inTest Corp (INTT) 2025 Q1 法說會逐字稿

Greetings and welcome to the inTest Corporation first quarter 2025 financial results. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎來到 inTest Corporation 2025 年第一季財務業績。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Shawn Southard, Investor Relations with inTest. Thank you. You may begin.

現在我很高興向大家介紹主持人、inTest 投資者關係總監 Shawn Southard。謝謝。你可以開始了。

Good morning, everyone. We certainly appreciate your interest in InTest Corporation, and thank you for sharing your time with us today. Joining me on our call are Nick Grant, our President and Chief Executive Officer; and Duncan Gilmour, our Chief Financial Officer and Treasurer.

大家早安。我們非常感謝您對 InTest Corporation 的關注，並感謝您今天與我們分享您的時間。參加電話會議的還有我們的總裁兼執行長尼克·格蘭特 (Nick Grant) 和我們的財務長兼財務主管鄧肯·吉爾摩 (Duncan Gilmour)。

You should have the earnings release that went out this morning as well as the slides that will accompany our conversation today. If not, you can find these documents on the investor relations section of our website, intest.com.

您應該已經看過今天早上發布的收益報告以及我們今天談話的幻燈片。如果沒有，您可以在我們網站 intest.com 的投資者關係部分找到這些文件。

Please turn to slide 2 as I review the Safe Harbor Statement. During this call, management may make some forward-looking statements about our current plans, beliefs and expectations. These statements apply to future events that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from what is stated here today.

請翻到投影片 2，我將回顧安全港聲明。在本次電話會議中，管理階層可能會對我們目前的計畫、信念和期望做出一些前瞻性的陳述。這些聲明適用於受風險、不確定性和其他因素影響的未來事件，這些因素可能導致實際結果與今天所述的結果有重大差異。

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

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

Also, as covered on slide 3, management will refer to some 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. You can find reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and slides.

此外，如投影片 3 所述，管理階層將參考一些非 GAAP 財務指標。我們相信這些將有助於評估我們的表現。但是，您不應孤立地看待這些附加資訊的呈現，也不應將其視為根據 GAAP 編制的結果的替代品。您可以在今天的發布和幻燈片附帶的表格中找到非 GAAP 指標與可比較 GAAP 指標的對帳表。

Now please turn to slide 4. Nick, I'll turn the call over to you.

現在請翻到幻燈片 4。尼克，我把電話轉給你。

Thank you, Shawn, and good morning, everyone. Thanks for joining us for our first quarter 2025 earnings call. Q1 will be remembered by most as a quarter of shifting tariff policies, macroeconomic turmoil and market uncertainty. It has certainly created challenging times for global companies.

謝謝你，肖恩，大家早安。感謝您參加我們的 2025 年第一季財報電話會議。大多數人會記得第一季是關稅政策變化、宏觀經濟動盪和市場不確定性的一個季度。這無疑為全球企業帶來了挑戰。

In the quarter, InTest delivered $26.6 million in revenue with gross margins of 41.5% while generating over $5 million in cash and reducing debt by more than $3 million to further strengthen our balance sheet. I would like to thank the entire InTest team for making that happen in a relatively difficult environment.

本季度，InTest 實現了 2,660 萬美元的收入，毛利率為 41.5%，同時產生了超過 500 萬美元的現金，並減少了超過 300 萬美元的債務，從而進一步增強了我們的資產負債表。我要感謝整個 InTest 團隊在相對困難的環境中實現了這一目標。

For the quarter, our sales were impacted by delays in customer spending driven by the uncertainty as well as engineering challenges our team at our environmental technologies division experienced on some complex temperature chambers and chillers that we had expected would be resolved by quarter end. These engineering delays pushed approximately $1.5 million of shipments out of the quarter.

本季度，我們的銷售受到客戶支出延遲的影響，這種延遲是由於不確定性以及我們環境技術部門的團隊在一些複雜的溫度室和冷卻器上遇到的工程挑戰所致，我們原本預計這些挑戰將在季度末得到解決。這些工程延誤導致本季約 150 萬美元的出貨量被推遲。

On a year over year comparison, sales were primarily impacted by the headwinds in semi and continued weakness in industrial that we have been communicating for a few quarters now.

與去年同期相比，銷售額主要受到半導體行業的逆風和工業行業持續疲軟的影響，我們已經溝通了幾個季度了。

Once again, we are benefiting from our efforts to diversify the company to help mitigate the cyclicality in semi. Sales to auto/EV increased $2 million, life sciences increased $1 million and other markets grew $1.3 million, which partially offset the year over year declines in semi and industrial.

我們再次受益於公司多元化的努力，以幫助減輕半導體產業的週期性影響。汽車/電動車的銷售額增加了 200 萬美元，生命科學市場的銷售額增加了 100 萬美元，其他市場的銷售額增加了 130 萬美元，部分抵消了半導體和工業市場的同比下滑。

Midway through the quarter, we took further steps to improve profitability. Given current market conditions, we have implemented tight cost controls, eliminated discretionary spending where appropriate, have restricted hiring and are also leveraging government programs across our various sites that supplement employee wages during reduced work periods. Our goal is to remain flexible to respond quickly when market conditions improve.

