Graham Corp (GHM) 2026 Q1 法說會逐字稿

Good day and welcome to Graham Corporation first quarter 2026 financial results conference call. (Operator Instructions). Please note this event is being recorded.

大家好，歡迎參加 Graham Corporation 2026 年第一季財務業績電話會議。（操作員指令）。請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Tom Cook installations. Please go ahead.

現在我想將會議交給湯姆庫克先生。請繼續。

Thank you and good morning everyone. Welcome to Graham's fiscal first quarter 2026 earnings call. With me on the call today are Matt Moore, President and Chief Executive Officer, and Christ, Chief Financial Officer. This morning we released our financial results. Our earnings release and accompanied presentation to today's call are available on our website at IR.grandcorp.com. You should be aware that we may make forward-looking statements during the formal discussion as well as during the Q&A session.

謝謝大家，早安。歡迎參加 Graham 2026 財年第一季財報電話會議。今天與我一起參加電話會議的還有總裁兼執行長 Matt Moore 和財務長克里斯特 (Christ)。今天早上我們公佈了財務業績。我們的收益報告及今天電話會議的隨附簡報可在我們的網站 IR.grandcorp.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。

These statements apply to future events that are subject to risk and uncertainties, as well as other factors that could cause actual results to differ materially from what is stated here today. 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。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 these 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。我們相信這些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 reconciliations of non-gap measures with comparable GAAP measures in the tables that accompany today's release and slides.

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。

We also use key performance indicators to help gauge the progress and performance of the company. These key performance metrics are ROIC, orders, backlog, and book to build ratio. These are operational measures and a quantitative reconciliation of each is not required or provided. You can find a disclaimer regarding our use of KPIs at the back of today's presentation.

我們也使用關鍵績效指標來幫助衡量公司的進展和績效。這些關鍵績效指標是 ROIC、訂單、積壓訂單和訂單建造比率。這些都是操作措施，不需要或提供每項措施的定量協調。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。

So with that if you'll please advance to slide 3, I'll turn it over to Matt to begin. Matt.

因此，請您翻到投影片 3，我將把它交給 Matt 開始。馬特。

Thank you, Tom. Good morning and welcome everyone to our first quarter fiscal year 2026 earnings call. I'm pleased with our strong results to start the fiscal 2026, demonstrating the strength of our diversified product portfolio and strategic positioning. Revenue increased 11% to $55.5 million reflecting continued performance across our key markets. This growth was driven by increased sales in our energy and process markets, particularly by refining, petrochemical, and new energy, along with strong aftermarket performance that was 33% higher than the prior year.

謝謝你，湯姆。早安，歡迎大家參加我們 2026 財年第一季財報電話會議。我對我們 2026 財年的強勁業績感到滿意，證明了我們多元化產品組合和策略定位的實力。營收成長 11% 至 5,550 萬美元，反映出我們主要市場的持續表現。這一成長得益於我們能源和加工市場（尤其是煉油、石化和新能源）的銷售成長，以及比去年高出 33% 的強勁售後市場表現。

Adjusted IBEDA increased 33% year over year to $6.8 million or a 12.3% increase or percentage of sales. These results reflect our continued focus on operational excellence and exceptional commitment by our team. We also received or achieved a strong book to build ratio of 2.3 times, driven by our driving our backlog to a company record of $482.9 million a 22% increase over the prior year.

調整後的 IBEDA 年成長 33% 至 680 萬美元，或銷售額成長 12.3%。這些結果反映了我們對卓越營運的持續關注以及我們團隊的卓越承諾。我們也獲得或實現了 2.3 倍的強勁訂單與建設比率，這得益於我們將積壓訂單量推高至公司創紀錄的 4.829 億美元，比上一年增長 22%。

This robust backlog provides excellent visibility into our business, with approximately 35 to 40% expected to convert to revenue over the next 12 months.

如此強勁的積壓訂單為我們的業務提供了極佳的可視性，預計未來 12 個月內約有 35% 至 40% 將轉化為收入。

On the defense side, we continue to see strong momentum with our US Navy programs. We recently announced a $25.5 million dollar follow-on order to produce mission critical hardware for the MK-48 Mod 7 heavyweight torpedo program in July.

在國防方面，我們繼續看到美國海軍計劃的強勁勢頭。我們最近宣布了一項價值 2550 萬美元的後續訂單，用於在 7 月為 MK-48 Mod 7 重量級魚雷計劃生產關鍵任務硬體。

This is in addition to the $136.5 million dollar follow-on contract we were awarded to support the US Navy's Virginia class submarine program.

這是對我們獲得的價值 1.365 億美元的後續合約的補充，該合約旨在支持美國海軍弗吉尼亞級潛艇計劃。

These awards reaffirm our position as a trusted supplier to the US Navy and provide stable, reoccurring revenue streams, as well as strong visibility into our future revenue.

這些獎項再次確立了我們作為美國海軍值得信賴的供應商的地位，並提供了穩定、經常性的收入來源，以及對我們未來收入的強大可視性。

I'm also pleased to remind you of our continued success in securing strategic partnerships and funding. In May, we announced a $2.2 million dollar strategic investment from a key defense customer to advance our critical we evaluation capabilities for the Columbia and Virginia class submarine programs. Combined with Graham's $1.4 million dollar contribution, this represents a total $3.6 million dollar project investment.

我也很高興地提醒大家，我們在確保策略夥伴關係和資金方面繼續取得成功。五月，我們宣布從一家主要國防客戶獲得 220 萬美元的戰略投資，以提升我們對哥倫比亞級和維吉尼亞級潛艦計畫的關鍵評估能力。加上 Graham 的 140 萬美元捐款，該項目投資總額達 360 萬美元。

This latest funding adds to our strong track record of partner partner investments, which includes a substantial $13.5 million dollar investment supporting our capacity expansion efforts and a $2.1 million dollar Blue Forge Alliance grant that enabled us to expand both our welder training programs and equipment capabilities.

這筆最新資金進一步鞏固了我們在合作夥伴投資方面的良好記錄，其中包括一筆 1,350 萬美元的巨額投資，用於支持我們的產能擴張工作，以及一筆 210 萬美元的 Blue Forge Alliance 撥款，這使我們能夠擴展焊工培訓計劃和設備能力。

These strategic partnerships demonstrate the confidence our customers and partners have in our technology and market position. Moving to energy and process, we saw a favorable mix in the quarter across our diversified product portfolio, with aftermarket sales remaining robust and increase increased activity in our new energy side of the business.

這些策略夥伴關係顯示了我們的客戶和合作夥伴對我們的技術和市場地位的信心。在能源和工藝方面，我們在本季度看到了多元化產品組合的良好組合，售後市場銷售保持強勁，並且我們新能源業務的活動有所增加。

We are seeing a lot of momentum and opportunities in the small modular nuclear reactors and cryogenics. Where we are seeing increased interest in our mission critical technologies.

