nLIGHT Inc (LASR) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the nLIGHT, Inc., second-quarter 2025 earnings call conference call.

女士、先生們，下午好，歡迎參加 nLIGHT, Inc. 2025 年第二季財報電話會議。

(Operator Instructions) This call is being recorded on Thursday, August 7, 2025.

（操作員指示）此通話於 2025 年 8 月 7 日星期四錄製。

I would now like to turn the conference over to John Marchetti, Vice President of Corporate Development and Investor Relations. Please go ahead.

現在，我想將會議交給企業發展和投資者關係副總裁約翰·馬爾凱蒂 (John Marchetti)。請繼續。

Thank you, and good afternoon, everyone. I'm John Marchetti, nLIGHT's VP of Corporate Development and Head of Investor Relations. With me on the call today are Scott Keeney, nLIGHT's Chairman and CEO; and Joe Corso, nLIGHT's CFO.

謝謝大家，下午好。我是 nLIGHT 企業發展副總裁兼投資者關係主管 John Marchetti。今天與我一起參加電話會議的還有 nLIGHT 董事長兼執行長 Scott Keeney 和 nLIGHT 財務長 Joe Corso。

Today's discussion will contain forward-looking statements, including financial projections and plans for our business, some of which are beyond our control, including the risks and uncertainties described from time to time in our SEC filings. Our results may differ materially from those projected on today's call, and we undertake no obligation to update publicly any forward-looking statement, except as required by law.

今天的討論將包含前瞻性陳述，包括我們業務的財務預測和計劃，其中一些是我們無法控制的，包括我們向美國證券交易委員會提交的文件中不時描述的風險和不確定性。我們的結果可能與今天電話會議上預測的結果有重大差異，除非法律要求，否則我們不承擔公開更新任何前瞻性聲明的義務。

During the call, we will be discussing certain non-GAAP financial measures. We have provided reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in our earnings release and in our earnings presentation, both of which can be found on the Investor Relations section of our website.

在電話會議中，我們將討論某些非公認會計準則財務指標。我們在收益報告和收益報告中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳表，這兩個對帳表都可以在我們網站的「投資者關係」部分找到。

I will now turn the call over to nLIGHT's Chairman and CEO, Scott Keeney.

現在我將電話轉給 nLIGHT 董事長兼執行長 Scott Keeney。

Scott?

史考特？

Thank you, John. Our second quarter results represent a strong quarter of execution across the board for nLIGHT. Revenue, gross margin and adjusted EBITDA were all ahead of our expectations. Results were primarily driven by our record aerospace and defense products and development revenue. A&D revenue represented approximately 66% of total sales in the quarter, up from 54% in the same quarter a year ago, and we expect this market to continue to be the primary source of growth for the company.

謝謝你，約翰。我們第二季的業績顯示 nLIGHT 本季的全面執行表現強勁。收入、毛利率和調整後的 EBITDA 均超出我們的預期。業績主要得益於我們創紀錄的航太和國防產品及開發收入。A&D 營收約佔本季總銷售額的 66%，高於去年同期的 54%，我們預期該市場將繼續成為公司成長的主要來源。

We are well positioned to drive continued growth in A&D with leading high-power laser technology developed over the past two decades across the entire technology stack from chips to full laser systems, which is supported by our US manufacturing sites. Our products in A&D are also well aligned with many of the DoD's most critical priorities such as directed energy and laser sensing. And during the quarter, we delivered strong results in both of these critical markets.

我們擁有領先的高功率雷射技術，涵蓋了從晶片到完整雷射系統的整個技術堆疊，這些技術是我們在過去二十年中開發的，並得到了美國製造基地的支持，從而完全有能力推動 A&D 領域的持續增長。我們在航空航太和國防領域的產品也與國防部的許多最關鍵的優先事項（如定向能和雷射感測）相一致。本季度，我們在這兩個關鍵市場都取得了強勁的業績。

In directed energy, we continue to make solid progress in our HELSI-2 program. As a reminder, this is a $171 million DoD program to develop a 1-megawatt high-energy laser with a completion date expected in 2026. The shipment of critical components toward the HELSI-2 program was a significant driver of our record defense product revenue in the quarter and is expected to be a substantial contributor to growth throughout the remainder of the year.

在定向能方面，我們的 HELSI-2 計畫繼續取得穩步進展。提醒一下，這是一項耗資 1.71 億美元的國防部計劃，旨在開發 1 兆瓦的高能量雷射器，預計於 2026 年完成。向 HELSI-2 項目運送關鍵零件是我們本季國防產品收入創紀錄的重要推動力，預計也將在今年剩餘時間內為成長做出重要貢獻。

We are actively transitioning our low size, weight and power, also known as SWaP amplifier products into advanced production by leveraging nLIGHT's experienced manufacturing teams and implementing quality control processes. This transition, while not without risk, is critical as we continue optimizing our amplifier production line for higher volumes.

