Geospace Technologies Corp (GEOS) 2025 Q4 法說會逐字稿

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

歡迎參加 Geospace Technologies 2025 年第四季財報電話會議。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。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 Rich Kelley. Sir, you may begin.

現在我很高興把發言權交給里奇凱利。先生，您可以開始了。

Good morning, and welcome to Geospace Technologies conference call for the fourth 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. In our prepared remarks, I will first provide an overview of the fourth quarter, and Robert will then follow up with more in-depth commentary on our financial performance as well as an overview of our financials.

早安，歡迎參加 Geospace Technologies 2025 財年第四季電話會議。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。在準備好的演講稿中，我將首先概述第四季度的情況，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。

I will then give some final comments before opening the line for questions. 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. Some of these risks and uncertainties are discussed in our SEC Form 10-K and 10-Q filings.

最後，我將作一些總結性發言，然後開放提問環節。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。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。

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. Note that today's recorded information is time-sensitive and may not be accurate at the time one listens to the replay.

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。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。

Yesterday, after the market closed, we released our financial results for the period ended September 30, our fourth quarter of fiscal year 2025. For the three months ended September 30, 2025, we reported revenue of $30.7 million with a net loss of $9.1 million. For the full 12 months of our fiscal year, we had $110.8 million in revenue, with a net loss of $9.7 million.

昨天，市場收盤後，我們發布了截至 9 月 30 日的財務業績，這是我們 2025 財年的第四季。截至 2025 年 9 月 30 日止的三個月，我們報告營收為 3,070 萬美元，淨虧損為 910 萬美元。在本財年的12個月裡，我們的營收為1.108億美元，淨虧損為970萬美元。

The mixed fiscal year performance across the market segments continues to reinforce our vision of diversification and innovation for the company. Our Smart Water segment delivered another strong year exceeding expectations with double-digit revenue growth for the fourth sequential fiscal year. The Hydroconn connector Line continued to gain market share and drove significant revenue gains compared to last year. We are also seeing increased market acceptance of the Aquana products, both domestically and in the Caribbean markets.

各市場板塊本財年業績喜憂參半，這更強化了我們對公司多元化和創新發展的願景。我們的智慧水務業務部門又取得了強勁的業績，連續第四個財年實現了兩位數的營收成長，超乎預期。Hydroconn連接器產品線繼續擴大市場份額，與去年相比，收入實現了顯著增長。我們也看到 Aquana 產品在國內市場和加勒比海市場都越來越受到消費者的歡迎。

For international markets, we will build upon the municipal water management model in the US and address challenges of water scarcity, environmental changes, and natural disaster mitigation. Domestically, we'll remain focused on the increased success and interest we have seen in both the municipal and multifamily residential markets. We anticipate continued market demand for both the Hydroconn and Aquana solutions.

對於國際市場，我們將以美國的市政水資源管理模式為基礎，以應對水資源短缺、環境變遷和自然災害緩和等挑戰。在國內，我們將繼續關注市政和多戶住宅市場日益增長的成功和關注。我們預計市場對 Hydroconn 和 Aquana 解決方案的需求將持續成長。

Continued market uncertainty and volatility in oil prices resulted in lower revenue from Energy Solutions. We experienced another year of reduced offshore exploration activity, increased competition and consolidation. These factors have led to decreased utilization of our ocean bottom node rental fleet that has negatively impacted segment revenue.

持續的市場不確定性和油價波動導致能源解決方案業務收入下降。我們又經歷了海上勘探活動減少、競爭加劇和產業整合加劇的一年。這些因素導致我們的海底節點租賃船隊利用率下降，對該業務板塊的收入產生了負面影響。

Despite lower revenue, we achieved strategic wins in this segment. As reported on June 16, 2025, we were awarded a major Permanent Reservoir Monitoring contract with Petrobras, followed by the release and completed major sale of our ultra lightweight land node pioneer to several customers, including Dawson Geophysical, a long-time valued partner.

