Knowles Corp (KN) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to Knowles Corporation's fourth quarter and full year 2025 earnings conference call. At this time, I would like to hand the conference over to Ms. Sarah Cook. Please go ahead, Sarah.

大家好，歡迎參加 Knowles 公司 2025 年第四季及全年業績電話會議。此時，我謹將會議交給莎拉·庫克女士。請繼續，莎拉。

Thank you and welcome to our 4th quarter and full year 2025 earnings call. I'm Sarah Cook; Vice President of Investor relations, presenting with me today are Jeffrey Niew; our President and CEO, and John Anderson; our senior Vice President and CFO. Our calls today will include remarks about future expectations, plans, and prospects for KOL, which constitute forward-looking statements for purposes of the safe harbor provisions under applicable federal security laws.

謝謝大家，歡迎參加我們2025年第四季及全年業績電話會議。我是 Sarah Cook，投資者關係副總裁。今天與我一起發言的有我們的總裁兼執行長 Jeffrey Niew，以及我們的資深副總裁兼財務長 John Anderson。我們今天的電話會議將包括對 KOL 未來預期、計劃和前景的評論，這些評論構成適用聯邦證券法安全港條款下的前瞻性陳述。

Forward-looking statements in this call will include comments about demand for company products, anticipated trends in company sales, expenses, and profits, and involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations.

本次電話會議中的前瞻性陳述將包括對公司產品需求、公司銷售、支出和利潤的預期趨勢的評論，並涉及許多風險和不確定性，這些風險和不確定性可能導致實際結果與當前預期存在重大差異。

The company urges investors to review the risks and uncertainties in the company's SEC filings, including but not limited to the annual report on Form 10k for the fiscal year ended December 30th, 2024, periodic reports filed from time to time with the SEC, and the risks and uncertainties identified in today's earnings release.

本公司敦促投資者查看公司向美國證券交易委員會提交的文件中所列的風險和不確定性，包括但不限於截至 2024 年 12 月 30 日的財政年度的 10-K 表格年度報告、不時向美國證券交易委員會提交的定期報告，以及今天發布的收益報告中所列的風險和不確定性。

All forward-looking statements are made as of the date of this call, and Knowles disclaims any duty to update such statements except as required by law.

所有前瞻性陳述均截至本次電話會議之日，除法律要求外，諾爾斯公司不承擔更新此類陳述的任何義務。

In addition, pursuant to Red Ge, any Non-GAAP financial measures referenced during today's conference call can be found in our press release posted on our website at Knowles.com and in our current report in Form 8K filed today with the SEC. This will include a reconciliation to the most directly comparable GAAP measure.

此外，根據 Red Ge 的說法，今天電話會議中提到的任何非 GAAP 財務指標都可以在我們網站 Knowles.com 上發布的新聞稿以及我們今天向美國證券交易委員會提交的 8K 表格的最新報告中找到。這將包括與最直接可比較的GAAP指標進行核對。

All financial references on this call will be on a Non-GAAP continuing operations basis with the exception of cash from operations or unless otherwise indicated. We've made selected financial information available in webcast slides, which can be found in the investor relations section of our website.

本次電話會議中所有財務參考資料均以非GAAP持續經營為基礎，經營活動產生的現金流量除外，除非另有說明。我們已在網路直播幻燈片中提供了部分財務信息，您可以在我們網站的投資者關係部分找到這些幻燈片。

With that, let me turn the call over to Jeff, who will provide details on our results. Jeff.

接下來，我會把電話交給傑夫，他將為大家詳細介紹我們的結果。傑夫。

Thanks, Sarah. Thanks to all of you for joining us today. 2025 was a breakthrough year for Knowles marked by the completion of our portfolio transformation at the end of 2024 and the beginning of our journey as an industrial technology company.

謝謝你，莎拉。感謝各位今天蒞臨本次活動。 2025年是諾爾斯公司具有突破性的一年，標誌著我們在2024年底完成了產品組合轉型，並開啟了我們作為一家工業技術公司的旅程。

Our organic growth in 2025 exceeded our investor day expectations and demonstrates our strategy of leveraging our unique technologies to design custom engineered solutions and then deliver them at scale for blue chip customers and high growth markets that value our solutions.

我們在 2025 年的有機成長超過了投資者日的預期，這證明了我們利用自身獨特技術設計客製化工程解決方案，然後大規模地將其交付給重視我們解決方案的藍籌客戶和高成長市場的策略。

Before I discuss this a little more in detail, let me cover our Q4 2025 results. Before it was another quarter of strong financial performance, revenue was $162 million up 14% year over year, exceeding the high end of our guided range. EPS was $0.36 up 33% year over year and above the midpoint of our guided range. Cash from operations was $47 million, also exceeding the high end of our guided range.

在更詳細地討論這個問題之前，讓我先介紹一下我們 2025 年第四季的業績。又一個季度財務業績強勁，營收達 1.62 億美元，年增 14%，超過了我們預期範圍的上限。每股收益為 0.36 美元，年增 33%，高於我們預期範圍的中點。經營活動產生的現金流為 4,700 萬美元，也超過了我們預期範圍的上限。

On a full year basis, revenue of 593 million. Up 7% year over year and EPS was $1 up 21% compared to 2024. As I said last quarter, I believe our results continue to demonstrate that our focus on markets and products will have significant competitive advantages that result in increased organic growth and positions us well for future growth.

