nLIGHT Inc (LASR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the nLight Inc third quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 nLight Inc 2025 年第三季財報電話會議。（操作說明）

I will now hand the conference over to John Marchetti, VP Corporate Development and Investor Relations. John, please go ahead.

現在我將把會議交給企業發展和投資者關係副總裁約翰·馬爾凱蒂。約翰，請繼續。

Good afternoon, everyone.

大家下午好。

Thank you for joining us today to discuss nLight's third quarter 2025 earnings results. I'm John Marchetti, nLight's VP of Corporate Development and the head of Investor relations. With me on the call today are Scott Keeney, nLight's Chairman and CEO, and Joseph Corso, nLight's CFO.

感謝您今天與我們一起討論 nLight 2025 年第三季的收益。我是 John Marchetti，nLight 公司企業發展副總裁兼投資人關係主管。今天和我一起參加電話會議的有 nLight 的董事長兼執行長 Scott Keeney 和 nLight 的財務長 Joseph 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.

今天的討論將包含前瞻性陳述，包括財務預測和業務計劃，其中一些是我們無法控制的，包括我們不時在提交給美國證券交易委員會的文件中描述的風險和不確定性。

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.

我們的實際結果可能與今天電話會議上預測的結果有重大差異，除法律要求外，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.

在本次電話會議中，我們將討論一些非GAAP財務指標。我們在獲利報告和獲利簡報中提供了這些非GAAP財務指標與最直接可比較的GAAP財務指標的調節表，這兩份文件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.

現在我將把電話交給 nLight 的董事長兼執行長 Scott Keeney。

Thank you John. Q3 represented another solid quarter of execution for light with total revenue at the high end of our guidance range and both gross margin and adjusted EBITDA beating our expectations.

謝謝你，約翰。第三季度，照明業務又迎來了一個穩健的季度，總收入達到我們預期範圍的高端，毛利率和調整後 EBITDA 均超出預期。

Third quarter revenue of $67 million grew 19% year over year and were once again driven by record aerospace and defense revenue of $46 million with defense product sales growing more than 70% year over year.

第三季營收為 6,700 萬美元，年增 19%，再次得益於創紀錄的航空航太和國防營收 4,600 萬美元，其中國防產品銷售額年增超過 70%。

I am particularly pleased with the expansion of our product gross margin, which came in at a record 41% and increased from 29% in the same quarter a year ago.

我尤其滿意的是，我們的產品毛利率大幅成長，達到了創紀錄的 41%，比去年同期的 29% 有所提高。

Our adjusted EBITDA was also above our expectations at more than $7 million in the quarter.

本季調整後的 EBITDA 也超出預期，超過 700 萬美元。

The expansion in our gross margin and the subsequent growth in our adjusted EBITDA demonstrate the leverage that is inherent in our operating model.

毛利率的擴張以及隨後調整後 EBITDA 的成長，體現了我們營運模式固有的槓桿效應。

In aerospace and defense, we remain focused on two key markets directed energy and laser sensing. And revenue from both markets outperformed our expectations in the quarter.

在航空航太和國防領域，我們仍然專注於定向能和雷射感測這兩個關鍵市場。本季度，兩個市場的收入均超出了我們的預期。

In directed energy, we are uniquely positioned with our vertically integrated and industry leading high powered laser technology developed over the past two decades and spanning the entire technology stack from chips to components to full laser systems and beam directors.

在定向能量領域，我們擁有獨特的優勢，我們垂直整合了行業領先的高功率雷射技術，該技術在過去二十年中不斷發展，涵蓋了從晶片到組件到完整雷射系統和光束導向器的整個技術堆疊。

All of which are designed and manufactured in the US 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.

所有這些產品都是在美國設計和製造的，在定向能市場的幾乎每個垂直整合層面都創造了收入，我們已成為美國政府、其他主要承包商和外國盟友最全面的供應商之一。

During the third quarter, we continue to make solid progress on our Healthy 2 program. As a reminder, this is a $171 million program to develop a 1 megawatt high energy laser with a completion date expected in 2026.

第三季度，我們的「健康2」計畫持續取得穩定進展。提醒一下，這是一個耗資 1.71 億美元的項目，旨在開發一台 1 兆瓦的高能量雷射器，預計將於 2026 年完成。

The shipment of critical components towards the HealthC2 program was a significant driver of our record defense product revenue in the quarter and is expected to be a substantial contributor to growth through the remainder of the year and into 2026.

向 HealthC2 專案交付關鍵組件是本季度我們國防產品收入創紀錄的重要驅動因素，預計這將對今年剩餘時間和 2026 年的成長做出重大貢獻。

We continue to transition our latest generation of amplifier products into advanced production by leveraging experienced manufacturing teams and implementing quality and control processes.

我們正透過利用經驗豐富的製造團隊並實施品質和控制流程，不斷將最新一代放大器產品過渡到先進生產模式。

This transition, while not without risks, is progressing well and is critical as we continue to optimize our amplifier production line for higher volumes.

雖然這項轉型並非沒有風險，但進展順利，而且對於我們不斷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 and we look forward to delivering this 50 kilowatt high energy laser and beam director to our partner. Once delivery is completed, the system will begin field testing.

我們為陸軍 DE M-SHORAD 短程防空計畫所做的工作即將完成，我們期待將這台 50 千瓦高能雷射和光束導引器交付給我們的合作夥伴。交付完成後，系統將開始現場測試。

Overall interest in US direct energy programs remains high, particularly for counter UAS applications, and we expect new contracts to be awarded in the coming quarters from different agencies as part of the President's Golden Dome executive order, which specifically highlights non-kinetic missile defense capabilities as an area for development.

整體而言，人們對美國直接能源計畫的興趣仍然很高，特別是對反無人機系統應用的興趣。我們預計，根據總統的「金頂」行政命令，未來幾季將有新的合約從不同的機構授予。該行政命令特別強調了非動能飛彈防禦能力是一個需要發展的領域。

With a mandate to build these systems in the United States, we believe we are well positioned to benefit from these efforts over the coming years, and we are hopeful that the coming quarters will provide additional details on the scope and timing of these initiatives.

