both with our partners and with the US Navy, there's obvious concern about harbor protection and threat detection, especially with regards to unmanned underwater vehicles. And so they are seeking solutions, commercially available solutions, which we -- obviously, with -- between our SADAR technology and our PRM technology, we bring a commercially viable solution for that. So those discussions are ongoing.

是的。在我們與合作夥伴以及美國海軍的討論中，很明顯地存在對港口保護和威脅偵測的擔憂，尤其是在無人水下航行器方面。因此，他們正在尋求解決方案，商業上可行的解決方案，而我們——顯然——憑藉我們的 SADAR 技術和 PRM 技術，我們為此帶來了商業上可行的解決方案。所以這些討論仍在進行中。

We're having good discussions, good progress. But at this time, we don't anticipate in the near term any commercial agreement.

我們討論得很順利，進展良好。但目前我們預計近期內不會達成任何商業協議。

And then relative to Aquana, that has essentially been the star of the company here for -- excuse me, not Aquana, Hydroconn has been the star. Would you provide some more commentary around it? I know that connectors aren't near as exciting as $80 million-plus contracts and Heartbeat Detection, et cetera, et cetera. But talk to us about the workhorse, if you would, please.

至於 Aquana，它基本上一直是這家公司的明星產品——抱歉，不是 Aquana，Hydroconn 才是明星產品。您能否就此提供更多評論？我知道連接器遠不如 8000 萬美元以上的合約和心跳檢測等等那麼令人興奮。如果您方便的話，請跟我們談談這台主力機車吧。

Sure. I mean, Hydroconn is, as you say, I mean, it's been a great performer for us being organically developed and working with our partners to get it out to the market. As I said in previous calls, that water space offers a 10% to 15% growth year on year overall. Hydroconn is in that range and actually outperforms that some quarters more than others. It's still the industry standard.

當然。我的意思是，正如你所說，Hydroconn 對我們來說一直表現出色，它是我們自主研發並與合作夥伴共同努力推向市場的成果。正如我在先前的電話會議中所說，水資源領域總體上每年可實現 10% 至 15% 的成長。Hydroconn 的表現也在這個範圍內，而且在某些季度表現比其他季度更好。它仍然是行業標準。

You may have seen there was a recent announcement where Nycor, our partner, was acquired by Hubbell. We've had great conversations with Hubbell on how to grow that relationship, so we continue -- we expect to see continued growth and acceptance of this solution in the water space going forward.

您可能已經看到，最近有消息指出我們​​的合作夥伴 Nycor 被 Hubbell 收購了。我們與 Hubbell 就如何發展這種關係進行了很好的對話，因此我們繼續進行——我們期望未來在水處理領域看到這種解決方案的持續增長和接受度。

Great. Thank you and appreciate you taking all these questions.

偉大的。謝謝您回答這些問題。

Thanks, Bill. Have a good day.

謝謝你，比爾。祝你有美好的一天。

Thank you.

謝謝。

This does conclude today's question-and-answer session. I will now turn the program back over to Rich Kelley for any additional or closing remarks.

今天的問答環節到此結束。現在我將把發言權交還給里奇·凱利，讓他作補充或總結發言。

Thank you, Angela, and thanks to all of you who joined our call today. We look forward to speaking with you again on our conference call for the fourth quarter of fiscal year 2025. Goodbye, and have a good day.

謝謝安吉拉，也感謝今天所有參加我們電話會議的朋友。我們期待在2025財年第四季的電話會議上再次與您交流。再見，祝你今天過得愉快。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。