Graham Corp (GHM) 2025 Q4 法說會逐字稿

Greetings. Welcome to Graham Corporation's fiscal fourth quarter and full year fiscal 2025 conference call. (Operator Instructions). This time I'll turn the conference over to Tom Cook, Investor Relations for Graham Corporation. Tom, you may now begin your presentation.

問候。歡迎參加 Graham Corporation 2025 財年第四季和全年電話會議。（操作員指令）。這次，我將把會議交給 Graham Corporation 投資者關係部門的湯姆庫克 (Tom Cook)。湯姆，你現在可以開始你的演講了。

Thank you, Rob, and good morning everyone. Welcome to Graham's fiscal fourth quarter and full year 2025 earnings call. With me on the call today are Dan Thoren, CEO; Chris Thome, CFO; and Matt Malone, President and COO. This morning, we released our financial results.

謝謝你，羅布，大家早安。歡迎參加 Graham 2025 財年第四季和全年財報電話會議。今天與我一起參加電話會議的還有執行長 Dan Thoren、財務長 Chris Thome 和總裁兼營運長 Matt Malone。今天早上，我們公佈了財務業績。

Our earnings release and accompanying presentation today's call are available on our website at ir.grahamcorp.com. You should be aware that we may make forward-looking statements during the formal discussion as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties, as well as other factors that could cause actual results to differ materially from what is stated here today.

我們的收益報告及今日電話會議的隨附簡報可在我們的網站 ir.grahamcorp.com 上查閱。敬請知悉，我們可能會在正式討論以及問答環節中做出前瞻性陳述。這些聲明適用於受風險和不確定性影響的未來事件，以及可能導致實際結果與今天所述結果有重大差異的其他因素。

These risks and uncertainties and other factors are provided in the earnings release, as well as with other documents that are filed by the company with the Securities and Exchange Commission. You can find these documents on our website or at sec.gov.

這些風險、不確定性和其他因素在收益報告以及公司向美國證券交易委員會提交的其他文件中有所說明。您可以在我們的網站或 sec.gov 上找到這些文件。

During today's call, we will also discuss non-GAAP financial measures. We believe this will be useful in evaluating our performance. However, you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP.

在今天的電話會議中，我們還將討論非公認會計準則財務指標。我們相信這將有助於評估我們的表現。但是，您不應孤立地看待這些附加資訊的呈現，也不應將其視為根據 GAAP 編制的結果的替代品。

We have provided reconciliation of non-gap measures with comparable GAAP measures in the tables that accompany today's release and slides. We also use key performance indicators to help gauge the progress and performance of the company.

我們在今天的發布和幻燈片附帶的表格中提供了非差距指標與可比較 GAAP 指標的對帳。我們也使用關鍵績效指標來幫助衡量公司的進展和績效。

These key performance metrics are ROIC orders, backlog and book to build ratio. These are operational measures and a quantitative reconciliation is not required or provided. You can find a disclaimer regarding our use of KPIs at the back of today's presentation. So with that, if you'll please advance to slide 3, I'll turn it over to Dan to begin. Dan.

這些關鍵績效指標是 ROIC 訂單、積壓訂單和訂單建造比率。這些是操作措施，不需要或提供定量對帳。您可以在今天的簡報背面找到有關我們使用 KPI 的免責聲明。因此，請您翻到投影片 3，我將把它交給 Dan 開始。擔。

Thank you, Tom. Good morning and welcome everyone to our fourth quarter and full year fiscal 2025 earnings call. I'm pleased to report we finished the year with strong momentum as our full year revenue grew approximately 13% to $210 million and adjusted EBITDA increased 69% to $22.4 million or 10.7% as a percentage of sales. These results reflect the continued long-term demand of our product portfolio and solid execution of our business plan.

謝謝你，湯姆。早安，歡迎大家參加我們的 2025 財年第四季和全年財報電話會議。我很高興地報告，我們以強勁的勢頭結束了這一年，因為我們的全年收入增長了約 13%，達到 2.1 億美元，調整後的 EBITDA 增長了 69%，達到 2240 萬美元，佔銷售額的 10.7%。這些結果反映了我們產品組合的長期持續需求和我們業務計劃的穩健執行。

I'd particularly like to highlight our record backlog of $412 million as of March 31. Up 7% sequentially. Additionally, our Book-to-Bill ratio was 1.1x, marking the fifth year in a row, Book-to-Bill was over 1.0x. This underscores our strong market position and deep expertise in delivering highly engineered mission-critical products.

我特別想強調的是，截至 3 月 31 日，我們的積壓訂單已達到創紀錄的 4.12 億美元。季增 7%。此外，我們的訂單出貨比為1.1倍，連續第五年超過1.0倍。這凸顯了我們強大的市場地位以及在交付高度工程化的關鍵任務產品方面的深厚專業知識。

Before I turn it over to Matt, who will outline our stabilize improve growth strategy. And then to Chris for a detailed review of our financials. I'd like to first highlight our in markets and recent commercial successes, followed by an update on key strategic initiatives that are beginning to deliver results.

在我將其交給馬特之前，他將概述我們的穩定改善成長策略。然後請克里斯詳細審查我們的財務狀況。我想先強調我們在市場和最近的商業成功，然後介紹一些開始取得成果的關鍵策略舉措。

On the defense side, we continue to be a key supplier for U.S. Navy programs, including both the Columbia Class and Virginia Class Submarine Programs, and other vital shipbuilding initiatives. This is demonstrated by our recently announced $136.5 million contract award to provide mission-critical equipment for the Virginia Class Submarine Program.

在國防方面，我們繼續成為美國海軍項目的主要供應商，包括哥倫比亞級和弗吉尼亞級潛艇項目以及其他重要的造船計劃。我們最近宣布授予價值 1.365 億美元的合同，為弗吉尼亞級潛艇計劃提供關鍵任務設備，就證明了這一點。

Our Barber-Nichols division has been integral to the Virginia Class Submarine Program since the 1980s, given our strong performance of high-quality on-time production. Additionally, this latest contract builds upon our successful execution of previous work for these types of multi-year programs.

我們的 Barber-Nichols 部門自 1980 年代以來一直是弗吉尼亞級潛艇計劃不可或缺的一部分，因為我們在按時高品質生產方面表現出色。此外，這份最新合約建立在我們先前成功執行此類多年期專案工作的基礎之上。

As our relationship with the US Navy deepens, these multi-year programs provide Graham with stable recurring revenue, as well as strong visibility into our future revenue for years to come.

隨著我們與美國海軍關係的加深，這些多年期計劃為 Graham 提供了穩定的經常性收入，以及對未來幾年未來收入的良好可視性。

Additionally, we announced last month that we secured a strategic investment from one of our key defense customers. The investment of $2.2 million will enhance our capabilities in evaluating critical welds in support of the Columbia and Virginia Class Submarine Programs. As part of the investment, Graham will also contribute $1.4 million for a total project cost of $3.6 million.

此外，我們上個月宣布，我們已從我們的一個主要國防客戶那裡獲得了一項戰略投資。220 萬美元的投資將增強我們評估哥倫比亞級和維吉尼亞級潛艦計畫關鍵焊接的能力。作為投資的一部分，葛拉漢還將出資 140 萬美元，項目總成本為 360 萬美元。

This builds upon previously announced investments from partners, including a $13.5 million investment to support our capacity expansion initiatives and a $2.1 million grant by Blue Forge Alliance to expand our welder training program and equipment.

這是基於先前宣布的合作夥伴投資，其中包括 1350 萬美元的投資以支持我們的產能擴張計劃，以及 Blue Forge Alliance 提供的 210 萬美元的贈款以擴大我們的焊工培訓計劃和設備。

In our energy and process side of the business, our diversified product portfolio and innovative solutions are driving continued demand and customer interest. Revenue for the year was up 1% year over year, reaching $73 million for fiscal 2025.

在我們的能源和流程業務方面，我們多樣化的產品組合和創新的解決方案正在推動持續的需求和客戶興趣。全年營收年增 1%，2025 財年達到 7,300 萬美元。

From a CapEx perspective in fiscal 2025, we deployed $19 million of capital, demonstrating our commitment to future growth and our product life cycles.

從 2025 財年的資本支出角度來看，我們部署了 1,900 萬美元的資本，顯示了我們對未來成長和產品生命週期的承諾。

Looking ahead for the next few years, we expect capital expenditures to be approximately 7% to 10% of sales as we continue to invest in our businesses in order to support our long-term organic growth goals and to gradually increase our R&D spend. To the 1% to 2% of revenue. As a reminder, our maintenance CapEx is approximately $2 million per year.

展望未來幾年，我們預計資本支出將佔銷售額的約 7% 至 10%，因為我們將繼續投資於我們的業務，以支持我們的長期有機成長目標並逐步增加我們的研發支出。佔收入的 1% 到 2%。提醒一下，我們的維護資本支出約為每年 200 萬美元。

It is important to note in these strategic investments are targeting a return on investment exceeding 20%. These initiatives remain on track and on budget and includes state of the art automated welding capabilities, our 30,000 square foot Batavia manufacturing facility.