鑑於我們被授權在美國建立這些系統，我們相信我們有能力在未來幾年從這些努力中受益，並且我們希望在接下來的幾個季度中能夠提供有關這些舉措的範圍和時間安排的更多細節。

We have also continued to have success in the international markets for directed energy. We began shipping to a new international customer last quarter 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持續成功。上個季度我們開始向一位新的國際客戶發貨，隨著盟國尋求加快定向能計劃以經濟高效地對抗無人機系統和其他威脅，我們獲得了越來越多的新的全球機會。

Our laser sensing markets are also performing well. Our laser sensing products include missile guidance, proximity detection, range finding, and countermeasures. And we have been incorporating several significant and long running defense programs, all of which are poised to grow in 2026.

我們的雷射感測市場表現也十分良好。我們的雷射感測產品包括飛彈導引、近距離探測、測距和對抗措施。我們一直在推進幾項意義重大且長期實施的國防計劃，所有這些計劃都將在 2026 年實現成長。

During the third quarter, we signed a new $50 million contract for an existing long-run missile program that incorporates one of our laser sensing products.

第三季度，我們簽署了一份價值 5000 萬美元的新合同，用於一項現有的長期導彈計劃，該計劃採用了我們的一款激光感測產品。

nLight has been a long-term supplier into this program, which our customer expects to remain a key priority associated with the nation's munitions restocking efforts.

nLight 一直是該專案的長期供應商，我們的客戶希望該專案仍將是國家彈藥補給工作的關鍵優先事項。

Our historical performance on these programs and our early success in multiple classified programs has increased both the number of prospects and the size of our sensing pipeline.

我們在這些專案上的歷史表現以及我們在多個機密專案中取得的早期成功，都增加了潛在客戶的數量和我們感測管道的規模。

In addition, further opportunities under Golden Gnome initiatives have emerged and could also become significant contributors to our growth in 2026 and beyond.

此外，在 Golden Gnome 的各項舉措下，還湧現出更多機遇，這些機會也可能成為我們在 2026 年及以後實現成長的重要貢獻者。

Commercial revenue was slightly ahead of our expectations at $21.2 million on a sequential increase in micro fabrication sales and relatively flat results in our industrial markets. We have been pleased with the stability of our micro fabrication markets year-to-date and have been encouraged by the growth of our advanced manufacturing products where we see alignment with our aerospace and defense customers and our technology remains differentiated.

由於微加工銷售額環比成長，以及工業市場業績相對持平，商業收入略高於預期，達到 2,120 萬美元。今年以來，我們對微加工市場的穩定性感到滿意，並對先進製造產品的成長感到鼓舞，我們看到這些產品與我們的航空航太和國防客戶的需求相契合，並且我們的技術仍然具有差異化優勢。

Let me now turn the call over to Joe to discuss our 3rd quarter financial results.

現在我將把電話交給喬，讓他來討論我們第三季的財務表現。

Thank you, Scott. Our third quarter results were characterized by another quarter of strong execution. Healthy revenue growth, a favorable mix of business and continued execution from our manufacturing and operations teams drove meaningful upside to our gross margin.

謝謝你，斯科特。第三季業績的特色是另一季執行力強勁。健康的收入成長、良好的業務組合以及我們製造和營運團隊的持續執行，推動了我們毛利率的顯著提高。

That upside combined with operating expense discipline resulted in significant improvement to profitability and cash flow, demonstrating the leverage that's inherent in our model.

這項優勢加上營運費用控制，顯著提高了獲利能力和現金流，證明了我們模式中固有的槓桿作用。

Total revenue in the third quarter was $66.7 million an increase of 19% compared to $56.1 million in the third quarter of 2024 and up 8% compared to the second quarter of 2025.

第三季總營收為 6,670 萬美元，比 2024 年第三季的 5,610 萬美元成長了 19%，比 2025 年第二季成長了 8%。

Aerospace and defense revenue was a record $45.6 million in the quarter, up 50% year over year and 12% sequentially. A&D growth was driven by record aerospace and defense products revenue, which grew 71% year over year and 32% compared to last quarter.

本季航空航太和國防收入創下 4,560 萬美元的紀錄，年增 50%，季增 12%。航空航太與國防業務的成長主要得益於創紀錄的航空航太與國防產品收入，該收入年增 71%，季增 32%。

Development revenue of $19.1 million grew 28% year over year as we continue to execute on multiple directed energy programs. The quarter over quarter decline of 8% was the result of several smaller programs having been completed in the prior quarter. We expect A&D revenue to continue to grow sequentially in the fourth quarter.

隨著我們繼續推進多個定向能項目，開發收入達到 1,910 萬美元，年增 28%。上一季環比下降 8% 是由於幾個較小的項目在上一季完成所致。我們預計第四季航空航太與國防業務收入將持續較上季成長。

Third quarter revenue from our commercial markets, which includes industrial and microfabrication, was modestly ahead of our expectations at $21.2 million a decrease of 18% year over year, but up slightly compared to last quarter.

第三季來自商業市場（包括工業和微加工）的收入略高於預期，達到 2,120 萬美元，年減 18%，但比上一季略有成長。

Revenue from our microfabrication markets was in line with our expectations at $11.6 million while revenue of $9.6 million from our industrial markets was slightly better than expected as an increase in demand for our additive manufacturing products offset continued declines in cutting and welding.

來自微加工市場的收入符合預期，為 1,160 萬美元；而來自工業市場的收入為 960 萬美元，略好於預期，因為對我們增材製造產品的需求增加抵消了切割和焊接業務的持續下滑。

While we are pleased with the overall stability that we saw in our commercial markets in the third quarter, we do not believe that the overall demand picture has significantly changed from what we described in prior quarters.

儘管我們對第三季商業市場的整體穩定性感到滿意，但我們認為整體需求情勢與我們前幾季所描述的情況相比並沒有顯著變化。

Total gross margin in the third quarter was 31.1% compared to 22.4% in the third quarter of 2024 and 29.9% last quarter. Product gross margin in the second quarter was a record 41% compared to 28.8% in the third quarter of 2024 and 38.5% last quarter.

第三季總毛利率為 31.1%，而 2024 年第三季為 22.4%，上一季為 29.9%。第二季產品毛利率創下 41% 的紀錄，而 2024 年第三季為 28.8%，上一季為 38.5%。

Third quarter products gross margin was positively impacted by a favorable customer and product mix driven by record revenue from our A&D markets and an overall increase in volume.