全年營收達5.93億。年增 7%，每股收益為 1 美元，比 2024 年增長 21%。正如我上個季度所說，我相信我們的業績繼續表明，我們對市場和產品的專注將帶來顯著的競爭優勢，從而促進內生成長，並為未來的成長奠定良好基礎。

Now turning to our segment results. In Q4, MedTech and specialty audio revenue was $73 million up 4% year over year. Full year revenue was $264 million up 4% from 2024, and at the high end of the organic growth target of 2% to 4% we presented at our investor day in May last year.

現在來看我們各細分市場的業績。第四季度，醫療技術和專業音訊收入為 7,300 萬美元，較去年同期成長 4%。全年營收為 2.64 億美元，比 2024 年成長 4%，達到了我們去年 5 月投資者日提出的 2% 至 4% 的有機成長目標的高端水準。

In hearing health, Knowles is known for its superior technology and reliability. Our customers depend on our ability to deliver unique solutions to improve comfort of fit and performance with extremely low power. Our unique technologies coupled with strong intimacy with our customers' applications is allowing us to win next generation designs for members microphones as well as Balanced Amateur speakers.

在聽力健康領域，諾爾斯以其卓越的技術和可靠性而聞名。我們的客戶依賴我們以極低的能耗提供獨特解決方案來提高佩戴舒適度和性能的能力。我們獨特的技術，加上與客戶應用的密切聯繫，使我們能夠贏得下一代會員麥克風以及平衡式業餘揚聲器的設計。

We also see the opportunity to increase our content of the device in next generation hearing health products. Beyond the hearing health market, we remain optimistic about the future growth opportunities within our micro solutions group that we detail at our investor day.

我們也看到了在下一代聽力健康產品中增加設備內容的機會。除了聽力健康市場之外，我們對微型解決方案集團未來的成長機會仍然保持樂觀，我們將在投資者日上詳細介紹這些機會。

In the Precision device segment, Q4 revenue was $90 million up 23% year over year. As channels inventory levels are now normalized and orders are matching and market demand, we saw strength across all our key end markets leading to an acceleration of revenue in the second half of the year.

在精密設備領域，第四季營收為 9,000 萬美元，較去年同期成長 23%。隨著通路庫存水準恢復正常，訂單與市場需求相匹配，我們在所有主要終端市場都看到了強勁增長，從而在下半年實現了收入加速增長。

Full year revenue grew 10% year over year, exceeding the high end of the organic growth target of 68% we presented at our investor day in May last year.

全年營收年增 10%，超過了我們去年 5 月投資者日提出的 68% 的有機成長目標的上限。

Within precision devices, as I stated earlier, we saw growth in all our end markets med tech, defense, industrial, EV, and energy with revenue growing year over year. Let me provide a little color by Ed Market.

正如我之前所說，在精密設備領域，我們在醫療技術、國防、工業、電動車和能源等所有終端市場都實現了成長，收入逐年成長。讓我從 Ed Market 那裡了解一些情況。

In the med tech market, we have new design winds ramping and repeat orders and production spanning across multiple product lines such as high performance ceramic capacitors and pulse power film capacitors.

在醫療技術市場，我們有新的設計方案正在逐步推廣，重複訂單和生產涵蓋多個產品線，例如高性能陶瓷電容器和脈衝功率薄膜電容器。

The number of medical devices being used to extend life expectancy and to ensure sustained quality of life is on the rise or custom reliability capacitors can be found in a multitude of implantable devices, medical imaging, and life extending treatments.

用於延長壽命和確保持續生活品質的醫療設備數量正在增加，客製化可靠性電容器可以應用於多種植入式設備、醫學影像和延長生命的治療。

Our defense business continues to be strong as a sole source supplier on a number of key programs. Or volumes continue to grow. As I mentioned on our last earnings call, our capacitors and RF microwave solutions serve a wide variety of military applications spanning from radar to communications to munitions. Defense spending is increasing and shifting toward electronic warfare where our products are in high demand.

作為多個關鍵項目的唯一供應商，我們的國防業務依然保持強勁勢頭。或銷量繼續成長。正如我在上次財報電話會議上提到的，我們的電容器和射頻微波解決方案服務於從雷達到通訊再到彈藥等各種軍事應用。國防開支不斷增加，並轉向電子戰領域，而我們的產品在電子戰領域需求量很大。

In the industrial markets, we have seen inventory levels normalized at our distribution partners. Our high performance ceramic film electrolytic capacitors serve a diverse set of applications from robotics to welding and induction heating in the industrial sector.

在工業市場，我們看到分銷合作夥伴的庫存水準已經恢復正常。我們的高性能陶瓷薄膜電解電容器廣泛應用於工業領域的各種應用，從機器人到焊接和感應加熱。

The energy market continues to be an exciting opportunity for growth in 2026 and beyond, with our new specialty film line expected to start producing and delivering high volume pulse power capacitors late in the second quarter of this year.

能源市場在 2026 年及以後仍將是一個令人興奮的成長機會，我們新的特種薄膜生產線預計將於今年第二季末開始生產和交付大量脈衝功率電容器。

On a more quantitative basis to summarize, even with extremely strong shipments in Q4, we saw another quarter of healthy bookings with a book to build greater than 1 in our precision devices segment. Our continued collaboration with our customers have led to a robust pipeline of new design winds as our customers continue to choose our innovative and differentiated solutions.