本季中期，我們採取了進一步措施來提高獲利能力。鑑於當前的市場狀況，我們實施了嚴格的成本控制，在適當的情況下取消了可自由支配的開支，限制了招聘，並在我們各個站點利用政府計劃在工作時間減少期間補貼員工工資。我們的目標是保持靈活性，以便在市場條件改善時迅速做出反應。

Encouragingly, we continued to gain traction with new products, added new customers and further enhanced our channels to market. As I mentioned, revenue was negatively impacted when approximately $1.5 million of shipments at the end of the quarter were not fulfilled.

令人鼓舞的是，我們繼續透過新產品獲得關注，增加新客戶，並進一步增強我們的市場管道。正如我所提到的，由於本季末約有 150 萬美元的貨物未完成，收入受到了負面影響。

Our team needed additional time due to the complexity of some products in order to ensure we met our high-quality standards that our customers have come to expect. These products are expected to ship in the coming weeks.

由於某些產品的複雜性，我們的團隊需要更多時間來確保我們符合客戶期望的高品質標準。這些產品預計將在未來幾週內發貨。

Clearly, market conditions remained tenuous and the full ramifications of global trade situation and resulting impact to demand are not yet fully understood. During these times, we will lean into our strengths. We have leading market positions with customers, strong presence in our target markets, industry-leading applications and innovative new products. Therefore, we believe we are well positioned for when markets do recover.

顯然，市場狀況依然脆弱，全球貿易情勢的全面後果及其對需求的影響尚未完全了解。在這些時候，我們將發揮我們的優勢。我們在客戶市場中佔據領先地位，在目標市場中佔有重要地位，擁有領先業界的應用和創新的新產品。因此，我們相信，當市場真正復甦時，我們已經做好了充分的準備。

Please turn to slide 5. Regarding tariffs, while not immune to whatever the outcome may be, we believe we are fairly well insulated from direct impacts on our supply chain and sales. Our supply chain is mostly localized around our production sites and our efforts to overcome the supply chain challenges post-COVID has allowed us to develop alternate suppliers when needed.

請翻到投影片 5。關於關稅，儘管我們無法免受任何結果的影響，但我們相信，我們的供應鏈和銷售不會受到直接影響。我們的供應鏈主要集中在生產基地周圍，我們努力克服疫情後的供應鏈挑戰，這使我們能夠在需要時開發替代供應商。

In addition, our efforts to expand our presence globally positions us well in the long term for a, in the region for the region manufacturing strategy, which should provide a cushion for tariff shocks.

此外，我們努力擴大全球影響力，這將使我們在長期內為本地區制定製造策略，從而為關稅衝擊提供緩衝。

We are assessing tariffs from two perspectives: from supply chain impact, as well as from a market competitiveness impact on sales. From the supply side, as shown on the chart, nearly 3/4 of our material spend is not directly impacted by additional tariffs currently.

我們從兩個角度評估關稅：從供應鏈的影響，以及從市場競爭力對銷售的影響。從供應方面來看，如圖所示，目前我們近四分之三的材料支出並未受到額外關稅的直接影響。

Our US businesses only purchased approximately $1.5 million of products directly from China last year, which was less than 3% of our total spend. Our teams have been working diligently to mitigate tariff impacts with these products through alternate supply sources.

去年，我們的美國企業僅從中國直接購買了價值約 150 萬美元的產品，不到我們總支出的 3%。我們的團隊一直在努力透過替代供應源來減輕這些產品的關稅影響。

We do source approximately 20% of our spend with suppliers outside of the US, excluding China, which today is subject to the 10% tariff baseline increase. Some suppliers have passed these costs on to us while others have not.

我們約 20% 的支出確實來自美國以外的供應商（不包括中國），而中國目前的關稅基準上修幅度為 10%。有些供應商將這些成本轉嫁給我們，而其他供應商則沒有。

Our businesses have already implemented tariff surcharges on quotes or have raised prices as a result. Ultimately, we expect that any incremental costs we are unable to mitigate will be passed along to customers given the high-value nature of our products.

我們的企業已經對報價實施了關稅附加費，或者因此提高了價格。最終，我們預計，鑑於我們產品的高價值性質，任何我們無法減輕的增量成本都將轉嫁給客戶。

On the revenue front, we have looked at where we may be impacted from our products being shipped into the US as well as where we may be affected with reciprocal tariffs shipping products out of the US. As shown on the chart, over half of our sales are either associated with products made in the US and sold to US customers or our products sold to global customers from our international sites, which are not currently impacted by tariffs.

在收入方面，我們研究了我們的產品運往美國可能受到的影響，以及我們將產品運出美國可能受到的互惠關稅的影響。如圖所示，我們超過一半的銷售額要么與在美國製造並銷售給美國客戶的產品有關，要么與從我們的國際站點銷售給全球客戶的產品有關，這些產品目前不受關稅的影響。

With USMCA exemptions currently effective under the tariffs, our shipments from Canada into the US, for the most part, will not be impacted either. Where we do have known exposures on our shipments from Italy into the US, which last year amounted to approximately $6 million in sales and are currently subject to the increased 10% baseline tariff in place.

由於 USMCA 豁免目前在關稅下有效，我們從加拿大到美國的貨物大部分也不會受到影響。我們確實知道從義大利到美國的貨物存在風險，去年銷售額約為 600 萬美元，目前已實施增加 10% 的基準關稅。

Our biggest exposure is on what we ship directly to China from the US, which amounted to approximately $14 million in sales last year. The vast majority of these sales are to large US or European multinational companies who have global manufacturing strategies. We are working closely with these customers to support them on any changes they implement to their manufacturing strategies.