第三季產品毛利率受到有利的客戶和產品組合的正面影響，這主要得益於航空航太和國防市場創紀錄的收入以及整體銷售的成長。

Development gross margin was 6.4% compared to 4.7% in the same quarter a year ago and 13.1% last quarter.

開發業務毛利率為 6.4%，去年同期為 4.7%，上一季為 13.1%。

The sequential decrease in development gross margin was largely the result of some smaller, higher margin programs that finished in the prior quarter and did not contribute to the third quarter results.

開發毛利率季減，主要是由於一些規模較小、利潤率較高的項目在上一季結束，並未對第三季的業績做出貢獻。

Going forward, we expect development gross margin to remain in the 8% range. GAAP operating expenses were $28.1 million in the third quarter compared to $24.4 million in the third quarter of 2024 and $22.7 million in the second quarter of 2025.

展望未來，我們預計開發毛利率將維持在 8% 左右。第三季 GAAP 營運費用為 2,810 萬美元，而 2024 年第三季為 2,440 萬美元，2025 年第二季為 2,270 萬美元。

Included in our third quarter GAAP operating expenses were higher stock-based compensation expenses associated with previously announced performance shares and a restructuring charge of approximately $1.7 million as we further reduced our activities in China and in cutting and welding.

第三季 GAAP 營運費用包括與先前宣布的業績股份相關的較高股票選擇權費用，以及約 170 萬美元的重組費用，因為我們進一步縮減了在中國的業務以及切割和焊接業務。

Non-GAAP operating expenses were $17.5 million in the quarter, down from $18.3 million in the third quarter of 2024, and up from $16.8 million last quarter.

本季非GAAP營運費用為1,750萬美元，低於2024年第三季的1,830萬美元，但高於上一季的1,680萬美元。

We expect non-GAAP OpEx to remain in the $18 million range in the fourth quarter. GAAP net loss for the third quarter was $6.9 million or $0.14 per share, compared to a net loss of $10.3 million or $0.21 per share in the same quarter a year ago and a loss of $3.6 million or $0.07 per share in the second quarter of 2025.

我們預計第四季非GAAP營運支出將維持在1800萬美元左右。第三季GAAP淨虧損為690萬美元，即每股虧損0.14美元，去年同期淨虧損為1,030萬美元，即每股虧損0.21美元，2025年第二季淨虧損為360萬美元，即每股虧損0.07美元。

On a non-GAAP basis, net income for the third quarter was $4.3 million or $0.08 per diluted share, compared to a non-GAAP net loss of $3.7 million or $0.08 per share in the third quarter of 2024, and non-GAAP net income of $2.9 million or $0.06 per diluted share last quarter.

以非GAAP準則計算，第三季淨利為430萬美元，即每股攤薄收益0.08美元，而2024年第三季非GAAP淨虧損為370萬美元，即每股虧損0.08美元，上一季非GAAP淨利為290萬美元，即每股攤薄收益0.06美元。

Adjusted EBITDA for the third quarter was a positive of $7.1 million compared to a loss of approximately $1 million in the same quarter last year and a positive of $5.6 million in the second quarter of 2025.

第三季調整後 EBITDA 為正 710 萬美元，而去年同期虧損約 100 萬美元，2025 年第二季為正 560 萬美元。

We ended the third quarter with total cash equivalent, restricted cash, and investments of $116 million. We generated $5.2 million in cash flow from operations despite continuing to invest in working capital ahead of growth, and we were free cash flow positive in the quarter.

第三季末，我們擁有的現金等價物、受限現金和投資總額為 1.16 億美元。儘管我們持續投資於營運資金以支持成長，但我們仍從經營活動中產生了 520 萬美元的現金流，並且本季自由現金流為正。

Turning to guidance, based on the information available today, we expect revenue for the fourth quarter of 2025 to be in the range of $72 million to $78 million. The midpoint of $75 million includes approximately $55 million of product revenue and $20 million of development revenue.

展望未來，根據目前掌握的信息，我們預計 2025 年第四季的營收將在 7,200 萬美元至 7,800 萬美元之間。7500萬美元的中點包括約5500萬美元的產品收入和2000萬美元的研發收入。

We expect sequential growth in A&D in the fourth quarter and we expect full year 2025 A&D revenue growth to exceed our prior outlook for A&D growth of at least 40% year over year.

我們預計第四季度航空航太與國防業務將環比成長，並預計 2025 年全年航空航太與國防收入成長將超過我們先前對航空航太與國防業務年增至少 40% 的預期。

Overall gross margin in the fourth quarter is expected to be in the range of 27% to 32%, with product gross margin in the range of 34% to 39% and development gross margin of approximately 8%.

預計第四季整體毛利率將在 27% 至 32% 之間，其中產品毛利率將在 34% 至 39% 之間，研發毛利率約為 8%。

As we've mentioned previously, as a vertically integrated manufacturing business, gross marginally is largely dependent on production volumes and absorption of fixed manufacturing costs.

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生產量和固定製造成本的吸收。

Finally, we expect adjusted EBITDA for the fourth quarter of 2025 to be in the range of $6 million to $11 million. With that, I will turn over the call to operator for questions.

最後，我們預計 2025 年第四季的調整後 EBITDA 將在 600 萬美元至 1,100 萬美元之間。接下來，我將把電話轉交給接線生回答問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Your first question comes from the line of Greg Palm with Craig Hallam. Your line is open. Please go ahead.

你的第一個問題來自 Greg Palm 和 Craig Hallam 的對話。您的線路已開通。請繼續。

Hi, good afternoon. Thanks for taking the questions and congrats on the results. I was wondering first if you could just address Chelsey too based on the results, the guide is there a chance that you're, pulling ahead the completion date here? I know you've talked about completion in 2026, but curious if that timeline has changed at all just based on the volumes that you're able to complete.

您好，下午好。感謝您回答問題，並祝賀您取得好成績。首先我想問的是，根據結果和指南，您是否也可以單獨回覆切爾西？您能否提前完成這項工作？我知道您曾說過會在 2026 年完成，但我很好奇，根據您能夠完成的捲數來看，這個時間表是否有所改變。

Hey, Greg, it's Scott here. Thanks for the question. No, we're on track is the bottom line. We will announce, progress results when we are able to do so, but we're on track for 2026.