值得注意的是，這些策略投資的目標是實現超過 20% 的投資報酬率。這些計劃仍在按計劃進行，且在預算之內，包括最先進的自動焊接能力以及我們佔地 30,000 平方英尺的巴達維亞製造工廠。

Enhanced assembly and testing capabilities in our data, expanded X-ray capabilities in Batavia, and our cryogenic propellant testing facility in Florida. We expect to see all of these completed in calendar year 2025. These increased capabilities will drive increased throughput and improved quality in future years.

增強了我們數據的組裝和測試能力，擴展了巴達維亞的 X 射線能力，以及我們在佛羅裡達州的低溫推進劑測試設施。我們預計所有這些工程將在 2025 年完成。這些增強的功能將在未來幾年推動產量的提高和品質的改善。

Before wrapping up, I'm pleased to report that since announcing our leadership transition in February, the process could not have gone any smoother. Matt and I have been working closely together to ensure a seamless handover.

最後，我很高興地報告，自從二月宣布領導層過渡以來，整個過程進展非常順利。馬特和我一直密切合作，以確保順利交接。

To reiterate what we announced last quarter, Matt will become President and CEO beginning tomorrow, June 10, and I'll be moving to a strategic advisor role, focused on corporate development and become executive Chairman.

重申我們上個季度宣布的消息，馬特將從明天（6 月 10 日）開始擔任總裁兼首席執行官，而我將轉任戰略顧問，專注於公司發展，並擔任執行董事長。

John Painter, our current Chairman, will become Lead Independent Director. This succession plan reflects our strong ability as a company to develop internal talent and ensures continuity in our strategic vision highlighted by the internal promotion of Matt and Mike Dixon, who has assumed the role of VP and General Manager, Barber-Nichols.

我們現任董事長約翰‧佩因特 (John Painter) 將成為首席獨立董事。這項繼任計畫體現了我們公司培養內部人才的強大能力，並確保了我們戰略願景的連續性，其中突出的是馬特·迪克森 (Matt Dixon) 的內部晉升，以及擔任 Barber-Nichols 副總裁兼總經理的邁克·迪克森 (Mike Dixon)。

His leadership capabilities and industry knowledge are second to none, which is what made him an easy candidate to nominate for this role. As I mentioned in last quarter's earnings call, Matt has demonstrated exceptional leadership as General Manager of Barber-Nichols since 2021.

他的領導能力和行業知識是首屈一指的，這使他很容易成為該職位的候選人。正如我在上個季度的收益電話會議上提到的那樣，自 2021 年以來，馬特擔任 Barber-Nichols 總經理以來，展現了卓越的領導能力。

Delivering impressive results including 9% compound annual revenue growth and achieving double-digit revenue growth in each of the last two years.

取得了令人矚目的成績，包括 9% 的複合年收入成長以及過去兩年每年實現兩位數的收入成長。

I am more than confident that Matt has what it takes, along with our strong bench of leaders who will support him and share his vision in taking Graham to the next level. These past four years have been the most challenging, yet most intellectually stimulating period of my career.

我非常有信心，馬特擁有所需的一切，我們強大的領導團隊也將支持他，分享他的願景，帶領格雷厄姆更上一層樓。過去四年是我職業生涯中最具挑戰性但最能激發智力的時期。

We've successfully transformed Graham into a well-diversified business with great visibility and a strategic plan that implements continual improvement with investments to position us for sustainable growth and improving profitability. I'm particularly proud of our team's dedication and resilience in turning this business around.

我們成功地將 Graham 轉變為多元化的企業，擁有良好的知名度和策略計劃，透過投資實現持續改進，從而實現可持續增長並提高盈利能力。我對我們團隊在扭轉業務過程中所表現出的奉獻精神和韌性感到特別自豪。

I'm highly confident in our strategic direction and our ability to capitalize on the opportunities ahead under Matt's leadership. Our investments in automation, facility expansion, and new technologies are creating a strong foundation for future growth.

我對我們的策略方向以及在馬特的領導下利用未來機會的能力充滿信心。我們在自動化、設施擴建和新技術方面的投資為未來的成長奠定了堅實的基礎。

The combination of our robust backlog, strategic market position, and operational improvements position us well to achieve our long-term goals of 8% to 10% organic revenue growth and low to mid-teens adjusted EBITDA margins by fiscal 2027.

我們強勁的訂單量、策略性的市場地位以及營運的改進，使我們能夠在 2027 財年實現 8% 至 10% 的有機收入增長以及低至中等十幾%的調整後 EBITDA 利潤率的長期目標。

Finally, I want to take a moment to express my deepest gratitude to our employees, your dedication, resilience, and commitment to excellence have been instrumental in transforming our company. Your hard work has helped us navigate challenges and emerge stronger than ever.

最後，我想花點時間向我們的員工表達最深切的謝意，你們的奉獻精神、韌性和對卓越的承諾對我們公司的轉型起到了重要作用。您的辛勤工作幫助我們克服挑戰並變得比以往更加強大。

And to our customers, thank you for your continued trust and partnership. It has been an honor to lead this remarkable organization. I look forward to continuing to contribute to Graham's success in my new role as Executive Chairman. Now, I'll turn it over to Matt. Matt.

對於我們的客戶，感謝你們一直以來的信任與合作。我很榮幸能夠領導這個卓越的組織。我期待以執行主席的新身份繼續為格雷厄姆的成功做出貢獻。現在，我將把話題交給馬特。馬特。

Thank you, Dan, and good morning everyone. I will begin my remarks on slide 5. First, I want to acknowledge Dan's tremendous leadership in stabilizing and transforming Graham Corporation, particularly with resetting the corporate strategy and driving consistent results. Under his direction, we've established a strong foundation for sustainable growth moving forward.

謝謝你，丹，大家早安。我將從第 5 張投影片開始發言。首先，我要承認丹在穩定和改造格雷厄姆公司方面所發揮的卓越領導作用，特別是在重新設定公司策略和推動持續成果方面。在他的領導下，我們為未來的永續成長奠定了堅實的基礎。

At the end of fiscal year 2022, we introduced a five-year strategic vision to provide investors insight into where we are headed. Since then, we've executed on the first phase stabilize, which we focused on rebuilding the foundation of the business across people, processes, structure, and core operating fundamentals, all under the umbrella of continuous improvement.

在 2022 財年末，我們推出了五年策略願景，讓投資人了解我們的發展方向。從那時起，我們就開始執行第一階段的穩定計劃，重點是在持續改進的框架下重建人員、流程、結構和核心營運基礎等業務基礎。

This foundational work is now complete, and we're leveraging that momentum as we evolve into the next phases of improve and growth, which all go hand in hand. I'll walk through these in more detail. Let's start on slide 6 with where we've been.

這項基礎工作現已完成，我們將利用這一勢頭進入改進和成長的下一階段，所有這些都是相輔相成的。我將更詳細地介紹這些內容。讓我們從第 6 張投影片開始介紹我們去過的地方。

The stabilized phase initiated under the new leadership team, we focused on resetting our strategy and positioning the business for sustainable success. We addressed critical areas including process rigor, customer engagement, employee alignment, and the completion of low margin legacy jobs. And since rolling out our strategic plan in the mid 2022, we've consistently delivered results in line with expectations.

在新領導團隊的領導下，我們進入了穩定階段，專注於重新制定策略，並為業務的可持續成功做好準備。我們解決了一些關鍵領域，包括流程嚴謹性、客戶參與度、員工協調以及低利潤遺留工作的完成。自 2022 年中期推出策略計畫以來，我們始終如一地取得符合預期的成果。

A few highlights. Revenue more than doubled from $97.5 million to over $210 million while we reshaped our portfolio from 75% commercial and 25% events to a more balanced 40% commercial and 60% defense mix.

一些亮點。營收成長了一倍多，從 9,750 萬美元增至 2.1 億美元以上，同時我們調整了投資組合，從 75% 的商業和 25% 的活動組合，變為更加均衡的 40% 的商業和 60% 的國防組合。

We executed our dozen organic capital projects, each exceeding our 20% ROIC hurdle, including the Mark 48 production ramp up. And the Arvada machine shop expansion. Backlog tripled from $138 million to $412 million enhancing visibility and supporting disciplined capital deployment.

我們執行了十幾個有機資本項目，每個項目都超過了 20% 的 ROIC 目標，其中包括 Mark 48 的生產提升。以及阿瓦達機械車間的擴建。積壓訂單增加了兩倍，從 1.38 億美元增加到 4.12 億美元，提高了知名度並支持了嚴格的資本部署。

Adjusted EBITDA declined from 6.1% to a low of 3.4% during fiscal year 2022 during the company's reset. We have since improved steadily to over 10.7% today with a clear path toward low to mid-teens by fiscal year '27, less than one year away.

在公司重組期間，調整後的 EBITDA 從 6.1% 下降至 2022 財年的 3.4% 的低點。此後，我們的成長率穩步提高，目前已超過 10.7%，並且到 2027 財年（不到一年的時間）將顯著達到 15% 左右。

Turning to slide 7. With the stabilized phase behind us, we've now moved into the improved phase with a focus on completing high ROIC CapEx implementations to realize returns.