我們看到小型模組化核反應器和低溫技術領域的巨大發展動能和機會。我們看到，人們對我們的關鍵任務技術的興趣日益濃厚。

We're also advancing innovations like our next gen nozzle for vacuum distillation towers that we mentioned in previous quarters. Overall, the underlying demand remains strong, though timing has become more uncertain on the larger global capital projects.

我們也正在推進創新，例如我們在前幾季提到的用於真空蒸餾塔的下一代噴嘴。整體而言，儘管全球大型資本項目的時機變得更加不確定，但潛在需求仍然強勁。

In our space segment, we continue to see excellent traction. The launch market is gain gaining momentum, and our specialized applications are performing exceptionally well, demonstrating the strong underlying demand in this sector.

在我們的太空領域，我們繼續看到出色的發展勢頭。發射市場正在獲得發展勢頭，我們的專業應用程式表現非常出色，顯示該領域存在強勁的潛在需求。

We are currently executing several low rate production programs that have long long-term scale opportunity. Our full product life cycle approach, including design, manufacturing, and test, is proving effective with our space pipeline strong as ever. We remain optimistic our growth prospects in this dynamic environment.

我們目前正在執行幾個具有長期規模機會的低速率生產計劃。我們的全產品生命週期方法（包括設計、製造和測試）已被證明是有效的，我們的太空管道一如既往地強大。在這種充滿活力的環境中，我們對我們的成長前景仍然保持樂觀。

Turning to our operational initiatives on slide 4, I'm pleased to report that the strategic capital investments remain on schedule and budget. We received our certificate of occupancy in July for the 30,000 square foot Batavia manufacturing facility to support the US Navy.

談到幻燈片 4 上的營運計劃，我很高興地報告，戰略資本投資仍然按計劃和預算進行。我們於 7 月獲得了佔地 30,000 平方英尺的巴達維亞製造工廠的入住許可證，以支援美國海軍。

Also, this will come on, we expect this to be fully operational by the end of calendar year Q3.

此外，我們預計這將在日曆年第三季末全面投入營運。

This facility featured enhances capabilities through automated welding, optimized product flow, and advanced machining to accelerate throughput to meet the rising demand that we're seeing on the several Navy platforms.

該設施透過自動焊接、優化產品流程和先進的機械加工增強了功能，從而加快了產量，滿足了我們在多個海軍平台上看到的不斷增長的需求。

To that point, we have completed the installation of our 6 automated welding machines and calibration is complete.

至此，我們已經完成了 6 台自動焊接機的安裝，並且校準也已完成。

Our new cryogenic propellant testing facility in Florida is also progressing well with the liquid oxygen tank now being now installed and the facility expected to be operational this quarter and beginning to generate return this fiscal year.

我們位於佛羅裡達州的新型低溫推進劑測試設施進展順利，液氧罐現已安裝完畢，預計該設施將於本季度投入運營，並於本財年開始產生回報。

Moving to our internal operations, our ERP system implementation in Batavia continues to progress. Which we expect to come online by the end of calendar year 2025. This system will reap immediate benefits for Graham by stream streamlining workflows, improving transactional efficiency, and standardizing cross-functional communications.

轉向我們的內部運營，我們在巴達維亞的 ERP 系統實施正在繼續推進。我們預計它將在 2025 年底上線。該系統將透過簡化工作流程、提高交易效率和標準化跨職能溝通為 Graham 帶來直接的利益。

These investments are targeting returns on investment exceeding 20%. And many of these cross-functional and scalable initiatives from automated welding and expanded R&D to workforce training will position us for future growth across all our markets.

這些投資的目標是投資報酬率超過20%。從自動化焊接、擴大研發到勞動力培訓等許多跨職能、可擴展的措施將為我們在所有市場的未來成長奠定基礎。

Moving to M&A, we continue to see a strong pipeline of acquisition opportunities that align with our strategic initiatives and remain focused on pursuing opportunities that offer risk adjusted returns and can help us accelerate our product life cycle strategy.

在併購方面，我們繼續看到與我們的策略舉措一致的強大收購機會，並繼續專注於尋求提供風險調整回報並能幫助我們加速產品生命週期策略的機會。

Our M&A growth criteria is laid out on slide 14 from our earnings deck, where we expect opportunistic acquisitions to supplement organic growth of 8 to 10%.

我們的併購成長標準列於我們的收益簡報的第 14 張投影片中，我們預計機會性收購將補充 8% 至 10% 的自然成長。

In closing, our fi first fiscal quarter demonstrates strong results, continued business momentum across our diversified portfolio.

最後，我們的第一財季業績表現強勁，多元化投資組合的業務動能持續保持良好。

With our record backlog, strategic investments coming online, and strong market positioning, we're well positioned to capitalize on the opportunities that lie ahead. The foundation we've built over the past several years is enabling us to deliver consistent results while positioning Graham to achieve sustainable long-term growth and our fiscal 2027 targets of 8 to 10% organic revenue growth per year.

憑藉創紀錄的訂單量、正在進行的戰略投資以及強大的市場定位，我們已做好準備，充分利用未來的機會。我們在過去幾年中建立的基礎使我們能夠提供一致的成果，同時使 Graham 實現可持續的長期增長和我們 2027 財年的目標，即每年 8% 至 10% 的有機收入增長。

And low to mid teen adjusted EBITA margins as we transition from our improved phase to our growth phase. I am incredibly proud of the team we've built and our intense focus on winning together to deliver unparalleled solutions for our customers in new and exciting ways. We are just getting started.

隨著我們從改善階段過渡到成長階段，調整後的 EBITA 利潤率處於低至中等水平。我為我們建立的團隊以及我們高度專注於共同取勝以全新和令人興奮的方式為客戶提供無與倫比的解​​決方案感到無比自豪。我們才剛開始。

With that, I'll turn it over to Chris to review the financial results. Chris?

說完這些，我將把財務結果交給克里斯來審查。克里斯？

Thanks, Matt, and good morning everyone. I will begin my review of results on slide 5. For the first quarter of fiscal 2026, sales were $55.5 million, an increase of 11% compared to the prior year, reflecting strength across our diversified portfolio and was consistent with our expectations and guidance for the year.

謝謝，馬特，大家早安。我將從第 5 張投影片開始審查結果。2026 財年第一季的銷售額為 5,550 萬美元，比上年增長 11%，反映了我們多元化產品組合的實力，並且與我們對今年的預期和指導一致。

Sales to the energy and process market increased by $5.7 million, driven by commercial projects and chemical petrochemical, as well as momentum in new energy markets, including hydrogen and SMRs.

受商業項目和化學石化產品以及氫氣和 SMR 等新能源市場的發展勢頭的推動，能源和製程市場的銷售額增加了 570 萬美元。

Aftermarket sale to the energy and process and defense markets were $10.4 million, up 33% from the prior year, with demand in these areas remaining robust.