我們正在利用 nLIGHT 經驗豐富的製造團隊並實施品質控制流程，積極將我們的小尺寸、輕重量和功率（也稱為 SWaP 放大器產品）轉變為先進生產。這種轉變雖然並非沒有風險，但對於我們繼續優化擴大機生產線以實現更高產量至關重要。

Our work on the Army's DE M-SHORAD short-range air defense program is nearing completion as we are scheduled to deliver our 50-kilowatt high-energy laser and beam director to our partner for integration on the Stryker vehicle. Once this integration is complete, the system will begin field testing.

我們在陸軍 DE M-SHORAD 短程防空計劃上的工作即將完成，因為我們計劃將 50 千瓦高能雷射和光束引導器交付給我們的合作夥伴，以便將其整合到 Stryker 車輛上。一旦整合完成，系統將開始現場測試。

In addition, we continue to respond to RFPs and RFQs associated with the President's Golden Dome executive order, which specifically highlights non-kinetic missile defense capabilities as an area for development. With a mandate to build these systems in the United States, we believe we are well positioned to benefit from this effort over the coming years, and we are hopeful that the coming quarters will provide additional details on the scope and timing of these initiatives.

此外，我們繼續響應與總統金色圓頂行政命令相關的 RFP 和 RFQ，該命令特別強調非動能飛彈防禦能力是一個發展領域。由於獲得了在美國建造這些系統的授權，我們相信，我們有能力在未來幾年內從這項努力中獲益，並且我們希望未來幾個季度能夠提供有關這些舉措的範圍和時間的更多細節。

We've also continued to have success in the international markets for directed energy. In the second quarter, we began shipping to a new international customer, and we have a growing pipeline of new global opportunities as allied nations look to accelerate directed energy programs for cost-effective counter UAS and other threats.

我們在定向能國際市場上也不斷成功。在第二季度，我們開始向新的國際客戶發貨，隨著盟國尋求加速定向能計劃，以具有成本效益的方式對抗無人機和其他威脅，我們擁有越來越多的新的全球機會。

We have generated revenue at nearly every level of vertical integration in the directed energy market, and we have established ourselves as one of the most comprehensive suppliers to the US government, other prime contractors and foreign allies.

我們在定向能市場幾乎每個垂直整合層面都創造了收入，並且已經成為美國政府、其他總承包商和外國盟友最全面的供應商之一。

We also continue to perform well in our laser sensing markets. Our laser sensing products include missile guidance, proximity detection, range finding and countermeasures, and have been incorporated into several significant and long-running defense programs, all of which remain key defense priorities under the current administration.

我們在雷射感測市場也持續表現良好。我們的雷射感測產品包括飛彈導引、近距探測、測距和對抗措施，並已被納入多個重要且長期的國防計劃，所有這些計劃仍然是現任政府的國防重點。

Our historical performance on these programs and our early success on multiple classified programs have created many new opportunities for us in the market.

我們在這些項目上的歷史表現以及我們在多個機密項目上的早期成功為我們在市場上創造了許多新的機會。

Over the last several quarters, we have bid on multiple new programs that have increased both the number of opportunities and the size of our sensing pipeline. In addition, further opportunities under the Golden Dome initiative have emerged and could also become significant contributors to our growth and defense in 2026 and beyond.

在過去的幾個季度中，我們競標了多個新項目，這不僅增加了機會的數量，也增加了感測管道的規模。此外，「金頂」計畫下還出現了更多機遇，這些機會也可能對我們2026年及以後的成長和防禦做出重大貢獻。

The growing pipeline of both directed energy programs and laser sensing opportunities, along with our improved execution, gives me increased confidence that we can grow our revenues in aerospace and defense by at least 40% in 2025.

定向能專案和雷射感測機會的不斷增加，加上我們執行力的提高，讓我更有信心，到 2025 年，我們可以將航空航太和國防領域的收入增加至少 40%。

Commercial revenue was also ahead of our expectations in the quarter, up sequentially on increases in both microfabrication and industrial. While these improvements are welcomed, we do not expect a sustained improvement in overall demand, particularly with respect to the majority of our industrial applications, and we continue to rationalize our investments in our commercial markets to make sure our resources are properly aligned with our growth opportunities. Longer term, we remain optimistic about growth prospects in additive manufacturing, where we see alignment with our A&D customers and our technology remains differentiated.

本季商業收入也超出了我們的預期，由於微加工和工業收入的成長，商業收入較上季成長。雖然這些改進受到歡迎，但我們並不期望整體需求持續改善，特別是對於我們的大多數工業應用而言，我們將繼續合理化我們在商業市場的投資，以確保我們的資源與我們的成長機會保持一致。從長遠來看，我們仍然對積層製造的成長前景持樂觀態度，我們看到與 A&D 客戶的一致性，並且我們的技術仍然具有差異化。

Let me now turn the call over to Joe to discuss our second quarter financial results.

