Graham Corp (GHM) 2026 Q4 法說會逐字稿

Thank you. Q26 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad.

謝謝。Q26 財報電話會議。此時，所有與會者皆為僅收聽模式。正式簡報結束後將進行問答環節。如需接線員協助，請在電話鍵盤上按星號零。

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

現在很榮幸為各位介紹今天的主持人，投資人關係部的 Tom Cook。謝謝。您可以開始了。

Thank you, Shamali, and good morning, everyone. Welcome to Graham's Fiscal Fourth Quarter and Full Year 2026 Earnings Call.

謝謝你，Shamali，各位早安。歡迎參加 Graham 2026 會計年度第四季與全年財報電話會議。

With me on the call today is Matt Malone, President and CEO, and Chris Doan, Chief Financial Officer. This morning, we released our financial results. Our earnings release and accompanying presentation for today's call are available on our website at ir.com. You should be aware that we may make forward-looking statements during the formal discussion as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated here today.

今天與我一同參與電話會議的有總裁暨執行長 Matt Malone，以及財務長 Chris Doan。今天早上，我們已發布財務結果。今日電話會議的新聞稿與隨附簡報已公布於我們的網站 ir.com。請注意，我們在正式討論以及問答環節中可能會發表前瞻性陳述。這些陳述涉及未來事件，並受風險與不確定性以及其他因素影響，可能導致實際結果與我們今天所述內容出現重大差異。

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

上述風險與不確定性及其他因素已載於本次財報資料，以及公司向美國證券交易委員會（SEC）提交的其他文件中。您可於我們的網站或 sec.gov 查閱這些文件。今天的電話會議中，我們也將討論非 GAAP 財務衡量指標。我們相信這些指標有助於評估我們的表現。然而，您不應孤立地看待這些補充資訊，亦不應將其視為依 GAAP 編製之結果的替代。

We have provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany this presentation. today's release and slides. 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.

我們已在隨附本簡報的表格中提供非 GAAP 指標與可比較 GAAP 指標的調節表，包含今日新聞稿與投影片。我們也使用關鍵績效指標（KPI）來衡量公司的進展與表現。這些關鍵績效指標包括 ROIC、訂單、在手訂單（backlog）以及接單出貨比（book-to-bill ratio）。這些屬於營運衡量指標，因此不要求也未提供各項的量化調節。

You can find a disclaimer regarding our use of KPIs at the back of today's presentation. So with that, if you'll please advance to slide three, I'll turn it over to Matt to begin. Matt.

關於我們使用 KPI 的免責聲明，您可在今日簡報的最後頁找到。那麼，請各位翻到第三頁投影片，我將把時間交給 Matt 開始。Matt。

Thank you, Tom, and good morning, everyone. We appreciate you joining us to review our fourth quarter and full fiscal 2026 results.

謝謝你，Tom，各位早安。感謝各位加入我們，一同回顧第四季與 2026 會計年度全年業績。

The foundation is strong, momentum is building, and we are just getting started. Fiscal 2026 was another year of strong execution and continued progress against the strategic objectives we have consistently communicated to investors. We delivered record annual revenue of $245 million, record orders of $359 million, and of $533 million and a book to bill of 1.5 times. These results reflect the strength of our diversified business model and the long-term demand environment across our core markets with disciplined execution across our entire team. We accomplished this while making substantial investments to strengthen Graham's long-term competitive moat.

我們的基礎穩固、動能正在累積，而我們才剛開始。2026 會計年度是執行力強勁、並持續朝我們一貫向投資人溝通之策略目標推進的又一年。我們創下年度營收 2.45 億美元的新高、訂單 3.59 億美元的新高、在手訂單 5.33 億美元的新高，接單出貨比達 1.5 倍。這些成果反映我們多元化商業模式的韌性，以及核心市場長期需求環境的強勁，同時也展現全體團隊以紀律執行的成果。我們在達成上述成果的同時，也投入大量資本以強化 Graham 長期的競爭護城河。

During the year, we advanced strategic growth initiatives across the company, expanded capacity and technical capabilities, implemented new automation and manufacturing technologies, enhanced our testing infrastructure, and completed the acquisitions of XDOT and FlacTech. These investments, combined with our continued focus on talent, operational excellence, and scalable systems, further enable Graham to capture future growth opportunities and create shareholder value. Turning to our end markets and starting with defense. The demand remains very strong as validated by the record backlog. Throughout fiscal 2026, we benefited from continued execution across key naval programs, growth in existing platforms, and contributions from new programs.

在本年度，我們推進公司各項策略性成長計畫，擴充產能與技術能力，導入新的自動化與製造技術，強化測試基礎設施，並完成對 XDOT 與 FlacTech 的收購。這些投資，加上我們持續聚焦於人才、營運卓越與可擴展的系統，將進一步使 Graham 能掌握未來成長機會並創造股東價值。接著談終端市場，先從國防開始。需求仍然非常強勁，並由創紀錄的在手訂單所印證。在 2026 會計年度期間，我們受惠於關鍵海軍專案的持續執行、既有平台的成長，以及新專案的貢獻。

The strategic investments we have made over the last several years are translating into tangible operating advantages. Our newly opened Navy facility in Michigan, Batavia is operational. Our automated welding systems have been commissioned and our vertically integrated X-ray capabilities are executing first inspections. These investments improve throughput, enhance quality, and position us to support increasing production requirements across critical Navy programs for many years to come. The demand environment remains favorable.

過去數年我們所做的策略性投資，正轉化為具體的營運優勢。我們在密西根州巴達維亞（Batavia）新啟用的海軍廠房已投入營運。我們的自動化焊接系統已完成啟用，我們垂直整合的 X 光能力也已開始執行首次檢驗。這些投資提升產出效率、強化品質，並使我們得以在未來多年支援關鍵海軍專案日益增加的生產需求。需求環境仍然有利。

We continue to see strong activity across our core naval platforms, and we believe the long-term outlook remains supported by fleet modernization initiatives, submarine production requirements, and the strategic importance of these programs we support. In addition to our naval defense programs, we are transitioning from development to production on several high-profile directed energy energy laser platforms, and radar programs, where we supply cooling pumps and motor controllers. Our modular, power-dense product offering enables our customers to optimize their system. more capability in a smaller footprint, enabling our customers complex mission critical systems to do more than ever before. Importantly, many of these programs extend over multiple years, providing durable revenue visibility and helping drive our record backlog today.

我們持續看到核心海軍平台的活動強勁，且我們相信長期展望仍受到艦隊現代化計畫、潛艦生產需求，以及我們所支援專案之策略重要性所支撐。除海軍國防專案外，我們也正將多項備受矚目的定向能量雷射平台與雷達專案，從研發階段推進至量產階段；在這些專案中，我們供應冷卻泵與馬達控制器。我們的模組化、高功率密度產品組合，讓客戶能優化其系統——在更小的體積中提供更高的能力，使客戶的複雜任務關鍵系統能比以往完成更多任務。重要的是，其中許多專案橫跨多年，提供穩健的營收能見度，並推動我們今日創紀錄的在手訂單。

Moving to space. While revenue is consistent year over year, the underlying indicators within the space market continue to build momentum. Throughout fiscal 2026, we experienced significant growth in orders and backlog, reflecting strong customer demand and increasing activity across both commercial and government funded programs. We continue to see customers transition from development and qualification phases to higher rate production. This trend Nichols supports demand for highly engineered turbomachinery, triogenic systems, and precision components that Barbara Nichols provides.

接著談太空市場。雖然營收與去年同期大致持平，但太空市場內部的基本指標持續累積動能。在 2026 會計年度期間，我們的訂單與在手訂單顯著成長，反映客戶需求強勁，且商業與政府資助專案的活動均在增加。我們持續看到客戶從開發與認證階段，轉向更高產量的生產。此一趨勢支撐對高度工程化渦輪機械、低溫（cryogenic）系統與精密零組件的需求，而這些正是 Barbara Nichols 所提供的產品。

To support this opportunity, we continued investing in our testing and manufacturing capabilities throughout the year. Our liquid nitrogen testing capability is operational, and our new cryogenic test facility in Florida is actively commissioning our internal product. These investments expand our ability to support customers as they scale production and strengthen Graham as a critical supplier across the growing space ecosystem. The long-term fundamentals of this market remain attractive, and we believe our technology portfolio, engineering expertise, and customer relationships will drive future durable growth. Turning to energy and process, we delivered a strong year despite continued uncertainty in this market and large capital project spending.