面向能源、加工和國防市場的售後銷售額為 1,040 萬美元，比上年增長 33%，這些領域的需求依然強勁。

Turning to slide 6, gross profit increased 19% to $14.7 million, with gross margin expanding 170 basis points to 26.5% compared to the prior year. This improvement was driven by higher volume. And improved sales mix which included a higher level of aftermarket work and better execution and pricing.

轉到投影片 6，毛利成長 19% 至 1,470 萬美元，毛利率與上年相比擴大 170 個基點至 26.5%。這種改善是由更高的銷售所推動的。並改善了銷售組合，包括更高水準的售後工作以及更好的執行和定價。

For the first quarter of fiscal 2026, the impact of tariffs was not material to our consolidated financial statements. However, the situation remains fluid, and we continue to actively monitor the impact that tariffs will have on our business.

對於 2026 財年第一季度，關稅對我們的合併財務報表的影響並不重大。然而，情況仍然不穩定，我們將繼續積極監測關稅對我們業務的影響。

Given our network of in-country subcontractors that we have established over the last decade, as well as favorable contract terms that we have built into our contracts to protect ourselves, we estimate the range of potential impact of increased tariffs for the full year to only be between $2 million and $0.05 million dollars.

考慮到我們在過去十年中建立的國內分包商網絡，以及我們在合約中為保護自己而製定的有利合約條款，我們估計全年關稅上調的潛在影響範圍僅在 200 萬美元至 5 萬美元之間。

On slide 7 you can see how this strong operational performance translated to the bottom line. Net income for the quarter was $4.6 million or $0.42 per diluted share, up 56% compared with the $0.27 per diluted share in the prior year.

在第 7 張投影片上，您可以看到強勁的營運表現如何轉化為利潤。本季淨收入為 460 萬美元，即每股攤薄收益 0.42 美元，較上年同期每股攤薄收益 0.27 美元增長 56%。

Adjusted net income was $4.9 million or $0.45 per diluted share, a 36% increase year over year.

調整後淨收入為 490 萬美元，即每股 0.45 美元，年增 36%。

Similarly, adjusted EBITO was $6.8 million for the quarter, up 33% from last year, with adjusted even a margin improving 200 basis points to 12.3%. As a reminder, the Barbara Nichols earnout bonus will phase out by the end of fiscal 2026.

同樣，本季調整後的 EBITO 為 680 萬美元，比去年增長 33%，調整後的利潤率甚至提高了 200 個基點，達到 12.3%。提醒一下，芭芭拉·尼科爾斯的獲利獎金將在 2026 財年末逐步取消。

With this program behind us, we remain confident in our ability to achieve our fiscal 2027 goal of low to mid-teen adjusted even to margins.

有了這個計劃，我們仍然有信心實現 2027 財年的目標，即調整後的利潤率達到低至十幾個百分點。

Moving to slide 8, we saw record order demand this quarter. Orders totaled $126 million, primarily reflecting the remaining $86.5 million of a $136.5 million. Total contract value follow on order for the Virginia class submarine program that we announced in May.

轉到第 8 張投影片，我們看到本季的訂單需求創下了紀錄。訂單總額為 1.26 億美元，主要反映了 1.365 億美元中的剩餘 8,650 萬美元。合約總價值與我們五月宣布的弗吉尼亞級潛艇計劃訂單一致。

Additionally, aftermarket orders for the energy and process and defense markets remain strong, totaling $10.5 million in the quarter, up 16% over the prior year. The resulting book to build ratio was 2.3 times for the quarter, driving backlog to a record of $483 million, up 22% year over year.

此外，能源和加工以及國防市場的售後訂單依然強勁，本季總額達 1,050 萬美元，比上年增長 16%。本季的訂單與建造比率為 2.3 倍，積壓訂單量達到創紀錄的 4.83 億美元，年增 22%。

Approximately 87% of this backlog is for the defense industry, with 35 to 40% expected to convert to revenue over the next 12 months.

其中約 87% 的積壓訂單來自國防工業，預計未來 12 個月內其中 35% 至 40% 將轉化為收入。

I should point out that our orders tend to be lumpy given the nature of our business and in particular orders to the defense industry which span multiple years and can be significantly larger in size.

我應該指出，鑑於我們業務的性質，我們的訂單往往是不連續的，特別是國防工業的訂單，這些訂單跨越多年，而且規模可能大得多。

Over the long term, our goal is to have a book to build ratio of 1.1 times, which can vary significantly from quarter to quarter given the nature of our business.

從長遠來看，我們的目標是實現 1.1 倍的訂單量與建設量之比，鑑於我們的業務性質，該比率每個季度可能會有很大差異。

Turning to slide 9, you could see our balance sheet and liquidity position remains strong. We ended the quarter with $10.8 million in cash and no debt. With $44.3 million available on our revolver.

翻到第 9 張投影片，您可以看到我們的資產負債表和流動性狀況依然強勁。本季末，我們擁有 1,080 萬美元現金，且沒有債務。我們的左輪手槍上有 4,430 萬美元可用。

As expected, cash used in operations was $2.3 million in the quarter, driven by fiscal 2025 bonus payments, which included the Barbara Nichols supplemental earnout bonus of $4.3 million.

正如預期的那樣，本季營運現金使用量為 230 萬美元，主要受 2025 財年獎金支付的推動，其中包括 430 萬美元的芭芭拉·尼科爾斯補充獲利獎金。

Capital expenditures were $7 million in the quarter, focused on capacity expansion, radiographic testing, cryogenic testing, and productivity enhancements.

本季資本支出為 700 萬美元，主要用於產能擴張、射線檢測、低溫測試和生產力提高。

All major projects remain on time and are expected to generate returns above 20%.

所有重大項目均按計畫推進，預計回報率將超過20%。

Turning to guidance on slide 10. Based upon the strong results for the first quarter, as well as our expectations for the remainder of the fiscal year, we are reiterating our full year fiscal 2027, 2026 outlook.

轉到投影片 10 上的指示。根據第一季的強勁業績以及我們對本財年剩餘時間的預期，我們重申對 2027 財年全年和 2026 財年的展望。

Which reflects continued momentum in our markets and early benefits from our high return capital investments. The midpoint of that guidance implies 10% revenue growth and 12% adjusted even to growth.

這反映了我們市場持續的發展勢頭以及我們高回報資本投資的早期收益。該指引的中點意味著營收成長 10%，甚至調整後的成長 12%。

All in all, the first quarter of fiscal 2026 was a strong quarter that was consistent with our expectations and guidance. Not only were we able to achieve strong revenue growth, order volume, and record backlog, but we also made great progress on the numerous strategic investments we are making in our company.

總而言之，2026 財年第一季表現強勁，符合我們的預期與指導。我們不僅實現了強勁的營收成長、訂單量和創紀錄的積壓訂單，而且我們在公司進行的眾多策略投資方面也取得了巨大進展。

It is these investments, along with the continued momentum that is building within our company that gives us confidence we are on track to achieving our fiscal 2027 targets of 8 to 10% organic revenue growth per year in low to mid-teen adjusted even to margins.