翻到幻燈片 7。隨著穩定階段的結束，我們現在進入了改進階段，重點是完成高 ROIC 資本支出實施以實現回報。

In fiscal 2026, we expect to complete a high number of high ROIC projects with benefits beginning to flow in fiscal 2027 and beyond, but even now we are laying the groundwork for the growth phase. We see strong tailwinds across all three of our core markets, including defense, energy, and process and space, and we are aligning both organic and inorganic investments to capture that opportunity.

在 2026 財年，我們預計將完成大量高 ROIC 項目，並在 2027 財年及以後開始產生效益，但即使是現在，我們也在為成長階段奠定基礎。我們看到國防、能源、加工和太空等三大核心市場都呈現出強勁的順風勢頭，我們正在協調有機和無機投資以抓住這一機會。

In defense, rising demand for naval platforms is driving significant investment. We're responding with a new 30,000 square foot Navyo facility in Batavia, New York, which features automated welding, optimized product flow, and advanced machining to accelerate throughput. This $17.5 million initiative is being supported by a $13.5 million customer grant.

在國防領域，對海軍平台的需求不斷增長，推動了大量投資。為此，我們在紐約州巴達維亞新建了一個佔地 30,000 平方英尺的 Navyo 工廠，該工廠具有自動焊接、優化產品流程和先進機械加工等功能，可加快生產速度。這項耗資 1,750 萬美元的計畫得到了 1,350 萬美元的客戶補助金的支持。

Additional investments include a renovated Navy overhaul center, a new X-ray facility, and enhanced workforce development programs. In energy and process markets, we're advancing innovations like our next gen nozzle for vacuum distillation towers, which can reduce steam consumption by up to 10% or increase throughput.

其他投資包括翻新海軍大修中心、新建X射線設施以及加強勞動力發展計劃。在能源和製程市場，我們正在推動創新，例如用於真空蒸餾塔的下一代噴嘴，它可以減少高達 10% 的蒸汽消耗或提高產量。

An opportunity we believe could generate $50 plus million of revenue over the next five to ten years. We're also building a state of the art cryogenic test capabilities in Arvada and Jupiter, Florida to serve the internal needs of our customers lacking testing capacity. Demand thus far has been very strong, and our team is busy fielding customer inquiries.

我們相信，這個機會可以在未來五到十年內創造 5,000 多萬美元的收入。我們也在佛羅裡達州阿瓦達和朱庇特建立最先進的低溫測試能力，以滿足缺乏測試能力的客戶的內部需求。到目前為止，需求一直非常強勁，我們的團隊正忙於處理客戶詢問。

Many of these investments are cross-functional and scalable, from automated welding and expanded R&D to workforce training and will position us well for future growth. In parallel, we're enhancing our internal operations through initiatives such as our new ERP system in Batavia and a recently secured $50 million credit facility to support future growth, both organic and inorganic.

這些投資中的許多都是跨職能和可擴展的，從自動焊接和擴大研發到勞動力培訓，將為我們未來的成長做好準備。同時，我們正在透過一些舉措加強內部運營，例如在巴達維亞建立新的 ERP 系統以及最近獲得的 5000 萬美元信貸額度，以支持未來的有機和無機增長。

Many of these initiatives will come online at the end of calendar 2025 with benefits to follow in fiscal year 2027 after a short ramp up phase. Now, as we introduce the growth phase, we're focused on four key growth drivers, product life cycle expansion, commercialization, global reach, and digital transformation.

其中許多措施將於 2025 年底上線，經過短暫的提升階段後，將在 2027 財年顯現效益。現在，當我們介紹成長階段時，我們專注於四個關鍵成長動力，即產品生命週期擴展、商業化、全球影響力和數位轉型。

We've broken the product life cycle into three stages value identification, value creation, and value extraction. Historically, Graham has excelled at value creation, delivering highly engineered custom solutions. Going forward, we aim to multiply our impact by extending our reach into the value identification and extraction.

我們將產品生命週期分為三個階段：價值識別、價值創造、價值提取。從歷史上看，Graham 擅長創造價值，提供高度工程化的客製化解決方案。展望未來，我們的目標是透過擴大我們在價值識別和提取領域的影響力來擴大我們的影響力。

As Dan transitions to Executive Chair, he will lead our efforts in proactively identifying emerging market needs and aligning them with our technology roadmap. This will broaden our focus beyond engineering execution to early stage value identification.

隨著丹轉任執行主席，他將帶領我們積極主動地識別新興市場需求並使其與我們的技術路線圖保持一致。這將使我們的關注點從工程執行擴展到早期價值識別。

We're also working to commercialize our deep product library of proprietary technologies, shifting from one-off solutions to scalable offerings that can serve multiple markets and customers.

我們也致力於將我們豐富的專有技術產品庫商業化，從一次性解決方案轉變為可以服務多個市場和客戶的可擴展產品。

Internationally, we're expanding the global footprint to better support customers in cost sensitive regions and unlock additional aftermarket opportunities across our greater than $1 billion global install base, digitally we're evolving our systems to be smarter and more proactive, starting with the aftermarket using tools like AI to enhance efficiency, responsiveness, and repeatability.

在國際上，我們正​​在擴大全球影響力，以便更好地支援成本敏感地區的客戶，並在我們超過 10 億美元的全球安裝基礎上釋放更多的售後市場機會；在數位化方面，我們正在改進我們的系統，使其更加智能、更加主動，首先從售後市場開始，使用人工智慧等工具來提高效率、響應能力和可重複性。

And finally, we continue to evaluate M&A opportunities that align with our core markets and accelerate our product life cycle strategy from value creation to value extraction. To wrap up, our strategy is clear. The foundation is in place and the momentum is building.

最後，我們繼續評估與我們的核心市場相符的併購機會，並加速我們的產品生命週期策略從價值創造到價值提取。總而言之，我們的策略很明確。基礎已經建立，勢頭正在增強。

The transformation we set in motion in fiscal year 2022 has taken hold, and we're now firmly on the path towards our fiscal year 2027 targets and the long term value creation. With that, I will turn it over to Chris to cover our results in more details. Chris.

我們在 2022 財年啟動的轉型已初見成效，現在我們正堅定地朝著 2027 財年的目標和長期價值創造邁進。接下來，我將把主題交給克里斯，讓他更詳細地介紹我們的成果。克里斯。

Thanks, Matt, and good morning everyone. I will begin my review of results on slide 9, but first, I would like to point out that we have updated our end market disclosures to better align with how we evaluate our business and product portfolio.

謝謝，馬特，大家早安。我將從第 9 張投影片開始回顧結果，但首先，我想指出，我們已經更新了終端市場揭露，以更好地符合我們評估業務和產品組合的方式。

As part of this change, revenue previously classified as refining, chemical petrochemical, and other, which included new energy product sales are now consolidated into one market which has been renamed Energy and Process.

作為這項變化的一部分，先前歸類為煉油、化工石化和其他的收入（包括新能源產品銷售）現在合併到一個已更名為能源和製程的市場。

The defense and space and market classifications remain unchanged. Prior period amounts have been updated to reflect this change. With that, let's begin. We had strong growth for our fourth quarter of fiscal 2025 with sales of $59.3 million. This was up 21% over the prior year and included growth across all markets.

國防和太空及市場分類保持不變。前期金額已更新以反映此變更。好了，讓我們開始吧。我們的 2025 財年第四季實現了強勁成長，銷售額達到 5,930 萬美元。這比上一年增長了 21%，並且包括所有市場的增長。

Sale to the defense market grew by $7.7 million or 28% from the prior year period, driven by growth in existing programs, better execution, improved pricing, and the timing of key project milestones. Energy and process sales contributed $1.8 million to growth driven by increased sales of capital equipment to the Middle East and Asia and higher aftermarket sales.

受現有專案成長、執行效果改善、定價改善以及關鍵專案里程碑時間表的推動，國防市場銷售額較上年同期成長 770 萬美元，增幅達 28%。能源和製程銷售為成長貢獻了 180 萬美元，這得益於對中東和亞洲的資本設備銷售增加以及售後市場銷售額增加。

Aftermarket sale to the energy and process and defense markets of $12.1 million remained strong and were 3% higher than the prior year. Looking at the full year, you can clearly see the effectiveness of our strategic initiatives. We achieved record sales of $209.9 million in fiscal 2025, which was up $24.4 million or 13% over fiscal 2024.

面向能源、加工和國防市場的售後市場銷售額達到 1,210 萬美元，維持強勁成長，比上年增長 3%。縱觀全年，您可以清楚地看到我們的策略舉措的有效性。我們在 2025 財年的銷售額達到創紀錄的 2.099 億美元，比 2024 財年增長 2,440 萬美元，增幅為 13%。

This growth has primarily been organic and has been driven by strong defense sales which was up 23%. Having a full year of P3 results contributed $2.8 million to this increase, which was primarily to the space and defense markets.

這一成長主要是有機成長，由強勁的國防銷售額推動，銷售額成長了 23%。全年的 P3 業績為這一增長貢獻了 280 萬美元，主要用於太空和國防市場。

Turning to slide 10, gross margin expanded 110 basis points to 27% in the quarter, and 330 basis points to 25.2% for the year. Both periods reflected leverage on higher volume, better execution, and improved pricing.