我們最大的曝光度是從美國直接運往中國的商品，去年的銷售額約為 1,400 萬美元。其中絕大部分銷售給擁有全球製造策略的美國或歐洲大型跨國公司。我們正在與這些客戶密切合作，以支持他們實施製造策略的任何變更。

We also expect to be more flexible on that front as we begin production in our facility in Malaysia later this year. The balance of our sales, approximately $40 million are to customers around the world from our US factories that could be subject to reciprocal tariffs at some point should they materialize.

我們還希望在今年晚些時候我們在馬來西亞的工廠開始生產時在這方面更加靈活。我們的銷售額餘額約為 4000 萬美元，來自我們美國工廠向世界各地的客戶銷售的產品，如果這些產品最終實現，那麼這些客戶可能會在某個時候受到互惠關稅的影響。

We are optimistic that trade deals will be worked out to prevent this from happening, and depending on the deals, could even result in us being more competitive in certain parts of the world. Thinking longer term, we believe we are well positioned to support our customers globally with a sizable manufacturing footprint in Europe and the addition of manufacturing in Malaysia.

我們樂觀地認為，貿易協議將會達成，以防止這種情況發生，而且根據協議，甚至可能使我們在世界某些地區更具競爭力。從長遠來看，我們相信，憑藉在歐洲的龐大製造基地和在馬來西亞新增的製造基地，我們有能力為全球客戶提供支援。

Let me now review orders and backlog on slide 6. While sluggish, first quarter orders increased 11% year over year. Demand in industrial grew 47% to $4.6 million, driven by a $1.5 million order from a returning customer. Auto/EV demand increased 25% to $5.1 million, primarily from Alfamation. Safety and security and life sciences also reported year over year increases in orders.

現在讓我回顧一下投影片 6 上的訂單和積壓訂單。儘管增長緩慢，但第一季訂單同比增長了 11%。工業需求成長 47%，達到 460 萬美元，這得益於回頭客的 150 萬美元訂單。汽車/電動車需求成長 25%，達到 510 萬美元，主要來自 Alfamation。安全保障和生命科學領域的訂單也較去年同期成長。

Sequentially, orders were down 17% from a solid fourth quarter. Semi orders declined $6 million as demand was tempered in our electronic test division. Defense/aero and life sciences also reported lower demand of $1.8 million and $1.1 million, respectively. Although defense/aero demand is down, our pipeline is robust while this market tends to be lumpy from quarter to quarter.

與第四季相比，訂單量較上季下降了 17%。由於電子測試部門的需求下降，半導體訂單減少了 600 萬美元。國防/航空和生命科學領域的需求也分別下降了 180 萬美元和 110 萬美元。儘管國防/航空需求下降，但我們的產品線仍然強勁，而這個市場每季的波動性都比較大。

Currently, our next-generation solutions are performing well in test with our defense customers. To help partially offset those declines, industrial orders increased $2.1 million, auto/EV grew $1.6 million and safety and security also reported a sequential increase.

目前，我們的下一代解決方案在與國防客戶的測試中表現良好。為了部分抵消這些下降，工業訂單增加了 210 萬美元，汽車/電動車訂單增加了 160 萬美元，安全和保全也報告了連續成長。

Importantly, our funnel of opportunities is at an all-time high as customers have CapEx spending plans, which call for our solutions. When the global trade environment settles down allowing economic progress to continue, we believe we are in a good spot to benefit.

重要的是，由於客戶有資本支出計劃，需要我們的解決方案，因此我們的機會管道處於歷史最高水平。當全球貿易環境穩定下來，經濟得以繼續進步時，我們相信我們將處於有利地位並從中受益。

Backlog at March 31 was $38.2 million, which includes $5.8 million from Alfamation. Excluding Alfamation, backlog over the last five quarters has remained relatively stable between $30 million and $33 million. Backlog was $17.2 million lower from the prior year period and down $1.3 million sequentially as we bled down the sizable backlog we acquired with Alfamation.

截至 3 月 31 日的積壓訂單為 3,820 萬美元，其中包括 Alfamation 的 580 萬美元。不包括 Alfamation，過去五個季度的積壓訂單保持相對穩定，介於 3,000 萬美元至 3,300 萬美元之間。由於我們減少了與 Alfamation 達成的大量積壓訂單，積壓訂單較上年同期減少了 1,720 萬美元，比上一季減少了 130 萬美元。

With that, let me turn it over to Duncan to review the financials and outlook in more detail. Duncan, over to you.

接下來，讓我將問題交給鄧肯，讓他更詳細地回顧財務狀況和前景。鄧肯，交給你了。

Thank you, Nick. Starting on slide 7. As Nick noted, revenue for the first quarter was $26.6 million. Revenue was down $3.2 million compared with Q1 2024 as a $4.3 million aggregate increase in sales to the auto/EV, life sciences and other markets partially offset a $6 million reduction in semi and $1.2 million decline in the industrial market.

