Graham Corp (GHM) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Graham Corporation third quarter fiscal year 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加格雷厄姆公司2026財年第三季財務業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Tom Cook, Investor Relations. Thank you, sir. You may begin.

現在，我很高興為大家介紹主持人，投資者關係部門的湯姆庫克。謝謝您，先生。你可以開始了。

Thank you, and good morning, everyone. Welcome to Graham's fiscal third-quarter 2026 earnings call. With me on the call today are Matt Malone, President and CEO; and Chris Thome, Chief Financial Officer. This morning, we released our financial results. Our earnings release and accompanying presentation to today's call are available on our website at ir.grahamcorp.com.

謝謝大家，大家早安。歡迎參加格雷厄姆2026財年第三季財報電話會議。今天和我一起參加電話會議的有總裁兼執行長 Matt Malone 和財務長 Chris Thome。今天上午，我們發布了財務業績報告。我們的獲利報告和今天電話會議的簡報可在我們的網站 ir.grahamcorp.com 上查閱。

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. 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.

您應該意識到，我們可能會在正式討論以及問答環節中發表前瞻性聲明。這些聲明適用於未來事件，但未來事件存在風險和不確定性，以及其他可能導致實際結果與今天在此所述內容有重大差異的因素。這些風險、不確定性及其他因素均在盈利報告中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. We have provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides.

在今天的電話會議中，我們還將討論非GAAP財務指標。我們相信這些資訊將有助於評估我們的業績。但是，您不應孤立地看待這些附加資訊的呈現，也不應將其視為按照公認會計原則編制的結果的替代品。我們在今天發布的新聞稿和幻燈片附帶的表格中提供了非GAAP指標與可比較GAAP指標的調節表。

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-bill 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。這些關鍵績效指標包括投資報酬率、訂單量、積壓訂單量和訂單出貨比。這些是操作性措施，不需要也不提供每一項的量化核對。您可以在今天的簡報背面找到關於我們使用關鍵績效指標的免責聲明。

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

那麼，請翻到第 3 張投影片，我會把通話交給 Matt 開始。馬特？

Thank you, Tom, and good morning, everyone. We appreciate you joining us to review our third quarter fiscal 2026 results. We delivered another strong quarter, continuing to execute our strategy and demonstrate the resiliency and diversification of our business. Revenue increased 21% to $56.7 million, driven by solid performance across our end markets. Results were supported by the timing of key project milestones, particularly within our defense business, along with contributions from our new programs and continued growth across existing platforms.

謝謝你，湯姆，大家早安。感謝您參加我們2026財年第三季業績回顧會議。我們又取得了強勁的季度業績，繼續執行我們的策略，並展現了我們業務的韌性和多元化。受終端市場穩健表現的推動，營收成長 21% 至 5,670 萬美元。關鍵專案里程碑的完成時間，尤其是在我們的國防業務方面，以及新專案的貢獻和現有平台的持續成長，都為業績提供了支持。

Adjusted EBITDA increased 50% to $6 million with adjusted EBITDA margin of 10.7%. The year-over-year improvement in profitability reflects disciplined execution, ongoing productivity initiatives, and the scalability of our operating model as volumes continue to grow. Bookings remained strong during the quarter, resulting in a book-to-bill ratio of 1.3 times and driving backlog to a record $515.6 million, up 34% year-over-year. Our backlog continues to provide excellent visibility with approximately 35% to 40% expected to convert to revenue over the next 12 months.

調整後 EBITDA 成長 50% 至 600 萬美元，調整後 EBITDA 利潤率為 10.7%。獲利能力的逐年提高反映了我們嚴謹的執行力、持續的生產力提升措施以及隨著銷售量不斷增長而不斷擴展的營運模式。本季預訂量保持強勁，訂單出貨比達到 1.3 倍，積壓訂單達到創紀錄的 5.156 億美元，年增 34%。我們的積壓訂單持續保持良好的可見性，預計未來 12 個月內約有 35% 至 40% 的訂單將轉化為收入。

Finally, during the quarter, we completed the technology purchase of Xdot Bearing Technologies, an engineering-led firm with patented foil bearing technology and deep expertise in high-speed rotating machinery. This acquisition strengthens our competitive position in an area where performance, reliability, and efficiency are becoming increasingly critical across aerospace, defense, energy transition, and industrial applications. Xdot's proprietary foil-bearing designs deliver superior performance while reducing development and production costs and when combined with Barber-Nichols turbomachinery capabilities significantly expand our ability to engineer and deliver advanced high-speed pumps, compressors, and rotating machines. The integration of Xdot into Barber-Nichols is going very well, and we are already leveraging their technology to win future opportunities.

最後，在本季度，我們完成了對 Xdot Bearing Technologies 的技術收購。 Xdot Bearing Technologies 是一家以工程技術為主導的公司，擁有專利箔式軸承技術和高速旋轉機械方面的深厚專業知識。此次收購鞏固了我們在航空航太、國防、能源轉型和工業應用等領域的競爭地位，在這些領域，性能、可靠性和效率正變得越來越重要。Xdot 專有的箔片軸承設計可提供卓越的性能，同時降低開發和生產成本，並且與 Barber-Nichols 的渦輪機械能力相結合，顯著擴展了我們設計和交付先進高速泵、壓縮機和旋轉機械的能力。Xdot 與 Barber-Nichols 的整合進展非常順利，我們已經在利用他們的技術來贏得未來的機會。

Turning now to our recent acquisition of FlackTek on slide 4. In late January, we completed the acquisition of FlackTek, a pioneer in advanced mixing and materials processing solutions for a purchase price of $35 million, comprised of 85% cash and 15% equity. Additionally, there is an opportunity for additional performance-based earnout of up to $25 million over the next four years. The transaction was structured to align incentives, generate attractive returns and preserve balance sheet flexibility while bringing into Graham a highly differentiated and scalable engineered products business.

現在請看第 4 頁投影片，了解我們最近對 FlackTek 的收購。1 月下旬，我們完成了 FlackTek 的收購，該公司是先進混合和材料加工解決方案領域的先驅，收購價格為 3500 萬美元，其中 85% 為現金，15% 為股權。此外，未來四年還有機會獲得高達 2,500 萬美元的額外績效獎金。此次交易旨在協調各方利益，產生可觀的回報，並保持資產負債表的靈活性，同時為格雷厄姆帶來高度差異化且可擴展的工程產品業務。

FlackTek leverage adds advanced materials and processing as a third core technology platform for Graham, alongside our existing strengths in vacuum, heat transfer, and high-speed turbomachinery. The company is a recognized leader in high-performance bladeless centrifugal mixing, serving mission-critical applications across defense, space, energy, and process in a broad range of advanced industrial markets. With approximately $30 million of annual revenue and more than 2,500 units installed globally and a deep portfolio of proprietary intellectual property, FlackTek brings both scale and durability to our portfolio.