現在，我將電話轉給喬，討論我們的第二季財務表現。

Thank you, Scott. Our second quarter results were characterized by strong execution across the board. Better-than-expected revenue, a strong mix of business and higher factory absorption, coupled with exceptional execution from our manufacturing and operations teams drove meaningful upside to our gross margin. That margin upside, combined with operating expense discipline, resulted in significant bottom line improvement, demonstrating the leverage that is inherent in our business model.

謝謝你，斯科特。我們第二季的業績表現為全面強勁的執行力。優於預期的收入、強勁的業務組合和更高的工廠吸收率，再加上我們製造和營運團隊的出色執行力，推動了我們的毛利率大幅上升。利潤率的上升，加上營運費用的嚴格控制，帶來了顯著的獲利改善，證明了我們商業模式中固有的槓桿作用。

Total revenue in the second quarter was $61.7 million, an increase of 22% compared to $50.5 million in the second quarter of 2024 and up 19.5% compared to the first quarter of 2025. Aerospace and Defense revenue was a record $40.7 million in the quarter, up 48.6% year-over-year and 24% sequentially.

第二季總營收為 6,170 萬美元，較 2024 年第二季的 5,050 萬美元成長 22%，較 2025 年第一季成長 19.5%。本季航空航太和國防收入達到創紀錄的 4,070 萬美元，年增 48.6%，季增 24%。

A&D growth was driven by record defense products revenue, which grew 74.5% year-over-year and 18% compared to last quarter, primarily due to increased deliveries of directed energy products. Development revenue of $20.9 million was also a record in the quarter, growing more than 30%, both sequentially and year-over-year. We expect A&D revenue to grow sequentially throughout the remainder of 2025.

A&D 業務的成長得益於創紀錄的國防產品收入，該收入同比增長 74.5%，環比增長 18%，這主要歸功於定向能產品交付量的增加。本季開發營收 2,090 萬美元也創下新高，環比和年成長均超過 30%。我們預計 2025 年剩餘時間內 A&D 收入將持續成長。

Second quarter revenue from our commercial markets, which includes industrial and microfabrication, also outperformed our expectations at $21 million, a decrease of 9% year-over-year, but up 11% sequentially. In microfabrication, the biggest driver of the quarter-over-quarter improvement was satisfying some pent-up demand that had been missed while we were transferring the last of our Shanghai manufacturing to our Thai manufacturing partner in the second half of 2024. As a reminder, we no longer have any manufacturing operations in China.

我們第二季來自商業市場（包括工業和微加工）的收入也超出我們的預期，達到 2,100 萬美元，年減 9%，但環比成長 11%。在微加工領域，季度環比增長的最大驅動力是滿足了我們在 2024 年下半年將上海的最後一批製造業務轉移給泰國製造合作夥伴時錯過的一些被壓抑的需求。提醒一下，我們在中國不再有任何製造業務。

Revenue from our industrial markets was also up sequentially on better demand for our additive manufacturing solutions. And as Scott mentioned earlier, while we are pleased with the performance of our commercial markets in the second quarter, we do not view the sequential improvements as a sign that the overall demand picture has significantly changed from what we described in prior quarters.

由於對我們的積層製造解決方案的需求增加，我們工業市場的收入也隨之成長。正如斯科特之前提到的，雖然我們對第二季度商業市場的表現感到滿意，但我們並不認為連續的改善表明整體需求狀況與前幾季相比發生了顯著變化。

Total gross margin in the second quarter was 29.9% compared to 23.5% in the second quarter of 2024 and 26.7% last quarter. Total gross margin benefited from better results in both products and development gross margins.

第二季總毛利率為 29.9%，而 2024 年第二季為 23.5%，上季為 26.7%。總毛利率受益於產品和開發毛利率的更好表現。

Products gross margin in the second quarter was 38.5% compared to 30.3% in the second quarter of 2024 and 33.5% last quarter. Second quarter products gross margin was positively impacted by higher revenue, a favorable mix of business that skewed towards defense products, higher factory absorption and exceptional execution from our manufacturing and operations teams.

第二季產品毛利率為 38.5%，而 2024 年第二季為 30.3%，上季為 33.5%。第二季產品毛利率受到收入增加、偏向國防產品的良好業務組合、工廠吸收率提高以及製造和營運團隊的出色執行力的積極影響。

Development gross margin was 13.1% compared to 8.7% in the same quarter a year ago and 11.5% in the first quarter of 2025. The upside in development gross margin was largely the result of better performance on some fixed price programs that were completed during the quarter. Going forward, we still expect development gross margin to remain in the 8% range.

開發毛利率為 13.1%，去年同期為 8.7%，2025 年第一季為 11.5%。開發毛利率的上升主要是由於本季完成的一些固定價格項目表現較好。展望未來，我們仍預期開發毛利率將維持在8%左右。

Operating expenses were $22.7 million in the second quarter compared to $24.5 million in the second quarter of 2024 and $23.4 million in the first quarter of 2025. Non-GAAP operating expenses were $16.8 million in the second quarter, down from $18.1 million in the second quarter of 2024 and $17.7 million last quarter. We expect non-GAAP OpEx to remain in the $18 million range in the third quarter.