謝謝你，尼克。從投影片 7 開始。正如尼克所說，第一季的收入為 2660 萬美元。與 2024 年第一季相比，收入下降了 320 萬美元，因為汽車/電動車、生命科學和其他市場的銷售額總計增加了 430 萬美元，部分抵消了半導體市場減少 600 萬美元和工業市場減少 120 萬美元的影響。

Sequentially, while sales to industrial, life sciences and other markets increased in the first quarter compared with the trailing fourth quarter, it was not enough to offset the $11.9 million decline in sales related to lower semi, auto/EV, defense/aero and safety security sales volume. Total revenue was sequentially down $10 million.

與上一季相比，雖然第一季工業、生命科學和其他市場的銷售額有所增加，但不足以抵消因半導體、汽車/電動車、國防/航空和安全保障銷售額下降而導致的 1,190 萬美元的銷售額下降。總收入環比下降 1000 萬美元。

Moving to slide 8. First quarter gross profit of $11.1 million decreased $2 million on lower year over year sales volume and unfavorable mix. Sequentially, gross profit declined $3.4 million on the $10 million of lower sales volume.

移至幻燈片 8。第一季毛利為 1,110 萬美元，由於同比銷售量下降和產品組合不利，減少了 200 萬美元。銷售額下降 1,000 萬美元，毛利隨之下降 340 萬美元。

Q1 '25 gross margin of 41.5% represents a 230 basis point tightening compared with the prior year period, primarily due to lower fixed cost absorption and less favorable mix. On a sequential basis, gross margin improved 180 basis points as the trailing fourth quarter had been negatively impacted by a 430 basis point inventory step-up charge.

25 年第一季毛利率為 41.5%，與去年同期相比下降了 230 個基點，主要原因是固定成本吸收減少以及產品組合較不利。以環比計算，毛利率提高了 180 個基點，因為上一季的第四季度受到了 430 個基點的庫存上漲費用的負面影響。

As you can see on slide 9, operating expenses were up $1.3 million year over year at $13.9 million. Q1 '25 includes $300,000 in restructuring costs and $1.3 million of incremental operating expenses related to Alfamation, which was acquired March 12, 2024. Sequentially, operating expenses increased $1.5 million.

正如您在第 9 張幻燈片中看到的，營運費用年增 130 萬美元，達到 1,390 萬美元。 2025 年第一季包括 30 萬美元的重組成本和 130 萬美元的增量營運費用，與 2024 年 3 月 12 日收購的 Alfamation 有關。環比而言，營運費用增加了 150 萬美元。

The fourth quarter of 2024 benefited from an $800,000 amortization credit while Q1 spending included typically higher first quarter benefit costs as well as the aforementioned $300,000 restructuring charge.

2024 年第四季受益於 80 萬美元的攤銷抵免，而第一季的支出通常包括較高的第一季福利成本以及前面提到的 30 萬美元的重組費用。

We continued to implement a series of cost-saving actions to improve our long-term profitability. The previously announced consolidation of our Videology Netherlands facility, which we estimate will translate into annualized savings of approximately $500,000 beginning in 2026 remains on track.

我們繼續實施一系列節省成本的措施，以提高我們的長期獲利能力。我們先前宣布的 Videology 荷蘭工廠合併計劃預計將從 2026 年開始每年節省約 50 萬美元，目前該計劃仍在按計劃進行。

In addition, as Nick mentioned, we further reduced head count during Q1 and employed austerity measures versus our budgeted 2025 spend. As a result of these ongoing initiatives, we expect Q2 operating expenses, excluding restructuring costs, to run approximately $300,000 below Q1.

此外，正如尼克所提到的，我們在第一季進一步減少了員工人數，並採取了緊縮措施，以減少我們預算的 2025 年支出。由於這些持續的舉措，我們預計第二季的營運費用（不包括重組成本）將比第一季低約 30 萬美元。

Turning to slide 10, you can see our bottom line and adjusted EBITDA results. For the quarter, net loss was $2.3 million or a loss of $0.19 per diluted share. Adjusted net loss was $1.4 million or a loss of $0.11 per diluted share. Adjusted EPS reflects adding back acquired intangible amortization charges and restructuring costs. Adjusted EBITDA for Q1 was negative $900,000.

翻到第 10 張投影片，您可以看到我們的底線和調整後的 EBITDA 結果。本季淨虧損為 230 萬美元，即每股虧損 0.19 美元。調整後淨虧損為 140 萬美元，即每股虧損 0.11 美元。調整後的每股盈餘反映了加回收購的無形攤銷費用和重組成本。第一季調整後的 EBITDA 為負 90 萬美元。

Slide 11 shows our capital structure and cash flow. We continued to demonstrate the inherent cash generation strength of the business. During the quarter, we generated $5.5 million of cash from operations. Capital expenditures in the fourth quarter were approximately $200,000. And the resultant free cash flow was $5.3 million.

幻燈片 11 展示了我們的資本結構和現金流。我們持續展現企業固有的現金創造實力。本季度，我們從營運中產生了 550 萬美元的現金。第四季的資本支出約為20萬美元。由此產生的自由現金流為 530 萬美元。

We have a total debt leverage ratio of 1.5x even given the decline in EBITDA. Total debt was $11.8 million at quarter end. During the quarter, we repaid approximately $3.2 million of debt.