轉到第 10 張投影片，本季毛利率擴大 110 個基點至 27%，全年毛利率擴大 330 個基點至 25.2%。這兩個時期都反映了更高的交易量、更好的執行力和更優的定價。

Additionally, fiscal 2025 gross profit benefited $1.3 million, or 62 basis points in margin from the Blue Forge Alliance welder training grant received earlier this year to reimburse us for the cost of our defense welder training program in Batavia. We currently do not expect to receive an additional training grant in fiscal 2026.

此外，2025 財年的毛利受益於今年稍早收到的 Blue Forge Alliance 焊工培訓補助金 130 萬美元，即 62 個基點的利潤，以補償我們在巴達維亞的國防焊工培訓計劃的費用。我們目前預計不會在 2026 財政年度獲得額外的培訓補助。

Turning to slide 11, you can see how our strong performance is translating to the bottom line. Fourth quarter net income was $4.4 million compared to $1.3 million in the prior year. This equated to $0.40 per share on a GAAP basis and $0.43 per share on an adjusted basis for the quarter.

翻到第 11 張投影片，您可以看到我們的強勁表現如何轉化為利潤。第四季淨收入為 440 萬美元，而去年同期為 130 萬美元。這相當於本季以 GAAP 計算每股收益 0.40 美元，並在調整後計算每股收益 0.43 美元。

Full year net income significantly improved as well to $12.2 million from $4.6 million in the prior year. Earnings per share on a GAAP basis for fiscal 2025 was $1.11 per share, and adjusted EPS was $1.24 per share, a 97% increase over the prior year.

全年淨收入也大幅提升，從上年的 460 萬美元增至 1,220 萬美元。2025 財年以 GAAP 計算的每股收益為 1.11 美元，調整後每股收益為 1.24 美元，比前一年增長 97%。

We saw a strong fourth quarter and full year 2025 adjusted EBITDA performance as well. For the quarter, adjusted EBITA was $7.7 million, a 159% increase over the prior year.

我們也看到第四季和 2025 年全年調整後的 EBITDA 表現強勁。本季調整後的 EBITA 為 770 萬美元，較上年成長 159%。

As a percentage of sales adjusted even a margin for the quarter increased 690 basis points to 12.9%. For the full year fiscal 2025 adjusted EBITDA increased 69% to $22.4 million compared to $13.3 million in fiscal 2024.

以銷售額百分比計算，本季利潤率甚至增加了 690 個基點，達到 12.9%。2025 財年全年調整後 EBITDA 為 2,240 萬美元，較 2024 財年的 1,330 萬美元成長 69%。

Adjusted EBITDA margin increased 350 basis points to 10.7% for fiscal 2025. As a reminder, fiscal 2025 adjusted results include the impact of the supplemental earnout bonus from the acquisition of Barber-Nichols, which will go away at the end of fiscal 2026.

2025財年調整後的EBITDA利潤率增加350個基點至10.7%。提醒一下，2025 財年調整後的結果包括收購 Barber-Nichols 的補充獲利獎金的影響，該獎金將在 2026 財年末消失。

This supplemental bonus and applicable taxes amounted to $4.3 million in fiscal 2025 or a 203 basis point decrement to our adjusted even a margin. Given our progress to date and expectations for the future, we are confident in our ability to meet our fiscal 2027 goal of low to mid teen adjusted EBITDA margins.

這項補充獎金和適用稅款在 2025 財年達到 430 萬美元，或使我們的調整後利潤率減少了 203 個基點。鑑於我們迄今為止的進展和對未來的期望，我們有信心實現 2027 財年的目標，即調整後的 EBITDA 利潤率達到 15% 至 20%。

Moving to slide 12, you can see that we had a very strong orders for the quarter, which, as can be very lumpy given the nature of our business and being a defense contractor. Orders for the fourth quarter of fiscal 2025 were $6.9 million and included $50 million of a $136.5 million total contract value.

翻到第 12 張投影片，您可以看到我們本季的訂單非常強勁，考慮到我們的業務性質和作為國防承包商的身份，訂單可能會非常不穩定。2025 財年第四季的訂單額為 690 萬美元，其中包括 1.365 億美元總合約價值中的 5,000 萬美元。

To procure long lead materials for follow on contracts to support the U.S. Navy's Virginia Class Submarine Program. The remaining $86.5 million of this contract was recorded in the first quarter of fiscal 2026 when the PO was definitized.

採購後續合約的長週期材料，支援美國海軍維吉尼亞級潛艇計畫。該合約剩餘的 8,650 萬美元在採購訂單確定後的 2026 財年第一季入帳。

And will provide a stable source of recurring revenue through the year 2034. Aftermarket orders for the energy and process and defense markets remained strong as well and totaled $11.8 million for the fourth quarter of fiscal 2025, an increase of 50% over the prior year.

並將在2034年之前提供穩定的經常性收入來源。能源和工藝以及國防市場的售後訂單也保持強勁，2025 財年第四季總額達 1,180 萬美元，比上一年增長 50%。

Finally, orders for the quarter also included $2.2 million from one of our larger defense customers for the expansion of our X-ray capabilities in Batavia to support the U.S. Navy's Columbia and Virginia class Submarine Programs.

最後，本季的訂單還包括來自我們一家較大的國防客戶的價值 220 萬美元的訂單，用於擴展我們在巴達維亞的 X 射線能力，以支持美國海軍的哥倫比亞級和弗吉尼亞級潛艇計劃。

For fiscal 2025 orders decreased to $231 million compared to $268 million in fiscal 2024, primarily due to follow-on orders for critical U.S. Navy programs in fiscal 2024 and the lumpiness of defense market orders.

2025 財年的訂單量從 2024 財年的 2.68 億美元下降至 2.31 億美元，這主要是由於 2024 財年美國海軍關鍵項目的後續訂單以及國防市場訂單的不穩定性。

Aftermarket orders in fiscal 2025 for the energy and process and defense markets increased 8% to $46.6 million compared with fiscal 2024. Despite the lumpiness during the year, orders resulted in a book to build ratio of 1.1 times for fiscal 2025, meeting our annual goal.

2025 財年能源、製程和國防市場的售後訂單與 2024 財年相比成長 8%，達到 4,660 萬美元。儘管今年訂單量波動較大，但 2025 財年的訂單與建造比率達到 1.1 倍，實現了我們的年度目標。

This drove our backlog to reach a record $412 million, with approximately 83% of it to the defense industry. We expect approximately 45% of this backlog to convert to revenue over the next 12 months, providing great visibility into the fiscal 2026.

這使得我們的積壓訂單達到了創紀錄的 4.12 億美元，其中約 83% 流向國防工業。我們預計其中約 45% 將在未來 12 個月內轉化為收入，為 2026 財年帶來極大的可預見性。

Turning to slide 13, you could see a summary of our balance sheet and liquidity position. For fiscal 2025, cash provided by operating activities totaled $24.3 million. It was driven primarily by our strong cash earnings.

翻到第 13 張投影片，您可以看到我們的資產負債表和流動性狀況的摘要。2025 財年，經營活動提供的現金總額為 2,430 萬美元。這主要得益於我們強勁的現金收益。

Cash and cash equivalents at the end of the year were $21.6 million, up $4.6 million over the prior year, as a significant portion of our cash flow from operations was reinvested back into our business.

年末現金和現金等價物為 2,160 萬美元，比上年增加 460 萬美元，因為我們經營活動產生的現金流的很大一部分被重新投資到我們的業務中。

Capital expenditures for fiscal 2025 were $19 million and focused on capacity expansion, increasing capabilities, and productivity improvements. Importantly, all major capital projects are on time and on budget, and all have a greater than 20% ROIC.

2025 財年的資本支出為 1,900 萬美元，主要用於擴大產能、提高能力和提高生產力。重要的是，所有主要資本項目均按時、按預算完成，且投資資本回報率 (ROIC) 均超過 20%。

As Matt indicated, many of these initiatives will come online by the end of calendar 2025 with benefits to follow in fiscal 2027 after a short ramp up phase. For the next several years, we expect to continue to pursue both organic and inorganic growth opportunities which will be funded by our strong cash generation and revolving credit facility.

正如馬特所指出的，其中許多舉措將在 2025 年底前上線，並在短暫的上升階段後於 2027 財年顯現效益。在接下來的幾年裡，我們預計將繼續尋求有機和無機成長機會，這些機會將由我們強大的現金產生能力和循環信貸額度提供資金。

This includes capexpend, which will be between 7% to 10% of sales. And gradually increasing our R&D spend to 1% to 2% of sales over the next few years. These investments are necessary in order to support our organic growth goals, maintain our technological competitive advantage and disrupt the markets we serve, but only if these opportunities have the proper return on investment.

其中包括資本支出，佔銷售額的 7% 至 10%。並在未來幾年內逐步將我們的研發支出增加到銷售額的 1% 至 2%。這些投資對於支持我們的有機成長目標、維持我們的技術競爭優勢和顛覆我們所服務的市場是必要的，但前提是這些機會具有適當的投資回報。

Additionally, we expect to offset a portion of this increased R&D spend through process improvement and operational efficiencies. Moving to guidance, slide 14 details our outlook for fiscal 2026, which reflects continued momentum and the initial impacts of the 20% plus ROIC strategic investments.