儘管收入較低，但我們在該領域取得了策略性勝利。2025 年 6 月 16 日報道，我們獲得了與巴西石油公司簽訂的一項重要的永久油藏監測合同，隨後我們發布了超輕型陸地節點先驅產品，並向包括我們長期重要的合作夥伴 Dawson Geophysical 在內的幾家客戶完成了重大銷售。

We have a strong backlog going into next fiscal year. And while there are encouraging signs, the short-term exploration market remains uncertain due to continued pressure from low oil prices. However, long-term demand forecast should drive more favorable market conditions in future periods. Our Intelligent Industrial segment continues to provide steady predictable revenue from our industrial sensors and contract manufacturing solutions.

進入下一個財政年度，我們積壓了大量訂單。儘管出現了一些令人鼓舞的跡象，但由於油價持續低迷帶來的壓力，短期勘探市場仍充滿不確定性。然而，長期需求預測應該會在未來期間帶來更有利的市場條件。我們的智慧工業部門透過工業感測器和合約製造解決方案，持續提供穩定可預測的收入。

As previously announced, to increase revenue from this segment, we acquired Geovox Security, Inc., the exclusive licensee of a human heartbeat detection algorithm developed by Oak Ridge National Labs. The Heartbeat Detector complements our border and perimeter security portfolio. It further serves to advance our strategy towards adding more solutions with a move toward annual recurring revenues. We also restructured our Exile product portfolio to increase revenues and improve margins. Both Heartbeat Detector and Exile have been -- have seen increased interest in their respective markets.

正如先前宣布的那樣，為了增加該業務板塊的收入，我們收購了 Geovox Security, Inc.，該公司是橡樹嶺國家實驗室開發的人類心跳檢測演算法的獨家授權商。心跳偵測器完善了我們的邊境和周界安全產品組合。這也有助於推進我們的策略，即透過增加更多解決方案並轉向年度經常性收入。我們也重組了 Exile 產品組合，以增加收入並提高利潤率。Heartbeat Detector 和 Exile 兩款產品在各自的市場中都獲得了越來越多的關注。

While Energy Solutions continues to play a key role in our overall strategy, we will continue to drive growth and profitability through diversification. We see incredible opportunities in our Smart Water and Intelligent Industrial Segments to leverage our technology and manufacturing capabilities. 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.

儘管能源解決方案在我們整體策略中仍然發揮關鍵作用，但我們將繼續透過多元化來推動成長和獲利。我們看到，在智慧水務和智慧工業領域，我們擁有巨大的機遇，可以充分利用我們的技術和製造能力。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。

Additionally, our current backlog places us in a strong position going into the next fiscal year and beyond. 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.

此外，我們目前的訂單積壓情況使我們在下一個財政年度及以後都處於有利地位。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。

And now I will turn it over to Robert to provide more detail on our financial performance.

現在我將把發言權交給羅伯特，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 for our fourth quarter ended September 30, 2025, we reported revenue of $30.7 million compared to last year's revenue of $35.4 million. The net loss for the quarter was $9.1 million, or $0.71 per diluted share, compared to last year's net loss of $12.9 million, or $1 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 9 月 30 日的第四季新聞稿中，我們公佈的收入為 3,070 萬美元，而去年同期的收入為 3,540 萬美元。本季淨虧損為 910 萬美元，即每股攤薄虧損 0.71 美元，去年同期淨虧損為 1,290 萬美元，即每股攤薄虧損 1 美元。

For the 12 months ended September 30, 2025, we reported revenue of $110.8 million compared to revenue of $135.6 million last year. Our net loss for the 12-month period was $9.7 million, or $0.76 per diluted share, compared to last year's net loss of $6.6 million or $0.50 per diluted share.

截至 2025 年 9 月 30 日的 12 個月，我們的營收為 1.108 億美元，而去年同期的營收為 1.356 億美元。我們本年度（12 個月）的淨虧損為 970 萬美元，即每股攤薄虧損 0.76 美元，而去年同期的淨虧損為 660 萬美元，即每股攤薄虧損 0.50 美元。

Revenue for our Smart Water Segment totaled $8.5 million for the three months ended September 30, 2025. This compares to $11.9 million in revenue for the same period a year ago, a decrease of 28%. For the fiscal year, revenue for this segment totaled $35.8 million versus $32.4 million for the same prior year period for an increase of 10%. The decrease in revenue for the three months period is due to decreased demand for our Hydroconn universal AMI connectors. Typically, we expect a slight seasonal drop in demand for these products during the fall and winter months.

