LightPath Technologies Inc (LPTH) 2024 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the LightPath Technologies fiscal second quarter 2024 financial results conference call.

大家下午好，歡迎參加 LightPath Technologies 2024 財年第二季財務業績電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

At this time, I'd like to turn the conference over to Al Miranda, LightPath's Chief Financial Officer.

這次，我想將會議交給 LightPath 財務長 Al Miranda。

Please go ahead, Al.

請繼續，艾爾。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Before we get started, I'd like to remind you that during the course of this conference call, the company will be making a number of forward-looking statements that are based on our current expectations, involve various risks and uncertainties, as discussed in its periodic SEC filings.

在我們開始之前，我想提醒您，在本次電話會議期間，本公司將根據我們當前的預期做出一些前瞻性聲明，涉及各種風險和不確定性，例如定期向 SEC 提交的文件。

Although the company believes that these assumptions underlying these statements are reasonable, any of them can be proven to be inaccurate and there can be no assurances that the projected results would be realized.

儘管公司認為這些陳述背後的假設是合理的，但其中任何一個都可以被證明是不準確的，並且不能保證預期的結果將會實現。

In addition, references may be made to certain financial measures that are not in accordance with generally accepted accounting principles.

此外，可能會提及某些不符合公認會計原則的財務措施。

We refer to these as non-GAAP financial measures.

我們將這些稱為非公認會計準則財務指標。

Please refer to our SEC reports and certain of our press releases, which include reconciliation of non-GAAP financial measures and associated disclaimers.

請參閱我們的 SEC 報告和我們的某些新聞稿，其中包括非 GAAP 財務指標的調整表和相關免責聲明。

Sam will begin today’s call with an overview of the business and recent developments for the company.

Sam 將在今天的電話會議開始時概述公司的業務和最新發展。

I will then review financial results for the quarter.

然後我將審查本季的財務業績。

Following our prepared remarks, there will be a formal question-and-answer session.

在我們準備好的發言之後，將舉行正式的問答環節。

I would now like to turn the conference over to Sam Rubin, LightPath’s President and Chief Executive Officer.

我現在將會議交給 LightPath 總裁兼執行長 Sam Rubin。

Thank you, Al, and good afternoon to everyone, and welcome to LightPath Technologies' fiscal quarter 2024 financial results conference call.

謝謝 Al，大家下午好，歡迎參加 LightPath Technologies 2024 財季財務業績電話會議。

Our financial results press release was issued after the market closed today and posted on our corporate website.

我們的財務業績新聞稿是在今天收盤後發布的，並發佈在我們的公司網站上。

First, I’d like to apologize for any coughing or horsey sound.

首先，我想對任何咳嗽或嘶啞的聲音表示歉意。

My throat is still recovering from COVID I had recently.

我的喉嚨仍在從最近感染的新冠病毒中恢復過來。

Second quarter was underscored by a key first order in our partnership with Lockheed Martin for an imaging engineered solution.

第二季度的亮點是我們與洛克希德馬丁公司就成像工程解決方案合作獲得了第一個關鍵訂單。

The ongoing integration of Visimid acquisition and progress with customers transitioning from the use of Germanium to the use of our Black Diamond material.

Visimid 收購的持續整合以及客戶從使用鍺過渡到使用我們的黑鑽石材料的進展。

All these developments continue to highlight our strategic shift from a components manufacturer to a value-added solutions provider.

所有這些發展繼續凸顯我們從零件製造商轉向增值解決方案提供者的策略。

To recap for our investors, LightPath has been transitioning in the last few years from a pure components manufacturer focused on being the lowest cost provider to value-added partner for complete solutions based on optical technologies, whose differentiators are mostly technological.

讓我們的投資者回顧一下，LightPath 在過去幾年中一直在從專注於成為成本最低的供應商的純粹組件製造商轉型為基於光學技術的完整解決方案的增值合作夥伴，其差異化優勢主要在於技術。

Along those lines, we have been focusing on three pillars of growth: imaging solutions, such as cameras; growth in new markets, such as automotive; and growth specifically of our market share in the defense business.