從更量化的角度來看，儘管第四季度出貨量非常強勁，但我們精密設備領域的訂單量又保持了健康的成長勢頭，訂單量超過 1。我們與客戶的持續合作，帶來了源源不絕的新設計方案，因為我們的客戶不斷選擇我們創新且差異化的解決方案。

This coupled with strong secular growth trends in the markets reserve gives me confidence in our ability to continue to grow revenue throughout 2026 and beyond. Across the company we are leveraging our unique technologies, creating custom products through our customer application intimacy, and then scaling into production with our world-class operational capabilities for end markets with strong secular growth trends.

市場儲備的強勁長期成長趨勢，加上這一點，讓我對我們在 2026 年及以後繼續實現收入成長的能力充滿信心。公司上下都在利用我們獨特的技術，透過與客戶應用的深入溝通來打造客製化產品，然後憑藉我們世界一流的營運能力，將產品規模化生產，以滿足具有強勁長期成長趨勢的終端市場的需求。

Our 2025 results demonstrate this is a winning combination leading to revenue and EPS growth on a year over year basis. I would like to reiterate what I previously said. I'm excited about the momentum and strength of our business. We have entered 2026 positioned well for continued strong organic revenue growth above historic levels.

我們的 2025 年業績表明，這是一個成功的組合，能夠實現收入和每股收益的逐年增長。我想重申一下我之前說過的話。我對我們業務的發展勢頭和實力感到非常興奮。我們已做好充分準備進入2026年，預計將繼續保持強勁的內生性收入成長，並超越歷史水準。

Well, the first quarter of the year is typically seasonally low. I expect to see strong year over year growth in the first quarter.

通常來說，每年的第一季是淡季。我預計第一季將實現強勁的同比增長。

New design winds are ramping. We have a very healthy backlog of existing orders, and we are seeing increased demand for our products. Our organic growth and increasing EBITDA continues to produce robust cash generation, resulting in a very strong balance sheet which will allow us to pursue synergistic acquisitions and continue to buy back shares while keeping our debt at very manageable levels.

新設計風力正在增強。我們現有訂單儲備充足，而且我們看到市場對我們產品的需求不斷增長。我們的內生成長和不斷成長的 EBITDA 持續產生強勁的現金流，從而形成非常強勁的資產負債表，這將使我們能夠進行協同收購併繼續回購股票，同時將債務保持在非常可控的水平。

To close, we are laser focused on what we do best, designing custom engineered products and delivering them at scale for customers and markets that value our solutions, positioning as well for growth in 2026 and beyond.

最後，我們將全力以赴做好我們最擅長的事情，即設計客製化工程產品，並大規模地為重視我們解決方案的客戶和市場交付產品，同時為 2026 年及以後的成長做好準備。

Now let me turn the call over to John to detail our financial results and provide our Q1 guidance.

現在我把電話交給約翰，讓他詳細介紹我們的財務表現並提供我們第一季的業績預期。

Thanks Jeff. We reported fourth quarter revenues of $162 million up 14% from the year ago period and above the high end of our guidance range. EPFs was $0.36 in the quarter, up $0.09or 33% from the year ago period and above the midpoint of our guidance range. Cash generated by operating activities was 47 million, also above the high end of our guidance range, driven by both increased EBITDA and lower than expected networking capital.

謝謝傑夫。我們公佈的第四季營收為 1.62 億美元，比去年同期成長 14%，高於我們預期範圍的上限。本季員工公積金為 0.36 美元，比去年同期成長 0.09 美元或 33%，高於我們指引範圍的中點。經營活動產生的現金為 4,700 萬，也高於我們預期範圍的上限，這主要得益於 EBITDA 的增加和低於預期的網路資本。

In the med tech and specialty audio segment, Q4 revenue was $73 million up 4% compared with a year ago period, driven by increased shipment volume. On a full year basis, revenue increased by 4% over prior year levels due primarily to growth in specialty audio and an increase in shipment volume of stamped metal cans. Q4 gross margins were 51.9%, up slightly from the year ago period. As expected, segment gross margins for a full year of 2025 were above 50%.

在醫療技術和專業音訊領域，第四季營收為 7,300 萬美元，比去年同期成長 4%，這主要得益於出貨量的成長。全年來看，營收比去年同期成長了 4%，這主要得益於特種音響業務的成長以及沖壓金屬罐出貨量的增加。第四季毛利率為 51.9%，較去年同期略有成長。正如預期的那樣，2025 年全年各業務部門的毛利率均超過 50%。

The precision devices segment delivered fourth quarter revenues of $90 million up 23% from the year ago period. On a full year basis, revenue increased by 10% over prior year levels, driven by strength across all our end markets and product lines. Revenue accelerated throughout the back half of the year as inventory levels normalized at our distribution partners.

精密設備部門第四季營收達 9,000 萬美元，比去年同期成長 23%。全年來看，營收比去年同期成長了 10%，這得益於我們所有終端市場和產品線的強勁表現。隨著分銷合作夥伴的庫存水準恢復正常，下半年收入加速成長。

Segment gross margins were 40.1%, up 230 basis points from the fourth quarter of 2024 as higher end market demand and production volumes in ceramic capacitors and RF microwave product lines resulted in increased factory capacity utilization. This was partially offset by higher scrap cost and production inefficiencies in connection with our specialty filmed line.