截至 2025 年 9 月 30 日止的三個月內，我們的智慧水務業務部門收入總計 850 萬美元。相比之下，去年同期營收為 1,190 萬美元，下降了 28%。本財年，該業務部門的收入總計為 3,580 萬美元，而去年同期為 3,240 萬美元，成長了 10%。這三個月期間收入下降是由於市場對我們Hydroconn通用AMI連接器的需求下降所致。通常情況下，我們預計這些產品在秋季和冬季的需求會略有季節性下降。

The 12-month increase in revenue is due to the increased demand for our Hydroconn connectors. Fiscal year 2025 marks the fourth annual year with double-digit percentage revenue growth from these connectors. For the three-month period ended September 30, 2025, revenue from our Energy Solutions segment totaled $15.7 million for a decrease of 11% when compared to $17.6 million from the same prior year period.

過去 12 個月收入的成長是由於市場對我們 Hydroconn 連接器的需求增加。2025 財年是這些連接器實現兩位數百分比收入成長的第四年。截至 2025 年 9 月 30 日的三個月期間，我們能源解決方案部門的收入總計 1,570 萬美元，與去年同期的 1,760 萬美元相比下降了 11%。

Revenue from the 12-month period was $50.7 million, a decrease of 35% when compared to revenue from the same prior year period of $78 million. The decrease for the three-month and 12-month period is due to lower utilization and sales of our marine ocean bottom nodes, particularly -- partially offset by sales of our ultralight land node known as Pioneer.

過去 12 個月的收入為 5,070 萬美元，與去年同期 7,800 萬美元的收入相比下降了 35%。三個月和 12 個月期間的下降是由於我們海洋海底節點的利用率和銷售額下降，特別是——部分被我們被稱為 Pioneer 的超輕型陸地節點的銷售額所抵消。

Revenue from our Intelligent Industrial segment totaled $6.4 million for the three-month period ended September 30, 2025. This compares with $5.8 million for the equivalent year ago period, representing an increase of 9%. Revenue for the 12-month period ending September 30, 2025, was $24 million. This compares to the prior year period of $24.9 million, a decrease of 4%. The increase in revenue for the three-month period was due to higher demand for our industrial sensors and contract manufacturing services.

截至 2025 年 9 月 30 日的三個月期間，我們智慧工業部門的收入總計為 640 萬美元。相比之下，去年同期為 580 萬美元，成長了 9%。截至 2025 年 9 月 30 日的 12 個月期間，收入為 2,400 萬美元。與上年同期2,490萬美元相比，下降了4%。這三個月期間收入的成長是由於市場對我們的工業感測器和合約製造服務的需求增加。

The decrease in revenue for the 12-month period was primarily due to revenue recognized for the 3 and 12 months ended September 30, 2024, on a government contract completed in the fourth quarter of fiscal year '24 and lower demand for our imaging products, partially offset by an increase in demand for our industrial sensors and contract manufacturing services.

12 個月期間收入下降的主要原因是截至 2024 年 9 月 30 日的 3 個月和 12 個月期間確認的收入來自 2024 財年第四季度完成的政府合同，以及我們成像產品的需求下降，但部分被我們工業傳感器和合同製造服務需求的增長所抵消。

Our 12-month cash investments into our rental fleet and property, plant and equipment was $9.1 million, and we invested $1.8 million in the acquisition of the Heartbeat Detector product line. As of September 30, 2025, we have $26.3 million of cash and $8 million of additional available liquidity from our credit facility. Additionally, as of September 30, 2025, we have working capital of $64.1 million, which includes $28 million of trade accounts and financing receivables.

我們在 12 個月內對租賃車隊、房產、廠房和設備投入了 910 萬美元的現金，並投資 180 萬美元收購了心跳偵測器產品線。截至 2025 年 9 月 30 日，我們有 2,630 萬美元現金，透過信貸額度還有 800 萬美元的額外可用流動資金。此外，截至 2025 年 9 月 30 日，我們的營運資金為 6,410 萬美元，其中包括 2,800 萬美元的貿易應收帳款和融資應收款。

That concludes my discussion, and I'll return the call to Rich.