為了把握此一機會，我們在全年持續投資於測試與製造能力。我們的液態氮測試能力已投入運作，而位於佛羅里達州的新低溫測試設施也正積極進行內部產品的試運轉與驗證。這些投資擴大我們在客戶擴產時的支援能力，並強化 Graham 作為快速成長太空生態系中關鍵供應商的地位。此市場的長期基本面仍具吸引力，我們相信我們的技術組合、工程專業與客戶關係將推動未來可持續的成長。接著談能源與製程市場，儘管該市場與大型資本專案支出仍存在不確定性，我們仍交出強勁的一年。

Revenue increased 14% during fiscal 2026, supported by strong aftermarket activity, growth within new energy applications, and contributions from the recently acquired FLAC Tech. Customer demand remains healthy across our install base as aftermarket activities continues to demonstrate the value of growth. Graham's mission-critical equipment and global service capabilities. We also remain encouraged by the opportunities we see developing within new energy applications, including small modular nuclear reactors and cryogenic technologies. While customers remain cautious regarding large capital expenditures in global refining and petrochemical facilities, we believe our diversified exposure, growing install base, and increasing participation in emerging energy markets positions us well.

2026 會計年度營收成長 14%，主要受惠於強勁的售後市場活動、新能源應用的成長，以及近期收購的 FLAC Tech 所帶來的貢獻。在我們的既有裝機基礎上，客戶需求仍然健康，售後市場活動持續展現成長的價值。Graham 的任務關鍵設備與全球服務能力。我們也持續對新能源應用中正在形成的機會感到鼓舞，包括小型模組化核反應爐與低溫技術。儘管客戶對全球煉油與石化設施的大型資本支出仍持審慎態度，我們相信我們多元化的曝險、持續擴大的裝機基礎，以及在新興能源市場中日益提高的參與度，將使我們處於有利位置。

Turning now to FLACTECH, which we acquired at the end of January. FLACTECH establishes advanced mixing and materials processing as our third core platform alongside vacuum and heat transfer and turbo machinery. Business brings highly differentiated technology, a strong intellectual property portfolio, an attractive reoccurring revenue component, and exposure to several markets where we already have established customer relationships. Strategically, FLACTECH expands our ability to solve increasingly complex customer challenges and creates opportunities to provide more integrated solutions across defense, energy and process, and space. We are particularly excited about the long-term potential of the mega platform and the opportunity to commercialize advanced materials processing solution across the broader customer base.

現在轉到我們於一月底收購的 FLACTECH。FLACTECH 使先進混合與材料加工成為我們第三個核心平台，與真空與熱傳以及渦輪機械並列。該業務帶來高度差異化的技術、強大的智慧財產權組合、具吸引力的經常性收入組成，以及對我們已建立客戶關係之多個市場的曝險。在策略上，FLACTECH 擴大了我們解決日益複雜客戶挑戰的能力，並創造機會在國防、能源與製程以及太空領域提供更整合的解決方案。我們對 mega 平台的長期潛力，以及將先進材料加工解決方案在更廣泛客戶基礎上商業化的機會，尤其感到振奮。

Although we are still in the early integration process, significant progress has been made. The long-term commercialization strategy has been developed, teams are working well together, critical hires have been made, and customer engagement is strong. Now more than ever, I remain excited about the future growth prospects of this business. We continue to believe FLAC Tech meets all the criteria we have outlined for strategic acquisitions and will create meaningful long-term value for shareholders. Turning to operational excellence and investments, beginning on slide four.

雖然我們仍處於整合的早期階段，但已取得顯著進展。長期商業化策略已制定完成，團隊合作順暢，關鍵人才已到位，且客戶互動強勁。比以往任何時候，我仍對該業務未來的成長前景感到振奮。我們持續相信 FLAC Tech 符合我們所提出之策略性收購的所有標準，並將為股東創造具意義的長期價值。接著談營運卓越與投資，從第 4 張投影片開始。

Over the last several years, we have made deliberate investments to improve our capabilities, increase capacity, enhance productivity, and product offerings to support our future growth. Many of those investments are now complete or entering their final phases of implementation. Several examples. The Batavia Navy facility is occupied and flowing production. outfitted with automated welding systems, 3D inspection scanning, and high-power X-ray inspection capability to reduce cycle time.

過去幾年，我們有計畫地投資以提升能力、增加產能、強化生產力與產品供給，以支持未來成長。其中許多投資現已完成或正進入最後的導入階段。舉幾個例子。巴達維亞（Batavia）海軍設施已進駐並開始量產，配備自動化焊接系統、3D 檢測掃描，以及高功率 X 光檢測能力，以縮短週期時間。

The Arvada assembly and overhaul facility and liquid nitrogen test facility are fully operational and actively shipping validated products to our end customers. The Jupiter Cryogenic Facility is actively testing our cryogenic pump and motor controller that will be used for a critical lunar lander program. Lastly, the Batavia ERP implementation is nearing its final go-live milestones that will upgrade us from a legacy AS400 system. Importantly, these investments, just to name a few, were made with a disciplined capital allocation framework and are expected to generate returns above our 20% ROIC hurdle rate. While these initiatives create some near-term pressure on profitability as we invest ahead of our growth, they will enable the business to achieve approved operating leverage and margin expansion over time.

阿瓦達（Arvada）組裝與大修設施以及液態氮測試設施已全面運作，並正積極向終端客戶出貨已驗證產品。木星（Jupiter）低溫設施正積極測試我們的低溫泵與馬達控制器，該設備將用於一項關鍵的月球著陸器計畫。最後，巴達維亞 ERP 導入已接近最終上線里程碑，將使我們從舊有的 AS400 系統升級。重要的是，這些投資（僅列舉其中幾項）是在嚴謹的資本配置框架下進行，預期可產生高於我們 20% 投入資本報酬率（ROIC）門檻的回報。雖然這些計畫在我們為成長超前投資時，會對短期獲利造成一些壓力，但長期將使公司得以實現既定的營運槓桿與利潤率擴張。

Turning to orders, backlog and visibility. Fiscal 2026 represented another exceptional year from a bookings perspective. Orders reached a record 395 million, resulting in a book-to-bill ratio of 1.5 times. Backlog increased 29% year-over-year to a record $533 million. This backlog reflects continued strength across both defense and space and provides substantial visibility into future revenue generation.

接著談訂單、在手訂單（backlog）與能見度。2026 財年在接單（bookings）方面再度是表現卓越的一年。訂單達到創紀錄的 3.95 億，訂單出貨比（book-to-bill）為 1.5 倍。在手訂單年增 29% 至創紀錄的 5.33 億美元。此在手訂單反映國防與太空兩大領域持續強勁，並為未來營收創造提供相當高的能見度。

Approximately 35 to 40 percent of backlog is expected to convert to revenue over the next 12 months with the remainder extending over multiple years. Importantly, the quality of our backlog remains strong. Many of our programs are long cycle, mission critical applications that support essential customer priorities and provide durable demand visibility. Combined with our active pipeline, continued momentum in our end markets, and active customer engagement, we are well positioned for continued growth. Finally, turning to fiscal 2027, and as Chris will cover in more detail shortly, our Our guidance reflects another year of meaningful growth, with revenue expected to be between $285 and $295 million, and adjusted EBITDA expected to be between $35 and $40 million, both in line with our long-term goals.

約 35% 至 40% 的在手訂單預期將在未來 12 個月內轉為營收，其餘則延伸至多年度。重要的是，我們在手訂單的品質仍然強勁。我們許多專案屬於長週期、任務關鍵型應用，支援客戶的核心優先事項，並提供持久的需求能見度。結合我們活躍的商機管線、終端市場的持續動能，以及積極的客戶互動，我們已為持續成長做好準備。最後，轉到 2027 財年；正如 Chris 稍後將更詳細說明，我們的財測反映又一個具意義的成長年度，預期營收介於 2.85 億至 2.95 億美元，調整後 EBITDA 介於 3,500 萬至 4,000 萬美元，兩者皆符合我們的長期目標。

The outlook is supported by our record backlog, continued strength across defense, space and new energy activity, contributions from FLAC Tech, and the benefits of operational and capacity investments made over the last several years. We also expect profitability to improve as volume increases. Recent investments begin to contribute contribute more fully, integration activities mature, and operational initiatives continue to drive productivity improvements throughout the organization. As we have discussed previously, our strategy remains straightforward. We will continue to invest in differentiated technologies, strengthen our operational capabilities, to disciplined organic and inorganic growth opportunities, and maintain a relentless focus on execution as we get better every day.