即使 EBITDA 下降，我們的總債務槓桿比率仍為 1.5 倍。季度末總負債為 1,180 萬美元。本季度，我們償還了約 320 萬美元的債務。

Cash and equivalents at the end of the first quarter were $22 million, up 11% or $2.2 million from the trailing quarter. We have more than sufficient liquidity given our cash position and the $30 million available with our delayed draw term loan and an incremental $10 million available under our revolver.

第一季末的現金及等價物為 2,200 萬美元，較上一季成長 11% 或 220 萬美元。考慮到我們的現金狀況、3000 萬美元的延期提取定期貸款以及 1000 萬美元的循環信貸增量，我們的流動性綽綽有餘。

Turning to slide 12. As Nick mentioned, given the significant uncertainty resulting from the global trade environment that makes the second half less predictable and while we believe our plans can deliver the inability to understand the domino effect the tariffs could generate, we are focusing our guidance on the forward quarter where we have more clear visibility.

翻到第 12 張投影片。正如尼克所提到的，鑑於全球貿易環境造成的巨大不確定性使下半年的情況更加難以預測，儘管我們認為我們的計劃可能無法理解關稅可能產生的多米諾骨牌效應，但我們將重點關注未來季度的指導，因為屆時我們將有更清晰的了解。

For the second quarter, revenue is forecasted to be $27 million to $29 million with gross margin of approximately 42% and operating expenses of $13 million to $13.5 million, excluding approximately $200,000 of restructuring expenses.

第二季度，預計營收為 2,700 萬美元至 2,900 萬美元，毛利率約 42%，營運費用為 1,300 萬美元至 1,350 萬美元，不包括約 20 萬美元的重組費用。

This guidance reflects the slowing receipt of orders and customer shipment delays we are seeing due to tariff and the resultant general economic uncertainty. Amortization and interest expense are projected to be consistent with Q1.

該指引反映了由於關稅和由此產生的總體經濟不確定性而導致的訂單接收放緩和客戶發貨延遲的情況。預計攤銷和利息支出與第一季一致。

As usual, our guidance does not include the potential impact from any nonoperating expenses such as corporate development and incremental restructuring that may occur nor does it include the potential impact from any additional acquisitions we may make.

與往常一樣，我們的指引不包括任何非營業費用（例如可能發生的企業發展和增量重組）的潛在影響，也不包括我們可能進行的任何額外收購的潛在影響。

To reiterate, we are confident in the long-term fundamentals of our business and in our market position. Our customer pipeline is at the highest level in the history of our company. While we expect sequential improvement in top line and profitability through the year, our visibility into the timing of orders and shipments remains limited at this point.

重申一下，我們對我們的業務的長期基本面和市場地位充滿信心。我們的客戶通路處於公司歷史上的最高水準。雖然我們預計全年營收和獲利能力將持續改善，但目前我們對訂單和出貨時間的了解仍然有限。

With that, if you'll turn to slide 13, I will now turn the call back over to Nick.

好了，請翻到第 13 張幻燈片，我現在將把電話轉回給尼克。

Thanks, Duncan. As we have discussed, geopolitical tensions and trade policy volatility, driven primarily by the uncertainty surrounding tariffs, have combined to create a challenging backdrop.

謝謝，鄧肯。正如我們所討論的，地緣政治緊張局勢和貿易政策波動（主要由關稅的不確定性驅動）共同構成了充滿挑戰的背景。

During these uncertain times, we are leaning into our strengths. We have built a strong foundation on which we are benefiting from our market diversification, innovation and investment in regional manufacturing facilities. We continue to manage costs while remaining sufficiently agile to address our increasing funnels of opportunities.

在這些不確定的時期，我們依靠我們的優勢。我們已經建立了堅實的基礎，並從市場多元化、創新和對區域製造設施的投資中獲益。我們將繼續管理成本，同時保持足夠的靈活性以應對日益增長的機會。

As we have noted, our opportunity funnel is at a historic peak, which provides optimism on what's on the other side. However, given the turmoil associated with tariffs and the uncertainty that it creates, customers are currently reevaluating the timing of their capital projects and shipment delivery schedules. We will continue to work with customers to provide the solutions they need when they need them.

正如我們所注意到的，我們的機會漏斗正處於歷史高峰，這讓我們對未來充滿樂觀。然而，考慮到與關稅相關的動盪及其造成的不確定性，客戶目前正在重新評估其資本項目和貨物交付時間表的時間。我們將繼續與客戶合作，在他們需要時提供他們所需的解決方案。

Innovation is a core part of our strategy and now our operating system. During the first quarter, new products represented sales of $4.5 million, which was approximately 17% of our total sales. As mentioned at our Investor Day last month, our VISION 2030 goal is to get this to 25% in the coming years, which we are well on our way towards.

創新是我們策略的核心部分，現在也是我們的營運系統的核心部分。第一季度，新產品的銷售額為 450 萬美元，約占我們總銷售額的 17%。正如我們上個月在投資者日所提到的，我們的 VISION 2030 目標是在未來幾年內將這一比例提高到 25%，而我們正在朝著這個目標穩步前進。

Our geographic expansion actions to build sales, engineering and manufacturing in Southeast Asia are progressing well. Specifically, plans to begin manufacturing in our new Malaysia facility during the second half of 2025 are on schedule, and we believe that this will enable us to better serve that region. The in the region for the region approach is expected to reduce costs from both the supply chain and logistics perspective and should improve our market competitiveness.