我的發言到此結束，我會回電給里奇。

Thank you, Robert. The ongoing trade disputes and related tariffs have impacted our material costs. We are working to mitigate the impact to our customers, but our product costs were higher in Q4, and we anticipate similar impacts in fiscal year 2026. The government shutdown resulted in delays related to our projects for the US Navy as well as potential opportunities with the Department of Homeland Security and Customs and Border Protection. Now that Congress has passed the continuing resolution, we are working with our partners to better understand the new time lines for the relevant projects.

謝謝你，羅伯特。持續不斷的貿易爭端和相關關稅對我們的材料成本產生了影響。我們正在努力減輕對客戶的影響，但我們第四季的產品成本較高，我們預計 2026 財年也會出現類似的影響。政府停擺導致我們與美國海軍相關的項目以及與國土安全部和海關與邊境保護部的潛在合作機會延誤。既然國會已經通過了持續撥款決議，我們正在與合作夥伴共同努力，以便更好地了解相關項目的新時間表。

This concludes our prepared commentary, and I'll now turn the call back to the moderator for any questions from our listeners.

我們的預先準備好的評論到此結束，現在我將把電話交還給主持人，回答聽眾朋友們的提問。

(Operator Instructions) Bill Dezellem, Tieton Capital.

（操作說明）比爾·德澤勒姆，蒂頓資本。

You had mentioned the gross margin or cost of goods under pressure, specifically tied to tariffs. So Energy solutions segment was the one that had the greatest pressure and most noteworthy. Would you talk in more detail about that phenomenon, given that you had higher revenues and lower profitability in that segment?

您曾提到毛利率或商品成本面臨壓力，特別是與關稅相關的壓力。因此，能源解決方案領域承受的壓力最大，也最值得關注。鑑於貴公司在該業務板塊的收入較高但盈利能力較低，您能否更詳細地談談這種現象？

Yeah, specific to Energy Solutions, there was actually another weighing factor on that, which is the ongoing price pressure and commoditization of the -- in the land market. And so we did have a nice sale and revenue recognition on our Pioneer sales, but the margin results on that were lower. We also had higher-than-expected manufacturing costs because these were the first units that were built. We've since resolved some of those, and we expect better margins going forward.

是的，具體到能源解決方案領域，實際上還有另一個權衡因素，那就是土地市場持續的價格壓力和商品化。因此，我們的 Pioneer 產品銷售獲得了不錯的銷售和收入確認，但利潤率較低。由於這些是首批生產的設備，因此我們的製造成本也高於預期。我們已經解決了其中一些問題，預計未來利潤率會更高。

With regards to the tariff impact overall, we try to build and source as much from the US as we can. However, there are certain components that we have to source overseas. Our procurement team and supply chain team have been working to try to mitigate that as much as possible. We've also been closely following the developments in the ongoing trade disputes. And we're hoping that some of that gets resolved now that it seems that there's a number of agreements in place now.

就關稅影響而言，我們盡量多在美國生產和採購。但是，有些零件我們必須從海外採購。我們的採購團隊和供應鏈團隊一直在努力盡可能減輕這種情況的影響。我們也一直在密切關注持續進行的貿易爭端的進展。我們希望，既然現在已經達成了一些協議，其中一些問題也能解決。

So walk us through how much of the impact, the margin impact this quarter was transitionary here this quarter versus what you would expect to last longer, if you would, please.

那麼，請您詳細介紹一下，本季利潤率受到的影響有多少是過渡性的，又有多少是會持續更長時間的。

I don't really have a good feel for the -- if you're looking for percentages, Bill, I haven't taken as deep a dive as I need to on that. We are monitoring it. The procurement team, like I said, is trying to do their best to resolve some of that. The other thing, too, is I want to make a comment. We've talked about this in the past, which is the ongoing capacity and underutilization of the manufacturing. Okay. Anything else, Bill?