此展望由我們創紀錄的在手訂單、國防、太空與新能源活動的持續強勁、FLAC Tech 的貢獻，以及過去幾年所進行的營運與產能投資效益所支撐。我們也預期隨著出貨量增加，獲利能力將改善。近期投資將開始更充分地貢獻，整合活動趨於成熟，且營運計畫將持續推動全組織的生產力提升。如同我們先前討論過的，我們的策略仍然很明確。我們將持續投資於差異化技術、強化營運能力、以嚴謹紀律推動有機與無機成長機會，並在執行上保持不懈專注，讓我們每天都更進步。

The foundation we have built over the last several years continues to strengthen. Our end markets remain attractive. Our backlog is at record levels, our capabilities continue to expand, and our teams remain focused on creating long-term value for customers and shareholders. With that, I'll turn the call over to Chris for a detailed review of our financial results.

我們在過去幾年建立的基礎持續強化。我們的終端市場仍具吸引力。我們的在手訂單處於歷史高位、能力持續擴張，團隊也持續專注於為客戶與股東創造長期價值。接下來，我把電話會議交給 Chris，請他詳細回顧我們的財務結果。

Thanks, Matt, and good morning, everyone.

謝謝你，Matt，各位早安。

Turning to our fourth quarter and full year results starting on slide six. Fiscal 2026 was a record year for Graham as we delivered record revenue, record orders, and record backlog. all while continuing to invest in capacity expansion, operational excellence, advanced manufacturing capabilities, and many other strategic initiatives designed to support long-term profitable growth. Starting with the fourth quarter, revenue increased 13% to a record $67.1 million. The growth was driven by continued strength in our defense market, building momentum across our space and new energy programs, and contributions from the recently acquired FLAC Tech business.

接著從第 6 張投影片開始，說明我們第四季與全年業績。2026 財年對 Graham 而言是創紀錄的一年：我們達成創紀錄的營收、創紀錄的訂單與創紀錄的在手訂單，同時仍持續投資於產能擴張、營運卓越、先進製造能力，以及許多其他旨在支持長期獲利成長的策略性計畫。先從第四季開始，營收年增 13% 至創紀錄的 6,710 萬美元。成長動能來自國防市場的持續強勁、太空與新能源專案動能的建立，以及近期收購的 FLAC Tech 業務貢獻。

Defense revenue benefited from strong execution, capability and capacity expansion, and continued demand across key naval defense programs. Base revenue increased 14% year-over-year as existing programs begin to ramp. Within energy and process, revenue was consistent with the prior year period, as strong aftermarket demand, continued activity in new energy applications, including small modular reactor opportunities, and the recent acquisition of FlacTech, which contributed $2.8 million to sales, during the quarter helped offset continued softness in large capital project spending and global refining and petrochemical facilities. For the full fiscal year, revenue increased 17% to a record $245 million. This increase was driven by 21% growth in defense, which benefited from new program wins, capacity and capabilities expansion, growth on existing programs, and a higher level of material receipts.

國防營收受惠於強勁的執行力、能力與產能擴張，以及關鍵海軍國防專案的持續需求。隨著既有專案開始放量，基礎營收年增 14%。在能源與製程方面，營收與去年同期持平；強勁的售後市場需求、新能源應用（包含小型模組化反應爐機會）的持續活動，以及近期收購的 FlacTech（本季貢獻 280 萬美元銷售額）有助於抵銷大型資本專案支出以及全球煉油與石化設施持續疲弱的影響。就全年而言，營收年增 17% 至創紀錄的 2.45 億美元。此增幅主要由國防業務 21% 的成長所帶動，受惠於新專案得標、產能與能力擴張、既有專案成長，以及更高水準的材料到貨。

Energy and process revenue increased 14% year-over-year supported by strong aftermarket activity, new energy applications and the contributions from FLAC Tech. Turning to slide 7, fourth quarter gross profit was $15.3 million, representing a gross margin of 22.7%, compared with 27% in the prior year period. The year-over-year decline primarily reflects our change in sales mix, including a higher proportion of defense revenue that carries greater material content and lower margin characteristics. as well as lower aftermarket sales compared with the prior year. Additionally, FLAC-TEC results for the quarter were burdened by purchase accounting amortization, which is expected to be lower going forward, and the margin is expected to improve as volume increases.

能源與製程營收年增 14%，由強勁的售後市場活動、新能源應用以及 FLAC Tech 的貢獻所支撐。接著看第 7 張投影片，第四季毛利為 1,530 萬美元，毛利率 22.7%，相較去年同期為 27%。年對年下滑主要反映我們銷售組合的變化，包括國防營收占比提高，而其材料含量較高且毛利特性較低；同時售後市場銷售也較去年同期減少。此外，FLAC-TEC 本季結果受到收購會計攤銷的影響；該攤銷預期未來將降低，且隨著出貨量增加，毛利率預期將改善。

These factors were partially offset by continued improvements in operational execution and productivity initiatives. For the full year, gross profit increased 9% to $57.8 million. Gross margin was 23.5% compared with 25.2% in fiscal 2025. While higher production volumes, pricing discipline, and operational efficiencies continue to support profitability. charges were impacted by the higher mix of defense revenue and material receipts, incremental tariff impacts, and the absence of the Blue Forge Alliance Welder Training Grant benefit that positively impacted fiscal 2025 results.

這些因素部分被營運執行的持續改善與生產力提升計畫所抵銷。全年毛利增加9%至5,780萬美元。毛利率為23.5%，相較於2025會計年度的25.2%。儘管較高的產量、嚴謹的定價紀律與營運效率持續支撐獲利能力，但費用受到國防營收與材料收貨占比提高、額外關稅影響，以及2025會計年度對業績有正面影響的 Blue Forge Alliance 焊工訓練補助金效益不再存在的影響。

Moving to slide eight, selling general and administrative expenses increased during the quarter and year-to-date periods primarily due to acquisition and integration activities, costs associated with FLAC Tech and continued investments in our people, processes, technologies, and other strategic initiatives that will drive future growth. Net income for the fourth quarter was $2 million or $0.18 per diluted share, compared with $4.4 million or $0.40 per diluted share in the prior year period. Adjusted net income for the quarter was $3.7 million or $0.33 per diluted share compared with $4.8 million or $0.43 per diluted share in the prior year. For the full year, net income increased to $12.5 million, or $1.12 per diluted share, compared with $12.2 million, or $1.11 per diluted share, in fiscal 2025. adjusted net income increased 14% to $15.6 million, or $1.40 per diluted share, compared with $1.24 per diluted share last year.

接著看第八頁，本季及年初至今期間，銷售、一般及行政費用增加，主要由於併購與整合活動、與 FLAC Tech 相關的成本，以及我們持續投資於人才、流程、技術與其他將推動未來成長的策略性計畫。第四季淨利為200萬美元，或稀釋後每股0.18美元，較去年同期的440萬美元或稀釋後每股0.40美元為低。本季調整後淨利為370萬美元，或稀釋後每股0.33美元，較去年同期的480萬美元或稀釋後每股0.43美元為低。全年淨利增加至1,250萬美元，或稀釋後每股1.12美元，較2025會計年度的1,220萬美元或稀釋後每股1.11美元為高。調整後淨利增加14%至1,560萬美元，或稀釋後每股1.40美元，較去年的稀釋後每股1.24美元為高。

Adjusted EBITDA for the fourth quarter was $6.8 million, representing a margin of 10.2%, compared with $7.7 million and a margin of 12.9% in the prior year period. For the full year, adjusted EBITDA increased 16% to $26 million and was in line with our previously raised guidance for fiscal 2026. adjusted EBITDA margin was 10.6%, consistent with the prior year, despite the mix-related pressures I discussed earlier and the investments we continue to make to support future growth. Overall, we believe these results demonstrate the resiliency of our business model and the effectiveness of our long-term strategy. We continue to successfully balance growth investments with profitability while positioning the company to capitalize on future opportunities.

第四季調整後 EBITDA 為680萬美元，代表10.2%的利潤率，較去年同期的770萬美元及12.9%的利潤率為低。全年調整後 EBITDA 增加16%至2,600萬美元，並符合我們先前上調的2026會計年度指引。調整後 EBITDA 利潤率為10.6%，與去年一致，儘管受到我先前提到的產品組合相關壓力，以及我們持續為支持未來成長所進行的投資影響。整體而言，我們認為這些結果展現了我們商業模式的韌性以及長期策略的有效性。我們持續在成長投資與獲利能力之間取得成功平衡，同時讓公司具備把握未來機會的有利位置。

Turning to slide 9, orders remain strong throughout the year and further reinforce the favorable demand environment across our core markets. Fourth quarter orders were 78.7 million, resulting in a book-to-bill ratio of 1.2 times. For the full fiscal year, orders reached a record 359 million, representing a book-to-bill ratio of 1.5 times. These results reflect continued strength in defense and a record of 1.5 times. and building momentum in space and new energy.