我們在東南亞建立銷售、工程和製造的地理擴張行動進展順利。具體來說，我們計劃在 2025 年下半年在馬來西亞新工廠開始生產，我們相信這將使我們能夠更好地服務該地區。預計這種在區域內為區域提供服務的方法將從供應鏈和物流的角度降低成本，並提高我們的市場競爭力。

We have a healthy balance sheet and believe we have sufficient liquidity to manage whatever challenges the future may hold. Regardless of market conditions, we remain confident in our plans for long-term growth. We are executing our VISION 2030 growth strategy, which focuses on driving innovation and further geographic expansion to create greater scale while increasing our focus on operational excellence.

我們的資產負債表很健康，並且相信我們有足夠的流動性來應對未來可能遇到的任何挑戰。無論市場狀況如何，我們對我們的長期成長計劃仍然充滿信心。我們正在實施「願景 2030」成長策略，該策略專注於推動創新和進一步的地理擴張，以創造更大的規模，同時更加重視卓越營運。

With that, operator, let's open the lines for questions.

接線員，現在讓我們開始回答問題。

(Operator Instructions)

（操作員指示）

Jaeson Schmidt, Lake Street Capital.

Jaeson Schmidt，Lake Street Capital。

Yeah, thanks for taking my questions. Understanding sort of the dynamics in Q1 with that order pushout. But just curious when things started to change? And when did visibility get a little cloudier in the second half? Just given that it sounded at your Analyst Day at the end of March that with the reaffirmation of full year guidance, things seemed to be on track. Just curious when things started to take a turn.

是的，感謝您回答我的問題。了解 Q1 中訂單推出的動態。但我只是好奇事情什麼時候開始改變？那麼下半場什麼時候能見度會變得稍微陰暗一點呢？鑑於您在三月底的分析師日上聽到的對全年指引的重申，事情似乎已經步入正軌。只是好奇事情什麼時候開始轉變。

Yeah. Hi, Jaeson. I would say on the order front, we really started to see that customer kind of slowdown, book ship business slowdown in the mid-quarter out there, which allowed us to kind of cushion our guidance to what we thought was achievable in that $27 million to $29 million, and we would have been right in that guidance had we not had these engineering challenges that fell out of the quarter here.

是的。你好，Jaeson。我想說的是，在訂單方面，我們確實開始看到客戶業務放緩，預訂船業務在季度中期放緩，這讓我們能夠將我們的指導金額調整到我們認為可以實現的 2700 萬至 2900 萬美元之間，如果我們沒有遇到本季度出現的這些工程挑戰，我們的指導金額就會是正確的。

But yeah -- no, I would say mid-quarter is the slowdown in orders that we started to see. The pushouts we had known about relatively mid-quarter as well when they delayed and pushed into the second half of the year from a number of our larger customers there. So the biggest miss was just late, I'd say, performance from our engineering group up there that was unable to deliver.

但是的——不，我想說的是，我們開始看到的訂單放緩是在季度中期。我們早在季度中期就了解到了推遲的情況，當時我們的一些大客戶將產品推遲到了下半年。所以我想說，最大的失誤就是我們那裡的工程團隊未能準時完成任務。

Got you. That's helpful. And then I know you're not guiding for the full year anymore, but when we think about the potential swing factor, either positive or negative, is it primarily the semi space just given your exposure there and the volatility of that segment? Or are there other end markets that could be the swing factors?

明白了。這很有幫助。然後我知道您不再為全年提供指導，但是當我們考慮潛在的波動因素（無論是正面的還是負面的）時，主要是因為您在半導體領域的曝光度和該領域的波動性嗎？或是否有其他可能成為影響因素的終端市場？

I would say semi and auto are the biggest potential swing factors here, and our pipeline is very healthy on a number of projects for both industries. So yeah, optimistic that customers get comfortable where tariffs are heading and these things get kicked off. And yeah, we're back on track here.

我想說半導體和汽車是這裡最大的潛在波動因素，而且我們在這兩個行業的許多項目的管道都非常健康。所以，是的，我們樂觀地認為，客戶會對關稅走向感到滿意，而這些事情將會得到解決。是的，我們又回到正軌了。

As you know, last year, we had three quarters of improving orders and showing improving market conditions in semi, particularly in the back end. Our front end had been paused and still slow today, but the back end was recovering and we anticipate that will kick back off here.

如您所知，去年我們有三個季度的訂單量有所增加，半導體市場狀況有所改善，尤其是在後端市場。我們的前端今天已經暫停並且仍然很慢，但後端正在恢復，我們預計它將在這裡重新啟動。

Okay. That makes sense. And then just the last one for me, and I'll jump back into queue. With all the cost-cutting initiatives and sort of rightsizing the model today, how should we think about sort of the break-even quarterly revenue level now with this new cost structure?

好的。這很有道理。然後就只剩下最後一個了，然後我就會重新回到佇列。鑑於目前所有的成本削減措施和模型調整，在這種新的成本結構下，我們該如何考慮實現季度收支平衡？

Let me take that, Jaeson. So I mean you can see where we landed in Q1, $26.6 million of revenue. And you can see the bottom line there. Revenue contribution of the business is strong. We are, as we talked about, looking to reduce spending, hopefully temporarily.