比爾，如果你要找的是百分比的話，我不太清楚──我還沒深入研究過。我們正在密切關注。正如我所說，採購團隊正在盡最大努力解決其中的一些問題。另外，我還想發表一下意見。我們過去也討論過這個問題，那就是製造業產能持續過剩和利用不足的問題。好的。還有什麼事嗎，比爾？

Yes. Did you have something more you wanted to add to that?

是的。還有什麼想補充的嗎？

No, I was just looking at another note I had. I think we're okay.

不，我只是在看我另一張紙條。我覺得我們沒事。

So then the way to think about this is that you had inefficiencies with manufacturing of Pioneer given that it was your first order. And there is some commodity pricing, that probably sticks around, but your manufacturing inefficiencies, those will improve and tariffs, you're still trying to get your head wrapped around what the longer-term implications are of those.

所以，可以這樣理解：鑑於這是你的第一筆訂單，Pioneer 的生產效率可能不足。大宗商品價格可能會持續一段時間，但你們的製造業效率低下問題將會得到改善，至於關稅，你們仍在努力理解這些關稅的長期影響。

That's a pretty good summary, Bill. Yeah. I would say that now that we've built our first several runs of Pioneer, our manufacturing costs are much more in line with what we expected. So we do expect improved margins on that. Some of the tariffs have resolved since we bought those early -- because for those particular orders, we bought those components earlier in the year when the tariffs were actually higher, and we've mitigated some of that as well. So we do expect improved margins on that product line going forward.

比爾，你的總結相當不錯。是的。我想說，現在我們已經生產了第一批 Pioneer 產品，我們的製造成本已經與我們的預期更加吻合了。因此，我們預計這方面的利潤率會有所提高。由於我們很早就購買了這些產品，因此部分關稅問題已經解決——因為對於這些特定的訂單，我們在今年早些時候購買了這些零件，當時的關稅實際上更高，我們也減輕了其中的一些影響。因此，我們預計該產品線的利潤率未來會有所提高。

So then in your opening remarks, you referenced that you had expected ongoing margin pressure. My initial read on interpreting those comments would have been that this level of gross margin for the Energy Solutions would continue, particularly with the PRM contract, but that is not at all what you're trying to communicate. It sounds like that you have mitigated a lot of those impacts and the margin will maybe be a bit less than historical, but much closer to normal margins than what you had this quarter.

所以，你在開場白中提到，你預料到利潤率會持續承壓。我最初對這些評論的理解是，能源解決方案的毛利率水平將會繼續保持，特別是PRM合同，但這完全不是你想表達的意思。聽起來你們已經減輕了很多影響，利潤率可能會比歷史水準略低，但會比本季的利潤率更接近正常水準。

I would parse that just slightly different. I would say that on PRM because there's not the same pricing pressure on that product line as we see on the land nodes and even on the ocean bottom nodes that we expect better margin performance on the PRM project going forward. So I think that will help balance out some of the lower margin performance on these other products.

我的理解會略有不同。我認為PRM之所以如此，是因為該產品線的價格壓力不像陸地節點甚至海底節點那麼大，我們預期PRM計畫未來將獲得更好的利潤率。所以我認為這將有助於平衡其他產品較低的利潤率。

Great. Have I taken up my time or may I ask a couple of additional questions?

偉大的。我是否佔用了您的時間？或者我可以再問幾個問題嗎？

You could ask one more question, Bill, how about that?

比爾，你還可以再問一個問題，怎麼樣？

That's fair. So the government has a couple of different initiatives where they are looking at you all, I believe, the Customs Border Patrol, the military. Update us what you are seeing, hearing and thinking that there may be for a decision matrix with the government activities, please.

這很合理。所以政府有幾項不同的舉措，我相信他們都在關注你們，包括海關邊境巡邏隊和軍隊。請將您所看到、聽到和想到的可能與政府活動相關的決策矩陣中的信息更新給我們。

So I'll speak to the tunnel detection on Customs and Border Protection to start with. That has been very quiet from CBP since even before the government shutdown. We anticipate probably some feedback early next year. I don't anticipate with them just not coming back online and trying to understand where they're at with their projects and with the holidays coming up, I don't anticipate really hearing much more until the quarter after next, basically our Q2, Q1 calendar year.