嘿，格雷格，我是史考特。謝謝你的提問。不，最重要的是，我們一切都很順利。我們將在條件允許時公佈進展結果，但我們正按計劃推進，目標是在 2026 年實現。

And then as it relates to product, so you've gotten revenue up quite a bit sequentially, but gross margins down. I know you're coming off of a pretty tough compare sequentially when you put up, 40+% product gross margins, but just can you give us a little bit more color what's going on? It doesn't sound like mix is going to change all that much.

至於產品方面，雖然營收季增了不少，但毛利率卻下降了。我知道你們上一季業績比較艱難，產品毛利率達到了 40% 以上，但你們能否再詳細解釋一下具體情況？聽起來混音方面不會有太大變化。

Greg, thanks for the question. As we've talked about in the past, you can have some pretty, what seemed like are pretty big swings from a gross margin perspective when you're still talking about revenues at the levels that we are at. Really not much in terms of Q3 to Q4 on the gross margin guide.

格雷格，謝謝你的提問。正如我們過去所討論過的，當收入仍然處於我們目前的水平時，從毛利率的角度來看，可能會出現一些相當大的波動。第三季到第四季的毛利率預期並沒有太多變化。

Probably 150 or 200 of it is related to actually freight. Duties right as we've had, the higher cost of materials that are going to, we're now going to start to feel in Q4 and then the rest is really just mix within each of our end markets. The mix within defense, the mix within commercial can change in any given quarter and then there's just a handful of other items that as we forecast in any given quarter that are there, but, generally speaking, we're pleased that gross margin has expanded and it remains really a function of three things higher volume mix where we are, and then just, overall how we're leveraging the factory. So, we're pretty happy with where we were in Q3 and not much to think about for us in Q4.

其中可能150到200個與實際貨運有關。關稅和我們之前經歷的上漲的原材料成本，我們將在第四季度開始感受到，而其餘部分實際上只是我們各個終端市場內部的綜合影響。國防和商業領域的業務組合在任何季度都可能發生變化，此外還有一些其他因素，正如我們預測的那樣，在任何季度都會存在，但總的來說，我們很高興毛利率有所增長，這主要取決於三個因素：我們所在地區更高的銷量組合，以及我們如何全面利用工廠。所以，我們對第三季的業績相當滿意，對於第四季也沒有什麼需要特別考慮的。

Sure. Okay. All right, congrats again on the progress.

當然。好的。好的，再次恭喜你所取得的進展。

Thank you.

謝謝。

Your next question comes from the line of Ruben Roy with Stifel. Your line is open. Please go ahead.

你的下一個問題來自 Ruben Roy 與 Stifel 的合作系列。您的線路已開通。請繼續。

Hey guys, this is Sed saying on for Ruben Roy. First off, congrats. You guys are past your break-even point, which I think was $55million to $60 million and turning profitables. Congrats on that.

大家好，我是Sed，替Ruben Roy發言。首先，恭喜你。你們已經過了盈虧平衡點（我認為是 5500 萬到 6000 萬美元），並且開始盈利了。恭喜！

If I do the math is, you said it earlier, $171 million contract with a 3-year estimated timeline, so annualized that's about $57 million ceiling per year, which is about $14 million lower than what you're operating on a trailing twelve-month basis within aerospace and defense products.

如果我計算一下，正如你之前所說，這是一份價值 1.71 億美元的合同，預計期限為 3 年，那麼按年計算，每年的上限約為 5700 萬美元，這比你在航空航天和國防產品領域過去 12 個月的運營收入低約 1400 萬美元。

So, two questions there and then I'll follow-up, Seems like a fixed firm price contract with the moves you're making on a amplifiers. Can you give us some sense of how much incremental margin benefit you're seeing from that this quarter and expect to see, maybe through the course of next year as you're ramping down on that contract.

所以，這裡有兩個問題，之後我會跟進。從你們對擴大機的舉措來看，這似乎是一份固定價格合約。您能否大致說明一下，本季您從中獲得的增量利潤收益是多少，以及預計明年隨著您逐步減少該合約的執行，還能獲得多少增量利潤收益？

And the second part to this is, as that contract ramps ramps down, you see, sensing tied to Golden Dome and the classified programs and maybe international sales more than offset that LC2 contract revenue loss, which I imagine will be probably, starting the second half of 2026.

第二部分是，隨著該合約的逐步減少，你會發現，與金穹頂相關的感測技術、機密項目以及國際銷售收入可能會超過LC2合約收入的損失，我估計這種情況可能會從2026年下半年開始發生。

Okay, so there's a lot there. So, help me if I don't get it all right, I can follow-up. I would say the Healthy2 contract first. It's a good way to look at it, right? It's a $171 million contract, but it's not going to be recognized linearly, right? So it's a firm, it's a cost plus type contract. So it really depends on the type of activity. That we are engaged in at any given period of time during that contract, so you shouldn't think about that linearly.

好的，那裡內容很多。所以，如果我做錯了什麼，請幫幫我，我可以跟進。我會優先考慮Healthy2的合約。這樣想挺好的，對吧？這是一份價值 1.71 億美元的合同，但它的價值不會按順序體現出來，對吧？所以這是一份固定的、成本加成類型的合約。所以這真的取決於活動的類型。我們在合約期間內的任何特定時期所從事的工作，你不應該線性地看待它。

Certainly it is a big driver of the A&D products revenue that we have been generating and amplifiers are the key component that we are selling into that contract now, more generally as we think about products gross margin expansion, we've really focused on products that enable us to drive incremental gross margins of, meaningfully north of 50%.

當然，這是我們一直以來創造的 A&D 產品收入的重要驅動力，而擴大機是我們現在向該合約銷售的關鍵組件。更廣泛地說，當我們考慮產品毛利率擴張時，我們真正專注於那些能夠使我們實現毛利率顯著超過 50% 的產品。

And so, amplifiers and other products that we are selling are meeting that today and we expect that to continue to expand. The last part of your question just around the trajectory of Healthy 2 into 2026, you're absolutely right? At some point in the back half of 2026, we'll start to see the revenue that we're generating from Healthy 2, everything around Healthy 2 start to trail off, but we've got plenty of other programs, both in directed energy and in laser sensing that will make up for that reduction in the second half revenue.