此外，我們希望透過流程改善和營運效率來抵銷部分增加的研發支出。談到指導，第 14 張投影片詳細介紹了我們對 2026 財年的展望，這反映了持續的發展動能以及 20% 以上的 ROIC 策略投資的初步影響。

I should point out that the outlook we are providing also reflects the expected impact of tariffs on our fiscal 2026 results, which we estimate to be approximately $2 million to $5 million. It goes without saying that this is subject to change based on the fluidity of global trade policy.

我應該指出，我們提供的展望也反映了關稅對我們 2026 財年業績的預期影響，我們估計約為 200 萬至 500 萬美元。毋庸置疑，這可能會根據全球貿易政策的流動性而有所改變。

We expect revenue in the range of $225 million to $235 million. A 10% increase over fiscal 2025 at the midpoint of that range and is supported by a strong backlog and continuing momentum across our key markets.

我們預計營收將在 2.25 億美元至 2.35 億美元之間。與 2025 財年相比，該數字將成長 10%，處於該範圍的中點，這得益於我們主要市場的強勁積壓訂單和持續成長動能。

We expect to maintain our strong gross profit margins between 24.5% and 25.5% for the full year. Reflecting continuous improvement as well as the expected impact of tariffs and no longer receiving a benefit from the welder training grant mentioned earlier.

我們預計全年毛利率將維持在24.5%至25.5%之間。反映持續改進以及關稅的預期影響，並且不再從前面提到的焊工培訓補助中受益。

SG&A expenses are projected to be between 17.5% and 18.5% of sales as we continue to invest in our R&D and operational capabilities, including the final cost of our ERP implementation in Batavia, as well as the continuing impact of the Barber-Nichols earnout bonus, which ends at the end of fiscal 2026.

由於我們繼續投資於研發和營運能力，包括我們在巴達維亞實施 ERP 的最終成本，以及 Barber-Nichols 獲利獎金（截至 2026 財年末）的持續影響，預計銷售、一般及行政費用將佔銷售額的 17.5% 至 18.5%。

Based on these factors, we expect adjusted EBITDA to be between $22 million and $28 million. For fiscal 2026, a 12% increase over fiscal 2025 at the midpoint of that range. And reflecting our continued focus on operational excellence and margin expansion.

基於這些因素，我們預計調整後的 EBITDA 將在 2,200 萬美元至 2,800 萬美元之間。對於 2026 財年，該範圍的中點將比 2025 財年增加 12%。並反映出我們對卓越營運和利潤擴張的持續關注。

These projections keep us firmly on track toward our fiscal 2027 strategic goals of 8% to 10% organic revenue growth and low to mid-teens adjusted EBITDA margins. With that I'll now turn the call back to Dan.

這些預測使我們堅定地朝著 2027 財年的策略目標前進，即實現 8% 至 10% 的有機收入增長和低至中等十幾%的調整後 EBITDA 利潤率。說完這些，我現在將電話轉回給丹。

Thanks, Chris. On slide 15, we would like to remind everyone of our strategic and operational priorities that will drive our long-term success. Our expanded R&D investments and capital programs are powering key growth initiatives.

謝謝，克里斯。在第 15 張投影片上，我們想提醒大家，我們的策略和營運重點將推動我們的長期成功。我們擴大的研發投資和資本計畫正在推動關鍵的成長計畫。

With a target return on investment capital exceeding 20% for all of our major investments. These opportunities, coupled with our strong balance sheet, provides us with the flexibility to pursue growth, both organically and inorganically as we remain opportunistic for any potential strategic acquisitions.

我們所有主要投資的目標投資資本報酬率均超過 20%。這些機會，加上我們強勁的資產負債表，為我們提供了追求有機和無機成長的靈活性，因為我們對任何潛在的策略性收購都保持著機會主義。

We are proud of what we have accomplished to date, but we still have a lot of work ahead of us to achieve our fiscal 2027 financial goals of 8% to 10% organic revenue growth per year and low to mid-teen adjusted EBITDA margins.

我們為迄今為止所取得的成就感到自豪，但要實現 2027 財年的財務目標，即每年 8% 至 10% 的有機收入增長和低至中等水平的調整後 EBITDA 利潤率，我們還有很多工作要做。

The long-term strategic plan we have in place, coupled with our culture of continuous improvement, and our newly expanded executive team led by Matt, gives me great confidence that we will hit those marks. With that, we can now open the call for questions.

我們所製定的長期策略計劃，加上我們持續改善的文化，以及由馬特領導的新擴大的執行團隊，讓我非常有信心我們能夠實現這些目標。好了，我們現在可以開始提問了。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Russell Stanley, Beacon Securities.

貝肯證券公司的拉塞爾·史丹利。

Good morning and congrats on an excellent quarter maybe my first question just around the guidance and the gross margin outlook in particular relative to what you produced in in fiscal '25. I understanding that you've got the tariffs in there and the absence of a grant. I'm wondering if there are any other factors you'd call out behind the gross margin out such as revenue mix or labor availability that's impacting that or if it's really just the first two items. Thanks.

早安，恭喜您度過了一個出色的季度，也許我的第一個問題是關於指導和毛利率前景，特別是相對於您在 25 財年生產的產品而言。據我了解，你們已經考慮到了關稅問題，並且沒有提供補助。我想知道毛利率背後是否還有其他因素，例如收入結構或勞動力可用性，這些因素都會影響毛利率，或者實際上只是前兩項。謝謝。

Thanks, Russ. No, it really is just, those first two items, which we, are working to offset. With process improvement initiatives that we have in place that we talked about on the call today, but it really is just those two factors that are causing maybe a little bit lower than expected margin lift.

謝謝，拉斯。不，實際上只是前兩項，我們正在努力抵消它們。我們在今天的電話會議上談到了我們已經實施的流程改善舉措，但實際上正是這兩個因素導致了利潤率的提升可能略低於預期。

That's great. Maybe, just coming in, coming back to that investment you announced in the, radiographic testing equipment, can you elaborate, I guess, on how that helps the business? I imagine that allows you to bring something in-house and the extent perhaps to which that equipment can be used for other verticals. Thanks.

那太棒了。也許，回到您宣布的對射線檢測設備的投資，您能否詳細說明這對業務有何幫助？我想這可以讓你把一些東西帶回公司內部，而這些設備或許可以用於其他垂直行業。謝謝。

Yeah, Russ, this is Matt. The X-ray equipment has been, this will be a huge lift for the business today. These welds are quite complex on the navy side specifically, and we either have to, we have to go through shots that could take up to a week of time.

是的，拉斯，這是馬特。X射線設備已經到位，這對於今天的業務來說將是一個巨大的推動。這些焊接在海軍方面尤其複雜，我們必須進行可能需要長達一週的拍攝。

This new piece of equipment has the ability to penetrate into the entire structure within, 12 shots that can greatly simplify the process. And then really H1 in on ensuring that rework is very exact when it's needed.

這種新設備只需 12 次射擊就能穿透整個結構，這大大簡化了這個過程。然後真正 H1 致力於確保在需要時返工非常準確。

And so between the automated welding really looking to create stability and repeatability with the in process coupled with a very an efficient process to evaluate the welds, we see great implications from it. What we're starting to also see is the benefit of that same technology across the energy and process side and so I think you'll continue to hear the theme moving forward of what we're experiencing in one core market can be applied to others and leveraged.

因此，在自動化焊接真正尋求創造穩定性和可重複性的過程中，再加上一個非常有效的焊接評估過程，我們從中看到了巨大的意義。我們也開始看到同樣的技術在能源和工藝方面帶來的好處，因此我認為你會繼續聽到這樣的主題：我們在一個核心市場所經歷的事情可以應用到其他市場並得到利用。

Got it. Maybe one last question for me if I can just around acquisitions, wondering what you're seeing with respect to target quality and valuation expectations at this point and how you're seeing that opportunity now. Thanks.

知道了。如果我可以只談論收購的話，也許最後一個問題是，想知道您目前對目標品質和估值預期的看法，以及您現在如何看待這個機會。謝謝。

Yeah, so the M&A pipeline is, I would say, robust, and Dan and I have continued to interact with many, great business leaders around. What we're seeing is this we're seeing a lot of opportunity from, the aging single or small ownership group, mostly private.

是的，我想說，併購管道非常強勁，丹和我繼續與周圍的許多偉大的商業領袖互動。我們看到的是，我們看到很多來自老化的單一或小型所有權群體（主要是私人）的機會。

And we're seeing valuations that I would say are opportunistic for us, because exit plans due to capital availability and others is complicated. What we're really seeing at the highest level is we're seeing opportunities that that look quite nice because they integrate into our strategy so they're strategic acquisitions that others wouldn't be able to get the lift from.

我們看到的估值對我們來說是機會性的，因為由於資本可用性和其他原因而製定的退出計劃很複雜。我們在最高層面真正看到的是，我們看到了非常好的機會，因為它們融入了我們的策略，所以它們是其他人無法從中獲得提升的策略收購。

And so we're sort of in a, we're in an island of M&A that large businesses wouldn't, have transformation from, but they can impact our smaller corporation in great magnitude.