沿著這些思路，我們一直專注於三個成長支柱：影像解決方案，例如相機；汽車等新市場的成長；特別是我們在國防業務中的市場份額的成長。

All of which are driven by our unique technologies and materials.

所有這些都是由我們獨特的技術和材料所驅動的。

All three pillars of growth tie and support our transition from a components manufacturer to a provider of engineered solutions based on our proprietary technologies.

所有三大成長支柱都緊密聯繫並支持我們從零件製造商轉型為基於我們專有技術的工程解決方案提供者。

This transition began a couple of years ago, starting from customized lens assemblies, which is all what we call LighPath 2.0 through cameras solutions.

這種轉變始於幾年前，從定制鏡頭組件開始，這就是我們所說的透過相機解決方案的 LighPath 2.0。

The first of which was our innovative Mantis broadband infrared camera, which enables both new applications and capabilities for our customers, and significant growth in that direction coming from the Visimid acquisition.

第一個是我們創新的 Mantis 寬頻紅外線相機，它為我們的客戶提供了新的應用程式和功能，並透過收購 Visimid 實現了這一方向的顯著成長。

Visimid Technologies, a small engineering firm based out of Dallas, Texas, does to the back end of thermal cameras what LightPath has been doing for the front end of those cameras.

Visimid Technologies 是一家位於德州達拉斯的小型工程公司，它對熱像儀後端所做的工作與 LightPath 在這些相機前端所做的工作相同。

LightPath has been tailoring and customizing the optics for cameras based on our best optical technologies, and Visimid customizes and tailors the video processing engine and support electronics for the same cameras.

LightPath 一直在基於我們最好的光學技術定制和定制相機的光學器件，而 Visimid 則為相同相機定制和定制視頻處理引擎和支援電子設備。

Like LightPath's business model for customizing optical assemblies to be used in infrared cameras, Visimid established itself as the go-to for customizing the electronics and software part of uncooled infrared cameras.

與 LightPath 客製化用於紅外線相機的光學組件的商業模式一樣，Visimid 也成為客製化非製冷紅外線相機電子和軟體部分的首選。

In fact, we estimate has customized for Lightbox electronics and software of our Mentor schedule together would resubmit.

事實上，我們預計已經為 Lightbox 定制的電子產品和我們的 Mentor 時間表的軟體一起會重新提交。

We now extend our offering to customize imaging solutions to include wholly integrated camera modules, increasing the offering to existing customers and providing us a bigger share of those customers spent.

現在，我們擴展了我們的產品範圍，以客製化成像解決方案，包括完全整合的相機模組，增加了向現有客戶提供的產品，並使我們在這些客戶的消費中獲得更大的份額。

During the second quarter, we continued the integration of visit with a focus on new products in fire, safety, and defense.

第二季度，我們繼續整合參觀，重點關註消防、安全和國防領域的新產品。

This acquisition added the capability to produce end-to-end custom imaging cores and new engineering capabilities that allow us to be involved earlier with our customers' design cycle and increase our likelihood of servicing service designs through manufacturing.

此次收購增加了生產端到端客製化成像核心的能力和新的工程能力，使我們能夠更早參與客戶的設計週期，並增加我們透過製造為服務設計提供服務的可能性。

We are integrating Visimid's custom imaging cores into new camera products, several of which demonstrated at the recent SHOT Show in Las Vegas and some we're working to customers with customers to develop customized solutions.

我們正在將 Visimid 的客製化成像核心整合到新的相機產品中，其中一些產品在最近的拉斯維加斯 SHOT 展會上進行了展示，還有一些我們正在與客戶合作開發客製化解決方案。

All these products are utilizing Visimid's unique video engine in conjunction with our optics to develop low weight, high efficiency solutions for drones, UAVs as well as industrial applications such as gas leak sensing, process control, and early fire detection.