FlackTek 為 Graham 增加了先進材料和加工技術，作為其第三個核心技術平台，與我們在真空、傳熱和高速渦輪機械方面的現有優勢相輔相成。該公司是高性能無葉離心混合領域的公認領導者，為國防、航太、能源和製程等眾多先進工業市場的關鍵任務應用提供服務。FlackTek 年收入約 3000 萬美元，全球安裝量超過 2500 台，並擁有豐富的專有智慧財產權組合，為我們的產品組合帶來了規模和耐用性。

Additionally, FlackTek will bring our overall revenue mix closer to our long-term goal of 50% defense and 50% commercial as approximately 60% of their sales are into the energy and process market, 15% to defense and 10% to the space market. A key element of FlackTek's value proposition is its large and growing installed base, which drives predictable reoccurring demand for consumables, accessories, and services. This creates enhanced revenue visibility, strong customer retention, and attractive lifetime value economics while complementing Graham's existing engineered-to-order and project-based businesses.

此外，FlackTek 將使我們的整體收入結構更接近我們 50% 國防和 50% 商業的長期目標，因為他們約 60% 的銷售額來自能源和流程市場，15% 來自國防市場，10% 來自航太市場。FlackTek 價值主張的關鍵要素是其龐大且不斷增長的裝機量，這推動了對耗材、配件和服務的可預測的重複性需求。這提高了收入可見性，增強了客戶留存率，並帶來了具有吸引力的終身價值經濟效益，同時補充了 Graham 現有的按訂單設計和專案製業務。

Within the FlackTek portfolio, the MEGA product line stands out as a category-defining platform with the potential to meaningfully expand Graham's addressable market. MEGA is the world's only production scale bladeless dual asymmetric centrifugal mixer capable of processing multi-hundred kilogram batches and in a 55-gallon drum format. It delivers a step change in manufacturing throughput, enabling customers to reduce mixing cycles from hours to minutes while maintaining exceptional precision, repeatability, and quality consistency at scale.

在 FlackTek 的產品組合中，MEGA 產品線脫穎而出，成為一個定義類別的平台，有潛力大幅擴大 Graham 的目標市場。MEGA 是世界上唯一一款生產規模的無葉片雙非對稱離心式攪拌機，能夠處理數百公斤的批次，並採用 55 加侖桶裝形式。它實現了生產效率的飛躍式提升，使客戶能夠將混合週期從數小時縮短到數分鐘，同時大規模地保持卓越的精度、重複性和品質一致性。

The MEGA platform has been production-validated mission-critical, safety-sensitive applications and offers compelling customer economics through faster cycle times, smaller footprints, improved capacity utilization, and lower unit costs. Demand for this large-scale mixing platform is strong with multiple use cases across the value chain and significant expansion opportunities within FlackTek's existing customer base. Strategically, this acquisition significantly enhances Graham's ability to solve increasingly complex customer challenges that require integrated solutions across multiple disciplines. FlackTek's technology fits naturally alongside Barber-Nichols turbomachinery and Graham Manufacturing's vacuum and heat transfer systems, allowing us a more comprehensive, differentiated engineering solutions platform.

MEGA 平台已通過生產驗證，適用於任務關鍵型、安全敏感型應用，並透過更快的週期時間、更小的佔地面積、更高的產能利用率和更低的單位成本，為客戶帶來顯著的經濟效益。市場對這種大型混合平台的需求強勁，在整個價值鏈中都有多種應用場景，並且在 FlackTek 的現有客戶群中具有巨大的擴展機會。從戰略角度來看，此次收購顯著增強了格雷厄姆解決日益複雜的客戶挑戰的能力，這些挑戰需要跨多個學科的全面解決方案。FlackTek 的技術與 Barber-Nichols 的渦輪機械和 Graham Manufacturing 的真空和熱傳遞系統完美契合，使我們能夠擁有更全面、更具差異化的工程解決方案平台。

Together, these capabilities span the full value chain from formulation and upstream processing through downstream production and quality control, where precision, repeatability and performance are critical. Most importantly, FlackTek aligns with our defined M&A criteria that we have outlined for a few years now. That is a moated engineered product portfolio, process-critical applications, a predominantly domestic customer base, strong leadership continuity, and clear opportunities for long-term organic growth and margin expansion. We believe this acquisition meaningfully strengthens Graham's competitive positioning, enhances the durability and visibility of our revenue base, and supports sustained value creation for shareholders long term. We are really excited to have the entire FlackTek team as part of Graham.

這些能力共同涵蓋了從配方和上游加工到下游生產和品質控制的整個價值鏈，其中精確性、可重複性和性能至關重要。最重要的是，FlackTek 符合我們幾年來製定的併購標準。這是一個擁有護城河般優勢的工程產品組合、工藝關鍵型應用、以國內客戶為主的客戶群、強大的領導層連續性，以及長期有機增長和利潤率擴張的明確機會。我們相信，此次收購將顯著增強格雷厄姆的競爭地位，提高我們收入基礎的持久性和可見性，並支持為股東長期創造持續價值。我們非常高興整個 FlackTek 團隊都能加入 Graham。

Turning to organic investments on slide 8. We continue to make disciplined high-return investments across the business that are now translating into tangible operating capabilities for future growth. Importantly, many of the strategic expansion projects we have discussed over the past several quarters are now completed or entering the final stages of commissioning, positioning us well as demand across our end markets remains strong.

第 8 頁將討論有機投資。我們持續在業務的各個方面進行有紀律的高回報投資，這些投資現在正在轉化為未來成長所需的實際營運能力。重要的是，我們在過去幾季討論的許多策略擴張專案現在已經完成或進入調試的最後階段，這使我們處於有利地位，因為我們的終端市場需求仍然強勁。

Starting with defense. We completed our new Navy manufacturing facility in Batavia, New York during the second quarter of fiscal 2026. This $17.6 million expansion supported by a $13.5 million customer grant significantly expands our capacity and capabilities to support critical US Navy programs. The facility is purpose-built for efficiency, precision, and scale and incorporates automated welding, optimized product flow, and advanced manufacturing processes.

首先從防守開始。我們在 2026 財年第二季完成了位於紐約州巴達維亞的新海軍製造工廠的建設。這項耗資 1,760 萬美元的擴建項目，獲得了客戶 1,350 萬美元的撥款，顯著提升了我們支持美國海軍關鍵項目的能力。該工廠是專門為提高效率、精度和規模而建造的，採用了自動化焊接、優化的產品流程和先進的製造流程。

In addition, our automated welding machines are now fully installed and commissioned and our new x-ray inspection facility in Batavia remains on track for completion later this fiscal year. Together, these investments materially enhance throughput, improve quality, and strengthen our ability to execute against long-cycle Navy programs with increasing production requirements.

此外，我們的自動化焊接設備現已全部安裝調試完畢，我們在巴達維亞新建的 X 射線檢測設施也按計劃將於本財年晚些時候竣工。這些投資共同提高了產量，改善了質量，並增強了我們執行週期長、生產要求不斷提高的海軍項目的能力。

In Energy and Process, we completed the renovation of our assembly and test facility in Arvada, Colorado earlier this fiscal year. That site is now fully operational with both product and personnel in place, providing increased flexibility and improved execution for capital projects and aftermarket work. During the quarter, we also kicked off an aftermarket acceleration initiative, leveraging AI tools to improve responsiveness, pricing, and service penetration. In parallel, we expanded and consolidated our engineering and service footprint in India, strengthening our global operating model and improving cost efficiency and scalability over time. From a market perspective, we are seeing some slowing as it relates to large CapEx purchases driven by lower oil prices, tariffs, and uncertain macro environment.