因此，我們處於一種併購孤島之中，大企業無法進行轉型，但它們可以對我們較小的公司產生巨大影響。

That's great color thanks. I'll hop back in the queue. Congrats again.

顏色真棒，謝謝。我會重新回到隊列中。再次恭喜。

Thank you, Russ.

謝謝你，拉斯。

Dick Ryan, Oak Ridge Financial.

迪克‧瑞安 (Dick Ryan)，橡樹嶺金融公司。

Thank you. Congratulations guys on continued strong performance. So, obviously with the commentary we've heard from the shipbuilders for the past, whatever, six months to a year.

謝謝。祝賀你們繼續取得優異的表現。因此，顯然，根據我們過去六個月到一年來從造船商那裡聽到的評論。

The demand is there to get the ships delivered to the navy. Chris, when you look at the $136 million that's come in, is anything changing within those orders from what you've seen in the past, either from a margin perspective or cost plus versus fixed? Anything changing in the contracts that are being awarded from the profitability side?

有需求將這些艦艇交付給海軍。克里斯，當您看到這 1.36 億美元的訂單時，這些訂單與您過去看到的相比有什麼變化嗎，無論是從利潤率的角度還是從成本加成還是固定成本的角度？從獲利方面來看，授予的合約有什麼變化嗎？

Hey, Dick, this is Matt. Maybe I'll take that one. So the answer is no, there's not much changing with one, with one important update so that we now have clauses that we've worked to include in the contract that protect the business from, commodity-based pricing volatility and so we've been negotiating in to protect us.

嘿，迪克，我是馬特。也許我會選擇那個。所以答案是否定的，沒有太大的變化，只有一個重要的更新，所以我們現在有條款，我們已經努力將其納入合約中，以保護企業免受基於商品的價格波動的影響，因此我們一直在進行談判以保護我們。

And it's been really important for us moving forward, so we are on firm fixed prices was disclosed in the announcement, but we have some protection clauses for things that are sort of outside of our business control and on a program as you can imagine that lasts, five plus years those protections are really critical.

這對我們未來的發展非常重要，因此我們在公告中披露了固定價格，但對於超出我們業務控制範圍的事物，我們有一些保護條款，你可以想像，這個計劃將持續五年以上，這些保護措施非常關鍵。

In addition, the one other color I'd add is we've been able to factor in, the ability to order the majority of the high-risk material early on. So that really allows validities to still be active and allows us to press on and get material in-house to take out some of that volatility.

此外，我要補充的另一種情況是，我們已經能夠考慮到提前訂購大部分高風險材料的能力。因此，這確實允許有效性仍然有效，並允許我們繼續努力並在內部獲取材料以消除一些波動性。

Great. And on the expansion of your capacity, you've made that you've made investments, the Blue Forge Alliance grant and other customer investments. Where are you in your welder, fleet?

偉大的。在擴大產能方面，您已經進行了投資，包括 Blue Forge Alliance 資助和其他客戶投資。您的焊工、車隊在哪裡？

I mean, you were, we're hopefully not going to go back to a situation of fiscal '21, '22, but how is your, employment on the welder side held up and what do you see going forward as far as those needs might be.

我的意思是，我們希望不要回到 21、22 財年的局面，但是您在焊工方面的就業情況如何，以及您認為未來這些需求會如何發展。

No, I was just going to say, our welder training program has been a tremendous success. It has been really well received both within the community and within Graham, I can report that our welders and our retavia facility are up 10% year over year, so the supply of welders has not been an issue for us and that's enabling us to. A grow our revenue on the defense side.

不，我只是想說，我們的焊工培訓計畫取得了巨大的成功。它在社區和 Graham 內部都受到了熱烈歡迎，我可以報告，我們的焊工和 Retavia 設施同比增長了 10%，因此焊工的供應對我們來說不是問題，這使我們能夠。增加我們在國防方面的收入。

Matt, anything you wanted to add there?

馬特，你還有什麼要補充的嗎？

No. Christopher.

不。克里斯多福。

Okay, great. Thank you.

好的，太好了。謝謝。

Joe Gomes, Noble Capital Markets.

喬‧戈麥斯 (Joe Gomes)，Noble Capital Markets。

Good morning. Let me add my congrats to the nice quarter in the year.

早安.讓我對今年這個美好的季度表示祝賀。

Thanks Joe.

謝謝喬。

On the cryogenic facility, yeah, you mentioned it should be up this and running this year just wondering, you talked about you're out there, talking to people for use of the facility, how is the book filling up so to speak what kind of utilization rate do you think the facility is going to have, once you, are up and running.

關於低溫設施，是的，您提到它應該在今年投入運行，只是想知道，您談到您在那裡，與人們談論設施的使用情況，這本書是如何填寫的，您認為一旦設施投入運行，其利用率會是什麼樣的。

Yeah, so Joe, great question. The first reality is we're on a really aggressive timeline. When you look at facilities of this magnitude, they can be years, and you know we've got Phil Pelfrey who is the founder and owner at P3 running it because he's set these up in the past and we're essentially sticking to plan. What that means is a lot of the energy has gone into getting the building up, going through the permitting.

是的，喬，這個問題問得好。第一個現實是我們的時間表非常緊迫。當你看到這種規模的設施時，可能需要數年時間，而且你知道我們讓 P3 的創始人和所有者 Phil Pelfrey 來管理它，因為他過去已經建立了這些設施，我們基本上堅持計劃。這意味著我們投入了大量的精力來建造這棟建築並辦理許可。

So today I can confidently say that we're progressing, towards the next, few months having it online. The booking side we're now just starting to transition our energy to it and the reason being is we had to make sure that we had a facility that was ready to operate.

所以今天我可以自信地說，我們正在取得進展，在接下來的幾個月中將其上線。我們現在才剛開始將精力轉移到預訂方面，原因是我們必須確保我們有一個可以投入營運的設施。

And what I'll say is we don't have any firm bookings today but we have enough inquiries to make us confident that that that it will fill fill up nicely and there's two main differentiators just for your knowledge so the first is, we're we're augmenting a great need out there. Most of this testing is happening at places like NASA and others at this large scale.

我想說的是，我們今天沒有任何確定的預訂，但我們有足夠多的詢問，讓我們有信心它會很好地填滿，並且有兩個主要的區別因素供您了解，所以第一個是，我們正在增加那裡的巨大需求。大部分此類測試都在美國太空總署 (NASA) 等機構以大規模進行。

The second is we actually have power on the facility. And so when you talk three phase high power capability with all these, this new shift towards electrification is requiring power at test facilities which are conventionally located in deserts and other areas where power is not plentiful. And so we're seeing as a result of that pretty heavy demand in the pipeline.

第二，我們的設施其實有電力。因此，當您談論三相高功率能力時，這種向電氣化的新轉變需要在測試設施中提供電力，而這些設施通常位於沙漠和其他電力不足的地區。因此，我們看到了管道中相當大需求的結果。

Okay, thank you for that and just you know you mentioned the contribution from P3 for the year. You know how is that is P3, it met your guys' objective objectives from when you first acquired it, where you still seeing growth potential there? It's just a little color on that acquisition.

好的，謝謝你，你知道你提到了 P3 對今年的貢獻。您知道 P3 是怎樣的嗎？它滿足了您第一次收購它時設定的目標，您仍然看到它的成長潛力嗎？這只是那次收購的一點小彩蛋。

Yeah, so the acquisition has gone quite well. They are at this point fully integrated with the Barber-Nichols team in terms of ERP system, quality manuals and rigor around quality. There's always an evolution as an acquisition unfolds, and what we're seeing is actually potential for greater benefit than we had originally forecasted and the two areas that we're seeing that.

是的，收購進展很順利。目前，他們在 ERP 系統、品質手冊和品質嚴謹性方面已與 Barber-Nichols 團隊完全整合。隨著收購的展開，總是會發生一些變化，我們看到的實際上是比我們最初預測的更大的收益潛力，以及我們看到的兩個領域。

The first is the ability to bring advanced technology to our existing energy and process business, which we didn't expect, and so we're seeing them, use advanced analytical capability to accelerate the R&D process at the parent gram business.

首先是能夠將先進的技術引入我們現有的能源和流程業務，這是我們沒有想到的，因此我們看到他們利用先進的分析能力來加速母公司克業務的研發。

The second is they've become in some ways the fast lane for opportunities that may not have been good fits for Barber-Nichols. And so, projects or applications that require a, one to six month turnaround time for what I'll call a novel design. They have a very small capable team that can move extremely rapidly and deploy and so we've actually just in the fourth quarter finished a few of those jobs that that had those characteristics that frankly we may have had to pass on in the past.

第二，從某種程度上來說，它們已經成為了通往那些可能不適合巴伯-尼科爾斯的機會的快車道。因此，對於我稱之為新穎設計的專案或應用程序，需要一到六個月的周轉時間。他們擁有一支規模很小、能力很強的團隊，可以極其迅速地行動和部署，因此，我們實際上在第四季度完成了一些具有這些特點的工作，坦白說，這些工作在過去我們可能不得不放棄。

So I'd say integration going well, pretty much done at this point and continued path forward-looking quite favorable with the biggest focus being on designs that actually impact the larger business units in in Graham Corporation.