由於陶瓷電容器和射頻微波產品線的高端市場需求和產量增加，工廠產能利用率提高，該部門毛利率為 40.1%，比 2024 年第四季度增長了 230 個基點。我們的特種薄膜生產線廢料成本較高和生產效率低下，部分抵銷了上述收益。

For the full year, segment gross margins improved 140 basis points from 2024 levels despite headwinds from our specialty filmed line. We experienced production volume increases in RF microwave products and ceramic capacitors driving the gross margin improvement.

儘管我們的特種薄膜產品線面臨不利因素，但全年該部門的毛利率仍比 2024 年的水準提高了 140 個基點。射頻微波產品和陶瓷電容器的產量增加，推動了毛利率的提高。

I'm confident in our ability to continue to improve segment margins further in 26 as capacity utilization increases and efficiencies in connection with our specialty film line are realized.

我對我們在 2026 年繼續提高業務利潤率的能力充滿信心，因為隨著產能利用率的提高以及特種薄膜生產線效率的提升，我們將繼續提高業務利潤率。

On a total company basis, R&D expense in the quarter was 9 million flat with Q4 2024 levels. SG&A expenses were $27 million up $2 million from prior levels driven primarily by higher incentive compensation costs. Interest expense was 2.25% and down $2 million from a year ago period as we continue to use cash generated by operations to reduce our debt levels.

從公司整體來看，本季研發支出為900萬美元，與2024年第四季的水準持平。銷售、一般及行政費用為 2,700 萬美元，比之前水準增加了 200 萬美元，主要原因是激勵性薪酬成本增加。利息支出為 2.25%，比去年同期減少了 200 萬美元，因為我們繼續利用經營活動產生的現金來降低債務水準。

Now I'll turn to our balance sheet and cash flow. In the fourth quarter we generated $47 million in cash from operating activities and capital spending was $15 million. During the fourth quarter we repurchased 451,000 shares at a total cost of $10 million. We exited the quarter with cash of $54 million and $114 million of borrowings under our revolving credit facility.

現在我將來看我們的資產負債表和現金流量表。第四季度，我們從經營活動中獲得了 4,700 萬美元現金，資本支出為 1,500 萬美元。第四季度，我們以1000萬美元的總成本回購了451,000股股票。本季末，我們持有現金 5,400 萬美元，並根據我們的循環信貸額度借款 1.14 億美元。

Lastly, our net leverage ratio based on trailing 12 months adjusted EBITDA was 0.4 times, and we have liquidity of more than $340 million as measured by cash plus unused capacity under our revolving credit facility. Before turning to Q1 guidance, I want to briefly highlight our performance relative to our full year 2025 outlook and five year targets that we provided at our May 2025 analyst Day. Full year revenue was $593 million and up 7% versus 2024, which was above the high end of our outlook of $560 million to $590 million. Revenues exceeded the high end of our organic growth target of 4% to 6%.

最後，根據過去 12 個月的調整後 EBITDA，我們的淨槓桿率為 0.4 倍，並且我們擁有超過 3.4 億美元的流動性，以現金加上循環信貸額度下的未使用額度計算。在展望第一季業績之前，我想簡要介紹一下我們相對於 2025 年全年展望和我們在 2025 年 5 月分析師日上提出的五年目標的業績表現。全年營收為 5.93 億美元，比 2024 年成長 7%，高於我們先前預測的 5.6 億美元至 5.9 億美元的上限。營收超過了我們4%至6%的有機成長目標上限。

From a segment perspective, MedTech and specialty audio revenue grew by 4%, and precision device revenue grew by 10%, with full segments meeting or exceeding the organic revenue growth targets of 2% to 4% and 6% to 8% respectively. Adjusted EBITDA from continuing operations was $140 million up 9% from 2024, driven by higher gross profit margins and increasing operating leverage. And within the Outlook range we provided. Cash from operations was $114 million or 19.2% of revenues above the midpoint of our full year outlook.

從細分市場來看，醫療技術和專業音訊收入成長了 4%，精密設備收入成長了 10%，這兩個細分市場分別達到或超過了 2% 至 4% 和 6% 至 8% 的有機收入成長目標。持續經營業務的調整後 EBITDA 為 1.4 億美元，比 2024 年成長 9%，主要得益於更高的毛利率和不斷提高的營運槓桿。而且都在我們提供的 Outlook 範圍內。經營活動產生的現金流為 1.14 億美元，佔全年收入的 19.2%，高於我們全年預期的中位數。

Moving to our Q1 guidance for the first quarter of 2026, revenues are expected to be between 143 and $153 million up 12% year over year at the midpoint. R&D expenses are expected to be between $9 million and $11 million. Selling and administrative expenses are expected to be within the range of $25 million to $27 million. We're projecting adjusted even margin for the quarter to be within the range of 18% to 20%.

展望 2026 年第一季度，我們預計營收將在 1.43 億美元至 1.53 億美元之間，中位數為年增 12%。預計研發費用在900萬美元至1100萬美元之間。預計銷售和管理費用將在 2500 萬美元至 2700 萬美元之間。我們預計本季調整後的均衡利潤率將在 18% 至 20% 之間。

Interest expense in Q1 is estimated at $2 million and we expect an effective tax rate of 15% to 19%.

第一季利息支出預計為 200 萬美元，我們預計實際稅率為 15% 至 19%。

We're projecting EPS to be within a range of 22 to $0.26 per share, up $0.06 or 33% year to year at the midpoint. This assumes weighted average shares outstanding during a quarter of $88 million on a fully diluted basis.