轉到第9頁，全年訂單維持強勁，進一步強化我們核心市場的有利需求環境。第四季訂單為7,870萬美元，使接單出貨比（book-to-bill）為1.2倍。全年訂單達到創紀錄的3.59億美元，接單出貨比為1.5倍。這些結果反映國防業務持續強勁並創下1.5倍的紀錄，同時在太空與新能源領域動能持續增強。

As a result, backlog increased to a record 533 million. at year end, up 29% from the prior year. We expect approximately 35 to 40% of backlog to convert into revenue over the next 12 months, providing substantial visibility into our fiscal 2027 revenue and supporting our confidence in the outlook we are providing today. Turning to slide 10, our balance sheet remains strong and provides the flexibility to continue executing our strategic priorities. Cash provided by operating activities during fiscal 2026 was $15.9 million and reflected strong earnings generation, partially offset by higher working capital balances associated with growth and program execution.

因此，期末在手訂單（backlog）增加至創紀錄的5.33億美元，較去年增加29%。我們預期未來12個月約有35%至40%的在手訂單將轉換為營收，為我們2027會計年度營收提供相當高的可視性，並支持我們對今日所提供展望的信心。轉到第10頁，我們的資產負債表仍然強健，並提供持續執行策略優先事項的彈性。2026會計年度營運活動提供的現金為1,590萬美元，反映強勁的獲利創現能力，但部分被與成長及專案執行相關的較高營運資金餘額所抵銷。

Additionally, fourth quarter fiscal 2026 cash flow from operations was negatively impacted by approximately $4 million of transaction bonuses assumed in the FLAC tech acquisition that were made. were awarded by the previous owners of Flag Tech, but paid by the company, and was a reduction to the cash purchase price at the time of close. During the year, we continued to deploy capital towards strategic growth initiatives. Net capital expenditures totaled $15.8 million for fiscal 2026 and were focused on capacity expansion, productivity improvements, automation, advanced manufacturing technologies, and infrastructure investments designed to support future growth and margin expansion. Additionally, $27 million of cash was deployed in connection with the XDOT and Slack Tech acquisitions, which was funded by cash flow from operations and capacity under our $80 million revolving credit facility.

此外，2026會計年度第四季營運現金流因約400萬美元而受到負面影響，該金額為我們在收購 FLAC Tech 時承接並支付的交易獎金；該獎金由 Flag Tech 先前所有人核發，但由公司支付，並在交割時作為現金收購價的減項。全年期間，我們持續將資本投入策略性成長計畫。2026會計年度淨資本支出合計1,580萬美元，重點用於產能擴充、生產力提升、自動化、先進製造技術，以及旨在支持未來成長與利潤率擴張的基礎設施投資。此外，與 XDOT 與 Slack Tech 併購相關，我們動用2,700萬美元現金，資金來源為營運現金流以及我們8,000萬美元循環信用額度下的可用額度。

Subsequent to year end, we further strengthened our balance sheet through a $50 million strategic investment from accounts advised by T. Rowe Price and was based upon the 20-day average closing price of the company's stock on April 13, 2026. We utilized approximately 13 million of the proceeds to repay our outstanding debt and expect to use the remaining proceeds to support future organic and inorganic growth initiatives. credit facility, we currently have over 100 million dollars of available liquidity providing significant flexibility to execute our strategic organic and inorganic growth plans. Turning to our guidance on slide 11, we expect revenue to be in the range of $285 million to $295 million for fiscal 2027, representing 18% growth at the midpoint and is supported by a record backlog, the strong demand environment, and having a full year of FLAC tech as well as continued execution across across our businesses.

在年末之後，我們透過由 T. Rowe Price 所建議之帳戶提供的5,000萬美元策略性投資，進一步強化資產負債表；該投資係以公司股票於2026年4月13日之前20個交易日的平均收盤價為基礎。我們使用約1,300萬美元的募集資金償還未償債務，並預期將剩餘資金用於支持未來的有機與非有機成長計畫。加上信用額度，我們目前可用流動性超過1億美元，為執行我們的策略性有機與非有機成長計畫提供顯著彈性。接著看第11頁的財測指引，我們預期2027會計年度營收介於2.85億至2.95億美元，中位數代表18%的成長，並由創紀錄的在手訂單、強勁的需求環境、FLAC Tech 全年貢獻，以及我們各項業務的持續執行所支撐。

We expect gross margin to be between 24.5% and 25.5%, reflecting the benefits of higher volume, operational and productivity initiatives, improved and an improved mix versus fiscal 2026. SG&A expense is expected to be between 16.5% and 17.5% of sales and includes the impact of approximately $2.5 million of incremental investments. people, technology, and commercialization initiatives to enable our future growth. Additionally, embedded within our outlook are approximately $4 to $5 million of equity-based compensation. acquisition and integration costs, and ERP conversion costs included in SG&A, as well as a higher level of SG&A as a result of the FLAC Tech acquisition.

我們預期毛利率介於24.5%至25.5%，反映更高的出貨量、營運與生產力計畫的效益，以及相較2026會計年度更佳的產品組合。SG&A 費用預期占銷售額的16.5%至17.5%，其中包含約250萬美元的增量投資，用於人才、技術與商業化計畫，以促進未來成長。此外，我們的展望中亦包含約400萬至500萬美元的股權基礎薪酬、併購與整合成本，以及計入 SG&A 的 ERP 轉換成本，並且因 FLAC Tech 併購而使 SG&A 水準提高。

is currently a 10% adjusted EBITDA margin business, but is expected to quickly improve to levels more in line with our other businesses as revenue scales. Based on these assumptions, we expect adjusted EBITDA to be between $35 million and $40 million, representing 44% growth over fiscal 2026 at the midpoint, and is in line with our long-term profitability objectives. We also expect our effective tax rate to be between 18% and 20% and capital expenditures to be between $18 million and $22 million as we continue investing in strategic organic growth initiatives, operational capabilities, and productivity enhancing projects, including the construction of a new 30,000 square foot manufacturing facility on a our Arvada, Colorado campus. Finally, we will provide an update to our long-term guidance at our upcoming Analyst and Investor Day on June 18th. Overall, we are pleased with our results and consistent performance.

目前其調整後 EBITDA 利潤率約為10%，但隨著營收規模擴大，預期將迅速改善至更接近我們其他業務的水準。基於上述假設，我們預期調整後 EBITDA 介於3,500萬至4,000萬美元，中位數較2026會計年度成長44%，並符合我們長期獲利目標。我們亦預期有效稅率介於18%至20%，資本支出介於1,800萬至2,200萬美元，因我們將持續投資於策略性有機成長計畫、營運能力與提升生產力的專案，包括在科羅拉多州阿瓦達（Arvada）園區興建一座新的30,000平方英尺製造設施。最後，我們將在6月18日即將舉行的分析師與投資人日更新長期指引。整體而言，我們對本次成果與一貫的表現感到滿意。

We are entering fiscal 2027 from a position of strength with record backlog, strong demand across our end markets, disciplined execution, and a strong balance sheet, all of which provide us with confidence in our ability to deliver another year of profitable growth while continuing to invest in our long-term opportunities ahead of us. With that, we are now ready for questions. Thank you.

我們以強勁態勢邁入 2027 會計年度，擁有創紀錄的在手訂單、終端市場的強勁需求、嚴謹的執行力以及穩健的資產負債表，這些都讓我們對於在持續投資長期機會的同時，仍能再交出一年獲利成長的表現充滿信心。接下來，我們準備開始提問。謝謝。

(Operator Instructions)

(接線員指示)

Russell Stanley, Beacon Securities.

Russell Stanley，Beacon Securities。

Good morning and thank you for the questions. My first is around orders, $79 million in the quarter.

早安，謝謝讓我提問。我的第一個問題是關於訂單，本季為 7,900 萬美元。

Congrats on that. I think it's your fifth straight quarter with orders better than $70 million. There seems to be less quarter-to-quarter volatility here than we saw in prior years. I'm understanding we should still expect to see some variability going forward, but do you sense you're now into a new normal in terms of the steadiness of order flow?