本財年早些時候，我們在能源和製程部門完成了位於科羅拉多州阿爾瓦達的組裝和測試設施的改造。該工廠目前已全面投入運營，產品和人員均已到位，為資本項目和售後工作提供了更大的靈活性和更好的執行力。本季度，我們還啟動了售後市場加速計劃，利用人工智慧工具來提高響應速度、定價和服務滲透率。同時，我們擴大並鞏固了在印度的工程和服務佈局，加強了我們的全球營運模式，並隨著時間的推移提高了成本效益和可擴展性。從市場角度來看，受油價下跌、關稅和不確定的宏觀環境影響，大型資本支出採購正在放緩。

Lastly, in space, we reached several important milestones. Our liquid nitrogen testing capability in Arvada was completed in the second quarter with the first unit successfully tested and delivered to our end customer. More recently, during the fourth quarter, we completed construction of our new cryogenic test facility in Jupiter, Florida. That facility is now entering commissioning, which will continue through the end of this fiscal year. These investments meaningfully expand our in-house testing capability and capacity, enabling us to support customers as programs transition from development into higher rate production.

最後，在太空領域，我們取得了幾個重要的里程碑。我們在阿瓦達的液態氮測試能力已於第二季完成，第一台設備已成功測試並交付給最終客戶。最近，在第四季度，我們完成了位於佛羅裡達州朱庇特的新低溫測試設施的建設。該設施目前正處於調試階段，該階段將持續到本財政年度結束。這些投資顯著擴大了我們的內部測試能力和產能，使我們能夠支援客戶從研發階段過渡到更高生產速度階段的專案。

As we step back, the common thread across everything we've discussed this morning is disciplined execution. We are delivering strong operating results today, while at the same time, making deliberate organic and inorganic investments that expand our capabilities. Deepen customer relationships and position Graham for long-term growth. Our record backlog provides meaningful visibility. Our balance sheet remains strong and flexible, and our investments are aligned where our customers' needs are headed.

回顧今天早上我們討論的所有內容，貫穿始終的共同點是：嚴謹的執行。我們目前取得了強勁的經營業績，同時，我們也在進行有意識的有機和無機投資，以擴大我們的能力。深化客戶關係，為格雷厄姆的長期發展奠定基礎。我們創紀錄的積壓訂單提供了重要的市場透明度。我們的資產負債表依然穩健靈活，我們的投資方向與客戶的需求發展趨勢保持一致。

The acquisition of FlackTek meaningfully strengthens our technology platform and expands our ability to serve mission-critical applications across multiple end markets, while our organic investments are now coming online and enhance our throughput, quality and scalability across the entire business.

收購 FlackTek 顯著增強了我們的技術平台，並擴展了我們為多個終端市場的關鍵任務應用提供服務的能力，同時，我們的內部投資現在也開始上線，並提高了我們整個業務的吞吐量、品質和可擴展性。

Together, these initiatives reinforce our confidence in Graham's ability to grow organically, expand margins over time, and continue to increase shareholder value. In short, we continue to do what we said we were going to do, steady progress while getting better every day through continuous improvement.

這些舉措共同增強了我們對格雷厄姆實現有機成長、隨著時間的推移擴大利潤率並持續提升股東價值的能力的信心。簡而言之，我們將繼續做我們說過要做的事情，穩步前進，並透過持續改進，每天都變得更好。

With that, I'll turn the call over to Chris for a detailed review of our financial results. Chris?

接下來，我將把電話交給克里斯，讓他詳細回顧我們的財務表現。克里斯？

Thanks, Matt, and good morning, everyone. I will begin my review of our third-quarter results on slide 10. For the third quarter of fiscal 2026, revenue was $56.7 million, an increase of 21% compared to the prior year, reflecting continued strong execution across our diversified end markets.

謝謝馬特，大家早安。我將從第 10 張投影片開始回顧我們第三季的業績。2026 財年第三季度，營收為 5,670 萬美元，比上年同期成長 21%，反映出我們在多元化終端市場持續強勁的執行力。

Sales to the defense market increased by $8.3 million, driven by the timing of project milestones, contributions from new programs, better pricing, and growth across existing programs. Sales to the energy and process market increased $2.1 million or 13%, reflecting continued strength in aftermarket sales as well as momentum in our new energy markets and in particular, SMRs. Aftermarket sales to the energy and process and defense market were $10.8 million, up 11% over the prior-year period, continuing to demonstrate demand across our global installed base.

受專案里程碑完成時間、新專案貢獻、更優惠的價格以及現有專案成長的推動，國防市場銷售額增加了 830 萬美元。面向能源和流程市場的銷售額成長了 210 萬美元，增幅達 13%，這反映了售後市場銷售的持續強勁，以及我們在新能源市場（尤其是小型模組化反應器）的發展勢頭。面向能源、流程和國防市場的售後銷售額為 1,080 萬美元，比上年同期成長 11%，繼續表明我們在全球已安裝客戶群中的需求。

Turning to slide 11. Gross profit increased 15% to $13.5 million, and gross margin was 23.8% for the quarter. The year-over-year margin decline of 100 basis points reflects sales mix, which included a higher level of material receipts, which carry lower margins. In addition, the prior year period benefited $255,000 from the BlueForge Alliance grant that did not repeat in this year's quarter. Finally, for the first nine months of fiscal 2026, we estimate that tariffs have impacted results by approximately $1 million with minimal impact in the third quarter.

翻到第11張幻燈片。本季毛利成長15%至1,350萬美元，毛利率為23.8%。年比利潤率下降 100 個基點，反映了銷售組合的變化，其中包括較高水準的材料收貨，而材料的利潤率較低。此外，去年同期獲得了 BlueForge Alliance 提供的 255,000 美元撥款，但今年季度沒有再次獲得該撥款。最後，我們估計，在 2026 財年的前九個月，關稅對業績的影響約為 100 萬美元，其中第三季的影響微乎其微。

For the full year, we have narrowed our expected tariff impact to be between $1 million to $1.5 million, reflecting continued sourcing discipline, our established in-country partnerships, and contractual protections. Our teams have really done an excellent job navigating this uncertain environment.

全年來看，我們預計關稅影響將縮小至 100 萬美元至 150 萬美元之間，這反映了我們持續的採購紀律、已建立的國內合作夥伴關係以及合約保護。我們的團隊在應對這種不確定的環境方面做得非常出色。

On slide 12, as you can see, this operating performance continues to translate into strong bottom line results. Net income for the quarter was $0.25 per diluted share, and adjusted net income was $0.31 per diluted share. Adjusted EBITDA increased 50% to $6 million, and our adjusted EBITDA margin was 10.7%, reflecting improved operating leverage and disciplined cost control. On a year-to-date basis, adjusted EBITDA margin for fiscal year 2026 was 10.8%, up 100 basis points over the prior year period and in line with our updated full-year guidance, which I will speak to in a few minutes.