因此，我們目前銷售的擴大機和其他產品都滿足了這一需求，我們預計這一需求將繼續擴大。關於您問題的最後一部分，即 Healthy 2 在 2026 年的發展軌跡，您說的完全正確？到 2026 年下半年某個時候，我們將開始看到 Healthy 2 項目帶來的收入，圍繞 Healthy 2 的一切都開始減少，但我們還有很多其他項目，包括定向能量和雷射感測項目，這些項目將彌補下半年收入的減少。

Okay, thank you. Very helpful. And then the second follow-up I have is, on DE M Shorad, which I guess is now ramping down. If I'm not wrong, and please correct me it's an R&D contract, which means it probably sits in advanced development. That said, advanced development seems to be ramping quite nicely also on a trailing 12-month basis. What's driving that growth and to what degree should we look at that as a leading indicator for future sales on the Andy laser products as you're mentioning in the 26, 27, let's say.

好的，謝謝。很有幫助。然後我的第二個後續問題是關於 DE M Shorad，我猜他現在逐漸淡出人們的視線。如果我沒記錯的話（請指正），這是一份研發合同，這意味著它可能處於高級研發階段。也就是說，從過去 12 個月的數據來看，高階開發似乎也在穩步推進。是什麼因素推動了這種成長？我們應該在多大程度上將其視為安迪雷射產品未來銷售的領先指標，就像您在第 26、27 頁提到的那樣？

So you are correct that DE M Shorad is ramping down. So we are at the very end stages of delivering that product to the customer. So that's not really contributing meaningfully at all to revenue this quarter, nor will it contribute to revenue going forward.

所以你說得對，DE M Shorad 正在逐步退出。所以我們現在正處於向客戶交付產品的最後階段。因此，這實際上對本季的收入沒有任何實質貢獻，未來也不會對收入做出貢獻。

The advanced development segment of our business includes all of the development revenue that that we do, including Healthy 2 and other programs, and while not all of the programs that we are working on that are classified as advanced development go into what will ultimately end up as programs of record, it is a good indicator that the activities that we have in directed energy and in laser sensing are putting us in a good position so that when those programs do transition or there are new programs where there are opportunities to become program of records that we're well positioned to capture them, but you can't draw a line directly from our advanced development revenue to what long-term, defense product revenue will be.

我們業務的先進開發部分包括我們所有的開發收入，包括 Healthy 2 和其他項目。雖然我們正在進行的被歸類為先進開發的項目並非最終都會成為正式項目，但這很好地表明，我們在定向能和激光感測領域的活動使我們處於有利地位，因此，當這些項目轉型或出現有機會成為正式項目的新項目時，我們能夠很好地抓住這些機會。但是，你不能直接將我們的先進開發收入與長期國防產品收入連結起來。

Understood.

明白了。

Thank you and congrats again.

謝謝，再次恭喜你。

Your next question comes from the line of Jim Ricchiuti from Needham and Co. Your line is open. Please go ahead.

您的下一個問題來自 Needham and Co. 的 Jim Ricchiuti 的線路。您的線路已接通。請繼續。

Apologies. So the question I had is just relating to the previous question if Healthy 2 does a wind down in the second half of the year. You've talked about a pretty full pipeline.

抱歉。所以我的問題與先前的問題有關，Healthy 2 是否會在下半年逐步停止營運。你剛才提到生產線已經相當滿了。

If you, when would you have to see new orders come in?

如果是你，你希望什麼時候能看到新的訂單？

To be able to offset some of the hole that we could see from having completed LLC2. In other words, is it, do you anticipate orders coming in in the next couple of quarters that would allow you to fill a potential hole related to healthy 2 in the back half of next year?

為了彌補完成 LLC2 後我們所看到的一些不足之處。換句話說，您是否預計未來幾季會有訂單，從而能夠填補明年下半年與健康 2 相關的潛在空缺？

Jim, based on what we are working on today, the hole is already filled. What is somewhat dependent upon timing of bookings and how quickly we can get to work on a handful of new programs will determine, how much we grow in 2026.

吉姆，根據我們今天正在進行的工作，這個洞已經被填入了。2026 年我們的成長速度，在某種程度上取決於預訂的時間以及我們能夠多快開始著手一些新項目。

Got it.

知道了。

Could you also, maybe just clarify maybe misheard that, on the laser sensing contract that you alluded to, is this a follow-on piece of business?

您能否也澄清一下，或許是我聽錯了，您提到的激光感測合同，這是後續業務嗎？

Yes, is the short answer. It's an ongoing program of record that we have been supporting for over a decade.

簡而言之，答案是肯定的。這是一個持續進行的記錄項目，我們已經支持了十多年。

Okay, so Scott, this, basically just extends that and then one final question if I know all of the questions have been around the A&D business, but it's interesting to see what a second quarter of sequential improvement in the microfabrication area, you're characterizing it as stabilizing.

好的，Scott，這基本上是對之前內容的延伸，最後一個問題，我知道所有的問題都圍繞著航空航天和國防業務，但看到微加工領域第二季度的連續改善，你將其描述為穩定，這很有意思。

What is leading to some of the stabilization? Where's it coming from?

是什麼因素促成了局勢的穩定？它來自哪裡？

It's coming from certainly in microfabrication that has always been a business that is difficult for us to predict. It's largely book and ship in the corner during the quarter. It's a really long tail of customers and the last couple of quarters we've seen some stabilization in that business. So it's difficult to point to, one or even two things that are that are driving that business, but we're pleased to see stabilization there.

這肯定源自於微製造領域，而微製造一直是個難以預測的產業。這個季度，角落裡主要是書店和商店。這是一筆非常龐大的客戶群，而且在過去的幾個季度裡，我們看到這部分業務已經趨於穩定。因此，很難指出是哪一兩件事在推動這項業務的發展，但我們很高興看到該業務趨於穩定。

Similarly, on the industrial side of our business, the quarters, have been frankly a little bit better than we had expected, which is, a welcome development for us. But what we'll say is our overall view of the commercial business as we go into 2026 is the same as we've been saying now for a couple of quarters, right that business is expected to again decline in 2026.