恭喜。我想這是你們連續第五個季度訂單高於 7,000 萬美元。相較於過去幾年，我們看到的季度間波動似乎更小。我理解未來仍可能會有一些變動，但你們是否覺得在訂單流的穩定性方面，現在已進入一個新的常態？

Yes, Russ, I would still say that our business as a whole is susceptible to volatility and lumpiness with regards to orders.

是的，Russ，我仍會說我們整體業務在訂單方面仍可能受到波動與不均勻性的影響。

As you know, the contracts received could be anywhere from 75 to 100 million dollars. So although we wish we could book orders like that every quarter, it doesn't always necessarily happen. But to your point, given the diversification of our businesses across the many markets, it is becoming more stabilized as we diversify our business. But no, I would still expect... expect some lumpiness and you know, 2026 fiscal 2026 was a record year for us.

如你所知，收到的合約可能落在 7,500 萬到 1 億美元之間。所以雖然我們希望每一季都能簽下那樣的訂單，但並不一定每次都會發生。不過如你所說，隨著我們在多個市場的業務更加多元化，確實正變得更穩定。但不，我仍預期……仍會有一些不均勻性，而且你知道，2026 會計年度對我們而言是創紀錄的一年。

but there still can be some lumpiness in the future.

但未來仍可能出現一些不均勻性。

Thanks, I understood on the revenue mix. is following up on that really strong order growth in both defense and space. And in the past, you've talked about where your ideal revenue mix would be, but I'm wondering if you might, how you're thinking about your ideal revenue mix given the momentum, particularly in space and defense. Might you relax those guardrails or that target mix and let those two segments in particular run as hard as they will over the next few years?

謝謝，我理解營收組合的部分。接著想追問國防與太空兩個領域非常強勁的訂單成長。過去你們談過理想的營收組合應該長什麼樣子，但我想請教的是，考量目前的動能，特別是在太空與國防，你們如何看待理想的營收組合？你們是否可能放寬那些護欄或目標組合，讓這兩個部門在未來幾年盡可能地加速成長？

Yes, Ross, I appreciate that question. I think you hit it perfect right at the end. We do love the split between defense and commercial, and the reason being is, you know, they augment each other when one's up, the other one can be slightly sluggish. In this particular case, like discussed over time, our technology and core competencies are market agnostic.

是的，Ross，謝謝你的問題。我覺得你最後那句說得非常到位。我們確實喜歡國防與商用之間的分配，原因是，當其中一邊走強時，另一邊可能稍微放緩，兩者能互相補強。在這個情況下，如同我們長期以來所討論的，我們的技術與核心能力不受特定市場限制。

And so you hit it perfect. What we're intending to do is follow the tailwinds of the end markets and ensure that our capabilities and technology align to them. And then yes, we will shift that percentage mix as we move forward. We're seeing that in the defense side as well as space. And with the orders booked on the space side, we do see that revenue ramping over the next year – the next years.

所以你說得很準。我們打算做的是順著終端市場的順風趨勢前進，並確保我們的能力與技術與之對齊。然後是的，隨著我們往前走，我們會調整那個百分比組合。我們在國防端以及太空端都看到了這點。而且就太空端已簽下的訂單而言，我們確實看到未來一年——未來幾年營收將逐步爬升。

And so – but I don't want to lose sight of something really important. Aftermarket on the energy and process side, we're going to continue to invest in. We've got the small modular nuclear footprint, which is in the early phases of development. And then we've got quite a bit of activity in just commercial nuclear more broadly that's coming online. And so we don't wanna lose sight of that because it will have its time to really shine in Graham's future.

所以——但我不想忽略一個非常重要的事情。在能源與製程端的售後市場，我們會持續投資。我們在小型模組化核能（SMR）方面已有布局，目前仍處於開發的早期階段。此外，在更廣泛的商用核能領域，我們也有相當多的活動正在上線。因此我們不想忽視這一塊，因為它在 Graham 未來會有真正發光發熱的時刻。

So it's a balanced portfolio that has market agnostic technology and competencies, but yes, we will follow the tailwinds end markets.

因此這是一個均衡的投資組合，具備不受市場限制的技術與能力；但沒錯，我們會順著終端市場的順風趨勢走。

Got it. Maybe one more question for me and I'll hop back in the queue. Just around flat tech. I guess, what are the major milestones left in terms of integration before you would call it substantially complete?

了解。我再問最後一題，之後我會回到隊列。關於 FLAC Tech。我想問的是，在你們認定整合「基本完成」之前，還剩下哪些主要里程碑？

And I guess following up on that, until then, should we think about your acquisition activity perhaps as being fairly limited until you complete Are you still out there hunting, so to speak?

另外接著問，在那之前，我們是否應該認為你們的併購活動可能會相對有限，直到你們完成——你們仍在外面「尋找標的」嗎？

Yes, so first and foremost, FLAC Tech, it's going quite well. The strategic plan, we closed the acquisition just in time to get a strategic plan laid and get it built into our budget for this year. With that, we made commitments to grow key areas within that business and specifically our primary business. focus is commercialization of that technology through market adoption.

是的，首先，FLAC Tech 的整合進展相當順利。我們在收購完成的時間點剛好趕上制定策略計畫，並把它納入今年的預算。在此基礎上，我們承諾要成長該業務中的關鍵領域，特別是我們主要的業務重點：透過市場採用來推動該技術的商業化。

We're seeing that pay dividends even early on. So, Russ, I think at this point, integration is going exactly per plan, if not accelerated, and we just need to let it play out. So, the corporate team continues to to still support FLAC Tech, but I can feel it minimizing as we move forward. We've got a great leader there, we've got a great team there, and our focus right now is commercialization of the technology that they have in the portfolio. The second question, specific to M&A, You know, the strategic placement of capital by T.

我們甚至在早期就看到它開始帶來成效。所以，Russ，我認為目前整合完全依照計畫進行，甚至比預期更快，我們只需要讓它自然推進。因此，總部團隊仍持續支援 FLAC Tech，但我能感覺到隨著時間推進，這種支援會逐步減少。那裡有很棒的領導者與團隊，而我們目前的重點是將他們投資組合中的技術商業化。第二個問題，關於併購（M&A），你知道，T. Rowe 的資本策略配置、我們持續可用的循環信貸額度（revolver），我們確實有一個健康的企業名單，作為我們併購管線中正在評估的標的。

Rowe, our continued revolver, we do have a healthy portfolio of businesses that we're looking at for our acquisition portfolio. And what I'll say is, while we need to make sure that we finish solid integration of the current businesses, that doesn't preclude us from continuing to ensure that we follow, one, a disciplined approach, two, an selective approach and as always because our organic pipeline is so strong we want to make sure that it's accretive to the business.

Rowe、我們持續可用的循環信貸額度（revolver），我們確實有一個健康的企業名單，作為我們併購管線中正在評估的標的。我想說的是，雖然我們需要確保把現有業務的整合扎實完成，但這並不妨礙我們持續遵循：第一，嚴謹的流程；第二，審慎且具選擇性的方式；並且一如既往，因為我們的有機成長管線非常強，我們要確保併購對公司是具增益性的（accretive）。

That's excellent color. I'll hop back in the queue.

這些說明很有幫助。我回到隊列。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，Northland Capital Markets。

Hey, good morning, team, and thank you for taking my questions. You mentioned new program wins within defense, and I was just curious to hear more on that and if you could share what programs those were or just maybe some more context around that and separately could you discuss what drove those new program wins? Just these --the Navy suppliers being more comfortable with you, your expanded capabilities, attack, or maybe a bit of, maybe a bit of all three, just curious to hear more on there.

嗨，早安，各位，謝謝回答我的問題。你們提到在國防領域贏得新的專案，我想多了解一些；如果可以的話，能否分享是哪些專案，或至少提供更多背景？另外，你們能否談談是什麼驅動了這些新專案的得標？是海軍供應鏈對你們更有信心、你們能力的擴充、競爭態勢，或可能三者皆有？我想多聽一些。

Yes. Yes, Bobby, thanks for the question. They're not necessarily new programs, so I want to characterize it slightly differently. These are programs that have been in development phase for a number of years with what I'll call smaller platforms.

是的。是的，Bobby，謝謝你的問題。這些不一定是全新的專案，所以我想用稍微不同的方式來描述。這些是已經處於開發階段多年的專案，我會稱之為較小的平台。

So think more power dense solutions. And so one I can talk high level about is a radar platform that goes from single direction radar visibility to now 360 degrees on the battlefield. And that particular asset has to be able to do more cooling in smaller package to accommodate that additional capability. And that's really where the Graham portfolio comes into play, is for these very high power, high density applications, we have the ability to design end product solutions that come from our commercial pedigree, that allow for improved system value. And so think more in a smaller package.