如第 12 頁所示，這種營運績效持續轉化為強勁的獲利結果。本季每股攤薄淨收益為 0.25 美元，調整後每股攤薄淨收益為 0.31 美元。調整後 EBITDA 成長 50% 至 600 萬美元，調整後 EBITDA 利潤率為 10.7%，反映出營運槓桿的改善和嚴格的成本控制。截至目前，2026 財年調整後的 EBITDA 利潤率為 10.8%，比上年同期增長 100 個基點，與我們更新後的全年業績指引一致，我稍後會詳細介紹。

As expected, SG&A increased year-over-year due to continued investments in our operations, our technology, and our people as well as higher acquisition and integration costs related to the Xdot and FlackTek acquisitions. However, as a percentage of sales, SG&A declined 200 basis points to 18.6%, which demonstrates our financial discipline and higher net sales throughout the fiscal year.

正如預期的那樣，由於我們對營運、技術和人員的持續投資，以及與收購 Xdot 和 FlackTek 相關的收購和整合成本增加，銷售、一般及行政費用同比增加。然而，銷售、一般及行政費用佔銷售額的百分比下降了 200 個基點至 18.6%，這表明我們在整個財年中保持了財務紀律並實現了更高的淨銷售額。

Moving to slide 13. Orders remained strong in the quarter, totaling $71.7 million. This strength was driven by strong demand in the defense and space markets. Energy and Process orders were down slightly during the quarter as lower aftermarket orders and delay in large capital projects due to the macro environment were almost entirely offset by growth in new energy orders, again, in particular, SMRs. The resulting book-to-bill ratio was 1.3 times, and backlog increased to a record $515.6 million, up 34% year-over-year. Roughly 85% of backlog is attributable to the defense market, which adds stability and predictability to our business.

切換到第13張投影片。本季訂單依然強勁，總額達7,170萬美元。這一成長動能主要得益於國防和航太市場的強勁需求。本季能源和工藝訂單略有下降，因為宏觀環境導致售後市場訂單減少和大型資本項目延期，但新能源訂單的增長（尤其是小型模組化反應器訂單）幾乎完全抵消了這一影響。由此得出訂單出貨比為 1.3 倍，積壓訂單增至創紀錄的 5.156 億美元，較去年同期成長 34%。大約 85% 的積壓訂單來自國防市場，這為我們的業務增加了穩定性和可預測性。

Approximately 35% to 40% of our backlog is expected to convert to revenue over the next 12 months, with another 25% to 30% converting within one to two years, providing meaningful visibility into future revenue. As a reminder, our orders remain inherently lumpy due to the multiyear nature of many defense programs and large commercial projects.

預計未來 12 個月內，我們積壓訂單的 35% 至 40% 將轉化為收入，另有 25% 至 30% 將在一到兩年內轉化為收入，從而對未來的收入提供有意義的可見性。需要提醒的是，由於許多國防項目和大型商業項目都是多年期項目，我們的訂單本質上仍然是零散的。

Over the long term, we target a book-to-bill ratio of approximately 1.1 times to support our growth objective of 8% to 10% organic growth per year. For fiscal 2026, our year-to-date book-to-bill ratio is 1.6 times, well above this long-term goal. And I'm happy to report that our pipeline of opportunities remains full due to the tailwinds we are seeing in our markets.

從長遠來看，我們的目標是訂單出貨比約為 1.1 倍，以支持我們每年 8% 至 10% 的有機成長目標。截至 2026 財年，我們的年初至今訂單出貨比為 1.6 倍，遠高於這個長期目標。我很高興地報告，由於我們市場目前呈現的利多趨勢，我們的專案機會仍然足夠。

Turning to slide 14. We ended the quarter with $22.3 million in cash, and we had another strong operating cash flow quarter of $4.8 million. Additionally, during the quarter, we continued to invest in our capacity expansion initiatives that Matt outlined, including productivity improvements and enhancing our overall capabilities as our capital expenditures totaled $2.8 million.

翻到第14張投影片。本季末，我們持有現金 2,230 萬美元，本季經營現金流強勁，達到 480 萬美元。此外，本季我們繼續投資於 Matt 概述的產能擴張計劃，包括提高生產力和增強整體能力，資本支出總計達 280 萬美元。

Despite this continued investment as well as our M&A activity, we still have ample liquidity to support our future growth initiatives as a result of our strong cash flow from operations and increased availability under our recently amended revolving credit facility, which was expanded to $80 million in January. As of today, only $20 million of debt is outstanding under this facility after the FlackTek acquisition.

儘管我們持續進行投資和併購活動，但由於我們強勁的營運現金流以及最近修訂的循環信貸額度（1 月份擴大至 8000 萬美元）的增加，我們仍然擁有充足的流動性來支持我們未來的增長計劃。截至目前，在收購 FlackTek 之後，該融資安排下僅剩 2,000 萬美元債務未償付。

Under the terms of the FlackTek transaction, we acquired 100% of the equity of FlackTek for a base purchase price of $35 million, comprised of 85% cash and 15% equity or 75,818 shares of Graham's common stock. The transaction also included the potential to earn up to an additional $25 million in future performance-based cash earnouts over four years beginning in fiscal 2027, contingent upon achieving progressively higher adjusted EBITDA performance targets. The base purchase price represents approximately 12 times FlackTek's projected adjusted EBITDA for 2026. The acquisition was funded through a combination of cash on hand and borrowings under our revolving credit facility.

根據 FlackTek 交易條款，我們以 3,500 萬美元的基本購買價格收購了 FlackTek 100% 的股權，其中包括 85% 的現金和 15% 的股權，即 75818 股 Graham 的普通股。該交易還包括從 2027 財年開始的四年內，根據業績表現，獲得高達 2500 萬美元的額外現金獎勵，前提是實現逐步提高的調整後 EBITDA 業績目標。基本收購價格約為 FlackTek 預計 2026 年調整後 EBITDA 的 12 倍。此次收購的資金來源包括自有現金和循環信貸額度下的借款。

Turning to guidance on slide 15. Based on our performance through the first nine months of fiscal 2026, our outlook for the remainder of the year and inclusive of the FlackTek and Xdot acquisitions, we are increasing our full-year fiscal 2026 guidance for net sales and adjusted EBITDA. We now expect revenue to be in the range of $233 million to $239 million and adjusted EBITDA to be between $24 million and $28 million. At the midpoint of the ranges, this represents increases of 12% and 16%, respectively.

請參考第15頁投影片上的指導說明。根據我們 2026 財年前九個月的業績，以及我們對本財年剩餘時間的展望，並考慮到 FlackTek 和 Xdot 的收購，我們提高了 2026 財年全年淨銷售額和調整後 EBITDA 的預期。我們現在預計營收將在 2.33 億美元至 2.39 億美元之間，調整後的 EBITDA 將在 2,400 萬美元至 2,800 萬美元之間。在上述範圍的中點，這分別代表成長了 12% 和 16%。

Overall, with strong execution, robust demand across our core end markets and a record backlog, we remain confident in our ability to deliver continued performance and to achieve our long-term objectives of 8% to 10% organic revenue growth and low to mid-teen adjusted EBITDA margins by fiscal 2027.