第二季營運費用為 2,270 萬美元，而 2024 年第二季為 2,450 萬美元，2025 年第一季為 2,340 萬美元。第二季非公認會計準則營運費用為 1,680 萬美元，低於 2024 年第二季的 1,810 萬美元和上季的 1,770 萬美元。我們預計第三季非公認會計準則營運支出將維持在 1,800 萬美元左右。

GAAP net loss for the second quarter was $3.6 million or $0.07 per share compared to a net loss of $11.7 million or $0.25 per share in the same quarter a year ago and a loss of $8.1 million or $0.16 per share in the first quarter of 2025.

第二季 GAAP 淨虧損為 360 萬美元或每股 0.07 美元，去年同期淨虧損為 1,170 萬美元或每股 0.25 美元，2025 年第一季淨虧損為 810 萬美元或每股 0.16 美元。

On a non-GAAP basis, net income for the second quarter was $2.9 million or $0.06 per diluted share compared to a non-GAAP net loss of $4.6 million or $0.10 per share in the second quarter of 2024 and a non-GAAP net loss of $1.9 million or $0.04 per share last quarter.

以非公認會計準則計算，第二季淨收入為 290 萬美元，即每股攤薄收益 0.06 美元，而 2024 年第二季非公認會計準則淨虧損為 460 萬美元，即每股虧損 0.10 美元，上一季非公認會計準則淨虧損為 190 萬美元，即每股虧損 0.04 美元。

Adjusted EBITDA for the second quarter was a positive $5.6 million compared to a loss of $1.6 million in the second quarter last year and a positive $116,000 in the first quarter of 2025.

第二季調整後的 EBITDA 為正 560 萬美元，而去年第二季虧損 160 萬美元，2025 年第一季虧損 11.6 萬美元。

Turning to the balance sheet. We ended the second quarter with total cash, cash equivalents, restricted cash and investments of $114 million. We continue to make progress on improving our working capital. Our cash flow conversion days have improved over the last several quarters, and we remain focused on further improvement going forward.

轉向資產負債表。截至第二季末，我們的現金、現金等價物、受限現金和投資總額為 1.14 億美元。我們在改善營運資金方面持續取得進展。過去幾個季度，我們的現金流轉換天數有所改善，我們仍將致力於未來的進一步改善。

Turning to guidance. Based on the information available today, we expect revenue for the third quarter of 2025 to be in the range of $62 million to $67 million. The midpoint of $64.5 million includes approximately $45 million of product revenue and $19 million of development revenue. We expect A&D revenue in the third quarter of 2025 to increase sequentially and year-over-year.

轉向指導。根據今天掌握的信息，我們預計 2025 年第三季的營收將在 6,200 萬美元至 6,700 萬美元之間。6,450 萬美元的中間值包括約 4,500 萬美元的產品收入和 1,900 萬美元的開發收入。我們預計 2025 年第三季的 A&D 收入將環比和同比增長。

Turning to gross margin. Products gross margin in the third quarter is expected to be in the range of 32% to 36%, and we expect development gross margins to be approximately 8%, resulting in a total gross margin range of 24% to 30%. As we've mentioned previously, as a vertically integrated manufacturing business, gross margin is largely dependent on production volumes and absorption of fixed manufacturing costs.

轉向毛利率。預計第三季產品毛利率在32%至36%之間，我們預期開發毛利率約為8%，總毛利率範圍為24%至30%。正如我們之前提到的，作為一家垂直整合的製造企業，毛利率很大程度上取決於產量和固定製造成本的吸收。

Finally, we expect adjusted EBITDA for the third quarter to be in the range of approximately $2 million to $6 million.

最後，我們預計第三季調整後的 EBITDA 將在約 200 萬美元至 600 萬美元之間。

With that, I will turn the call over to the operator for questions.

說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions)

（操作員指示）

Greg Palm, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的格雷格·帕爾姆 (G

This is Daniel Eggerichs on for Greg today. Congrats on the really good results, guys. I think we'll just start, obviously, with A&D, really good from both a product and development standpoint. So I guess you gave the guide last quarter and you kind of blew through that. So maybe just looking back, what went better than expected?

今天由 Daniel Eggerichs 取代 Greg 主持。恭喜你們取得如此好的成績，夥伴們。我認為我們顯然會從 A&D 開始，從產品和開發的角度來看，這確實非常好。所以我猜你在上個季度給了指南，但你卻把它用完了。那也許只是回顧一下，什麼事情比預期的還要好？

What drove that outperformance between both product and development? I know there's some project timing in there and whatnot, but maybe you could just dig into that a little bit more.