所以要思考更高功率密度的解決方案。我可以從高層次談的一個例子，是某個雷達平台從單一方向的雷達可視性，提升到如今在戰場上具備 360 度覆蓋。而那項特定資產必須能在更小的封裝內做到更多散熱，以容納這項額外能力。這正是 Graham 產品組合發揮作用之處：針對這些超高功率、高密度的應用，我們有能力設計源自我們商用技術傳承的終端產品解決方案，從而提升系統價值。所以就是在更小的封裝裡做到更多。

And so with that, these programs have been under development for a number of years and they're finally moving into the production lens. And so yes, we're seeing additional production volumes as a result of those programs. And just to expand one last topic, so these are on critical radar platforms as well as directed energy laser platforms.

因此，這些專案已經開發了好幾年，現在終於開始進入量產階段。所以是的，因為這些專案，我們正看到額外的生產量提升。再補充最後一點：這些應用在關鍵雷達平台以及定向能量雷射平台上。

And the other one, Bobby, just to add on to what Matt said that we publicly disclosed last year was that we were awarded the air turbine pump for the Columbia-class submarine. which was a competitively bid award that we did win, and that was new.

另外一個，Bobby，我再補充 Matt 剛才提到、我們去年已公開揭露的內容：我們獲得了哥倫比亞級潛艦的空氣渦輪泵（air turbine pump）訂單。這是透過競標取得的案子，我們確實贏得了，而且是新的。

Got it. Very helpful there.

了解。這部分非常有幫助。

Something I've been also really excited about just throughout this year is the testing facilities that you stood up during your fiscal 26th. And so wanted to hear, have those already led to new, have those already led to you getting in conversations with new customers? And then secondly, are they both, it seems like some of them, the Triogenic one is just doing internal testing. Just was hoping for more sense on that. Thank you.

我今年一直也很興奮的一件事，是你們在 26 財年期間建置的測試設施。想請教，這些設施是否已經帶來新的機會，例如讓你們開始與新客戶展開對話？第二，這些設施是否都是對外的？看起來其中一些，例如那個低溫（Triogenic）設施，似乎只是做內部測試。希望能更了解這點。謝謝。

Yep. So the first is I want to touch on the facilities at Barbara Nichols. Specifically, we right now have rig testing as well as the liquid nitrogen testing where we are actively testing and shipping production programs.

是的。首先我想談 Barbara Nichols 的設施。具體來說，我們目前有台架（rig）測試以及液態氮測試，正在積極進行測試並出貨量產專案。

And Bobby, why that's so important is now we can validate these designs that are quite complex for our customer, and instead of having them do the validation testing for us, we can do it for them and provide a fully-enabled ready for integration in their final asset product. And we are seeing great value from that. The second that you mentioned, I think the core of your question is around the cryogenic facility down in Jupiter. You know, great news with that facility. It's up and running.

Bobby，這之所以非常重要，是因為我們現在可以為客戶驗證這些相當複雜的設計；不需要讓客戶替我們做驗證測試，我們可以替他們完成，並提供一個功能完備、可直接整合到其最終資產產品中的解決方案。我們從中看到了很大的價值。你提到的第二個，我想你問題的核心是在木星市（Jupiter）那邊的低溫設施。那個設施的好消息是——已經啟用並開始運轉。

Number one most important is safety. You know, we have liquid oxygen oxygen and liquid nitrogen and liquid hydrogen on that facility. So we needed to ensure that we followed all the safety protocols. We have successfully flowed both fluids through the test facility Right now we are actively integrating our internal pump, which is called SCAMP, and that is being used for a lunar lander program. We are now testing that in parallel with our customer testing it on their final integrated engine solution.

第一、最重要的是安全。那個設施有液態氧、液態氮以及液態氫。因此我們必須確保遵循所有安全規範與流程。我們已成功讓兩種流體通過測試設施；目前我們正積極整合我們的內部泵浦，稱為 SCAMP，該泵浦用於一個月球著陸器專案。我們現在一邊在此進行測試，同時客戶也在他們最終整合的引擎解決方案上並行測試。

And so, Bobby, what we're seeing there is, yes, a mix of exciting pipeline conversations and proving our existing product portfolio. Just to characterize that more broadly, though, the primary reason for investing that facility was to validate our internal solutions before they go to our customer, but we will use it as a service facility for our customers for programs that we see viable production opportunity longer term.

所以，Bobby，我們在那邊看到的是：是的，一方面有令人振奮的潛在商機對話，另一方面也在驗證我們既有的產品組合。更廣泛地說，投資該設施的主要原因，是在交付給客戶之前先驗證我們的內部解決方案；但對於我們認為長期具備可行量產機會的專案，我們也會把它作為提供給客戶的服務型測試設施來使用。

super helpful probably thank you very much Matt and then last one for me is space orders up this year very impressive 132% year over year why I wanted to get some more context around that. Was it driven by new customer wins, current customers? You have talked about customers expanding from more pilots to production phases, so maybe that's part of it.

非常有幫助，謝謝你 Matt。最後一題：今年太空訂單成長很強，年增 132%，非常令人印象深刻，我想多了解一些背景。這是由新客戶得標帶動，還是既有客戶帶動？你們也提到客戶從更多試點（pilot）走向量產階段，所以也許那是其中一部分。

Maybe some wallet share expansion mixed in there. Or maybe I'm just confused. off base. So just wanted to hear a little bit more discussion on that border strength and space and maybe your outlook for in '27.

也許還混合了單一客戶採購份額（wallet share）的擴大。或者也可能是我搞錯了、方向不對。所以想請你們再多談一點太空領域訂單強勁的原因，以及你們對 27 年的展望。

Yes. Space is strong and we've been alluding to that. What we're seeing is a few things. It is both new customers as well as existing. I want to focus in on new for a second.

是的。太空業務很強，我們也一直在暗示這點。我們看到幾個因素。既有新客戶，也有既有客戶。我先聚焦談一下新客戶。

When we go with new customers, we are pretty selective on what end users we're providing equipment to. And the reason why is we want to make sure we take a disciplined approach to where we invest our resources. With that, we're seeing Strong demand, multiple launch providers you can see scaling, launch cadence is increasing across a number of large platform launch providers. All of this is transitioning to then getting to a healthy cadence of launch. And so we're seeing in Florida and Texas, a whole bunch of different providers.

當我們拓展新客戶時，我們對要向哪些終端用戶提供設備其實相當挑選。原因是我們希望以嚴謹、紀律化的方式決定資源投入方向。在此之下，我們看到需求強勁；你可以看到多家發射服務供應商正在擴張規模，發射頻率也在多家大型平台型發射供應商之間提升。這些都正在轉化為更健康、穩定的發射節奏。因此我們在佛羅里達與德州看到多家不同的供應商。

There's a pretty limited number, I shouldn't say a whole bunch, but we have critical equipment on a lot of those assets. And now the conversation, Bobby, is moving to what do we do in space? And so we're seeing our backlog grow from two vectors. The first is launch and getting to a reliable cadence where we have either a asset or critical assets on several different providers. The second is now we have the ability to launch additional satellites, astronaut backpacks, lunar landers, etc., etc., and we have content a lot of those end assets.

供應商數量其實相對有限，我不該說「一大堆」，但我們在其中許多資產上都提供關鍵設備。而現在，Bobby，對話正轉向「我們在太空端要做什麼？」因此我們看到積壓訂單（backlog）從兩個向量成長。第一是發射端：建立可靠的發射節奏，我們在多家不同供應商的若干資產上都有設備或關鍵設備。第二是：我們現在有能力發射更多衛星、太空人背包、月球著陸器等等，而我們在許多這些終端資產中都有內容（content）。

So really it's an ecosystem that's coming to life. It's not just a single end user or end application, if that makes sense.

所以這其實是一個正在成形、逐步活絡的生態系。如果這樣說得通的話，它不只是單一終端用戶或單一終端應用。

only other thing I would add to that is just to remind everybody that, you know, Flack Tech did come with a 10% space business. So that will be, you know, driving space growth in fiscal 27 as well as our Flack Tech business.

我唯一想再補充的是提醒大家：你知道，Flack Tech 併入時本身就帶有約 10% 的太空業務。因此，這也會在 27 財年推動太空成長，以及我們的 Flack Tech 業務。

That's super helpful, Collin, Matt.