同樣，就我們業務的工業方面而言，季度業績坦率地說比我們預期的要好一些，這對我們來說是一個令人欣喜的發展。但我們可以肯定的是，我們對 2026 年商業整體前景的看法與我們過去幾個季度以來一直所說的一樣，即預計 2026 年商業活動將再次下滑。

Okay.

好的。

And just with respect to microfabrication, the seasonality of that business tends to fall off a little bit in Q1, but the levels that we're seeing Q2, Q3, is at a reasonable level.

就微加工而言，該業務的季節性波動在第一季往往會略有下降，但我們在第二季和第三季看到的水平都處於合理水平。

Moving aside from the seasonality we might see in Q1.

暫且不考慮第一季可能出現的季節性因素。

Jim, you're absolutely right. That is probably the most seasonal of our businesses and in the last couple of quarters we've seen, that, plus or minus $10 million of revenue that a good range for us is probably $8million to $12 million.

吉姆，你說得完全正確。這可能是我們業務中季節性最強的部分，在過去的幾個季度裡，我們看到，收入上下浮動 1000 萬美元，對我們來說比較合理的範圍可能是 800 萬美元到 1200 萬美元。

We don't have better visibility than that and obviously, China microfab business has declined precipitously over the last couple of years, and we've seen continued sequential designs declines in that business as well.

我們目前的情況並不比這更明朗，而且很明顯，過去幾年中國的微型製造業務急劇下滑，我們也看到該業務的連續設計業務持續下滑。

Thank you.

謝謝。

Thanks.

謝謝。

Your next question comes from the line of Keith Howlson with North Coast Research, apologies, your line is open.

您的下一個問題來自北海岸研究公司的 Keith Howlson，抱歉，您的路線已開通。

Great, thank you. Appreciate it, and congratulations on a great quarter, guys. I heard you guys say the amplifier transition, it continues to progress is that correct? And once that's complete, how should we see that reflected in results? Would it, make for more efficient and easier recognition of revenue, or is it going to be lower cost, or what's going to be the financial statement impact when the transition is complete?

太好了，謝謝。謝謝，恭喜各位，這個季度業績很棒！我聽你們說擴大機過渡期仍在繼續，是這樣嗎？一旦完成，我們該如何從結果中看到體現？這樣做能否提高收入確認的效率和便利性？能否降低成本？過渡完成後，對財務報表會有什麼影響？

Well, I'm not sure the amplifier transition is not complete per se what is going to be complete is the amplifiers that are delivered into one particular program, which is healthy 2, and that will happen over the course of 2026.

嗯，我不確定放大器的過渡是否已經完成，真正完成的是交付給特定項目（即健康 2）的放大器，這將在 2026 年期間完成。

Generally speaking, we have a lot of programs into which we are delivering amplifiers domestically. And as we've said the last couple of quarters, there's also opportunities for us that we are working on with a host of allies internationally. So we expect our amplifier business to continue to grow and so that is one of the reasons that you are starting to see some of the margin expansion is due to the fact that we are selling higher volumes of amplifiers.

總的來說，我們在國內有很多項目都在提供擴大機。正如我們在過去幾個季度所說，我們也正在與許多國際盟友合作，尋求一些機會。因此，我們預計功放業務將繼續成長，這也是您開始看到利潤率擴張的原因之一，因為我們的擴大機銷售量更高了。

And at the same time, we're working hard to take what is a really difficult product that is pushing the limitations of physics and make it more manufacturable. So over time you're going to see both revenue growth and margin expansion as we start to mature our ability to manufacture those amplifiers.

同時，我們正在努力將這款挑戰物理學極限的極其困難的產品變得更加易於製造。因此，隨著我們製造這些擴大機的能力日益成熟，您將會看到收入成長和利潤率擴張。

That's helpful. I appreciate it. Your structuring charges, in China, cutting and welding, is that more the right size these businesses based on your expectations going forward or what's the reason behind that?

那很有幫助。謝謝。在中國，你們的結構化收費，包括切割和焊接，是否更符合你們未來的預期，或者背後的原因是什麼？

That that's exactly what it is, right. We were operating in Shanghai for a very long time, not an easy transition to move assembly of our lasers from Shanghai to Frenet and to the US and so there's lots of ongoing support activities that are required to do that.

沒錯，就是這樣。我們在上海運作了很長時間，將雷射的組裝從上海轉移到弗雷內和美國並非易事，因此需要大量的持續支援活動才能完成這項工作。

And so you're seeing some of that in that restructuring charge and then there's also a bit of expectation that the cutting and welding business are going to continue to decline. And so we want to make sure that we are right sizing our investments for our expectations of those markets going forward.

因此，你會在那筆重組費用中看到一些這樣的因素，人們也預期切割和焊接業務將繼續下滑。因此，我們希望確保我們的投資規模與我們對未來市場的預期相符。

Appreciate it. I'm not sure if this is a true statement or not but is there an opportunity for you guys in the counter drone technology space?

謝謝。我不確定這個說法是否屬實，但你們在反無人機技術領域是否有發展機會？

Sure, yes, absolutely. That's one of the big applications for directed energy. Okay.

當然，沒錯，絕對沒問題。這是定向能的一大應用領域。好的。

So we're still relatively early innings in that area as well, but obviously it gets a lot of press that we read today.

所以，我們在這個領域還處於相對早期的階段，但顯然，我們今天看到的許多媒體報導都涉及了這個問題。

Correct, and direct energy goes well beyond counter drones.

沒錯，直接能量的應用範圍遠遠超出了反無人機。

Yes, absolutely. Okay, thank you guys. Appreciate it.

是的，絕對的。好的，謝謝大家。謝謝。

Thanks, Keith.

謝謝你，基斯。

(Operator Instructions)

（操作說明）

We have a follow-up question from Greg Palm, Craig Hallum, your line is open. Please go ahead.

格雷格·帕爾姆有一個後續問題，克雷格·哈勒姆，你們的路線已接通。請繼續。

You said something that I thought was pretty important in terms of, programs next year that could, offset, or that could make up the absence of Healthy 2. So I just want to make sure we're clear. Are those programs that have been booked or is that still in the pipeline?