讓我來接手，傑森。所以我的意思是你可以看到我們第一季的收入為 2660 萬美元。您可以看到底線。該業務的收入貢獻強勁。正如我們所說的，我們正在尋求減少開支，希望是暫時的。

We do see the year improving through Q3, Q4, as we indicate, even though we're just pointing to Q2. But we are being careful with our spending. We do -- if you look at the Q2 numbers we've thrown out there, we do expect revenue at $27 million to $29 million range, taking some costs out. If you do the math on that, then it's getting closer to breakeven, but not quite if you just take the midpoint of some of those numbers.

正如我們所指出的，儘管我們只是指出第二季度，但我們確實看到第三季和第四季的情況會有所改善。但我們在支出方面非常謹慎。我們確實如此——如果你看一下我們公佈的第二季度數據，我們確實預計收入將在 2700 萬美元至 2900 萬美元之間，扣除一些成本。如果你對此進行計算，那麼它就會更接近盈虧平衡，但如果你只是取其中一些數字的中點，那就不完全是了。

So I think you can calibrate it from there. We're bringing that point down. I think I've talked in the past about $30 million plus or minus, is a typical kind of break point and I'd say we're bringing that down a hair if you -- again, if you look at the numbers that we're projecting.

所以我認為您可以從那裡進行校準。我們正在降低這個點。我想我過去曾談到 3000 萬美元左右，這是一個典型的臨界點，如果你再看一下我們預測的數字，我想說我們會稍微降低這個數字。

Okay. Perfect. Thanks a lot guys.

好的。完美的。非常感謝大家。

Thanks, Jaeson.

謝謝，Jaeson。

Dick Ryan, Oak Ridge Financial.

迪克‧瑞安 (Dick Ryan)，橡樹嶺金融公司。

Thank you. Hey Nick, I appreciate the details on the tariff discussion. I think that helps a lot. So I want to focus on the industrial, I'm trying to square that circle. You had a nice quarter for industrial and then you mentioned the $1.5 million order from a returning customer and I think that was in induction heating. And if that's so, what industry segment is that? And what brought them back to you?

謝謝。嘿，尼克，我很欣賞有關關稅討論的細節。我認為這很有幫助。所以我想專注於工業領域，試著解決這個問題。你們的工業部門本季表現不錯，然後你們提到了來自回頭客的 150 萬美元訂單，我認為這是感應加熱領域的訂單。如果是這樣，那屬於哪個產業？是什麼讓他們回到你身邊的？

Yeah. Hey, good morning, Dick. And yeah, I really wanted to make sure we tried to frame up that tariff exposure out there for us. So glad you appreciated that. Regarding industrial, that $1.5 million order is in our industrial numbers. It's really more so utility space.

是的。嘿，早上好，迪克。是的，我確實想確保我們盡力為我們解決關稅風險。很高興您能理解這一點。關於工業，那筆價值 150 萬美元的訂單是在我們的工業數據中的。它實際上更具實用空間。

These -- I mean, in fact, at Investor Day, we kind of highlighted the utility poles, the induction heating systems to support these utility poles that are manufactured and distributed all around the US and around the globe or what have you. That customer came back and expanded their capacity at a new site and placed that larger order for additional induction heating systems out there.

這些——我的意思是，事實上，在投資者日，我們重點介紹了電線桿，以及用於支撐這些電線桿的感應加熱系統，這些電線桿在美國和全球各地製造和分銷。該客戶回來後在新地點擴大了產能，並下了更大的訂單，要求增加感應加熱系統。

Okay. How do they utilize the induction heating? I guess, I'm not clear on that.

好的。他們如何利用感應加熱？我想，我對此並不清楚。

Yeah. So these large utility poles, steel poles, they'll heat the poles to precondition the welds for the base of these poles out there. So these are kind of like a pretreatment around the utility poles, which provides improved quality as well as increased yields for that specific customer.

是的。因此，對於這些大型電線桿、鋼桿，他們會加熱這些電線桿，以便預先處理這些電線桿底部的焊接。因此，這些就像是電線桿周圍的預處理，可以為特定客戶提供更高的品質和更高的產量。

Okay. Appreciate that. Say, on your engineering delays, is that -- was that on some new product introductions or existing products? And was it for new or existing customers?

好的。非常感謝。就您的工程延遲而言，是針對一些新產品的推出還是現有產品？它是針對新客戶還是現有客戶？

So these were new products. As we've communicated, we take on challenges that others struggle with and what have you and these are pretty complex chillers and chambers. Some existing customers, some new customers out there and multiple systems got delayed out of the quarter, largely because the engineers were working on a couple that were more challenging and didn't get a chance to finish the work on the others. So they slipped out of the quarter there.

所以這些都是新產品。正如我們所傳達的，我們承擔其他人所面臨的挑戰，這些都是相當複雜的冷卻器和腔室。一些現有客戶、一些新客戶和多個系統在本季被推遲，主要是因為工程師正在研究一些更具挑戰性的工作，而沒有機會完成其他工作。所以他們就悄悄地離開了那裡。

But yeah, we anticipate these -- all of that -- all those units we'll have shipped in the next couple of weeks here. So issues resolved and products on the way to the customers.

但是的，我們預計這些——所有這些——所有這些設備都將在接下來的幾週內發貨。這樣問題就解決了，產品也正在運送給客戶。

Okay. I appreciate that. And Duncan, you mentioned the customer pipeline at record levels or near record levels. Is there any way to quantify that to give us a sense of how big is big?