那麼，我先從海關和邊境保護部門的隧道偵測說起。自政府停擺之前，美國海關與邊境保護局就一直保持沉默。我們預計明年年初可能會收到一些回饋。我預計他們不會恢復在線，而且我還在努力了解他們的專案進度情況，再加上假期即將到來，我預計在下個季度，也就是我們日曆年的第二季度和第一季度之前，不會聽到太多消息。

Specific to the Navy, we did continue to have informal conversations. We know that that project is going to be delayed until probably our Q3 before we see any kind of movement on that, maybe even closer to Q4, so middle of the summer next year. Both projects are -- as far as we know are still anticipated, it's really a question of where on the time line it's going to be.

就海軍方面而言，我們確實繼續進行非正式對話。我們知道，該專案可能會推遲到第三季度，甚至可能要到第四季度，也就是明年夏季中期才會有進展。這兩個項目——據我們所知——目前仍在計劃中，真正的問題是它們會在時間表上的哪個位置。

(Operator Instructions) Sheldon Grodsky, Grodsky Associates.

（操作說明）謝爾頓·格羅德斯基，格羅德斯基聯合公司。

Early this year, you announced two large projects, the Brazilian project and another sale of nodes. Have any of these been shipped yet? Or are you still waiting for these to be shipped?

今年年初，你們宣布了兩個大型項目，一個是巴西項目，另一個是節點銷售項目。這些產品有出貨的嗎？還是您還在等待出貨？

I appreciate the question. So on the Permanent Reservoir Monitoring project for Petrobras, that is a long-term project for us. We have actually not shipped any of that. We will make our first shipment -- our planned first shipments on that probably the early to middle of next year. So let's say, spring, summer time will be some of the anticipated first revenue recognition on that. And then that revenue recognition will go into fiscal year 2027 for us.

感謝您的提問。因此，對於巴西石油公司的永久油藏監測計畫來說，這是一個長期計畫。實際上，我們還沒有發貨。我們將於明年年初至年中發出首批貨物——我們計劃的首批貨物可能會在明年年初至年中發出。假設春季和夏季是預計首批收入確認的時間。那麼，這部分收入確認將計入我們的 2027 財年。

That project is expected to last between 12 and 18 months. With regards to the large contract we sold to Dawson Geophysical for -- I'm sorry.

該項目預計持續12至18個月。關於我們賣給 Dawson Geophysical 的那份大合約——我很抱歉。

I think he's talking about Mariner contract.

我認為他指的是水手隊的合約。

Yeah. On the Mariner contract -- I'm sorry, let me defer it to Robert.

是的。關於水手隊的合約——抱歉，我得請羅伯特來回答。

Yeah. So earlier this year, we announced the Mariner contract. We have not shipped that contract yet. It's been deferred by our customer due to delays from their customer.

是的。今年早些時候，我們宣布了與水手隊的合約。我們尚未寄出該合約。由於對方客戶的延誤，我們的客戶推遲了交貨。

I do want to speak to the Pioneer sale that we had. That was a large channel count and those shipments were broken into smaller shipments between this quarter and next quarter. So we have shipped some of those units this year. We anticipate a majority of revenue recognition in Q1 with some of the revenue in Q2.

我想談談我們之前進行的 Pioneer 出售事宜。這是一個很大的管道數量，這些貨物的出貨量在本季和下個季度之間被拆分成較小的出貨量。今年我們已經出貨了一部分這樣的設備。我們預計大部分收入將在第一季確認，部分收入將在第二季確認。

Thank you. And at this time, there are no further questions in queue. I'd like to now turn the meeting back to our presenters for any additional or closing remarks.

謝謝。目前，隊列中沒有其他問題了。現在我想把會議交還給各位發言人，請他們作補充或總結發言。

Thank you, Stephanie, 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 first quarter of fiscal year 2026. Goodbye, and happy holidays.

謝謝史蒂芬妮，也感謝今天所有參加我們電話會議的朋友。我們期待在2026財年第一季的電話會議上再次與您交流。再見，祝您節日快樂。

Thank you, ladies and gentlemen. This does conclude today's presentation. You may now disconnect.

謝謝各位女士、先生。今天的演講到此結束。您現在可以斷開連線了。