是什麼推動了產品和開發的出色表現？我知道這其中涉及一些專案時間安排之類的，但也許你可以更深入地了解一下。

Yeah. Thanks for the question, Danny. It's fairly simple. We just executed very well in the quarter. These are all existing programs that we have been working on both on the product side and on the development side.

是的。謝謝你的提問，丹尼。這相當簡單。我們本季的表現非常好。這些都是我們在產品和開發方面一直致力於的現有項目。

And so the highlight in the quarter was continued success that we had with our amplifier sales, right, selling into our HELSI-2 program. That was a nice ramp -- a little bit better than we expected, purely based on execution. There was no other customers or things that really dropped in that we had not expected during the quarter. So we were pleased to see that upside.

因此，本季的亮點是我們的擴大機銷售繼續取得成功，對，就是銷售到我們的 HELSI-2 計畫。那是一個很好的坡道——比我們預期的要好一點，純粹基於執行。本季沒有出現其他我們未曾預料到的客戶或事情。因此我們很高興看到這一優勢。

Okay. Got it. And then you talked about some of these laser sensing programs. I think for the last few quarters, you've kind of mentioned bidding on multiple of these programs. I guess you got any additional detail around maybe some new wins, start dates, some kind of revenue recognition we can think about moving forward here? Or any extra detail there would be great.

好的。知道了。然後您談到了一些雷射感測程序。我認為在過去幾個季度中，您曾提到對多個此類項目進行競標。我想您還有什麼關於新勝利、開始日期以及某種收入確認的額外細節可以考慮嗎？或者任何額外的細節都會很棒。

Yeah, sure. So in the laser sensing side of the business continues to go well. I would say that there are really a couple of different thrusts in that business, the first of which are existing platforms that we've been delivering on for quite a long time. And so that was a good quarter on those programs. We expect those to continue as we move forward.

是的，當然。因此，雷射感測方面的業務持續進展順利。我想說的是，這項業務實際上有幾個不同的重點，其中第一個是我們長期以來一直在使用的現有平台。因此，對於這些項目來說，這是一個良好的季度。我們期望這些在我們前進的過程中能夠繼續下去。

And on some of those programs, we expect higher volumes than we have had in the past, just as our customers are needing to restock depleted inventory levels and they're finding -- some of the platforms are finding new use cases. So those are the things that we've been working on for a long time.

對於其中一些項目，我們預計交易量將比過去更高，因為我們的客戶需要補充耗盡的庫存，而且他們發現——一些平台正在尋找新的用例。這些就是我們長期以來一直致力於的事情。

And then the things and the programs that are newer, a handful of which are classified, we still are making good progress on. I think we said in prior quarters that we expect to begin work on the next phase or the LRIP phase on one of those programs here in the second half. And so that remains intact. But we feel good about what we've delivered and the success of our portion of that program. Now it's a little bit of a waiting game until we actually get that order, but we believe it's forthcoming.

而對於較新的事物和項目，其中有些是機密，我們仍然在取得良好的進展。我想我們在前幾個季度就說過，我們預計將在下半年開始進行其中一個專案的下一階段或 LRIP 階段的工作。所以它仍然完好無損。但我們對於我們所做的工作以及我們在該計劃中所承擔的部分所取得的成功感到滿意。現在我們還需要等待一段時間才能真正收到訂單，但我們相信它很快就會到來。

Got it. Maybe just one last one on the gross margin, maybe the product margin specifically, that 38.5%, that's well above anything we've kind of seen for the product side before. I guess just looking ahead, you've called out kind of mix and overhead being benefits in Q2. The Q3 guide implies sequential revenue growth and obviously, growth in A&D as well, but kind of a step down in that gross margin. So maybe anything -- some puts and takes you can give on the gross margin on the product side there?

知道了。也許最後再說一下毛利率，特別是產品利潤率，38.5%，這遠高於我們之前在產品方面看到的任何水平。我想，展望未來，您已經指出了第二季的混合和管理費用收益。第三季的指引表明，公司收入將連續成長，而且 A&D 業務顯然也會成長，但毛利率將有所下降。那麼，您能否就產品方面的毛利率給予一些看法？

Yes, absolutely. So second quarter gross margin, we were really happy with how it turned out, right? I mean we had higher volumes. We operated -- our manufacturing and operations did an exceptional job during the quarter. We had better factory absorption.

是的，絕對是。那麼，我們對第二季的毛利率結果感到非常滿意，對嗎？我的意思是我們的銷量更高。我們的製造和營運在本季表現出色。我們有更好的工廠吸收能力。

And so many of the things that we go into any given quarter seeking to forecast, there's no one big item that drove that outperformance. It's a handful of small things that this quarter all went very well. And so I think that is a similar answer to why you saw a little bit of a step down in the gross margin into the third quarter. Some of those things that went exceptionally well in the second quarter as we forecast going forward, right, we're not going to forecast that upside. Could that happen again?