正是這些投資，加上我們公司內部不斷增強的發展勢頭，讓我們有信心實現 2027 財年的目標，即每年有機收入增長 8% 至 10%，即使調整利潤率後也能達到中十幾個百分點。

With that, we can now open the call for questions.

好了，我們現在可以開始提問了。

(Operator Instructions)

（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 the quarter. Thanks for taking the questions. My first just around the margins and excluding the Barbara Nichols bonus, looking at margins for the quarter up over 14%, the same prior quarter. You're closing in on the high end of that target you set for fiscal '27 and understanding there'll be some quarter to quarter variability.

早安，恭喜本季取得佳績。感謝您回答這些問題。我首先關注的是利潤率，不包括芭芭拉·尼科爾斯獎金，本季的利潤率比上一季度增長了 14% 以上。您即將實現為 27 財年設定的目標的高端，並且您知道季度與季度之間會存在一些差異。

I'm just wondering, is there anything you'd Call out in the quarters being unsustainable. You got align a few a few items there. The aftermarket sales are particularly strong tariff impacts still to come or still fluid, but just wondering is there any other, particular headwinds that you see in the way.

我只是想知道，您是否認為本季的情況不可持續。您必須在那裡對齊一些項目。售後市場銷售尤其受到關稅的強烈影響，但這種影響尚未顯現或仍不穩定，只是想知道您是否還看到了其他特別的阻力。

Yeah, thanks for the question, Russ. Yeah, there was nothing unusual about the current quarter that we can exclude, but as we reiterated our guidance and did not change it. We did have a very high mix of aftermarket as you pointed out, aftermarket sales were 20% in the quarter versus 15% last year.

是的，謝謝你的提問，拉斯。是的，本季沒有什麼可以排除的異常情況，但我們重申了我們的指導方針，並沒有改變它。正如您所指出的，我們的售後市場結構確實非常高，本季售後市場銷售額為 20%，而去年同期為 15%。

And, that drove that as well as the other favorable mix drove our margins higher than the range that we provided. So we would expect to get to a more normalized level for the remainder of the year of the year and be within our guidance that we set out at the beginning of the year.

而且，這以及其他有利因素使我們的利潤率高於我們提供的範圍。因此，我們預計今年剩餘時間的業績將達到更正常的水平，並符合我們年初制定的指導方針。

Great, thanks for that and and maybe just on the aftermarket sales and understanding I guess traditionally that's been more of an energy and process business but you call that defense contributing in the in the quarter just wondering what you could say as to the opportunity there in the aftermarket and the potential for growth.

太好了，謝謝你，也許只是關於售後市場的銷售和理解，我想傳統上這更多的是一個能源和流程業務，但你稱之為防禦貢獻在本季度只是想知道你對售後市場的機會和增長潛力有何看法。

Yeah, Russ, great question, we're seeing a lot of favorability and opportunity on the fleet maintenance side, so as you hear about, Columbia, Virginia pushing out and, not getting, additional submarines to the fleet, we're seeing opportunities to repair existing.

是的，拉斯，這個問題問得很好，我們在艦隊維護方面看到了很多有利條件和機會，所以正如你所聽到的，哥倫比亞號、弗吉尼亞號潛艇正在退出艦隊，而艦隊中沒有增加潛艇，我們看到了修復現有潛艇的機會。

Assets that are in the field and so we currently have in the Colorado facility a pretty extensive overhaul facility which was just modernized and brought online to upgrade these assets to be to go from 30 years of use to essentially new and fit for service, so that side is filled and moving forward so that's where you see the aftermarket opportunity.

現場的資產，因此我們目前在科羅拉多工廠擁有一個相當廣泛的大修設施，該設施剛剛進行了現代化改造並投入使用，以升級這些資產，使其從使用 30 年的狀態變為基本上全新的、適合服務的資產，因此這方面已經得到填補並向前發展，這就是您看到的售後市場機會。

The other that I'll just briefly touch on is spare support on the torpedo programs we're seeing quite a bit of opportunity where you know there's there's the need to keep these assets up and running and so we're getting a number of inquiries from the depots to provide spare parts in the aftermarket to the depots for overhaul.

我將簡要談及的另一個問題是魚雷計劃的備用支持，我們看到了相當多的機會，你知道有必要保持這些資產的正常運行，因此我們收到了許多來自倉庫的詢問，希望在售後市場為倉庫提供備件以供大修。

Great, maybe if I could sneak in one last question and get back in the queue. The the order even announced last week to support the torpedo program. I just wanted to clarify, did any of that land in orders for Q1, or does all of that fall into Q2? I ask even the way the big order at the end of May was split up. Thanks.

太好了，也許我可以偷偷問最後一個問題，然後回到隊列。該命令甚至在上周宣布支持魚雷計畫。我只是想澄清一下，這些訂單中是否有任何一個屬於第一季的訂單，還是全部屬於第二季的訂單？我甚至詢問五月底的大訂單是如何拆分的。謝謝。

Yes, no russ, that whole order will be in Q2, that was subsequent to quarter and that we definitize that, so it'd be in the second quarter.

是的，整個訂單將在第二季度，也就是下一季之後，而且我們已經確定了，所以它將在第二季度。

That's great thank you for the call I'll get back in the queue.

太好了，謝謝您的來電，我會再回來的。

Thanks, Russ.

謝謝，拉斯。

Bobby Brooks, Northland Capital Markets.

布魯克斯 (Bobby Brooks)，北國資本市場 (Northland Capital Markets)。

Hey good afternoon guys thanks for taking my question. So you guys mentioned how you're seeing increasing momentum in small nuclear reactors. Could you maybe remind us what products you're providing to the space and maybe just expand a bit more to help sort of quantify that momentum?

嘿，大家下午好，感謝你們回答我的問題。所以你們提到如何看到小型核反應器的發展勢頭不斷增強。您能否提醒我們您為該領域提供了哪些產品，並稍微擴展一下以幫助量化這種勢頭？

Yeah.

是的。

So Bobby, as you read, the small modular nuclear space is, ramping up. I'll say it's in the early development phases we're starting to see Idaho National Labs start to bring back online the dome for testing for some of these, the scope that is being supplied by Graham and specifically Barbara Nichols and P3 is in regards to the.

所以 Bobby，正如你所讀到的，小型模組化核空間正在不斷擴大。我想說的是，在早期開發階段，我們開始看到愛達荷國家實驗室重新上線圓頂進行一些測試，由 Graham 和 Barbara Nichols 以及 P3 提供的範圍與此有關。

The helium circulator and or molten salt pumps that are utilized on these small modular nuclear systems, additional scope that long term we we intend to supply would be the super critical CO2 machine that converts the heat source to electrical on the backside of the of the process. With that being said.this is a slow ramp over the next, I would say, number of years, and we're in the very much the development phase,

這些小型模組化核系統上使用的氦循環器和熔鹽泵，以及我們長期打算提供的額外範圍是超臨界二氧化碳機器，該機器在過程的背面將熱源轉換為電能。話雖如此，但我認為在接下來的幾年裡，這將是一個緩慢的成長過程，我們目前處於發展階段。

so it makes up a very small percentage of the business today, but we see significant growth opportunity and we continue to see additional inquiries in the pipeline of small businesses that are starting to enter in this arena in addition to what are the platform businesses that we're working with today.