總體而言，憑藉強勁的執行力、核心終端市場的強勁需求以及創紀錄的積壓訂單，我們仍然有信心繼續保持業績增長，並實現到 2027 財年 8% 至 10% 的有機收入增長和 10% 至 15% 的調整後 EBITDA 利潤率的長期目標。

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

接下來，我們可以開始接受提問了。

(Operator Instructions)

（操作說明）

Russell Stanley, Beacon Securities.

羅素士丹利，Beacon Securities。

Congrats on the quarter. My first question, just around demand, specifically in defense. We saw both the major shipbuilders announced plans for significant CapEx increases for the coming year, which obviously not terribly surprising. Just wondering if you're at all surprised by the magnitude of the increases you're contemplating and how you're thinking about allocating your CapEx spend going forward given those -- given their plans for CapEx expansion? Any color there would be helpful.

恭喜你本季取得佳績。我的第一個問題是關於需求的，特別是國防方面的需求。我們看到兩大造船企業都宣布了來年大幅增加資本支出的計劃，這顯然並不令人意外。我只是想知道，對於您正在考慮的成長幅度，您是否感到驚訝？考慮到他們的資本支出擴張計劃，您打算如何分配未來的資本支出？任何顏色都會有所幫助。

Yeah, Russ, thanks for the question. As you mentioned, the defense platform, specifically on the strategic undersea programs remain healthy with a lot of demand. The fortunate thing for Graham is we've been making these investments for several years at this point. And we believe that we have opened up capacity through sort of efficiency improvements by the equipment we've already implemented.

是的，Russ，謝謝你的提問。正如您所提到的，國防平台，特別是戰略性水下項目，仍然保持著良好的發展勢頭，需求旺盛。對葛拉漢來說幸運的是，我們已經進行了好幾年的這些投資。我們相信，透過我們已經實施的設備帶來的效率提升，我們已經提高了產能。

With that, based on the increasing backlog that we've continued to be able to secure, we are also looking at future investments as we move forward. Like we've done in the past, we look to balance that between our own internal investments as well as offsetting that with what's potentially through the marine industrial base. So Russ, I think the simple answer to that is we'll look to continue to invest at that sort of 7% to 10% of revenue number that we've been over the years and specifically continuing down the path we've been. We don't see sort of a demand that's unproportional to our past investment portfolio.

基於我們不斷獲得的訂單積壓，我們也正在考慮未來的投資。就像我們過去所做的那樣，我們希望在自身的內部投資和透過海洋工業基礎的潛在利益之間取得平衡。所以，Russ，我認為簡單的答案是，我們將繼續按照多年來一直保持的7%到10%的收入比例進行投資，並且會繼續沿著我們一直在走的道路前進。我們沒有看到任何與我們過去投資組合不成比例的需求。

That's great. And then maybe moving on to the M&A strategy. FlackTek was your largest buy in some time, and that tends to wake up, I think, other potential sellers. I'm wondering, you've described FlackTek as adding a third platform, wondering if there are other platforms, so to speak, out there for you to add, or should we think about additional M&A focusing on the existing three that you now have?

那太棒了。然後或許可以轉向併購策略。FlackTek 是你一段時間以來最大的一筆收購，我認為這往往會喚醒其他潛在的賣家。我想問的是，您曾將 FlackTek 描述為新增的第三個平台，那麼是否還有其他平台（或其他類型的平台）可供您添加？或者我們應該考慮進行額外的併購，並將重點放在您目前擁有的三個平台上？

Yeah. Great question. So to the point I've been making for quite some time, we've been nurturing these relationships for years at this point. We're looking for folks that want to have skin in the game and really grow with us. FlackTek does offer that third. We have a really strong first at Graham manufacturing, which has been around for 90 years with vacuum and heat transfer. We continue to have a tremendous amount of opportunity within that business to further grow organically.

是的。問得好。所以，正如我之前一直強調的，我們已經培養這些關係好幾年了。我們正在尋找那些願意全心投入並與我們共同成長的人。FlackTek確實提供了第三種選擇。我們在格雷厄姆製造公司擁有非常強大的實力，該公司在真空和熱傳遞領域已有 90 年的歷史。我們在這個業務領域仍然擁有巨大的發展機遇，可以實現進一步的有機成長。

Within Barber-Nichols, we've done some small tuck-in acquisitions, both technology as well as capability. FlackTek offers that third leg of the stool that's across all of the same end markets as well as some additional opportunity for scale. I think as we move forward, we'll focus more heavily on continuing to invest in these three platform focus areas. And then longer term, as we sort of move out of expansion within those three product platforms, maybe there will be additional. And those additional platforms in the future could come, one, as a spinout from existing business units or through an acquisition of a standalone platform.

在 Barber-Nichols 內部，我們進行了一些小規模的收購，包括技術和能力的收購。FlackTek 提供了凳子的第三個支柱，它涵蓋所有相同的終端市場，並且還有一些額外的規模化機會。我認為，隨著我們不斷向前發展，我們將更加重視繼續投資這三個平台重點領域。從長遠來看，隨著我們逐步退出這三個產品平台的擴張，也許會有更多。未來新增的這些平台可能以兩種方式出現：一是現有業務部門的衍生，二是收購獨立平台。

That's great. Maybe I'll sneak in one last question, and I'll come back again to the Navy. Obviously, you're sourcing a lot of the work you do. I'm wondering how you're thinking about pursuing other work from the Navy, other programs. Obviously, it's easier to get on the ground floor, but I'd love to hear whatever progress you can share on pursuing new work, not just the existing programs you have, but maybe perhaps other opportunities.

那太棒了。或許我還會偷偷問最後一個問題，然後我還會再回到海軍這個話題。顯然，你做的很多工作都是從其他地方找的素材。我想知道你對在海軍之外從事其他工作或參與其他項目有什麼考慮。顯然，從基層做起更容易，但我很想聽聽你在尋求新工作方面取得的任何進展，不僅是你現有的項目，也可能是其他機會。

Yeah. Great question. We're continuing to find that the capability that we have put in the back pocket of the corporation is absolutely needed by end users. Precision fabrication, which tends to be welding and advanced precision is a need that's been spoke about in the United States for quite some time. So we're seeing that applicability of those core competencies really move in a nice direction in pursuing new opportunities. So I'll just say adjacencies of using existing capability.

是的。問得好。我們不斷發現，我們為公司儲備的這項能力，正是最終用戶絕對需要的。精密製造，尤其是焊接和先進精密製造，在美國已經討論了很長時間。因此，我們看到這些核心能力的適用性在尋求新機會方面正朝著良好的方向發展。所以我只想說，利用現有能力的鄰近性。

If you look at the Barber-Nichols footprint, high-speed rotating machines that allow for enhanced efficiency or smaller footprint. The world is moving to more power, higher compute speeds and that requires smaller assets that can do more. So Russ, I think the sort of simple story is our core competencies are absolutely able to leverage on new opportunities. What we're doing is we're really bolstering our commercialization strategy of technology so that we can go to our customers and offer the value to them in addition to our typical inbound strategy. So we're taking more of an outbound, let's go tell them how we can -- how our technology and capability can differentiate and provide them value.