我們預計每股收益將在 0.26 美元至 0.22 美元之間，以中間值計算，年增 0.06 美元或 33%。假設本季加權平均流通股數（完全稀釋後）為 8,800 萬美元。

We're projecting cash from operating activities to be within the range of 5 to $5 million. Capital spending is expected to be $10 million. We expect full year capital spending to be approximately 4% to 5% of revenues as we continue investments associated with capacity expansion related to the large energy order we received in 2025.

我們預計經營活動產生的現金流量將在 500 萬至 500 萬美元之間。預計資本支出為1000萬美元。我們預計全年資本支出將佔收入的 4% 至 5%，因為我們將繼續進行與 2025 年收到的大型能源訂單相關的產能擴張投資。

In conclusion, we delivered strong year over year revenue, earnings, and cash flow growth in the 4th quarter and for full year 2025. As we exited the year, we have a robust backlog and increased order activity which gives me confidence in our ability to continue to achieve revenue, earnings, and cash flow growth, which is expected to drive shareholder value throughout ‘26 and beyond.

總而言之，我們在第四季和 2025 年全年均實現了強勁的年收入、獲利和現金流成長。年底之際，我們擁有強勁的積壓訂單和不斷增長的訂單活動，這讓我對我們繼續實現收入、盈利和現金流增長的能力充滿信心，預計這將推動股東價值在2026年及以後持續增長。

I'll now turn the call back over to the operator, put a Q&A portion of our call operator.

現在我將把電話轉回給接線生，接下來是我們的接線生問答環節。

Thank you, sir. (Operator Instructions) Christopher Rolland from Susquehanna.

謝謝您，先生。（操作說明）來自薩斯奎哈納的克里斯多福羅蘭。

Hi guys, thanks for the question, and yeah, I guess the large energy order and the thin film capacity.

大家好，感謝你們的提問，是的，我猜是高能量階和薄膜容量的問題。

Products, I guess just first an update there, have you guys seen a broadening in new customers for that product, and if you could remind us on your capacity addition plans and timing of revenue and, any cam detail or something, around that would be great as well.

關於產品方面，我想先更新一下情況，你們有沒有看到該產品的新客戶數量增加？另外，如果可以的話，能否提醒我們產能擴張計畫、收入時間安排以及相關的任何細節，那就太好了。

Thank you.

謝謝。

So you know first. On the energy order being no different than we've kind of talked about, earlier, last year, which, we expect this to be in the neighborhood of 25 north of $25 million of revenue, this year and really getting going, in the back half. Well, we should have it fully ramped in Q2 and so that's a lot of the by the end of Q2.

這樣你就能第一時間知道了。能源訂單與我們去年早些時候討論過的並無不同，我們預計今年的收入將在 2500 萬美元左右，並在下半年真正開始成長。嗯，我們應該會在第二季全面投產，所以到第二季末就能實現大部分目標了。

So, I think you'll see more of that, a big portion of that 25 in the back half of the year overall for the special. Fill in line, I think we are seeing a definitely broadening of the customer base, beyond, some of the medical applications, defib, radiotherapy, down hole fracking, military applications like rail guns, there's a definite broadening of the applications and I think we had talked about this a few quarters ago, that overall including the energy order, our expectations we're in that.

所以，我認為你會看到更多這樣的內容，今年下半年這 25 部影片中的大部分都會是特別篇。我認為，我們看到客戶群正在顯著擴大，除了醫療應用（如除顫、放射治療、井下壓裂）、軍事應用（如電磁砲）之外，應用範圍也在顯著擴大。我認為我們幾個季度前就討論過這個問題，包括能源訂單在內，我們的預期也符合這個預期。

I would say $50 million to $65 million dollar range for revenue off this product category in 2026. I think that still holds that we're still in that range for this year. So I think what I kind of see here is, that the specialty film line including energy really has a bright future as we look toward the future, Chris.

我認為到 2026 年，該產品類別的收入將在 5,000 萬美元至 6,500 萬美元之間。我認為今年我們仍然會處於這個範圍內。所以我覺得我看到的是，展望未來，包括能源在內的特種薄膜產品線確實擁有光明的前景，克里斯。

Excellent, great, and then.

很好，很棒，然後。

As we start thinking about the future, kind of what your next big hit might be. I guess first of all, do you have some prospects that you've identified organically or internally, some next kind of big hits and or are you really looking outside, you did mention acquisitions. If you could give us an update there, are you finding some high value targets here and speaking of valuation, are they reasonable?

當我們開始思考未來時，會想到你的下一個熱門歌曲可能會是什麼。首先，我想問的是，您是否已經透過內部或自然增長的方式發現了一些前景看好的項目，一些下一個熱門項目，或者您是否真的在向外尋求機會？您確實提到了收購。如果您能為我們提供最新情況，您是否在這裡找到了一些高價值的目標？說到估值，它們是否合理？

Yeah I mean obviously it's very hard to comment like specifically but you know our pipeline continues to be good on the acquisition front, but to be H1st with you, our organic opportunities. Over the next 24 to 36 months look pretty promising and I'll just kind of go back to beyond the energy or, situation and the pulse power, especially film line, a couple other things that, we talked about on the investor day to give a brief update. First on our micro solutions within MSA. That's where we are taking our existing technologies, our existing capacity, our existing R&D capability. That we use for our hearing health and putting that into other medical applications.