因此，它在當今的業務中只佔很小的比例，但我們看到了巨大的成長機會，除了我們今天正在合作的平台企業之外，我們還看到開始進入這個領域的小型企業的更多諮詢。

Awesome, excellent color there and then just go circling back on gross margins, you know that was a key highlight for myself on the quarter, with that being with the 26.5% being the highest level you guys have seen since taking over the business in 2021.

太棒了，顏色非常好，然後回到毛利率，你知道這是我本季的關鍵亮點，26.5% 是自 2021 年接管業務以來的最高水平。

Obviously I feel like that's in part to several different margin enhancement initiatives you have going on, but I was just curious if you could sort of rank order which initiatives were the largest benefit in the quarter or maybe I'm overthinking it and it's just as simple as the higher aftermarket mix that you guys have called out.

顯然，我覺得這在一定程度上要歸功於你們正在進行的幾項不同的利潤提升舉措，但我只是好奇，你是否可以按順序排列哪些舉措是本季度最大的收益，或者也許我想太多了，這就像你們所說的更高的售後市場組合一樣簡單。

Yeah Bobby, that would be the number one call out would be the the higher the higher percentage of aftermarket business. Additionally for the remainder of the year we expect some a higher level of material receipts which typically carry a lower margin with them, so that could bring the margins down a little bit for the remainder of the year. Again, still feel very comfortable about comfortable about our 24.5 to 25.5% guidance that we gave for the year.

是的，鮑比，這將是第一個呼籲，售後業務的比例會更高。此外，我們預計今年剩餘時間內材料收入會有所增加，而這通常會帶來較低的利潤率，因此今年剩餘時間內的利潤率可能會略有下降。再次，我們對今年給予的 24.5% 至 25.5% 的指導仍然感到非常滿意。

Got it. And then just kind of following up on that, obviously you know your gross margins are unchanged, but I feel like is there going to be, is there some sort of shift that you're anticipating with less aftermarket sales going forward because I assume that's probably the case because you have a handful of other margin enhancement initiatives that are set to complete in your fiscal year '26 so maybe just help me understand the logic of not raising the gross margin guidance after these strong results.

知道了。然後繼續問下去，顯然您知道您的毛利率沒有變化，但我覺得是否會出現某種變化，您是否預計未來售後市場銷售額會減少，因為我認為情況很可能如此，因為您還有其他一些利潤率提高計劃將在 2026 財年完成，所以也許這可以幫助我理解在取得這些強勁業績後不提高毛利率預期的邏輯。

Sure, well, as one quarter doesn't make a year, so I don't want to really move off guidance that we just gave a month ago, aftermarket sales were up 33% in the quarter, so certainly we wouldn't expect that level of growth year over year, to continue, and as I did mention we do have some lower margin work that's going to be coming through. Our P&L later in the year which would bring that down a little bit.

當然，一個季度不能代表一年，所以我不想真的偏離我們一個月前給出的指導，售後市場銷售額在本季度增長了 33%，所以我們當然不會期望這種同比增長水平能夠持續下去，正如我所提到的，我們確實有一些利潤率較低的工作即將完成。我們今年稍後的損益表將會使這一數字略有下降。

Fair enough, appreciate the color, guys.

很公平，欣賞顏色，夥計們。

Thank you. I'll return to the queue.

謝謝。我會回到隊列。

Thanks Bobby.

謝謝鮑比。

Thank you.

謝謝。

Joe Gomes, Noble Capital.

喬·戈麥斯 (Joe Gomes)，Noble Capital 的創始人。

Good morning. Congrats on the quarter.

早安.恭喜本季取得佳績。

Thanks Joe thanks.

謝謝喬，謝謝。

Joe.

喬。

But I wanted to turn to the space segment for a minute and Matt, you talked about, some excellent traction there, in some programs that are low rate that could potentially move to higher production levels, but.

但我想暫時談談太空領域，馬特，你談到了那裡的一些出色牽引力，在一些低速率的項目中，可能會轉向更高的生產水平，但是。

If we look at, the orders from that in that market in the backlog of the market, it's not showing I guess the level of excitement that seemed to be coming across from you and just wondering if you could walk us through a little bit more, where you actually see that space market and then when we could start to maybe see this really take off.

如果我們看一下該市場積壓的訂單，我想它並沒有顯示出您所表現出的興奮程度，我只是想知道您是否可以向我們詳細介紹一下您實際上在哪裡看到了太空市場，然後我們什麼時候可以開始看到它真正起飛。

Yeah, so I think a few things that characterize with the space market just in in context for the conversation. So, we've had a dominant player in the United States for launch, for, the last number of years, we're starting to see some additional competitive launch opportunities come into the market and you can sort of, look at who those players are.

是的，所以我認為在談話的背景下，太空市場有幾件事具有特徵。因此，在過去的幾年裡，我們在美國已經擁有了主導的發布者，我們開始看到一些額外的競爭性發布機會進入市場，你可以看看這些參與者是誰。

With those next generation assets coming, the Barbara Nichols team and P3 team have, some critical assets that are on board, those rockets, with that being said, the additional aspect is once you get.

隨著下一代資產的到來，芭芭拉·尼科爾斯團隊和 P3 團隊已經擁有了一些關鍵資產，這些火箭，話雖如此，但一旦你獲得了額外的方面。

Reliable launch capability then you have the deploying of assets into space like satellites and others and so Joe, I think there's a twofold thing we're starting to see the low rate production materialize on some of the additional launch providers which we have critical content on so we're we're seeing some scale there and I think we'll see it, continue to nurture through the pipeline.

有了可靠的發射能力，你就可以把衛星等資產部署到太空中，所以喬，我認為有雙重作用，我們開始看到一些額外的發射提供者實現低速率生產，我們對這些提供者擁有關鍵內容，因此我們看到了一定的規模，我認為我們會看到它，並繼續透過管道進行培育。

The other side that we're seeing is the what to do in space really picking up and and that's value based, that's, the, as we mentioned, the oxygen fan for the astronaut astronaut backpack that we're working on, that's in its low rate infancy development phase which is scaling.

我們看到的另一面是，在太空中可以做什麼真的在增加，這是基於價值的，這就是，正如我們所提到的，我們正在研究的宇航員背包的氧氣風扇，它處於低速率的初期開發階段，正在擴大規模。

We're also seeing some satellite cooling systems scale so we're in the early phases of the competitive platforms coming online for launch and then they're launching assets that have rotating machines that are provided by both Barbara Nichols and P3. So a little bit long winded to say we're seeing scale, but it's in the early phases still and so Joe, yeah, I think it's maybe a little preemptive also what I'll say is.