所以我想說整合進展順利，目前基本上完成，並且繼續向前看，路徑相當有利，最大的重點是真正影響 Graham Corporation 較大業務部門的設計。

Great and then one last one for me if I may, maybe just give us an update on the progress of the NextGen nozzles and the potential clients and customers out there.

太好了，如果可以的話，我還有最後一個問題，請向我們介紹 NextGen 噴嘴的進展以及潛在客戶和顧客的情況。

Yeah, so NextGen nozzle, it's a completed design, but we're never done at this theme of continuous improvement. So on the NextGen nozzle, it's specifically today designed for a subset of large-scale steam ejectors. We have made contact with all of the install base that has those, has the nozzles installed today which it can upgrade.

是的，NextGen 噴嘴是一個完整的設計，但我們永遠不會完成持續改進這個主題。因此，NextGen 噴嘴是專門為大型蒸汽噴射器的子集而設計的。我們已經與所有已安裝這些噴嘴的安裝基地取得了聯繫，這些噴嘴今天已經安裝完畢，可以進行升級。

And now what happens, Joe is you have to get to the point where they have an upcoming turnaround, which is when they take the facility down for updates and maintenance. So we're essentially waiting for that process to play out, which could be over the next as mentioned sort of five plus years, but the sort of conversion or hit rate is going quite well on those inquiries because the ROI for the end users is an immediate payback or a very short-term payback I should say.

現在發生的情況是，喬，你必須到達他們即將迎來轉機的時刻，也就是他們將關閉設施進行更新和維護的時候。因此，我們基本上在等待該過程的完成，這可能要在接下來的五年多的時間裡完成，但這些查詢的轉換率或命中率相當高，因為最終用戶的投資回報率是即時回報，或者應該說是非常短期的回報。

And it's becoming what I would call a playbook for the future, new technologies, this is one ejector style of nozzle, and we have many more that we think we can apply the same capability to. So excited about what this can sort of become.

它正在成為我所說的未來的劇本，新技術，這是一種噴射式噴嘴，我們認為還有更多可以應用相同功能的東西。我非常興奮能夠看到它將會變成什麼樣子。

Great, thanks for that. I'll get back in queue.

太好了，謝謝。我會回到隊列中。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Thanks. Good morning. So healthy backlog you talked about 45% conversion next 12 months suggests about 20% of the outlook would be booking ship variety and just looking for a little better understanding of that. It doesn't strike one as a high bar, but what what's your normal, strengths in in pulling book ship business within current year forecast?

謝謝。早安.因此，您談到的健康積壓訂單，即未來 12 個月 45% 的轉換率，表明大約 20% 的前景將是預訂船舶種類，只是希望對此有更好的了解。這個標準並不是很高，但是您在推動圖書運輸業務達到本年度預測目標方面通常具有哪些優勢呢？

Yeah, thanks Chris. So Most of our businesses, are long lead projects, right? So from book to ship can be anywhere from six months to over a year. So really at the start of the year we have to have a large portion of the orders for the next fiscal year and backlog, which we do, as you pointed out. The low run rate business that we have is really our aftermarket business, which is about $40 million, so that's really those typically book and ship within, one to three months.

是的，謝謝克里斯。所以我們的業務大多是長期項目，對嗎？因此，從預訂到發貨可能需要六個月到一年以上的時間。因此，正如您所指出的，在年初，我們必須擁有下一財年的大部分訂單和積壓訂單。我們的低運行率業務實際上是售後市場業務，價值約為 4000 萬美元，通常是在一到三個月內預訂並發貨。

So that's really what we're looking to kind of fill that GAAP, and you know right now, as you saw from the numbers today, orders still continue to remain strong but we continually, continue to monitor the situation based upon the uncertainty that's in the market today.

所以這確實是我們希望填補的 GAAP 空缺，而且您知道現在，正如您從今天的數字中看到的那樣，訂單仍然保持強勁，但我們會根據當今市場的不確定性繼續監測情況。

Okay great and you mentioned five years running positive book to bill you do have some very long cycle characteristics. Does that lend itself to sustain you know an ability to comment if if you expect to sustain positive book to bill this year and in either scenario maybe you could provide some context.

好的，太好了，您提到了五年連續的訂單出貨比為正，您確實有一些非常長的周期特徵。如果您預計今年的訂單出貨比將保持正成長，您是否有能力發表評論？無論哪種情況，您都可以提供一些背景資訊。

Yeah, so as stated in the commentary every year our goal is to grow our backlog, so we always set. In our long term goals of a Book-to-Bill ratio of 1.1x for the year, for our goals for the year. And as you mentioned, we have been successful in seeing that for the last five years, but also, as our orders tend to be very lumpy given the nature of our business.

是的，正如評論中所說，每年我們的目標是增加積壓訂單，所以我們總是設定目標。我們的長期目標是，今年的訂單出貨比達到 1.1 倍，這是我們今年的目標。正如您所說，過去五年來我們已經成功地實現了這一點，但同時，由於我們的業務性質，我們的訂單往往非常不穩定。

One thing that will give us a lift for fiscal year '26, as we mentioned on the call, is the $86.5 million of the $136.5 million order for the to support the Virginia Class Submarine, so that gives us a great start to the year.

正如我們在電話中提到的那樣，有一件事將為我們 26 財年帶來提振，那就是 1.365 億美元訂單中的 8,650 萬美元用於支援維吉尼亞級潛艇，這為我們今年的業績帶來了良好的開端。

Okay and last one for me you mentioned improved pricing models as part of the gross margin expansion that you've delivered and just curious if you'd call your pricing models more or less mature right now or still in the process of building the analytics for competitive value capture.

好的，最後一個問題，您提到改進定價模型是您實現的毛利率擴張的一部分，我只是好奇您是否認為您的定價模型現在或多或少已經成熟，或者仍處於構建競爭價值獲取分析的過程中。

So, I'll answer that one in two ways. The first is, we've made great progress on the pricing models for legacy product. I think where the biggest opportunity still lies as we talk through this full product life cycle capability as we add testing, facilities and capability of the portfolio plus disruptive solutions through R&D we start to enter a regime or a pricing point that no one else potentially could offer that value and so really the remaining stoned on to turnover is in bringing additional value that the customers are willing to pay for.

因此，我將從兩個方面來回答這個問題。首先，我們在傳統產品的定價模式上取得了巨大進展。我認為，當我們談論整個產品生命週期能力時，最大的機會仍然存在，因為我們透過研發增加了測試、設施和產品組合能力以及顛覆性解決方案，我們開始進入一個其他人不可能提供這種價值的製度或定價點，因此，真正影響營業額的因素在於帶來客戶願意支付的額外價值。

Great appreciate that thank you.

非常感謝。

Tony Bancrof, Gabelli Funds.

班克羅夫（Tony Bancrof），加貝利基金（Gabelli Funds）。

Yeah, thank you. Good morning, gentlemen, and congratulations. Maybe I could just, we could just take a minute to just sort of update us on so you know what the Navy is doing obviously after, recent news of the increase in, ship building, the Navy's nuclear strategy. I know it's critical to them a lot going on. I mean, are you guys able to are going to be able to keep up with this huge amount of demand? I know you put a lot of investment in, but it just seems like it's a, it's an outrageous number. I just maybe you could just give us your view on that and then just your thoughts on sort of keeping up with that growth.

是的，謝謝。先生們，早安，祝賀你們。也許我可以，我們可以花一點時間來向我們更新最新情況，以便您了解海軍在最近有關增加造船量和海軍核戰略的消息之後正在做什麼。我知道這對他們來說至關重要。我的意思是，你們能夠滿足如此龐大的需求嗎？我知道你投入了很多，但這似乎是一個離譜的數字。我只是想問您對此的看法，以及您對如何保持這種增長的看法。

Yeah Tony, two things I'll share. The first is, yes, we're seeing continued opportunity as mentioned not only in our core swim lanes, which is, the stuff we've conventionally provided, but also where others are falling down.

是的，東尼，我想分享兩件事。首先，是的，我們看到了持續的機會，這不僅體現在我們的核心泳道上，也就是我們傳統上提供的東西，也體現在其他人失敗的地方。

We've made some key investments that have really driven that will that have and will continue to drive efficiency in the process, and what I mean by that is we have automated welders that are being deployed throughout the factory in combination with our extremely skilled welder workforce that we have.

我們進行了一些關鍵投資，這些投資確實推動了這一進程，並將繼續推動這一進程的效率，我的意思是，我們擁有遍布整個工廠的自動焊接機，並結合我們擁有的極其熟練的焊工隊伍。

It's just one example. And so we're actually, we're keeping up today and we're adding capability to further even expand and absorb more. The second thing I'd mention is, we're building this new facility in Batavia. 30,000 square feet, and we have basically put in the infrastructure to put two additional facilities next to it should we need to in the future. And what I mean by that is the electricity, the communal, meeting areas and stuff are all built for additional expansion.