是的，我的意思是，顯然很難具體評論，但你知道，我們在收購方面的情況依然良好，但首先要告訴你的是，我們的內部成長機會。接下來的 24 到 36 個月看起來相當有前景，我只想回到能源或現狀以及脈衝功率，特別是電影線，以及我們在投資者日上談到的其他一些事情，做一個簡要的最新進展。首先介紹我們在MSA內部的微型解決方案。這就是我們將現有技術、現有產能和現有研發能力運用到的地方。我們將其用於聽力健康，並將其應用於其他醫療領域。

I would say I'm incrementally more positive about this than I was, say, two quarters ago. We got a lot of new medical applications where we're collecting NREs at this moment that, we should start ramping into higher volume production in 2027. I mean, it's not going to generate a ton of revenue this year but remember these Med tech designs are typically 3 to 5 year design.

我覺得我現在對這件事的看法比兩個季度前更樂觀了。我們目前有許多新的醫療應用正在收集非重複性工程項目 (NRE)，我們應該會在 2027 年開始逐步提高產量。我的意思是，它今年不會帶來很多收入，但請記住，這些醫療技術設計通常是 3 到 5 年的設計。

And you know we're getting to the beginning of that 3 years in the 2027 year time frame when we started this, so that's pretty positive, defense spending, I just sit there and I see you read it every day, we're well positioned with defense spending, with our RF and our capacitive products. I think that's more of a secular growth trend where we have some very differentiated products.

你知道，我們現在已經進入了 2027 年這個三年計畫的初期，所以情況相當樂觀。國防開支方面，我每天都能看到相關數據，我們在國防開支、射頻和電容產品方面都處於有利地位。我認為這更像是一種長期成長趨勢，我們擁有一些非常差異化的產品。

And then lastly, I think we're doing some work in terms of ceramic caps, in terms of, doing what I would say in defense under munitions. We're doing some assembly work. There's a lot of good stuff going on here and so I, generally. Thinking, I think I've been pretty positive. We said our organic growth, of 4% to 6%, our 1st year out of the gate, we're at 7%. I think we're pretty excited about, how we think about our organic growth opportunities over the next 24 to 36 months.

最後，我認為我們在陶瓷帽方面做了一些工作，也就是在國防軍的彈藥領域。我們正在進行一些組裝工作。這裡有很多好事發生，所以總的來說，我…仔細想想，我覺得我一直都比較積極樂觀。我們先前預測，公司第一年的有機成長率為 4% 到 6%，而現在我們已經達到 7%了。我認為我們對未來 24 至 36 個月的有機成長機會感到非常興奮。

Thank you so much guys congrats.

非常感謝各位，恭喜！

Anthony Stoss, Craig-Hallam.

安東尼·斯托斯，克雷格-哈勒姆。

Hey, Jeff, John, and Sarah. First off, on John, maybe I missed it, gross margin guide.

嗨，傑夫、約翰和莎拉。首先，關於約翰，也許我錯過了，毛利率指南。

For March, I think in the past you were thinking about 42%. You maybe just confirm that andI'm just curious what you think the June quarter gross margin might look like if the ramp is going to occur until late Q2. Does that spill into the June quarter gross margins? Thanks.

對於三月份，我想你過去考慮的是 42%。您或許可以確認一下，我只是好奇，如果產能爬坡要到第二季末才能完成，您認為六月季度的毛利率會是多少。這是否會影響到六月季度的毛利率？謝謝。

Yeah Tony, we really, we kind of moved away as we transitioned to an industrial tech company. We kind of moved away from gross margin, so the guide, the focus on our guide is obvious revenue, EPS, and cash flow. I would say from if you give a little detail on gross margin, we're at call it full year 2025, we're at 45.5%. And MSA was, as I mentioned, above 50%. I think the MSA margins are going to kind of hold in that area in '26, but there is potential for margin expansion, especially in the back half of 2026, as we get to higher production volumes or ramped up production volumes on that specialty film line. So I think they're again.

是的，托尼，我們確實隨著轉型成為工業科技公司而逐漸搬走了。我們已經逐漸不再關注毛利率，所以我們的績效指南重點顯然是收入、每股盈餘和現金流。如果詳細分析毛利率，我們預計到 2025 年全年，毛利率將達到 45.5%。正如我之前提到的，MSA 超過 50%。我認為 2026 年 MSA 的利潤率將基本保持在該水平，但利潤率有擴張的潛力，尤其是在 2026 年下半年，隨著我們提高特種薄膜生產線的產量或擴大產量。所以我覺得他們又來了。

There's an opportunity to increase above that 44.5% in '26 by and call it 50 to 75 basis points but waited toward the back half of the year.

2026 年有機會將增速提高到 44.5% 以上，大約提高 50 到 75 個基點，但要等到下半年才能實現。

Got it. Thanks for that. And Jeff.

知道了。謝謝。還有傑夫。

I'm curious if you could kind of highlight the fastest growing markets or what you expect for 2026. I got to believe it's the military, and I'm curious if you have exposure on the satellite side as well.