你說的某些話我覺得非常重要，因為明年的一些項目可以彌補或改變 Healthy 2 的缺席。所以我想確認一下我們是否理解一致。這些節目是已經預定好的，還是還在籌備中？

Those are programs that have been booked, Greg.

格雷格，這些都是已經預定好的節目。

Okay, and then I'm just curious, can you talk a little bit about what are those directed energy, are those laser sensing, and I don't know if I missed it, but the two confidential laser sensing programs, one of them was supposed to go to LRP, by the end of this year. Is that still the case? Is that begun, and what's the status of the second one?

好的，然後我很好奇，您能談談什麼是定向能量嗎？是雷射感測嗎？我不知道我是否錯過了什麼，但那兩個保密的雷射感測項目，其中一個本應在今年年底前提交給 LRP。現在情況仍然如此嗎？第一個專案啟動了嗎？第二個專案的進度如何？

Good. So let's see, your first question is, the work for 2026 that is key that we're highlighting is in both directed energy and in sensing first.

好的。那麼，你的第一個問題是，我們重點關注的 2026 年的關鍵工作是定向能和感測技術。

Let's see, your second question was around.

嗯，你的第二個問題是關於…

The two laser sensing programs that you, the confidential ones that we've been talking about for the past, well, multiple quarters.

你們提到的兩個雷射感測項目，就是我們過去幾季一直在討論的那些機密項目。

The summary is they're both progressing. I want to be pretty sensitive to the specifics of the timeline, but they're both progressing and it supports the outlook that we're providing generally in the business.

總的來說，他們倆都在取得進展。我希望對具體時間安排保持謹慎，但這兩個項目都在順利進行，這與我們公司整體的業務前景相符。

Okay, and then to be clear, going back to my first question.

好的，那為了說清楚，回到我的第一個問題。

There are programs. These are not the programs that are necessarily supposed to offset this. It could help, but there's new additional programs that have been one book that is going to help offset that loss tells me to business.

有一些項目。這些項目未必能抵銷這種影響。這或許會有幫助，但還有一些新的附加項目，其中一本書告訴我，這些項目將有助於彌補損失，這對企業來說意義重大。

Yeah, Greg, so let me parse it a little bit more finely for you. So there are programs that we are on today that are not healthy 2 that we expect to continue to grow. There are new programs that we've won that will plug the hole that we will see as healthy 2 trails off. Those are both directed energy and laser sensing, and then there are other very high probability of win and go programs that we expect in 2026 that will drive growth in defense beyond what it is today.

是的，格雷格，那我再為你更詳細地解釋。所以，我們今天正在實施的一些計畫並不健康，我們預計這些計畫還會繼續發展。我們已經贏得了一些新項目，這些項目將填補我們認為健康的 2 個試驗場之外的空白。這些都涉及定向能和雷射感測，此外，我們預計在 2026 年還將出現其他一些極有可能一舉成功的項目，這些項目將推動國防領域的成長超越今天的水平。

Hopefully that helps.

希望這能有所幫助。

Okay, all right, I appreciate the call. You got It.

好的，謝謝你的來電。答對了。

Your next question comes from the line of Brian Gesuale from Raymond James.

你的下一個問題來自 Raymond James 的 Brian Gesuale。

You may need to press 6 to unmute.

您可能需要按 6 來取消靜音。

Hey, great, thanks a lot for taking my questions, guys. Really nice job on the quarter.

嘿，太好了，非常感謝你們回答我的問題。這季度做得真不錯。

I'd like to maybe talk a little bit when I've spent some time in DC the last few weeks and it just seems like there's a lot of opportunities around directed energy. Could you maybe take, give us a thought on the pipeline, both domestically and globally, and then maybe talk about your capacity, because it seems like demand is pretty vibrant right now.

我想就過去幾週我在華盛頓特區待的時間稍微談談我的看法，感覺定向能領域有很多機會。您能否談談國內和國際管道運輸的情況，然後再談談您的產能，因為目前看來需求相當旺盛。

That's right, Brian. I've spent a lot of time in DC also and there is a lot of a lot of new work that's going on. It's a little frustrating obviously with the details around the shutdown on some of the details, but at the senior level, we are seeing very good engagement across all levels whether it be from the Pentagon to the services.

沒錯，布萊恩。我在華盛頓特區也待過很長時間，那裡有很多新的項目正在進行中。顯然，由於一些細節問題，政府停擺確實令人有些沮喪，但在高層層面，我們看到各個層級的參與度都非常高，無論是從五角大廈到各軍種。

And really across, the breadth of direct energy from the lower power systems through the higher power systems. So we are seeing continued progress in the US programs. And that is supported it's reinforced by also some of the international programs over the last quarter, we've seen news out of Israel of the demonstrations, the success of Iron Beam, out of the UK we've seen success out of Dragon Fire and there have been other international efforts that both are opportunities for us as we engage internationally. But they also have played a role in reinforcing what is going on in the US, so high level direct energy remains a very important area for us in addition to sensing.

而且實際上，從低功率系統到高功率系統，直接能源的傳輸範圍非常廣泛。因此，我們看到美國的計畫正在持續取得進展。這一點也得到了上個季度一些國際項目的支持和加強。我們看到了以色列示威活動的新聞，以及「鐵樑」計畫的成功；我們看到了英國「龍火」計畫的成功；還有其他一些國際努力，這些都為我們參與國際事務提供了機會。但它們也對美國正在發生的事情起到了強化作用，因此，除了感測之外，高水平的直接能量仍然是我們非常重要的一個領域。

Okay, fantastic. Is there any thoughts on the urgency, with some of the things that are happening in Europe? You see more rapid adoption there over the next few quarters, particularly with the government shutdown, or it seems like the domestic market has accelerated a lot when I talked to a lot of the customers and look at some of their demand outlets, over the next year or so.

好的，太棒了。鑑於歐洲目前發生的一些事情，大家對此事的迫切性有什麼看法？在接下來的幾個季度裡，你會看到那裡的市場接受度更快，尤其是在政府停擺的情況下；或者，當我與很多客戶交談並查看他們的一些需求管道時，似乎國內市場在未來一年左右的時間裡已經加速發展。

That's right and in the coming weeks you'll learn more about the acquisition reform that's being promulgated to address that. So we're all eager to, see some of that formally launched to change the way that at least the US, pursues procurement to more rapidly implement some of these systems. So we will see some of that. There is urgency. Around the world actually to get the technology implemented in new ways.