我們也看到一些衛星冷卻系統正在擴大規模，因此我們正處於競爭平台上線發射的早期階段，然後他們發射的資產具有由 Barbara Nichols 和 P3 提供的旋轉機器。所以說我們已經看到了規模，這有點冗長，但它仍處於早期階段，所以喬，是的，我認為這可能有點先發製人，我想說的是。

You know we're just bringing online. I, announced the.

你知道我們剛剛上線。我，宣布。

Cryogenic facility and the liquid oxygen tank coming online, we're starting to see incredible interest for that facility in two folds of it exactly what we originally pitched, which is our customers coming to us saying, hey, look, can you test our assets in your facility? And 2 is we'd like to move forward with you as the provider because you have this capability to validate your product so we're seeing the two conversations unfold with respect to that facility so give some color on space but yes a lot of traction and excitement.

低溫設施和液態氧罐投入使用後，我們開始看到人們對該設施產生極大的興趣，這與我們最初宣傳的完全一致，那就是我們的客戶來找我們說，嘿，看，你能在你的設施中測試我們的資產嗎？第二，我們希望與您作為供應商一起前進，因為您有能力驗證您的產品，因此我們看到有關該設施的兩次對話正在展開，因此在空間上給予一些色彩，但確實有很多牽引力和興奮。

Okay, thanks for that and I'm the I'm a.

好的，謝謝你，我是一個。

Given where you are on the on the on the facility, thyrogenic facility.

考慮到您在設施上的位置，甲狀腺設施。

Can you have any, do you have any kind of sense of of what that might be start generating in in revenue and and when?

您能告訴我，什麼時候可以開始產生收入嗎？

Yeah, so I think we'll start talking about that probably next quarter. First and foremost is ensuring that the facility gets completed and is of course execution safe, so we're going all through all the procedures now, all the protocols for safety, and then we'll actually start by testing one of our internal products, that has already been validated through oxygen and hydrogen testing just to confirm consistent results.

是的，我想我們可能會在下個季度開始討論這個問題。首要的是確保設施完工，當然也是執行安全，所以我們現在要完成所有的程序，所有的安全協議，然後我們實際上會從測試我們的一個內部產品開始，該產品已經通過氧氣和氫氣測試驗證，以確認一致的結果。

Once we deem safe, we are actively in conversations with customers today about starting to fill that, starting to fill the backlog in that facility and so we expect to disclose further in the next quarter.

一旦我們認為安全，我們今天就會積極與客戶交談，開始填補這一空缺，並開始填補該設施的積壓訂單，因此我們預計將在下個季度進一步披露。

Okay, thanks and 11 last one for me, a lot of growth here with a lot of large award announcements, some of the.

好的，謝謝，對我來說，最後一個問題是，這裡有很多成長，有很多大型獎項的公告，其中一些。

Details you provided today, any kind of restrictions in terms of, hiring of people that you're not finding the availability or the proper skills, anything there that could limit the the the growth here in the near term.

您今天提供的詳細信息，在僱用您認為空缺或不具備適當技能的人員方面的任何限制，以及任何可能在短期內限制此處增長的因素。

Yeah, thanks Joe. I sound like a broken record here quarter after quarter, but our HR teams continue to do a great job recruiting as we have the welder training program, as well as other programs in place, to bring people in. Our direct labor force was up 10% year over year, so, at this point, we see.

是的，謝謝喬。我一個季度又一個季度地重複著這些話，但我們的人力資源團隊在招募方面做得非常出色，我們有焊工培訓計畫和其他計畫來吸引人才。我們的直接勞動力同比增長了 10%，因此，從這一點來看，我們看到了。

Great supply of workers and I would say that the the market for new employees has softened a little bit as well so that that helps us.

工人供應充足，我想說新員工市場也略有疲軟，這對我們有幫助。

Okay great thanks I'll I'll pass it.

好的，非常感謝，我會通過的。

On.

在。

Thanks, Joe.

謝謝，喬。

Thank you.

謝謝。

Tony Bancrof, Gabelli funds.

托尼·班克羅夫，加貝利基金。

Good morning, gentlemen, and congratulations on the great Quarter. Just regards to, the Wall Street Journal article this week which I think you alluded to a little earlier in a question.

先生們，早安，恭喜本季取得圓滿成功。關於本週《華爾街日報》的文章，我想您之前在提問中提到過。

You're seeing all these dry docks building up and you talked about the extra work you're getting from that.

您看到所有這些乾船塢正在建設中，並且您談到了由此獲得的額外工作。

How do you see this this this issue?

您如何看待這個問題？

I know the President has talked about an initiative, but playing out over the next 5 years and how does Graham How's Graham going to compete in that space and maybe grow in that space, or is there something maybe transformative that Graham would want to do since we essentially have unconstrained secular demand.

我知道總統已經談到了一項倡議，但在未來 5 年內如何實施，格雷厄姆將如何在該領域競爭並在該領域發展，或者格雷厄姆是否希望做一些變革性的事情，因為我們基本上擁有不受約束的世俗需求。

Yeah Tony, thanks for the warm regards and you know this is a this is a complicated one but I'll I'll talk to you in a little bit of color so how we look at it is first you gotta execute on the programs that you have in your backlog period if you can't execute you can't talk about the future opportunities we are doing that across the defense platform which is important for securing additional work. The second is we are showing internal investment to support these fleet modernization activities and I'd say we're thinking creatively so we're not just bringing the old.

是的，托尼，謝謝你的熱情問候，你知道這是一個複雜的問題，但我會和你詳細談談，所以我們首先要考慮的是，你必須執行積壓期間的計劃，如果你不能執行，你就不能談論我們在整個國防平台上所做的未來機會，這對於確保額外的工作很重要。第二，我們正在進行內部投資來支持這些車隊現代化活動，我想說，我們正在創造性地思考，所以我們不僅僅是引進舊的。

Take the same solution, for the same application we're not only delivering that same product in kind but we're also upgrading where appropriate to to enhance speed and speed's been a key focus to get back to the to the to the fleet.

採用相同的解決方案，對於相同的應用，我們不僅提供相同的產品，而且還在適當的情況下進行升級以提高速度，而速度一直是回到車隊的重點。

What then happens is, you continue to bring on capacity and you drive efficiency in your operations which gives you opportunity for bandwidth to absorb additional work and that's where, Dan Thorn comes in with the business development side with with the team at both locations and so what that really looks like is now you can start saying we have this capability and capacity in these locations. And you can start to augment that with the needs of of the both our customers in the navy and so that's the phase where we're at right now we're well down this path but it starts with execution then it starts with efficiency and then it drives filling filling.