我很想知道您能否重點介紹成長最快的市場，或是您對 2026 年的預期。我傾向於認為這是軍方的行動，我很好奇你是否也接觸過衛星領域。

We do have some exposure to satellite, but just a comment, I think, I mentioned on the prepared remarks, that we had a very strong PD had a very strong bookings quarter. And even with that, the book, the bill was 1.06 even with that very strong shipment quarter and you know I think we're already we're already through January. We had a very strong January bookings month as well and so and it's pretty broad based, you know. We tried to cut this up a number of different ways, in terms of, our key markets of being, defense, med, industrial, then we put ED and energy together. All of them are looking pretty strong right now. The bookings have been strong in supporting that.

我們確實對衛星業務有一些涉足，但我想補充一點，我在準備好的發言稿中提到過，我們的產品開發部門（PD）的預訂量在一個季度裡非常強勁。即使如此，該書的帳單金額也只有 1.06，即使出貨量季度非常強勁，而且你知道，我認為我們已經度過了一月份。我們一月份的預訂量也非常強勁，而且基礎相當廣泛。我們嘗試從多個不同的角度來看待這個問題，例如我們的主要市場，國防、醫療、工業，然後我們將ED和能源放在一起。他們現在的狀態看起來都相當不錯。強勁的預訂量也印證了這一點。

And so, I think from our perspective it's very broad based and I, if I look, OEM versus distribution, same thing. Both our OEM business and distribution business is doing very well. And so, I think to pick one out and sit there and go, this one's doing the best, I mean defense is doing well, but so is a med tech. MedTech business is doing well, the energy story, and I think the one that we're seeing more and more momentum in is energy. Sorry, industrial.

所以，我認為從我們的角度來看，它的基礎非常廣泛，而且，如果我看OEM和分銷，其實是一樣的。我們的OEM業務和分銷業務都發展得非常好。所以我覺得，要從中選出一個，然後坐在那裡說，這個職業做得最好，我的意思是，國防領域做得很好，但醫療技術領域也很好。醫療科技產業發展良好，能源產業也表現不俗，我認為能源產業的發展勢頭越來越強勁。抱歉，工業用途。

We're seeing more momentum in industrial than we did 6 months ago.

我們看到工業領域的成長動能比6個月前更加強勁。

So I think that that seems to be a pretty big positive change since the last 6 months.

所以我認為這似乎是過去六個月以來一個相當大的積極變化。

Perfect. Congrats. Nice execution.

完美的。恭喜。執行得很好。

Thank you.

謝謝。

Robert Labick, CJS Securities.

Robert Labick，CJS Securities。

Hey, this is Robert Labick, I know you talked about the timeline of the energy orders, but can you talk more specifically about the production build out? Has the new capacity been completed, tested? Where does it stand?

嗨，我是羅伯特·拉比克，我知道你談到了能源訂單的時間表，但你能更具體地談談生產建設嗎？新產能是否已經建成經過測試？它目前處於什麼位置？

Yeah, so I mean, we have weekly calls with the team. This is obviously happening in, outside of Greenville, South Carolina. And so we have weekly calls. It's like every week there's something new, a couple weeks ago we got the permits to start producing, product in the facility. The equipment's being moved in, we've got a team actually, in Greenville, from all over the world to help support this ramp up. We're bringing in manufacturing engineering team from across the globe and to help with the ramp up.

是的，我的意思是，我們每週都會和團隊進行電話會議。這顯然發生在南卡羅來納州格林維爾市郊外。所以我們每週都會通電話。幾乎每週都有新情況發生，幾週前我們拿到了生產許可證，產品已經運到工廠生產了。設備正在運入，我們實際上在格林維爾有一個來自世界各地的團隊來幫助支持這項擴建工作。我們正在從全球各地調集製造工程團隊，以協助提高產能。

So, there's a lot going on plus at the same time we're still delivering, low volume units on this order, but you know the goal here is we're going to ramp this up like 10x in the next five months from where we are today. So, you know I think we're on track, a lot to be done here, but we're on track in order to get it by the end of Q2.

所以，目前有很多事情正在發生，同時，我們仍在交付這筆訂單的小批量產品，但你知道，我們的目標是在接下來的五個月內將產量提高到目前的 10 倍。所以，我覺得我們進展順利，雖然還有很多工作要做，但我們正朝著在第二季末完成的目標穩步前進。

The full volume production that we committed to and again I think you know it depends on a lot about on you know auto orders and the rest of the specialty film business, exactly what we deliver on this energy order but you know I think we're thinking in that, $50million to $65 million dollar range from in the 20s, this year for 2025.

我們承諾的全量生產，而且我認為這很大程度上取決於汽車訂單和其他特殊薄膜業務，以及我們在這個能源訂單上的具體交付量，但我認為我們預計到 2025 年，產量將達到 5000 萬美元至 6500 萬美元。

And I will say very modest amount in Q1, so, it will help drive sequential growth from Q1 to Q2 as we ramp.

而且我還要說，第一季的金額非常有限，因此，隨著我們逐步擴大規模，這將有助於推動第一季到第二季的環比成長。

Up. Yeah, so I think that's a good point. I think, obviously we're guiding to pretty decent organic growth year over year but that's not really being driven by the energy order obviously.

向上。是的，我覺得你說得很有道理。我認為，顯然我們正朝著相當不錯的年度有機成長邁進，但這顯然不是由能源訂單真正驅動的。

That's very helpful, thank you. And can you remind us, can that capacity be used for other pulse power applications beyond the energy order if the demand arises?