如果你看一下 Barber-Nichols 的佔地面積，你會發現高速旋轉機器可以提高效率或縮小佔地面積。世界正朝著更強大的力量、更高的運算速度發展，這就需要體積更小、更強大的資產。所以，Russ，我認為簡單來說，我們的核心競爭力完全能夠利用新的機會。我們正在做的，是真正加強我們的技術商業化策略，以便除了我們典型的入站策略之外，我們還可以主動向客戶提供價值。所以我們採取的是更主動的方式，去告訴他們我們如何能夠——我們的技術和能力如何能脫穎而出，為他們創造價值。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，北地資本市場。

First one was just on -- you guys had called out growth in existing programs within defense. And I was just curious how that actually looks in reality. Like are you actively winning more wallet share on current projects? And if so, how? I guess I was just under the -- I have the understanding that these projects are pretty set in stone when the contracts are awarded.

第一個問題剛剛解決──你們指出了國防領域現有項目的成長問題。我只是好奇這在現實中究竟是什麼樣子。你是否正在積極爭取在當前專案中獲得更多市場份額？如果真是如此，該如何實現？我猜我只是沒太了解情況——我的理解是，這些項目一旦簽訂合同，就基本定稿了。

Yeah, great question. So the first part is it's both, as always with us. We are continuing to see additional scope that's coming from our core capability and programs that we've been on. Examples of that, we're seeing additional solicitations for spare assets and others that we originally did not have in the lens.

嗯，問得好。所以第一部分是兩者兼有，就像我們一貫的做法。我們持續看到，我們的核心能力和我們一直在進行的專案正在帶來更大的發展空間。例如，我們看到對備用資產和其他一些我們最初沒有考慮到的資產提出了額外的需求。

On the other side of that, we're successfully meeting our customers' end requirements, and that's both in time, speed, quality, everything. And so what's happening as a result of that, Bobby, is, yes, we are seeing additional opportunities that are additive to our current scope of supply. And that could be everything from undersea submarine platforms to laser and cooling -- or laser and radar cooling platforms for directed energy. So it's a combination of both.

另一方面，我們在時間、速度、品質等各個方面都成功滿足了客戶的最終要求。所以，鮑比，由此產生的結果是，是的，我們看到了額外的機會，這些機會可以添加到我們目前的供應範圍中。這可以包括從海底潛艇平台到雷射和冷卻——或者定向能的雷射和雷達冷卻平台等各種應用。所以它是兩者的結合。

Got it. That's helpful. And then, Chris, I know you had mentioned like historically, you guys have talked about it targeting 1.1 book-to-bill, and that was kind of reaffirmed earlier in the call. But after another outstanding quarter of orders, I'd assume that at the minimum, that outlook has changed for this year since you've already done $280 million in orders, which would be a 1.17 book-to-bill for the full year, assuming the high end of your revenue guidance and 0 orders in the fourth quarter. So I was just curious to get your sense on -- and you also mentioned the pipeline remains full.

知道了。那很有幫助。然後，克里斯，我知道你之前提到過，你們一直以來都希望將訂單出貨比設定為 1.1，這一點在之前的電話會議中也得到了重申。但又一個季度訂單表現出色之後，我認為至少今年的前景已經發生了變化，因為你們已經完成了 2.8 億美元的訂單，假設收入達到你們預期的上限，並且第四季度訂單為 0，那麼全年訂單出貨比將達到 1.17。所以我只是好奇想了解你的看法——你也提到管道仍然滿載運轉。

So I was just curious on the thinking of how landing at 1.1 book-to-bill long term is still the right way to look at it? And any color you could give maybe on how 4Q orders have progressed?

所以我很好奇，長期來看，將訂單出貨比維持在 1.1 仍然是正確的做法嗎？能否透露一下第四季訂單進度？

Yeah, Bobby, that's a great question. The main reason for putting out the 1.1 book-to-bill long-term guidance is because when we took a look back at the last 5 to 10 years, that was our book-to-bill ratio. As you know, our book-to-bill ratio can be very lumpy ranging anywhere from 0.5 times to 2.4 times in any given quarter. But over the long term, we expect it and we want it to be 1.1. So that 1.1 wasn't meant to be guidance for fiscal 2026.

是的，鮑比，這是一個很好的問題。之所以給出 1.1 的長期訂單出貨比指導，主要原因是回顧過去 5 到 10 年，我們的訂單出貨比就是這個水準。如您所知，我們的訂單出貨比波動很大，任何一個季度都在 0.5 倍到 2.4 倍之間波動。但從長遠來看，我們預期並希望它達到 1.1。因此，1.1 並不是 2026 財年的指導值。

As you pointed out, obviously, with the year-to-date book-to-bill ratio of 1.6, we expect to be over that 1.1 long-term target for the year. But again, over the long term, we want it to be 1.1 to support our 8% to 10% organic growth.

正如您所指出的，顯然，今年迄今的訂單出貨比為 1.6，我們預計今年將超過 1.1 的長期目標。但從長遠來看，我們希望它達到 1.1，以支持我們 8% 到 10% 的有機成長。

Tony Bancroft, Gabelli Funds.

Tony Bancroft，Gabelli 基金。

Congratulations on the great numbers, very well done. You were talking earlier about what would be potential -- I know you're working on these three strategies right now, the core pillars, and you're going to be building up those. But I guess I wasn't thinking about a company like FlackTek for you guys. Could maybe -- Matt, could you give me like a 30-second pocket lecture on what -- where are these addressable markets that you or these adjacencies? And sort of what's the scope of these adjacencies that you would -- Graham 5 or 10 years from now, 5 years from now would want to be in.

祝賀你們取得如此優異的成績，做得非常好。你之前談過一些潛在的發展方向──我知道你現在正在研究這三個策略，也就是核心支柱，你會逐步建立這些支柱。但我猜我當時並沒有想到像 FlackTek 這樣的公司適合你們。馬特，你能不能跟我講個30秒的簡短介紹，說說你或你的鄰近領域有哪些潛在市場？那麼，格雷厄姆在 5 年或 10 年後，或 5 年後，希望參與哪些鄰近領域？

Maybe you could just sort of encapsulate or talk about that.

或許你可以簡單概括一下或是談談這件事。

Yeah. So the first thing that folks don't necessarily hone in on is advanced mixing, specifically dual asymmetric mixing is the exact marry of turbomachinery and vacuum heat transfer. It literally is the blend of those two core physics-based technologies. So mixing in itself is a really nice platform that couples with our engineering know-how.

是的。因此，人們首先沒有關注的是高級混合，特別是雙非對稱混合，它是渦輪機械和真空傳熱的完美結合。它實際上是這兩種核心物理技術的融合。因此，混音本身就是一個非常好的平台，可以與我們的工程技術知識結合。

The next item, Tony, that I offer, and this is more broadly is we love the market-agnostic, really differentiated moated technology. So in FlackTek, I'll use as an example, you've got five product SKUs that range everywhere from lab scale to large production scale, and these really can offer a disruptive moat as we move forward. And so what we're seeing there is they play in our three end markets extremely favorably, but they also have a portfolio that expands beyond that for continued growth in medical, in personal care, in battery technology, et cetera, the list goes on.