沒錯，在接下來的幾周里，您將了解到更多關於為解決這一問題而正在頒布的採購改革的信息。所以我們都渴望看到其中一些正式啟動，以改變至少美國進行採購的方式，從而更快地實施其中一些系統。所以我們將會看到一些這樣的情況。情況緊急。實際上，世界各地都在以新的方式應用這項技術。

Fantastic. Thanks for taking my questions, guys.

極好的。謝謝各位回答我的問題。

Thanks, Brian.

謝謝你，布萊恩。

Your next question comes from the line of Troy Jensen. Mr. Jensen, please press 61 mute.

你的下一個問題來自特洛伊·詹森的詩句。Jensen先生，請按61靜音。

Sorry guys, can you hear me?

各位，不好意思，你們聽得到我說話嗎？

Go ahead.

前進。

All right, sorry about that. Hey, so first of all, congrats to another great print for you guys. And just a quick question. I know you're getting lots of questions on the development revenues here, but, can you just give us the number of customers that are in your development product line or revenue line?

好的，真抱歉。嘿，首先恭喜你們又一次獲得了很棒的印刷品。我還有一個問題。我知道你們收到了很多關於開發收入的問題，但是，你們能否告訴我們你們的開發產品線或收入線有多少客戶？

We're probably working in total on dozen just plus or minus (inaudible) programs. They're all of obviously, different sizes and at different periods of time, but that's a pretty good number.

我們總共可能正在開發十幾個（聽不清楚）項目。它們的大小和時間顯然各不相同，但這已經是一個相當可觀的數量了。

Okay, all right, thank you. And then, just, on the sensing stuff, I did, as you're going through your prepared remarks, Scott, it kind of felt like you're upticking on that. I'd guess, most of the strength in A&D over this past year or so has been on the directed energy side, but would that be a true statement? Do you feel like you're upticking, or are these contracts just kind of sustaining the strength.

好的，謝謝。然後，關於感知方面的內容，史考特，當你開始宣讀準備好的發言稿時，我感覺你好像在加強這方面的表達。我猜想，過去一年左右，航空航太與國防領域的大部分優勢都體現在定向能方面，但這種說法是否正確？你覺得業績在上升嗎？還是這些合約只是維持了目前的強勢？

On the sensing side, Troy, you mean?

特洛伊，你是說感測方面嗎？

Yes, nothing specifically.

是的，沒有什麼特別的。

Yes, you read that correctly direct energy, there's a greater awareness of the set of applications in direct energy and what's going on. Sensing it gets a little more challenging to describe how lasers are, I would say, supplementing, augmenting radar and other systems, but that is a very important area and listed as one of the critical technologies by the Pentagon and one that we're very well positioned.

是的，你沒看錯，是直接能源。人們對直接能源的應用範圍和發展現狀有了更深入的了解。要描述雷射如何補充、增強雷達和其他系統，就有點困難了，但這是一個非常重要的領域，被五角大樓列為關鍵技術之一，而我們在這個領域也處於非常有利的地位。

Awesome. Alright guys, well, that's all I got. Keep up the good work.

驚人的。好了各位，這就是我全部要說的了。繼續保持！

Thank you. Thanks, Troy.

謝謝。謝謝你，特洛伊。

We have a follow-up question from the line of Ruben Roy with Stifel. Your line is open. Please go ahead.

我們收到了來自魯本·羅伊 (Ruben Roy) 與 Stifel 合作系列的後續問題。您的線路已開通。請繼續。

Hey guys, me again. Just trying to understand, so your comment on healthy being an R&D contract makes sense, why it's an advanced and of course, it is my mistake there, but the Jump up in revenue really looks like it's coming from your products with an A&D, and you guided advanced dev to 25 mil next quarter. So, I'm assuming that's either, I'm assuming that's mostly healthy, but can you maybe talk through the A&D product side and just help us understand what drove this jump this quarter? someone asked whether it was government shutdown or, are you expecting this to sort of sequentially improve?

大家好，我又來了。我只是想弄清楚，所以你關於研發合約的健康評論很有道理，為什麼它是先進的，當然，這是我的錯誤，但收入的激增看起來確實來自你的A&D產品，而且你預計下個季度先進開發將達到2500萬美元。所以，我假設這要么是，要么是，我假設這基本上是健康的，但是您能否談談 A&D 產品方面的情況，幫助我們了解是什麼推動了本季度的增長？有人問這是政府停擺，還是你認為這種情況會逐步改善？

We are expecting A&D products to continue to improve.

我們預計航空航天與國防產品將持續改善。

When we sell a variety of products that are booked as in the products segment of our financial statements, amplifiers that we sell into the Healthy2 program, which is a cost plus development program those amplifiers are reflected in our revenue as product revenue. There are also laser sensing products that are being sold that are A&D products revenue and so you start to look at that and that's why you see the growth in the A&D product side of the revenue.

當我們銷售各種產品，並在財務報表中將其計入產品部分時，我們銷售給 Healthy2 計劃（一個成本加成開發計劃）的放大器，這些放大器會作為產品收入反映在我們的收入中。此外，還有一些雷射感測產品正在銷售，這些產品也屬於航空航天和國防產品收入，所以你會開始關注這部分收入，這就是為什麼你會看到航空航天和國防產品收入的增長。

That makes sense.

這很有道理。

Thank you. That's all I had.

謝謝。這就是我全部的家當。

There are no further questions at this time. I will now turn the call back to John Marchetti for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給約翰·馬爾凱蒂，請他作總結發言。

Thanks everyone for joining us this afternoon and as always, thank you for your continued interest in nLight. We will be participating in a number of conferences over the next several months, so we look forward to speaking with everybody as we continue to go through the quarter, and thank you again for joining us today.

感謝大家今天下午的參與，也一如既往地感謝大家對 nLight 的持續關注。接下來的幾個月裡，我們將參加許多會議，我們期待在本季與大家繼續交流，再次感謝大家今天參加我們的會議。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝各位的出席。您現在可以斷開連線了。