非常感謝，這很有幫助。請問，如果出現需求，除了能源訂單之外，該容量是否可用於其他脈衝功率應用？

Yeah, the, I mean like how we're setting this up, quite frankly is we're setting it up probably in the same facility but a little separated because the normal specialty line is much higher mix. This is essentially a low mix production and we're working on a lot of things that you will make the standard. Specialty line, film line more productive over time too like automation, we're doing a lot of things that will help longer-term with the standard specialty film line but we're setting them up right next to each other as opposed to trying to build, one high volume customer against more like I call higher mix customers.

是的，我的意思是，坦白說，我們正在做的設置是，我們可能會在同一個工廠裡設置，但會稍微分開一些，因為正常的特種生產線的產品種類要多得多。這本質上是一種低混合度製作，我們正在努力實現許多你們會奉為標準的東西。隨著時間的推移，特種生產線和薄膜生產線的生產效率也會提高，例如自動化。我們正在做很多有助於標準特種薄膜生產線長期發展的事情，但我們正在將它們並排設置，而不是試圖建造一個大批量客戶生產線，或者建造更多我稱之為高混合度客戶的生產線。

That's all for me, thank you.

我的話就這些了，謝謝。

(Operator Instructions) Tristan Gerra, Baird.

（操作說明）Tristan Gerra，Baird。

Hi, this is Tyler Bomba on for Tristan. Thanks for taking the questions. You touched on it briefly already, but could you give us a more detailed update on the supply demand dynamics and industrial? Do you expect the second half to see industrial revenue rebounding if, the first half is kind of back to supply and demand balance?

大家好，我是Tyler Bomba，替Tristan為您報道。謝謝您回答問題。您之前已經簡要提及過，但您能否更詳細地介紹一下供需動態和行業情況？如果上半年供需基本恢復平衡，你認為下半年工業收入會反彈嗎？

Yeah, so, when I look at like our numbers, in our forecast here, I think.

是的，所以，當我查看我們的數據，以及我們在這裡的預測時，我認為。

We expect in the first half right now, we expect pretty strong industrial shipments in the 1st half of what was pretty strong in the back half of 2025 and then I would sit there and say right now the back half of the year looks more right now it looks more flattish to the back half of 2025 industrial for industrial specifically, but overall we expect growth for industrial for the full year. So, like obviously if you go back to, Tyler to when we were talking earlier last year.

我們預計今年上半年工業出貨量將相當強勁，與 2025 年下半年的強勁勢頭相當。但就工業產品而言，我認為今年下半年的出貨量將較為平穩，與 2025 年下半年的水平相比略有下降。不過，我們預期全年工業產品出貨量將維持成長。所以，很明顯，如果你回顧一下，泰勒，回顧我們去年早些時候的談話。

The first half in industrial of 2025 was still relatively, meagerly weak. We're seeing a fair amount of growth in the, in the first half of 2026. And then I think, it's a little early. Industrial is a lot more turns business. The lead times are shorter, but right now, I think what I see here is we're going to be flattish year over year in the back half.

2025年上半年工業發展仍相對疲軟。我們看到，在 2026 年上半年，成長幅度相當可觀。然後我想，現在是不是有點早了。工業領域涉及的業務量要大得多。交貨週期縮短了，但就目前來看，我認為下半年的銷售額將與去年同期持平。

It's very helpful. A quick follow-up. We're starting to hear about shortages of components across the industry. Is this impacting your demand and are the supply constraints expected to possibly impact price in the second half?

這很有幫助。一個簡短的後續問題。我們開始聽到整個產業出現零件短缺的消息。這是否會影響您的需求？供應限制是否預計在下半年影響價格？

Well, I mean, we're always looking at price, Tyler. So I think you're absolutely right. I mean, there, there's a number of things here, that dynamics that I think are going on and we continue to see, I mean, like I said, in the previous question, with the book to bill, when we were having these strong book to bills in the front half of '25. It was off of weak shipments, so you could, you got to take that book to build with a grain of salt. But when you look at, the Q4 numbers in terms of the revenue being $90 million and you still look, at a book to build 1.06, and I said, January is already in the books and the bookings in January were already strong again and so it's definitely a topic here about capacity utilization, pricing.

嗯，我的意思是，我們始終都會考慮價格，泰勒。所以我覺得你的說法完全正確。我的意思是，這裡有很多因素，我認為這些動態正在發生，而且我們繼續看到，就像我在上一個問題中提到的那樣，關於訂單出貨比，我們在 2025 年上半年訂單出貨比非常強勁。由於出貨量不足，所以你得對這本書的內容持保留態度。但如果你看一下第四季度的收入數據，例如 9,000 萬美元，再看看 106 萬美元的訂單量，我說，1 月份的訂單已經完成了，而且 1 月份的訂單量又很強勁，所以這絕對是一個關於產能利用率和定價的話題。

All intermixed and to be H1st with you I would sit there and say we are starting to see some concerns as we enter towards the back half of the year that we got to make sure we're prepared for all the orders we're receiving so you know I think you know if this demand continues at this rate.

所有這些都交織在一起，說實話，隨著我們進入下半年，我們開始看到一些擔憂，我們需要確保我們為收到的所有訂單做好準備，所以你知道，我想你知道，如果這種需求繼續以這種速度發展下去。

Great, that's all for me thanks. Great.

好的，我的情況就這些了，謝謝。偉大的。

And everyone at this time there are no further questions. That does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.

目前大家沒有其他問題了。今天的會議就到此結束。感謝各位的參與。您現在可以斷開連線了。