非常有幫助，Collin、Matt。

Thank you very much. I'll turn back to the queue. And congrats on a record-breaking year. Very impressive. Thanks, Bobby.

非常感謝。我把時間交回給提問隊列。也恭喜你們創下破紀錄的一年。非常令人印象深刻。謝謝你，Bobby。

Thanks, Bobby.

謝謝你，Bobby。

Christopher Glenn, Oppenheimer and Company.

Christopher Glenn，Oppenheimer and Company。

Thank you. Good morning, Matt and Chris.

謝謝。早安，Matt 和 Chris。

I had a question about the subs and carriers progression. What's been a more meaningful growth driver in the recent past and prospectively, when you look at build rates on the one hand, how those are moving versus new work and content scopes.

我想請教一下關於潛艦與航母業務的進展。就近期過去以及未來展望而言，當你們一方面看建造速率的變化、另一方面看新工作與內容範疇時，哪一項是更具意義的成長驅動因素？

Yes, so great question. We continue to read about, I would say, headwinds on the final integration production side for naval nuclear and more specifically submarines. The government and specifically the Navy continues to...

是的，這是個很好的問題。我們持續看到、也持續讀到一些我會稱之為在海軍核能、尤其是潛艦的最終整合生產端所面臨的逆風。政府、特別是海軍，仍然持續……

claim that we will catch up to build rates. With that being said, we are not seeing any impact on our robust pipeline converting, and so, In most cases, the condenser that goes on board the submarine or the aircraft carrier that we provide or the air turbine pump, a lot of these are some of the earliest assets that get integrated. And so as soon as the, electric boats and Newport News get their contract awards, typically it's slowing down to us. that we continue to see opportunity as flak tech comes on board and Barbara Nichols On this munition replacement area, so torpedoes, As we look at energetics for missiles, a lot of these end uses stimulate those two businesses. So we're seeing this tailwinds on the long cycle strategic programs like the submarines and carriers.

宣稱我們會追上建造速率。話雖如此，我們並未看到我們強勁的案源管線在轉換上受到任何影響；因此，在多數情況下，我們提供、裝載在潛艦或航空母艦上的冷凝器，或是空氣渦輪泵等，很多都是最早被整合進去的資產之一。因此，一旦 Electric Boat 與 Newport News 拿到合約授予，通常就會一路傳導到我們這邊。我們也持續看到機會，隨著 FLAC Tech 併入，以及 Barbara Nichols 在這個彈藥替換領域（例如魚雷）上的布局；再看飛彈的推進藥（energetics），這些終端用途都會帶動那兩個事業。所以我們在像潛艦與航母這類長週期的戰略性專案上，看到順風。

But we're also now starting to have a portfolio element where more of the faster moving munitions replenishment is happening. is part of Graham. And so it's no one simple answer or one simple commentary, but that's the general architecture.

但我們現在也開始看到產品組合的另一個面向：更多節奏較快的彈藥補庫正在發生，這也是 Graham 的一部分。所以這不是一個簡單答案或一句話就能概括，但大致的架構是這樣。

Okay. And then just wanted to check in on some of the new products you've talked about lately in terms of the aftermarket development.

了解。另外也想追問一下你們最近談到的一些新產品，特別是售後市場開發方面。

Sounds like you've got a constructive view on aftermarket, resuming good growth in 27. But I think Heliflow, HeatExchanger, and the NextGen nozzle for EMP ejector. were a couple of your highlight initiatives. So just wanna check in on those.

聽起來你們對售後市場的看法偏正向，並預期在 27 年恢復良好成長。但我記得 Heliflow、HeatExchanger，以及用於 EMP ejector 的 NextGen 噴嘴，是你們強調的幾項重點計畫。所以想請你們更新一下這些進展。

Yes, so aftermarket, we have a billion dollar install base and so never want to lose sight of ensuring that our customers are well supported both with replenishment upgrades and as well as new capital. Helaflow, NextGen continue to nurture into the ecosystem quite well. We're seeing a lot of opportunity as we start to talk about next gen with our customers. both selling next gen and then stimulating additional in-kind replacements, we're seeing that be a great conversation starter. So this modernization approach is working in that sense.

是的，關於售後市場，我們有 10 億美元的裝機基礎，因此我們絕不會忽視：確保客戶在補充備件、升級，以及新資本設備方面都能獲得良好支援。Helaflow、NextGen 持續在生態系中培育得很不錯。當我們開始與客戶談下一代產品時，看到很多機會；一方面銷售 next gen，另一方面也帶動更多同型（in-kind）替換，我們看到這成為很好的對話切入點。所以這種現代化的做法在這個意義上是有效的。

The other is I've continued over the years to have the conversation around moving from a reactive aftermarket, which is a great way to start a conversation. which what I mean by reactive is our customer today calls us. we are in this next year and we'll talk about it more at the investor day moving to what is a proactive aftermarket. Well, we were well, we are go on the offensive. We know where all of our install bases, et cetera, et cetera.

另外，多年來我也一直在談：從「被動式」售後市場轉向。被動式售後是一個很好的對話起點；我所謂被動式是指客戶今天打電話給我們。我們目前正處在這個階段，明年我們也會在投資人日更深入談，並轉向「主動式」售後市場。也就是說，我們會更積極主動出擊。我們知道所有的裝機基礎在哪裡，等等等等。

And once we get those established relationships, which we already have, we'll look to bring modernized equipment to to to that environment and heal a flow next gen and other technology that we're working in R&D will be a part of that.

一旦我們建立起那些關係（其實我們已經有了），我們就會把現代化設備帶進那個環境；Helaflow、NextGen，以及我們在研發中推進的其他技術，都會是其中一部分。

Great. Thanks for that and a bookkeeping one for Chris I'm curious what we should be thinking about for DNA for fiscal 27 and the amortization component alone.

很好。謝謝說明。再問一個給 Chris 的帳務問題：我們在思考 27 財年的 D&A（折舊與攤銷）時，單就攤銷這一塊應該怎麼看？

No problem, Chris. As you saw, there was a higher level of amortization the current quarter and that's really because of the amortization in connection with the the FLAC Tech acquisition. So that was in there for two months out of the year.

沒問題。如你所見，本季攤銷水準較高，主要是因為與 FLAC Tech 併購相關的攤銷。所以今年只認列了兩個月。

So I would expect, you know, Q1 to be a little bit higher in amortization because of that. And then you can kind of annualize it from there.

因此我預期第一季的攤銷會因為這個因素而稍微高一些。之後你就可以從那裡把它年化推估。

Okay, so that doesn't get confused by the one-time inventory step up at all, the explanation you just gave?

了解，所以這不會被一次性的存貨重估增值（inventory step-up）所混淆吧？也就是你剛剛的解釋？

Okay. Yes, there was a little bit of one time, so those will probably offset each other a little bit. You could just probably take the current quarter and annualize that and look to what it'll be for next year.

了解。是的，確實有一點一次性的因素，所以兩者可能會在某種程度上互相抵銷一些。你大概可以用本季的數字年化，來看明年的水準。

Okay, great. Thanks, guys.

好，很好。謝謝各位。

Joe Gomez, Noble Capital..

Joe Gomez，Noble Capital。

Good morning. Congrats on the quarter. So in the quarter, it was very strong. Was there anything there that didn't perform up to your expectations?

早安。恭喜本季表現。所以這一季非常強勁。有沒有任何地方的表現不如你們預期？

No, Joe, I continue to use the same conversation with our entire employee base and investor base. Right now we're executing. know 250 yard drive down the middle of the fairway and so you know we're not overextending at this point because we need to make sure that we have a healthy foundation that we can build off of as we move forward We did have a little bit additional material as though Chris mentioned in his commentary, specifically around the defense side.

沒有，Joe。我對我們全體員工與投資人一直用同樣的說法。目前我們就是在執行，像是把球穩穩地沿著球道正中央打出 250 碼；所以我們現在不會過度擴張，因為我們需要確保有一個健康的基礎，讓我們在往前走時可以在其上持續建構。我們確實有多收到一些材料，正如 Chris 在他的說明中提到的，特別是在國防端。

comes with slightly lower margin. And once again, I just want to characterize what that means. That material, we have to haven't done any work through it. So it's coming in essentially as raw material. And so the margins start to pick up as a result of us putting labor into that material.