接下來發生的事情是，你繼續提高產能，提高營運效率，這為你提供了頻寬吸收額外工作的機會，而這正是 Dan Thorn 與兩個地點的團隊一起參與業務開發的地方，所以現在你可以開始說我們在這些地點擁有這種能力和產能。您可以根據海軍客戶的需求開始擴充這一點，這就是我們目前所處的階段，我們已經沿著這條道路走了很長一段路，但它從執行開始，然後從效率開始，然後推動填充。

Capacity.

容量。

That's great, thank you so much. Well done.

太好了，非常感謝。做得好。

Thank you.

謝謝。

Tate Sullivan, Maxim Group.

泰特·沙利文（Tate Sullivan），馬克西姆集團（Maxim Group）。

Hi, thanks. Well, just a follow up question for the torpedo work. Can you talk about the potential length of the most recent torpedo order in terms of years? Does it accompany the length with work on Columbia class and Virginia class submarines, or is it much shorter, please?

你好，謝謝。嗯，這只是關於魚雷工作的一個後續問題。您能談談最近一次魚雷訂單的潛在期限（以年為單位）嗎？它的長度是否與哥倫比亞級和維吉尼亞級潛艇的工作長度相同，還是短得多？

Thank you.

謝謝。

Yeah, so I'll break it up. The $136.5 million dollar order is specific to Virginia class. It extends out through, the mid-2030s.

是的，所以我會把它分解。這份價值 1.365 億美元的訂單專門針對維吉尼亞級它將持續到 2030 年代中期。

The program that was recently announced that will be booked in Q2, which is the Mark 48, torpedo program, that is a single option year, so that meets the demand of this year, we have 3 additional option years on that contract. And then there's opportunity for an additional block thereafter, so, quite a bit of runway on those programs and we're seeing heightened demand.

最近宣布的將在第二季度預訂的項目是 Mark 48 魚雷項目，這是一個單一選擇年，因此可以滿足今年的需求，我們在該合約上還有 3 個額外的選擇年。此後還有機會獲得額外的區塊，因此，這些項目有相當大的發展空間，而且我們看到需求增加。

Good, thank you. And then within the backlog of 418 million for defense, does the submarine related work and the torpedo work take up the major the majority of that number, please? And if not, what do you want to highlight some of the other orders in that backlog number?

好的，謝謝。那麼，在國防積壓的4.18億美元中，潛艦相關工作和魚雷工作是否佔了大部分？如果不是，您想強調一下積壓訂單中的其他一些訂單嗎？

No, Tony, that is the bulk of what's in there. We do have a little bit left on, CBN 81, but, the bulk of that is related to the torpedoes, and the submarine programs.

不，托尼，這就是裡面的大部分內容。我們確實還剩下一點點，CBN 81，但其中大部分與魚雷和潛艇計劃有關。

Great. Okay, thank you very much.

偉大的。好的，非常感謝。

Thank you.

謝謝。

John Beer, S and Wealth Advisor LLC.

John Beer，S 和 Wealth Advisor LLC。

Thank you. Good morning, Matthew and Chris. Thanks for taking my question. Having followed Graham for many years and you allude almost every quarter about the lumpiness of order awards.

謝謝。早上好，馬修和克里斯。感謝您回答我的問題。我關注格雷厄姆很多年了，幾乎每個季度你都會提到訂單獎勵的不平衡。

Sort of like a boa constrictor. And so I guess the question is, looking out there, what do you see as being the potential award pipeline projects and so forth that you can bid on and potentially win to continue to maintain or increase the your backlogs.

有點像蟒蛇。所以我想問題是，放眼望去，您認為有哪些潛在的授予渠道項目等等，您可以競標並有可能贏得這些項目，以繼續維持或增加您的積壓訂單。

Yeah thanks it's a it's a twofold question or it's a twofold answer. The first is think of your sort of large lumpy programs as mentioned, which is, we're pursuing additional torpedo programs that are both restart and new production, as examples, and those would be somewhat lumpy in nature in parallel to those large programs. We are also, seeking to level out some of the commercial portion of the business. So an example of that is, I announced we're working on a.

是的，謝謝，這是一個雙重問題，或者說是雙重答案。首先想想你提到的那種大型塊狀項目，也就是說，我們正在推行額外的魚雷項目，這些項目既重新啟動又進行新生產，這些項目在本質上與那些大型項目並行，有些塊狀。我們也正在尋求平衡部分業務的商業部分。舉個例子，我宣布我們正在進行一項工作。

I I'll say an aftermarket acceleration to make it more of a proactive process or pursuit for preventative maintenance as opposed to reactive pick up the phone and that will really layer in sort of a reoccurring revenue at high margin and so we're we're looking at a twofold the first is large big programs that tend to be lumpy and two is increasing our value extraction on more the reoccurring revenue side.

我想說的是，售後市場的加速將使其成為一種主動的過程或預防性維護的追求，而不是被動地拿起電話，這將真正帶來高利潤的經常性收入，所以我們正在考慮雙重因素，首先是往往是不穩定的大型項目，其次是增加我們在經常性收入方面的價值提取。

Okay.

好的。

And I know in the past that you also talked about looking at all the installed base that you've had in petrochemical refining areas and trying to be more proactive in reaching out to those markets.

我知道，您過去也曾談到關注石化煉油領域的所有安裝基礎，並嘗試更積極地接觸這些市場。

Where are you on that and how has that been coming along?

您現在處於什麼階段？進展如何？

Yeah, so we're we're right in the middle of it, actually the sales team is huddled right across the wall from us right now, crafting through that strategy, it's going quite well we've, engaged some of our, legacy employees that have been quite connected with our customer base for quite some time they're leading some of the charge on on that connection and then interfacing with the customers to bring new value. An example of that is with the next generation nozzle, which we've identified, I, I'll say multiple handfuls of customers that are coming up on turnarounds that we could deploy that solution to in parallel with that we're working on additional R&D scope to further enhance that portfolio. So today it's for a single nozzle type and we're looking to to expand that offering to to to all of the nozzles in the portfolio. On the acceleration side, so we've actually engaged a third party that's working with us on, artificial intelligence and basically going from RFQ from our customer to quick turnaround, reducing that from a matter of weeks to even minutes or days and so we're we're underway with that kick off and and started down that process. Then what we're doing is we're proactively mapping the install base, to drive connection with them and then, return value and go proactively rather than waiting for the phone to ring so all that to be said, we're we're right in the thick of it, we're not seeing the returns from that investment yet just because, in the early phases, but we can see how it's going to shape up.