東尼，我接下來要介紹的是，更廣泛地說，我們喜歡與市場無關、真正差異化的護城河技術。以 FlackTek 為例，我們有五個產品 SKU，涵蓋從實驗室規模到大規模生產的各個方面，這些產品確實可以為我們未來的發展提供顛覆性的護城河。因此，我們看到的是，他們在我們三個終端市場中表現非常出色，但他們的產品組合也擴展到了醫療、個人護理、電池技術等領域，以實現持續成長，等等。

The last one that I'd offer you is this -- you got to look forward in terms of where technology is moving. We're really -- we're talking about electrification of our turbomachinery. We're talking about advanced and intelligent control of our turbomachinery. We're talking about using technology like computational fluid dynamics and our new designs in the industrial business. Really, it's bringing a technology footprint to see where the markets are going.

最後我想給你們的建議是──你們要著眼未來，看看科技的發展方向。我們現在討論的其實是渦輪機械的電氣化。我們正在討論的是對渦輪機械進行先進和智慧控制。我們正在討論如何在工業領域運用計算流體動力學等技術和我們的新設計。實際上，這是透過技術手段來了解市場走向。

And in this case, the biggest competitor for FlackTek is a bucket in a stick, which is you're mixing this stuff by hand. And so as we move to a place of automation, efficiency, et cetera, where throughputs are increasing, it's a natural replacement for more advanced technology. So it's not one simple answer, but the core of it is engineered, differentiated, technology-driven solutions that have an agnostic market footprint.

在這種情況下，FlackTek 最大的競爭對手就是桶裝攪拌器，也就是用手攪拌這種東西。因此，隨著我們邁向自動化、效率等各個方面，吞吐量不斷提高，它自然而然地取代了更先進的技術。所以這不是一個簡單的答案，但其核心是經過精心設計、差異化、技術驅動的解決方案，這些解決方案具有不限於特定市場的格局。

Gary Schwab, Valley Forge Capital Management.

Gary Schwab，Valley Forge Capital Management。

You're juggling a lot of balls at the same time, and you're handling everything really well. Great job. My question is about FlackTek. You mentioned that they're involved in solid rocket motor mixing. Are there any restrictions from the FlackTek partnership by Anduril against selling MEGA to the two major solid rocket motor competitors?

你同時要處理很多事情，而且都處理得非常好。幹得好。我的問題是關於FlackTek的。你提到他們參與固體火箭發動機的混合工作。Anduril 與 FlackTek 的合作關係是否對向兩大固體火箭引擎競爭對手出售 MEGA 有任何限制？

So Gary, yeah, obviously, there was a large publication working between Anduril and FlackTek. And what I'll say is it was developed by FlackTek for an end use at Anduril. We do absolutely view Anduril as a key end user of the technology and will be continued to ensure that they're successful in their endeavors. This is revolutionizing the mixing process for solid rocket motors, which will push the entire industry forward.

所以 Gary，是的，很明顯，Anduril 和 FlackTek 之間存在著大量的出版合作。我要說的是，它是 FlackTek 為 Anduril 的最終用戶而開發的。我們絕對將 Anduril 視為該技術的關鍵最終用戶，並將繼續確保他們在各自的領域取得成功。這將徹底改變固體火箭引擎的混合過程，從而推動整個產業向前發展。

What we're seeing more broadly is once you have one big win in a given area like energetics, you see a lot of folks start to come to the surface. And the short of it is we have no restriction in the relationship on providing dual asymmetric mixing machines to others with the exception of specifically the MEGA product line pending some level of purchase of equipment. So we'll respect that relationship. And what we're seeing is the large machine, the medium machines, the other footprint machines are more than adequate to supply the majority of other providers in this space, which is not prevented.

更廣泛地來看，一旦你在某個領域（例如能源領域）取得重大勝利，你就會看到很多人開始出現。簡而言之，除了 MEGA 產品線之外，我們沒有任何限制向他人提供雙非對稱混合機，除非購買一定數量的設備。所以我們會尊重這種關係。我們看到的是，大型機器、中型機器以及其他佔地面積的機器，完全能夠滿足該領域大多數其他供應商的需求，這並沒有阻止這種情況的發生。

So as a result of the Anduril partnership, we're seeing a lot of other opportunities that have brought the technology to the forefront, but yeah, we'll continue to leverage this across energetics outside of the MEGA.

因此，由於與 Anduril 的合作，我們看到了許多其他機會，這些機會將這項技術推到了前沿，但是，是的，我們將繼續在 MEGA 之外的能源領域利用這項技術。

Do you expect the MEGA to be your leading product for FlackTek? And have you come up with an available market size for MEGA?

您認為 MEGA 會成為 FlackTek 的主打產品嗎？你們有沒有估算過MEGA的潛在市場規模？

So we're quantifying that today. The answer is, as we move forward, our focus is going to be on production footprint machines, I'll say. But FlackTek has been in business for over 20 years, providing this critical equipment to everything from laboratories to production environments. So I will say there will be a shift in focus to production level machines, of course, MEGA being a portion of that.

所以今天我們要對此進行量化。答案是，隨著我們不斷前進，我們的重點將放在生產佔地面積小的機器上。但 FlackTek 公司已有 20 多年的歷史，為從實驗室到生產環境的各種場所提供這種關鍵設備。因此，我認為重點將會轉移到生產級機器上，當然，MEGA 是其中的一部分。

And the short of it is, I can't speak to the exact TAM on the call today. What I can say is we see applicability from mixing food to energetics to upstream the original constituents that go into epoxies, et cetera. So it's really market agnostic. We see sort of an unlimited footprint where this could impact.

簡而言之，我無法在今天的電話會議上透露確切的TAM值。我可以說的是，我們看到了從食品混合到能量學，再到環氧樹脂等材料的原始成分的上游應用。所以它真的與市場無關。我們看到這可能產生的影響範圍幾乎是無限的。

Okay. Great. And if I could just ask one last quick one. The $30 million 2026 estimate for FlackTek, that's based on your year-end ending next month. Is that correct?

好的。偉大的。我可以再問最後一個問題嗎？FlackTek 預計到 2026 年將達到 3000 萬美元，這是基於你們下個月結束的財年計算得出的。是這樣嗎？

That's the calendar year-end for '26. So that's the current run rate for calendar year '26.

那是2026年的日曆年結束日期。所以這就是 2026 年目前的運行速度。

Bobby Brooks, Northland Capital.

Bobby Brooks，北地資本。

So on the material receipts, so that was a drag on gross margin this quarter as well as last. And what I was hoping to get a better sense on was sort of the visibility of that going forward. Obviously, you're always going to have material receipts, right? But do you have a good sense of when those will be highest a few months out? Or maybe asked differently, how far in advance do you know when that type of work is going to flow through revenue?