這只是一個例子。因此，我們實際上正在跟上今天的步伐，並增加進一步擴展和吸收更多資源的能力。我想提到的第二件事是，我們正在巴達維亞建造這個新工廠，佔地 30,000 平方英尺，並且我們已經基本投入了基礎設施，以便在未來需要時在其旁邊建造另外兩個工廠。我的意思是，電力、公共區域、會議區域等等都是為了進一步擴展而建造的。

So the turnaround time between need and upstanding of new additional capacity even in addition to what we have is there.

因此，即使在我們現有的產能之外，從需要到建立新的額外產能之間的周轉時間也是存在的。

And then lastly, when you look at the Barber-Nichols side, we've proactively acquired opportunistically land nearby as mentioned, it's right next to our current facilities and we're developing that land in this this calendar year to be ready. So we're sort of to your point, Tony, staying one step ahead and ensuring that we're shovel ready across all of the different facilities.

最後，當您查看 Barber-Nichols 方面時，正如所提到的，我們已經主動獲取了附近的機會性土地，它就在我們現有設施的旁邊，我們正在今年開發這塊土地以做好準備。所以，托尼，我們在某種程度上就是按照你的觀點，保持領先一步，確保所有不同的設施都已準備就緒。

That's great. Well done, thank you.

那太棒了。做得好，謝謝。

Gary Schwab, Valley Forge Capital Management.

加里·施瓦布（Gary Schwab），Valley Forge 資本管理公司。

Yeah, hi guys, great quarter, thanks for taking my question. Question about, welders. I know you said that the new welding school, you're up 10% again this year. Is that going to commercial or is it going to the navy side? And what will your new needs be for the headcount growth with these three, the Batavia expansion, the radiographic, the P3 test lab? Are they going to, how many new roles will be required to support all these capabilities and training and certifications?

是的，大家好，這是一個很棒的季度，感謝您回答我的問題。關於焊工的問題。我知道你說過新的焊接學校今年又漲了 10%。這是用於商業用途還是海軍用途？那麼，隨著巴達維亞擴建、放射科、 P3 測試實驗室這三個部門的人員成長，您的新需求是什麼？他們打算，需要多少新角色來支援所有這些能力、培訓和認證？

Yeah, so I'll take that one because it's a pretty expansive question, but I'll start with the welder program specifically, in Batavia specifically, so when you look at Batavia, the majority of that welding talent is going, to a mix of defense and energy and process. What we're seeing, Gary, is we're actually working on cross utilizing a lot of those resources.

是的，我會回答這個問題，因為這是一個相當廣泛的問題，但我將從具體的焊工計劃開始，特別是在巴達維亞，所以當你看巴達維亞時，大部分焊接人才都用於防禦、能源和工藝的混合。加里，我們看到的是，我們實際上正在努力交叉利用大量資源。

And so we're able to maximize the resource allocation based on the needs in the business. It happens so much right now, it happens to be right now that a lot of that demand is in the navy side to sort of catch up and then exceed but we're seeing those resources in times of need deploy to the energy and process side.

因此，我們能夠根據業務需求最大限度地配置資源。這種事現在經常發生，現在很多需求都在海軍方面，需要趕上甚至超過，但我們看到這些資源在需要的時候被部署到能源和工藝方面。

At P3 specifically this new test facility coming online, we're being efficient with this it's not a huge lift in terms of additional personnel all of the personnel there today knows how to execute and maintain and do the work that's there in that new facility so it's bringing on, someone to oversee the facility as well as an executor, but it's not an extensive list of personnel.

在 P3 中，特別是這個新測試設施上線後，我們會非常有效率地處理這個問題，但這對額外人員的需求並不大，因為今天那裡的所有人員都知道如何執行和維護新設施並開展工作，因此我們需要一個人員來監督設施，以及一個執行者，但人員名單並不詳盡。

So, I would just say it's a continued methodical approach, kind of that, it's in parallel with the percentages that align with our with our revenue growth, and what I'd lastly add is the nice thing is the majority of it is direct labor, so it really does directly translate to value.

所以，我只想說這是一種持續的系統性方法，有點像那樣，它與我們的收入成長一致的百分比是一致的，最後我要補充的是，好處是其中大部分是直接勞動力，所以它確實直接轉化為價值。

Right, so have, so as you grow these facilities, it seems like you're going to need to grow your base labor greater than 10%, you're adding three new facilities basically have you had any discussions with your primes to help secure labor if needed because there's certain certifications that are needed for some of these jobs?

好的，所以，隨著這些設施的擴大，似乎您需要將基本勞動力增加 10% 以上，您正在添加三個新設施，基本上您是否與您的主要人員進行過討論，以便在需要時幫助確保勞動力，因為其中一些工作需要某些認證？

Yeah, so Gary, I'd flip the script on that question and say we are, we have an engaged workforce and it's a great place to work. We're recruiting the talent internally and we're actually to the place where our customers are asking us how we're doing it, so it's not so much of an us asking them. They are supporting us like with the welder [qual] with the welder workforce program, but we're actually becoming more of a pilot for how it's done, and so. I think we see continued capability to add the talent to fill these facilities and maximize the output.

是的，加里，我想反過來回答這個問題，我們擁有一支敬業的員工隊伍，這是一個很棒的工作場所。我們正在內部招募人才，實際上我們的客戶正在詢問我們做得如何，所以這並不是我們向他們詢問。他們為我們提供焊工資格和焊工勞動力計劃等支持，但實際上我們更多地是在試點如何實施這些計劃等等。我認為，我們看到了持續增加人才以填補這些設施並最大化產出的能力。

Okay, great, and I just have one last question on P3 has scamp been sold or is it being evaluated in any industries outside of space such as medical? And what about sales of the MCD? Are there any natural gas operations valuating MCD?

好的，太好了，我還有最後一個問題，關於 P3，Scamp 是否已經出售，或者是否正在太空以外的任何行業（例如醫療）進行評估？那麼 MCD 的銷售情況如何？是否有任何天然氣業務對 MCD 進行估值？

Yeah, so just for the rest of the crew, MCD is multi-channel diffuser, and I'll keep this response really high level and Gary, what I would suggest is Dan's going to introduce that we're attending some conferences we're going to, have some updates at those so I'd suggest, following along. What I would tell you is this Scamp has.

是的，所以對於其他工作人員來說，MCD 是多通道擴散器，我會保持這個回應非常高水平，加里，我建議丹將介紹我們將參加的一些會議，並在這些會議上發布一些更新，所以我建議大家繼續關注。我想告訴你的是，這個 Scamp 有。

A lot of interest across a lot of applications far reaching out of space, and so yes, we have provided it as disclosed previously for medical applications and we're seeing it in applications in transportation both on ground and in air. So there's a lot of uses for scamp, which is basically for the rest of the crew of solenoid pump, on the MCD.

人們對許多超出太空範圍的應用產生了濃厚的興趣，所以是的，我們已經為醫療應用提供了它，正如之前所披露的，我們也看到它在地面和空中交通應用中。因此，scamp 有很多用途，它基本上適用於 MCD 上電磁泵的其他工作人員。

So one of the things that we're working with that Dan's leading the charge on is working product market fit for the multi-channel diffuser, and we see a huge opportunity to bring new technology and disrupt, frankly, I'm just going to say it all 24/7 pumps.

因此，我們正在進行的、由丹負責的工作之一就是開發適合多通道擴散器的產品市場，我們看到了引入新技術和顛覆的巨大機會，坦白說，我只想說這一切都是全天候的。

So pumps that operate 24/7, we are confident that this potential technology advancement could have a huge impact on that market. So, we're in the early phases. It has not been deployed to this point, and one of the first business development areas as part of our, enhanced strategy is to bring it to market.

因此，我們相信，對於全天候運作的泵，這種潛在的技術進步可能會對該市場產生巨大的影響。所以，我們還處於早期階段。目前它尚未部署，作為我們增強策略的一部分，首批業務發展領域之一就是將其推向市場。

Thank you. At this time, we've reached the end of our question-and-answer session. I'll hand the floor over to Dan Thoren for closing remarks.

謝謝。至此，我們的問答環節已經結束。我將把發言權交給 Dan Thoren 來做最後發言。

Okay. Thank you, operator. I'd also like to remind everyone that we will be presenting at the Wells Fargo Industrials conference later this week on June 12 in Chicago and at the Northland Growth Conference on June 25, which is virtual.

好的。謝謝您，接線生。我還想提醒大家，我們將於本週稍後（6 月 12 日）在芝加哥舉行的富國銀行工業會議上發表演講，並於 6 月 25 日在北國增長會議上發表虛擬演講。

Interested investors should contact their sales representative to register and schedule one on one or group meetings. As always, a live webcast of the presentation along with presentation materials will be available on our investor relations website. We hope to see you there and as always, please reach out with any questions. Thank you, everyone, for joining us today and for your interest in Graham.

有興趣的投資者應聯繫其銷售代表進行註冊並安排一對一或小組會議。與往常一樣，我們的投資者關係網站上將提供演示的現場網路直播以及演示材料。我們希望在那裡見到您，如有任何疑問，請隨時與我們聯繫。感謝大家今天的參與以及對 Graham 的關注。

This will include today's conference. Thank you for your participation. You may not disconnect your lines at this time.

這包括今天的會議。感謝您的參與。您現在不能斷開線路。