在任何一個季度中，當我們試圖預測很多事情時，卻沒有一個重大因素可以推動業績的優異表現。本季一切都進展順利，這都是一些小事。所以我認為這與為什麼你看到第三季毛利率略有下降的答案類似。正如我們預測的那樣，第二季的一些事情進展異常順利，但我們不會預測這些事情會有上行趨勢。這種情況還會再發生嗎？

Yes, but that's not something that we're banking on nor do I think that as you're building your model, you should bank on. But again, very happy with the performance this quarter. And I think the read-through is that it's indicative of the type of operating leverage that we have in our model.

是的，但這不是我們所依賴的東西，我也不認為你在建立模型時應該依賴它。但我仍然對本季的表現非常滿意。我認為，通讀之後，它顯示了我們模型中所擁有的經營槓桿類型。

Okay, got it, thanks, excited to see where we go from here.

好的，明白了，謝謝，很高興知道我們接下來會怎麼做。

Thanks, Danny.

謝謝，丹尼。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Hi, thank you. Good afternoon. Just given the increase that you have made to the 2025 outlook and given where we are at this point in the year, I'm wondering if you have any initial views on 2026. Just the market seems pretty healthy. You seem to be getting a combination of new awards. I think you alluded to one overseas. So maybe if there's anything -- any color you could provide as to how we might think about 2026 in this area of the business.

你好，謝謝。午安.鑑於您對 2025 年展望的提高以及我們今年的現狀，我想知道您對 2026 年有何初步看法。市場看起來相當健康。您似乎獲得了一系列新獎項。我認為您指的是海外的一個。所以，如果您能提供任何信息，說明我們如何看待 2026 年這一業務領域的發展。

Yeah, Jim, I wish I could give you more than I'm about to give you. But at this point, it's just a little early for us to really start talking about 2026. I mean there's -- we certainly feel remain confident, right? But there are a lot of things that we're working on. The pipeline is continuing to grow.

是的，吉姆，我希望我能給你比現在更多的東西。但現在我們真正開始談論 2026 年還為時過早。我的意思是——我們當然感到有信心，對吧？但我們正在做很多事情。管道正在持續成長。

We continue to have good backlog, but I think it's a little too early for us given the variability in timing and the like to start talking about 2026 but absolutely continue to think that there's upside from '25.

我們仍然有良好的積壓訂單，但我認為，考慮到時間等方面的變化，現在開始談論 2026 年還為時過早，但我絕對會繼續認為從 2025 年開始就會有上行空間。

All right. Maybe let's take a step back and talk about the increase to 2025. Maybe you could put a little bit more -- give us a little bit more help on what's driving that. Is this coming from -- yeah, it sounds like you had some customers that have depleted some inventories and are ordering. Is this coming from new program awards?

好的。也許我們可以退一步來談談到 2025 年的成長。也許您可以多說一點——給我們多一點幫助，告訴我們是什麼推動了這一進程。這是來自——是的，聽起來好像有些客戶已經耗盡了一些庫存並且正在訂購。這是來自新節目獎項嗎？

Can you say which areas of your product portfolio the growth is coming from versus what you were thinking, say, three months ago?

與您三個月前的想法相比，您能否說出成長來自產品組合中的哪些領域？

Yeah. So the growth is consistent with what we were thinking of three months ago, and it's broad-based, right? We have growth from -- expected growth from some of our existing laser sensing programs. As I said in response to Danny's question, we do expect to have some revenue from new sensing program. We're going to continue to deliver products into existing directed energy programs and continue to make progress on those broader high-energy laser programs.

是的。因此，成長情況與我們三個月前的想法一致，而且是廣泛的，對嗎？我們的一些現有雷射感測項目預計會實現成長。正如我在回答丹尼的問題時所說，我們確實希望從新的感測項目中獲得一些收入。我們將繼續向現有的定向能專案提供產品，並繼續在更廣泛的高能量雷射專案上取得進展。

So right now, as we're looking towards the back half of the year, we expect it to be broad-based growth across our entire defense portfolio.

因此現在，當我們展望下半年時，我們預計整個國防投資組合將實現廣泛成長。

Okay. One other question for me, and I may have missed the significance of it, but you talked, I think, about an amplifier transition. Trying to understand what the significance of that is and maybe what the time line, what it entails and how meaningful is this for you?

好的。還有一個問題，我可能沒有理解它的重要性，但我認為您談到了放大器轉換。試著去理解這有什麼意義，也許還有時間線，它包含什麼，以及這對你來說有多大意義？

Hey, Jim, it's John. I think the key there, and we've talked about this a little bit in the past, is we came into this year, still doing the bulk of that amplifier manufacturing out of our engineering and R&D teams. And we've been really transitioning that production into our normal manufacturing groups. And that's very, very important for us because as we think about where we hope to take that business over time, in order to scale to the right number of units and the volumes that we hope to be achieving, we've got to get that out of the hands of our R&D teams and into the hands of our manufacturing folks. And so that process has been underway now for a couple of quarters.