因此，在材料收款方面，這和上個季度一樣，都對本季的毛利率造成了拖累。我原本希望更了解的是，這種情況在未來會有多大的發展前景。顯然，你總是會保留材料收據，對吧？但您能否準確預測幾個月後這些價格何時會達到最高點？或者換個問法，你能提前多久知道這類工作何時會帶來收入？

Yeah. So the material receipts are very lumpy in nature. They heavily impacted our Q2 results. They were still higher than normal in Q3. So for Q4 and then going forward, we would expect them to be at a more normalized level. However, again, those material receipts can be lumpy in nature in any given quarter. So we have visibility out for about the next year on that.

是的。因此，物料收據的性質非常不均勻。它們對我們的第二季業績產生了重大影響。第三季度，這些數值仍然高於正常水準。因此，我們預計第四季度及以後，它們將達到更正常的水平。但是，同樣地，在任何一個季度，這些物資收入都可能出現波動。因此，我們對未來一年左右的情況都有了大致的了解。

Got it. And maybe just -- so is it essentially just ordering raw materials in anticipation of future work? And am I understanding -- is that kind of the reason for it? Am I understanding that right?

知道了。也許只是——所以本質上只是為未來的工作訂購原材料嗎？我理解的對嗎——這就是原因嗎？我理解得對嗎？

It's not in anticipation of future work. We only place the material orders when we receive the order from our customer. So therefore, it's basically material receipts to support orders that are already in our backlog.

這不是為了應對未來的工作。我們只有在收到客戶的訂單後才會訂購原料。因此，這基本上是為支持我們積壓訂單而進行的物料收據。

Got it. And then, Matt, you did -- I really appreciate the one slide going through some of the significant investments and facility enhancements done this year. But I know that you guys did some -- those are focused on improvements made earlier in the quarter. And so I was just curious on anything to call out specifically that happened within the third quarter?

知道了。然後，馬特，你做到了——我真的很感謝你用一張幻燈片介紹了今年進行的一些重大投資和設施改進。但我知道你們也做了一些事——這些主要集中在本季早些時候取得的改進。所以我很好奇第三節比賽中有沒有特別值得一提的事情發生？

Yeah, a lot. You could see from that list, yes, we delivered the first assets from the liquid nitrogen test facility in Arvada in the third quarter. We have brought online, as mentioned, the assembly and test facility, which is now shipping product as well as the testing area in that facility. So across that entire platform, Bobby, we're seeing real-time impact in the third quarter from those assets coming online.

是的，很多。從這份清單中可以看出，是的，我們在第三季交付了位於阿爾瓦達的液態氮測試設施的首批資產。如前所述，我們已經啟用了組裝和測試設施，該設施現在正在出貨產品，測試區域也已投入使用。所以，鮑比，從整個平台來看，我們已經看到這些資產上線後，在第三季產生了即時影響。

Got it. And then just --

知道了。然後就只是--

The only exception of that just for clarity is the propellant test facility down in Florida. We just did the ribbon cutting. But in the third quarter, that has not started to impact the business.

為了避免誤解，唯一的例外是位於佛羅裡達州的推進劑測試設施。我們剛剛舉行了剪綵儀式。但到了第三季度，這種情況尚未開始對業務產生影響。

Bobby, with regards to those capital investments, though, right, as we said, they're not going to have a material impact on our fiscal 2026 results. These investments are what's going to help us get to our fiscal 2027 guidance and goals that we put out there. But it's going to be a gradual increase in performance, right? You're not going to see a step change overnight. So it's just -- these are the investments that we're making to achieve the slow and steady growth that we're looking for and to achieve our fiscal 2027 targets.

鮑比，關於這些資本投資，正如我們所說，它們不會對我們 2026 財年的業績產生實質影響。這些投資將幫助我們實現我們公佈的 2027 財年業績指引和目標。但性能會逐步提升，對吧？你不會在一夜之間看到翻天覆地的變化。所以，這些就是我們為實現我們所追求的緩慢而穩定的成長以及實現我們 2027 財年目標而進行的投資。

But it's not going to be a step change.

但這並不會帶來翻天覆地的改變。

That's very helpful. A lot of color there. Then last question for me is just on the testing facilities in Jupiter as well as -- Jupiter, Florida as well as Colorado, I was curious to just maybe hear how the activity has gone thus far with booking up future slots for testing? And just also curious on have you seen -- are those folks who are taking the booking testing slots, are those more so customers you're already working with? Or have you started to see a steady stream of folks that you don't have commercial relationships with yet?

那很有幫助。那裡色彩很豐富。最後一個問題是關於朱庇特以及佛羅裡達州和科羅拉多州的檢測設施，我很好奇目前為止預約未來檢測名額的情況如何？另外，我還很好奇，您有沒有註意到──那些預訂測試名額的人，是否更多是你們已經合作過的客戶？或者，您開始看到源源不絕的人與您建立商業關係？

Yes. I'll break it down into two. Good question. In the Arvada facility, which is where the liquid nitrogen is, it is dedicated to a given production program today. And what I'll say is it's essentially booked for that program.

是的。我把它分成兩部分來講。問得好。位於阿瓦達的工廠（液態氮儲存在那裡）目前專門用於特定的生產計劃。我只能說，這個專案基本上已經預訂好了。

As a result of execution, we continue to see further pipeline opportunities to continue that forward. Can we use it for other programs? The answer is absolutely yes, and we will. But today, it's focused on one. So I would just call that pipeline healthy.

由於執行得當，我們不斷看到更多專案機會，可以繼續推進這項工作。我們可以把它用於其他程式嗎？答案是肯定的，我們會的。但今天，它只關注其中之一。所以我認為這條輸送管運作狀況良好。

On the cryogenic facility side, look, most important for us is safety on that facility and sort of the commissioning process. So today, we're having a number of conversations with potential end users, most of which are customers today. We are focusing on the commissioning around the product that is already in our backlog. And so we're prioritizing that not for a testing as a service today, but rather testing the product that we're shipping to our end customer contractually. So we'll ramp through testing our own products in the near term.

就低溫設施而言，對我們來說最重要的是該設施的安全性和調試過程。所以今天，我們正在與一些潛在的最終用戶進行對話，其中大多數是我們目前的客戶。我們目前專注於推進已列入待辦清單的產品的調試工作。因此，我們目前的首要任務不是提供測試服務，而是測試我們根據合約交付給最終客戶的產品。因此，我們將在近期內加快測試我們自己的產品。

But in short, Bobby, yes, the pipeline remains very active.

但簡而言之，鮑比，是的，這條輸油管仍然非常活躍。

Mr. Malone, we have no further questions at this time. I'd like to turn the floor back over to you for closing comments.

馬龍先生，我們目前沒有其他問題了。現在我想把發言權交還給您，請您作總結發言。

Thank you. As you can see, we are pleased with our results and look forward to keeping you updated on our progress. As always, please reach out with any questions. Thank you, everyone, for joining us today and your interest in Graham.

謝謝。如您所見，我們對結果感到滿意，並期待隨時向您報告我們的進展。如有任何疑問，請隨時與我們聯繫。感謝各位今天蒞臨現場，也感謝大家對葛拉漢的關注。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。