是的，所以我們正處於其中，實際上銷售團隊現在正擠在我們對面的牆邊，制定這一戰略，一切進展順利，我們已經聘請了一些與我們的客戶群保持密切聯繫的老員工，他們負責領導這種聯繫，然後與客戶互動，帶來新的價值。其中一個例子是下一代噴嘴，我已經確定，我可以說，有多個客戶即將面臨週轉，我們可以向他們部署該解決方案，同時我們正在進行額外的研發工作，以進一步增強該產品組合。因此，今天它適用於單一噴嘴類型，我們希望將該產品擴展到產品組合中的所有噴嘴。在加速方面，我們實際上已經聘請了第三方與我們合作，進行人工智慧，基本上從客戶的 RFQ 到快速週轉，將其時間從幾週縮短到幾分鐘或幾天，所以我們正在啟動並開始這個過程。然後，我們正在做的是主動繪製安裝基礎，推動與他們的連接，然後返回價值並主動行動，而不是等待電話響起，所以總而言之，我們正處於其中，我們還沒有看到投資的回報，只是因為在早期階段，但我們可以看到它將如何形成。

Great. Well, thank you for, thank you very much for answering those questions and congratulations. I thought it was a good quarter and as usual, market looks otherwise, but temporary. Thanks very again.

偉大的。好吧，非常感謝您回答這些問題，恭喜您。我認為這是一個好的季度，但像往常一樣，市場看起來並非如此，但只是暫時的。再次感謝。

Thanks John thank.

謝謝約翰，謝謝。

You yes.

是的。

Thank you.

謝謝。

Gary Schwab, Valley Forge Capital Management.

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

Yeah.

是的。

Good morning and thanks for taking my question. Can you just, put a little more color on the tariffs and that $2 to $5 million dollar hit possibility.

早上好，感謝您回答我的問題。您能否更詳細說明一下關稅以及 200 萬至 500 萬美元的損失可能性？

And if there's any way to partially mitigate some of that tariff.

以及是否有任何方法可以部分減輕部分關稅。

Through price adjustments.

透過價格調整。

Yeah, sure, so, a lot of that impact comes from. Our purchasing of raw materials overseas.

是的，當然，很多影響來自於此。我們在海外採購原料。

We it also comes from selling to some of our foreign.

我們的收入也來自於向一些外國公司銷售。

Customers out from the US, but as I mentioned in our my comments today, we have a.

來自美國的客戶，但正如我今天的評論中提到的，我們有一個。

Extensive network of in country manufacturing partners so in order you know to avoid some of those tariffs we have them fulfill, I would say the more commoditized portions of the orders and you know we maintain manufacturing of, the more IP oriented natures of our projects so. Additionally, we also have put into our contracts, favorable inO terms and equitable adjustment clauses that helps protect us, from any kind of impact from the tariffs. So as I mentioned, in today's comments, the first quarter we didn't see a material impact, but we do continue to actively monitor, the impact of tariffs as it, it's a fluid situation, as you know.

廣泛的國內製造合作夥伴網絡，所以為了避免我們必須履行的一些關稅，我想說的是，訂單的商品化部分越多，我們維持的製造就越以 IP 為導向，我們的項目就越具有特色。此外，我們還在合約中加入了優惠的關稅條款和公平調整條款，以保護我們免受關稅的任何影響。正如我在今天的評論中提到的，第一季我們沒有看到實質的影響，但我們確實會繼續積極監測關稅的影響，因為正如你所知，這是一個不穩定的情況。

Thank you.

謝謝。

Next question comes on the line of Bobby Brooks with Northland Capital Markets. Please go ahead.

下一個問題來自 Northland Capital Markets 的 Bobby Brooks。請繼續。

Hey guys, just one follow up for me. I just wanted to circle back. The business is growing excellently domestically, but I was just curious to hear about how you guys are thinking about growing the business internationally. Seems like that could be a really compelling opportunity. Maybe what strate talk about what the strategy is now and possibly contrast that versus what it was maybe 2 or 3 years ago.

嘿夥計們，我只需要跟進一件事。我只是想回到過去。國內業務發展得很好，但我只是好奇想聽聽你們是如何考慮國際業務發展的。看起來這是一個真正引人注目的機會。也許戰略會談論現在的戰略是什麼，並可能將其與 2 或 3 年前的戰略進行對比。

Yeah, great question. It's evolving quickly. As you see, I'll I'll sort of break it up into a few segments, Bobby, the first is, if you think about China, we were very much using a China for a larger portfolio, several years ago. Today we're basically using China for China, and that's a strategy that we see moving forward. We have a large install base in China. And we expect that to continue with some of the pipeline, but we will supply that from China for China, where we see a lot of opportunity and continued investment from our side is, both in India for India, so a nationalistic approach in India, we've had a long standing footprint there. We have an international director, that's been been in that business for about a year now who's done a fantastic job scaling the team. And creating critical supply connections and we're looking to use India to serve a larger portion of the world as well with competitive pricing and we're proving out that strategy now so I think you can continue to see emphasis and growth with our international strategy and today what we're seeing is there's been a lot of dormancy. Just in terms of orders haven't lost any, but also, haven't booked any large, and we're starting to see that continue to progress forward and we're seeing big jobs globally start to have some feet behind them, some momentum behind them, so I think we'll, see those, mature over the next quarter.

是的，很好的問題。它正在快速發展。正如你所看到的，我會把它分成幾個部分，鮑比，首先，如果你想到中國，幾年前，我們非常重視中國市場，並將其作為更大的投資組合。今天，我們基本上是在利用中國來為中國服務，這是我們向前發展的策略。我們在中國擁有龐大的安裝基礎。我們預計部分管道將繼續建設，但我們將從中國向中國供應產品，我們看到中國有很多機會，我們將繼續在印度進行投資，因此我們在印度採取民族主義態度，在那裡有著長期的足跡。我們有一位國際總監，他從事該行業已有大約一年，在擴大團隊規模方面做得非常出色。透過建立關鍵的供應聯繫，我們希望利用印度以具有競爭力的價格為世界更大範圍提供服務，我們現在正在證明這一戰略，因此我認為您可以繼續看到我們的國際戰略得到重視和增長，而今天我們看到的是，有很多業務處於休眠狀態。就訂單而言，沒有損失，也沒有預訂任何大訂單，我們開始看到它繼續向前發展，我們看到全球範圍內的大項目開始獲得一些支持，獲得一些發展動力，所以我認為我們將在下個季度看到它們成熟。

Mr. Brooks, are you done with the question?

布魯克斯先生，您的問題問完了嗎？

Yeah, yes, I thought I was going to turn it off the the queue.

是的，是的，我以為我要把它從隊列中關掉。

Thank you. This concludes our question and answer session. I would like to turn the conference back over to Matthew Malone for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給馬修馬龍 (Matthew Malone) 作閉幕發言。

Okay, thank you, Renju. We are pleased with our results today and look forward to keeping you updated on our progress as always, please reach out with any questions.

好的，謝謝你，Renju。我們對今天的結果感到滿意，並期待一如既往地向您通報我們的進展，如有任何疑問，請聯繫我們。

Thank you everyone for joining us today and your interest in Graham.

感謝大家今天的參與以及對 Graham 的關注。

Thank you. The conference has now concluded.

謝謝。會議現已結束。

Thank you for attending today's presentation. You may not disconnect.

感謝您參加今天的演講。您不能斷開連線。