嘿，吉姆，我是約翰。我認為關鍵在於，我們過去也談過這個問題，進入今年以來，我們的工程和研發團隊仍在進行大部分的擴大機製造。我們確實一直在將生產轉移到我們的正常製造團隊。這對我們來說非常非常重要，因為當我們思考我們希望隨著時間的推移將業務帶到何處時，為了擴展到我們希望實現的正確數量的單位和數量，我們必須將其從我們的研發團隊手中轉移到我們的製造人員手中。這個過程已經進行了幾個季度了。

Again, as Joe mentioned, we had a lot of really good successes from all of our teams in the second quarter, which allowed us to do really well in that transition. We still have a little bit of ways to go to make sure we're locking all of that down, but I think we're making really good progress there. And like I said, it's important for us as we think about how that line should expand from a volume perspective as we look out over the next several years.

再次，正如喬所提到的，我們所有的球隊在第二季都取得了很多非常好的成功，這讓我們在轉型中表現得非常好。我們還有一些路要走，以確保我們能鎖定所有這些，但我認為我們在這方面取得了非常好的進展。正如我所說的，這對我們來說很重要，因為我們正在思考未來幾年該如何從產量角度擴展這條生產線。

Okay, thank you.

好的，謝謝。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Sorry if I'm repeating James' question, but I think Scott mentioned that sort of the increase from kind of previous expectations for, I think, 25% growth for A&D and this year moving to 40% was driven by HELSI-2. Is that the wrong understanding that I have? I get you on broad-based sort of improvement across the Aerospace and Defense business. But it just seemed like compared to 90 days ago, you executed on shipments into HELSI-2 and that kind of drove the sort of near-term upside. And it sounded to me like that was the program that was going to drive sort of the increased expectations for '25? Or am I getting that wrong? Thank you.

抱歉，我重複了詹姆斯的問題，但我認為斯科特提到了之前預期的 A&D 增長率為 25%，而今年將達到 40%，這是由 HELSI-2 推動的。我的理解是不是有誤？我了解到航空航太和國防業務的廣泛改進。但與 90 天前相比，您似乎已經向 HELSI-2 發貨，這在某種程度上推動了短期上漲。在我看來，這個計劃似乎會提高人們對 25 年的期望？還是我理解錯了？謝謝。

Ruben, no, you're absolutely right. As we entered the year, we had an expectation for what we thought we could do in terms of delivering hardware into that HELSI-2 program as we've gone through the year and have continued to make strides in terms of improving our manufacturing of those products and increasing capacity of the line, right? That's not something that happens overnight. It's a journey as we're starting to really ramp up there. So I would say that there was an improvement on that end of it.

魯本，不，你完全正確。進入新的一年，我們對向 HELSI-2 項目提供硬體所能做的事情抱有期望，因為我們已經度過了這一年，並且在改進這些產品的製造和提高生產線產能方面繼續取得進展，對嗎？這不是一朝一夕就能發生的事。這是一個旅程，我們正開始真正地朝著那裡邁進。所以我想說，在這方面有所改進。

And there's a follow-through, which is to the extent that we can deliver hardware into those programs or into the HELSI-2 program in particular, means we can start to accelerate some of the development work that we're doing on top of those amplifiers. So you've got sort of a knock-on effect.

並且有一個後續行動，即我們可以將硬體交付到這些程式或特別是 HELSI-2 程式中，這意味著我們可以開始加速在這些擴大機上進行的一些開發工作。所以你得到了某種連鎖反應。

And then the third piece of it is as we are transitioning from one program to another or one phase of a program to another in the new laser sensing program, that's another area of growth. And then finally, we do have a few new customer wins, right? We can't be explicit in terms of names, but we've talked about the international side of our directed energy business being an opportunity for us. And so we're starting to convert some of those early opportunities, which is what led me to talk about just sort of broad-based growth across that entire portfolio.

第三部分是，在新的雷射感測項目中，我們正在從一個項目過渡到另一個項目，或從一個項目的一個階段過渡到另一個階段，這是另一個成長領域。最後，我們確實贏得了一些新客戶，對嗎？我們無法明確透露名稱，但我們已經談到定向能業務的國際化對我們來說是一個機會。因此，我們開始轉化一些早期的機會，這也是我談論整個投資組合的廣泛成長的原因。

Okay. And then, John, on the amplifier transition per amplifier moving into kind of more of a production setup. Are there specific qualification milestones that come with that? Or is it sort of just getting kind of lines running and getting the product out and tested assembled and off you go? I'm just trying to understand sort of if there's--

好的。然後，約翰，每個擴大機的擴大機轉換都進入了更像生產設定的狀態。這其中是否存在具體的資格里程碑？或者只是讓生產線運作起來，將產品推出，進行測試、組裝，然後就可以開始了？我只是想了解一下是否有——

No, I get it, Ruben. I think what I would say to that is there are certainly internal things that we're looking as we are continuing to go through that transition. So I wouldn't say it's acceptance criteria -- as Joe mentioned, we've been shipping amplifiers now for a while into a number of these programs. So it's not like we're doing something differently for the customer acceptance, but we're certainly internally trying to make sure that we're putting in all the controls and processes that we need specifically around these new products to make sure that, that transition over to the manufacturing teams goes as smoothly as possible.