好的。我很感激。鄧肯，您提到客戶管道已達到或接近創紀錄水平。有沒有什麼方法可以量化它，讓我們知道有多大才算大？

Yeah. I mean, we typically don't project order numbers, funnel numbers. What we're really pointing to there is our opportunity funnel, looking at the quote activity, looking at the opportunities the sales teams across our businesses are looking at. As Nick has said, I think it's the highest the company has seen in its history. I don't think we're going to throw particular numbers out there, but we do feel good about how robust that is looking.

是的。我的意思是，我們通常不會預測訂單數量、漏斗數量。我們真正指向的是我們的機會漏斗，查看報價活動，查看我們各個業務的銷售團隊正在尋找的機會。正如尼克所說，我認為這是公司歷史上最高的業績。我認為我們不會給出具體的數字，但我們對它的強勁表現感到滿意。

All right. I appreciate that. Thank you.

好的。我很感激。謝謝。

Thanks, Dick.

謝謝，迪克。

(Operator Instructions)

（操作員指示）

Ted Jackson, Northland Securities.

北國證券公司的泰德傑克森。

Hey guys, good morning.

大家好，早安。

Hey, good morning, Ted.

嘿，早上好，泰德。

I don't have excuse me -- I actually don't have any questions. Every one of them got checked off in the last few rounds. But you did actually, in your financials, you made some restructuring with regards to the balance sheet and the cash flow. And then I know because of some reg requirements you provided some additional disclosure with regards to the segment data.

我沒有抱歉——事實上我沒有任何問題。他們每個人都在最後幾輪被淘汰了。但實際上，你們在財務方面對資產負債表和現金流進行了一些重組。然後我知道由於一些監管要求，您提供了有關分段數據的一些額外披露。

I guess my question is that, one is can we get maybe the last year of that segment data disclosure, so we could do a little more restructuring of our models.

我的問題是，一是我們能否獲得該部分資料揭露的最後一年，以便我們能夠對我們的模型進行更多的重組。

And then number two, is there a chance that you have the same with regards to the restructuring of how you're reporting your balance sheet and your cash flow, so I can get my model for these as well. That's kind of it. Thanks.

第二，您是否有可能在資產負債表和現金流量報告方式的重組方面遇到相同的問題，以便我也可以針對這些問題建立模型。就是這樣。謝謝。

Yeah. I mean, obviously, those numbers will fill in as the year progresses. I think you're talking about we collapsed a couple of categories in the cash flow, the balance sheet as presented there, just tidying up some of the reporting that will fill out as the year progresses.

是的。我的意思是，顯然，隨著時間的推移，這些數字將會逐漸增加。我想您說的是，我們在現金流量、資產負債表中合併了幾個類別，只是整理了一些將隨著年份的進展而填寫的報告。

Let me take that away. Maybe we can provide what that looks like to help you out. As I said, obviously, it will fill out as the year progresses, but let me just take that under consideration, Ted, in terms of what we can share.

讓我把它拿走。也許我們可以提供一些可以幫助您的資訊。正如我所說的，顯然，隨著時間的推移，它會越來越豐富，但就我們可以分享的內容而言，泰德，請允許我考慮一下這一點。

Yeah, I'm just trying to -- I've got it, I've got. I have all those things, like those statements all linked together and they flow. So this will be helpful for me to be able to kind of retie my -- if I'm going to restructure it, to retie my cash flow and the balance sheet together. That's all.

是的，我只是想──我明白了，我明白了。我擁有所有這些東西，就像那些語句全部連結在一起並且流暢運行。因此，如果我要重組，這將有助於我重新整合我的現金流量和資產負債表。就這樣。

But no other questions with regards to the operations. So I think you did a real nice job with the presentation. And again, I commend you for the effort around the tariffs. I've been on dozens of calls this week, and that was actually one of the better breakdowns I've seen from any of the companies that I have been in.

但沒有關於操作的其他問題。所以我認為你的演講做得非常好。我再次讚揚你們在關稅問題上所做的努力。這週我已經接了幾十個電話，這實際上是我所見過的所有公司中最好的細分之一。

Great. Thank you, Dick -- or Ted, sorry.

偉大的。謝謝你，迪克——或者泰德，對不起。

At this time, I would like to turn the floor back to Nick Grant for closing remarks.

現在，我想請尼克·格蘭特 (Nick Grant) 作最後發言。

Thank you, Latonia. We appreciate you joining us today. Thank you for your time, and we welcome the opportunity to answer any further questions you may have. On slide 14, please note that in addition to the details regarding the replay of this call, we will be participating in the Northland Growth Conference virtually on June 25. I hope some of you can join us. Thanks, again, for participating today and have a nice day.

謝謝你，拉托尼亞。感謝您今天加入我們。感謝您的時間，我們歡迎有機會回答您可能有的任何其他問題。在第 14 張投影片上，請注意，除了重播此通話的詳細資訊外，我們還將於 6 月 25 日參加北地增長會議。我希望你們中的一些人可以加入我們。再次感謝您今天的參與，祝您有個愉快的一天。

Thank you. This does concludes today's teleconference. You may disconnect your lives this time. Thank you for your participation and have a great day.

謝謝。今天的電話會議到此結束。這次你們可能會斷絕你們的生活。感謝您的參與並祝您有個愉快的一天。