這些材料的毛利率會稍微低一些。我再一次想要說明這代表什麼。這些材料我們還沒有對其進行任何加工。所以它基本上是以原材料的形式進來。因此，隨著我們把工時投入到這些材料上，毛利率就會開始提升。

So we can't control exactly what week it comes in, but Joe, I would say the only thing is specifically on the material on the defense platform. And then lastly, the only other commentary I could give is, On the energy and process side, I'd specifically focus in on refining and petrochem on the process markets. Some continued headwinds specifically on decision making. with the geopolitical tensions in the Middle East that we're all following closely, as well as Russia, Ukraine. We know that the world is in need and has demand, but just making commitments to build these new factories remains somewhat in paralysis.

所以我們無法精準控制它到底是哪一週到貨；但 Joe，我會說唯一的點就是國防平台這邊的材料。最後，另外一個我能補充的是：在能源與流程端，我會特別聚焦在流程市場中的煉油與石化。在決策方面仍有一些持續的逆風，與我們都在密切關注的中東地緣政治緊張局勢，以及俄烏情勢有關。我們知道全球有需求也有需求動能，但要承諾興建這些新工廠，仍然在某種程度上陷入停滯。

But not unexpected for us.

但對我們而言並不意外。

Right. And when you talk about the material receipts, I know in the third quarter you thought it would be more in line, the more normalized, let's call it, rate for the fourth quarter. You're saying it was a little bit higher than initially anticipated, just to clarify.

了解。那你提到材料收貨，我知道在第三季你們原本認為第四季會更接近、我們稱之為更正常化的水準。你是說實際上比一開始預期的稍微高一些，確認一下。

Yes, you could see, and Chris, you can add commentary if you'd like, but high end of guidance or just over the high end on revenue.

是的，你可以看到，而且 Chris，如果你願意也可以補充評論，但營收落在指引區間的高端，或略高於高端。

And so just, I would say slightly more favorable on revenue.

所以我會說，營收方面稍微更有利一些。

And then once again.

然後再一次。

Not material in that sense.

就這個意義而言並不重大。

Yeah, and also to keep in mind, the fourth quarter of last year was the highest quarter gross margin percentage in the last two years, mainly because of the mix. As we stated in our commentary, the current quarter had a higher mix of lower margin defense and a lower mix of.

是的，另外也要記住，去年第四季是過去兩年中毛利率百分比最高的一季，主要是因為產品組合。如同我們在評論中所述，本季低毛利的國防業務占比更高，而占比較低的是。

Aftermarket, which impacted the margins as well.

售後市場（Aftermarket），這也影響了毛利率。

Okay. And then, Matt, just big picture here. I mean, everything is going well, putting up some great numbers here.

好的。然後，Matt，從大方向來看。我是說，一切都進展順利，這裡也交出一些很漂亮的數字。

What keeps you up at night looking forward as to your biggest concerns?

展望未來，什麼事情會讓你夜裡睡不著、也就是你最大的擔憂是什麼？

Reaching our potential, truthfully. We have laid the strategic framework and all the initiatives that we put in place.

老實說，是沒有充分發揮我們的潛力。我們已經建立了策略框架，以及我們所推動的所有倡議。

It's just not reaching the potential that we can. And I get excited about that because it's an opportunity. We've got the right leaders in place across all the business units and the corporate team. So it's really execution and just staying very focused on today. while not losing the DNA and the fabric that's made us who we are.

只是沒有達到我們能夠達到的潛力。而我對此感到興奮，因為這是一個機會。我們在所有事業單位以及公司團隊都配置了合適的領導者。所以關鍵在於執行，並且非常專注於當下，同時不丟失塑造我們的DNA與文化底蘊。

And that is continually improving in every area, people, tools, processes every day, and it comes down to every employee partaking. truthfully there's no one thing it comes down to just waking up every day and every employee doing the best that they can to serve our customers.

也就是在每個領域持續改善——人員、工具、流程——每天都在進步，而這歸根結底要靠每位員工的參與。老實說，並沒有單一因素；就是每天醒來，每位員工都盡其所能來服務我們的客戶。

Great. Thanks for that. Congrats again on the quarter. I'll get back in the queue.

很好。謝謝你的分享。再次恭喜本季表現。我回到提問隊列。

Thank you.

謝謝。

Tate Sullivan, Maxim Group.

Tate Sullivan，Maxim Group。

Thank you and thanks for your comment on investing for the growth and understand the meaningful opportunities in multiple parts of the industrial markets. And you gave the CapEx guidance for this coming fiscal year, but can you just touch on your cash flow, free cash flow expectations? I mean, with customer deposits decreasing quarter-to-quarter and last quarter, can you comment on. Should we forecast a little of temporary cash outflow for fiscal year '27?

謝謝，也感謝你提到為成長而投資，並理解在工業市場多個領域存在重大的機會。你已提供即將到來的本財年的資本支出（CapEx）指引，但能否談談你們的現金流、自由現金流的預期？我的意思是，隨著客戶預收款（customer deposits）季對季下降、且上季也是如此，你能否評論一下。我們是否應該預估在2027財年會有一些暫時性的現金流出？

Yes, Tate, I can take that one. As you know, similar to the rest of our business, our cash flow can be very lumpy.

可以，Tate，我來回答。如你所知，和我們業務的其他部分類似，我們的現金流可能非常不均勻、波動很大。

The defense contracts that we have are very cash positive. adds lumpiness to our cash flow. So it's really tough to talk about in terms of cash flow. We like to talk about it in terms of our EBITDA to get a better idea of a run rate. The other thing, as I pointed out in my commentary today, is that we did have four million of payments related to the FLAC tech acquisition in the fourth quarter, which brought down our cash flow.

我們的國防合約在現金流上非常正向，但也會讓現金流更不均勻。所以要用現金流來談其實很難。我們更喜歡用EBITDA來談，這樣能更好地了解一個運行水準（run rate）。另外，我今天在評論中也提到，我們在第四季確實有400萬美元與FLAC Tech收購相關的付款，這拉低了我們的現金流。

You're correct, we did guide 18 to 22 million which is 7% of revenue which is right along with our long-term guidance for capital spend and we continue to expect that level expenditure here. But, you know, I would look to our EBITDA for purposes of cash generation.

你說得沒錯，我們指引為1,800萬到2,200萬美元，約為營收的7%，這與我們長期的資本支出指引一致，我們也持續預期會維持這樣的支出水準。不過，就現金產生能力而言，我會建議你參考我們的EBITDA。

And then just following up on customer deposits going forward after the acquisitions, is most of that line item related to the U.S. Navy work?

再追問一下，收購之後，未來的客戶預收款，大多數是否與美國海軍的工作相關？

Correct.

正確。

And that's what becomes very lumpy because a customer can literally place an order for $50 million of material receipts. As soon as we order that material, we get to invoice the customer for it. But then that material doesn't come in for another, you know, nine to 12 months later. And then when it comes in, we have to pay for it. So that's what I'm referring to.

而這就是為什麼會非常不均勻，因為客戶可能真的會下單5,000萬美元的材料收貨。我們一旦訂購那些材料，就可以向客戶開立發票。但那些材料要再過大約9到12個月才會到貨。等到貨時，我們就必須付款。所以我指的就是這種情況。

And that's a good example of the lumpiness in our cash flows and why we don't typically guide to cash flow.

這就是我們現金流波動的一個好例子，也說明了為什麼我們通常不提供現金流指引。

Okay, understood. Thanks for the follow-up comments.

好的，了解。謝謝補充說明。

Thank you. And we have reached the end of the question-and-answer session. And I would like to turn the floor back over to CEO Matthew Malone for closing remarks.

謝謝。我們已到問答環節的結束。接下來我想把時間交回給執行長Matthew Malone作結語。

Thank you, Jamali. As you can see, fiscal 2026 was another year of strong execution and continued progress against the strategic objectives we have consistently communicated to investors. We see continued momentum into fiscal year 2027 and look forward to providing you with a more in-depth look into our business. businesses, our management team, and strategic opportunities at our upcoming Analyst and Investor Day on June 18th in New York City. As always, please reach out with any questions.

謝謝你，Jamali。如各位所見，2026財年是我們強勁執行、並持續朝向我們一貫向投資人溝通之策略目標取得進展的又一年。我們看到動能延續至2027財年，並期待在6月18日於紐約市舉行的分析師與投資人日（Analyst and Investor Day）上，為各位更深入介紹我們的業務、管理團隊與策略機會。一如既往，如有任何問題請隨時與我們聯繫。

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

感謝各位今天的參與，以及對Graham的關注。

Thank you and this concludes today's conference and you may disconnect your lines at this time.

謝謝，今天的電話會議到此結束，現在各位可以掛線。

Thank you for your participation.

感謝各位的參與。