不，我明白了，魯本。我想說的是，在我們繼續經歷這一轉變的過程中，我們肯定會專注於一些內部問題。所以我不會說這是驗收標準——正如喬提到的，我們已經向許多這樣的項目運送放大器一段時間了。因此，我們並不是為了讓客戶接受而採取不同的措施，而是在內部努力確保我們針對這些新產品實施所需的所有控制和流程，以確保向製造團隊的過渡盡可能順利。

Got it. Great, thanks. Congrats on the results.

知道了。太好了，謝謝。恭喜取得成果。

Rodney McFall, Northcoast Research.

羅德尼‧麥克福爾 (Rodney McFall)，Northcoast Research。

Hey, thanks guys for taking my questions and congratulations on the great quarter. I know you just talked about the new international customer. I was just wondering if you could maybe shed some light on the size and scope of that opportunity and if you see any execution risk there? And I have a follow-on after that.

嘿，感謝大家回答我的問題，並祝賀本季取得巨大成功。我知道您剛才談到了新的國際客戶。我只是想知道您是否可以解釋一下這個機會的規模和範圍，以及您是否認為其中有任何執行風險？之後我還會繼續跟進。

Hey, Rodney, it's Scott here. Yeah, I'll say what I can. Look, we do see directed energy is not just a US domestic opportunity, but very strong international set of opportunities, and we continue to get new design wins around the world. I can't really comment on any of the particulars beyond that other than to say that, yeah, it's material.

嘿，羅德尼，我是史考特。是的，我會盡我所能。瞧，我們確實看到定向能不僅僅是美國國內的機遇，而且也是非常強大的國際機遇，而且我們繼續在世界各地獲得新的設計勝利。除了說“是的，這很重要”之外，我無法對除此之外的任何細節發表評論。

There's some good-sized programs. And frankly, these are all still in the early stages. So we see bigger opportunities ahead, both in the US and around the world.

有一些規模不錯的程式。坦白說，這些都還處於早期階段。因此，我們看到未來有更大的機遇，無論是在美國還是在世界各地。

Got it. Thanks for that. And then, Scott, you mentioned continuing to rationalize investments in commercial markets to align with resources. Just any color on what specific areas you guys might be pulling back from. And I saw one of your main competitors recently, it seems like they're starting to lean into more systems. I'm just wondering if you guys have any plans for that?

知道了。謝謝。然後，斯科特，您提到繼續合理化商業市場投資以與資源保持一致。任何顏色都可以，表示你們可能要撤離的特定區域。我最近看到了你們的一個主要競爭對手，他們似乎開始傾向於更多的系統。我只是想知道你們對此有什麼計劃嗎？

Or any color you guys could share on that would be great.

或者你們可以分享任何顏色就太好了。

Absolutely right. Yeah. I think one of the things we highlighted was that we do see growth in additive and continue to see opportunities with the differentiated technology we have there. But in some of the other markets that we've talked about, it's an area where we don't see as attractive growth opportunities. And so fortunately, the engineers that help build some of the key industrial lasers are working on new defense-based lasers now.

完全正確。是的。我認為我們強調的一點是，我們確實看到了添加劑的成長，並且繼續看到我們在那裡擁有的差異化技術帶來的機會。但在我們談到的其他一些市場中，我們並不認為這些領域具有有吸引力的成長機會。幸運的是，幫助製造一些關鍵工業雷射的工程師現在正在研究新的防禦雷射。

So that's the sort of rationalization we're going through. And fortunately, we're in a great position to have a very strong team that is pivoting over.

這就是我們正在經歷的合理化過程。幸運的是，我們擁有一支非常強大的團隊，可以隨時轉變方向。

Got it. Thank you. That's all for me. Thanks guys.

知道了。謝謝。對我來說就這些了。謝謝大家。

There are no further questions at this time.

目前沒有其他問題。

Please continue, Mr. John Marchetti.

請繼續，約翰·馬爾凱蒂先生。

Thanks, everyone, for joining us this afternoon and for your continued interest in nLIGHT. We will be participating in a number of conferences over the coming weeks and throughout the remainder of the quarter. So I look forward to talking to everybody there, and I hope to talk to you soon. Thanks very much. Have a great day.

感謝大家今天下午加入我們並持續關注 nLIGHT。我們將在接下來的幾週以及本季剩餘時間內參加多場會議。因此我期待與那裡的每個人交談，並希望很快能與你們交談。非常感謝。祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。