所有這些產品均利用 Visimid 獨特的視訊引擎與我們的光學元件相結合，為無人機、無人機以及氣體洩漏感測、製程控制和早期火災偵測等工業應用開發輕量、高效的解決方案。

Shortly after the acquisition of Visimid, Lockheed Martin awarded Visimid and LightPath a major project for the design development and later on the manufacturing of a complete imaging system for a new project in their missile division.

收購 Visimid 後不久，洛克希德馬丁公司授予 Visimid 和 LightPath 一個重大項目，用於設計開發，隨後為其飛彈部門的一個新項目製造完整的成像系統。

With the award came what will be up to $7.5 million for the development money. $4.7 million of that was already in a formal purchase order and is now part of our backlog.

獲獎後將獲得高達 750 萬美元的開發資金。其中 470 萬美元已經包含在正式採購訂單中，現在是我們積壓訂單的一部分。

In this project, Lockheed Martin is competing against another prime defense contractor to develop a new missile system.

在該專案中，洛克希德馬丁公司正在與另一家主要國防承包商競爭開發新型飛彈系統。

At first, the development portion of this project was expected to last until 2028, at which point the end customer would decide if the production is awarded to Lockheed Martin or its competitor.

起初，該專案的開發部分預計將持續到 2028 年，屆時最終客戶將決定是否將生產授予洛克希德馬丁或其競爭對手。

However, there is significant pressure now to shorten this time line as much as possible.

然而，現在面臨著盡可能縮短這條時間線的巨大壓力。

And as such, the decision point has recently been pulled in, and we now expect that the decision regarding the production award will be as early as 2026, two years ahead of the schedule we shared during the announcement of our initial award.

因此，決策點最近已被拉入，我們現在預計有關製作獎的決定最早將在 2026 年做出，比我們在宣布初始獎項時分享的時間表提前了兩年。

If Lockheed Martin is selected for the production, we expect an initial production order for around 10,000 units.

如果洛克希德馬丁公司被選中進行生產，我們預計初始生產訂單約為 10,000 台。

Our ASP per unit is between $5,000 to $10,000.

我們的每單位平均售價在 5,000 美元至 10,000 美元之間。

That will put the initial expected production would have been north of $50 million.

這將使最初的預期產量將超過 5000 萬美元。

That is a production order to LightPath.

這是 LightPath 的生產訂單。

Additionally, the volumes for follow-up production have also increased, with the potential now for tens of thousands of units.

此外，後續生產量也有所增加，目前潛力為數萬台。

The demand and shortened timelines for the project are being impacted by recent geopolitical escalations.

該項目的需求和縮短的工期受到最近地緣政治升級的影響。

Results so far are very positive and our customers, in fact, are very confident.

到目前為止，結果非常積極，我們的客戶實際上非常有信心。

And so confident about the solution that they're looking to begin investing in production of the units even before an official decision is made.

他們對解決方案充滿信心，甚至在正式決定做出之前就開始投資這些設備的生產。

As such, we expect that LightPath might start building up the production line this year already.

因此，我們預計 LightPath 可能會在今年開始建造生產線。

The basic infrastructure from this production line has already been prepared and paid for as part of our recent expansion of our Orlando facility.

作為我們最近擴建奧蘭多工廠的一部分，這條生產線的基本基礎設施已經準備好並支付費用。

And the specific equipment that will be needed is expected to be paid for by Department of Defense.

所需的具體設備預計將由國防部支付費用。

Once in production, we will be delivering this assembly in volume, estimated tens of thousands of assemblies over the program lifetime.

一旦投入生產，我們將批量交付該組件，並預計在專案生命週期內交付數萬個組件。

And again, with ASPs for LightPath between $5,000 to $10,000 per system.

同樣，LightPath 每個系統的 ASP 價格在 5,000 到 10,000 美元之間。

With thousands of dollars per unit and tens of thousands of units expected in that program, the ultimate selection of light of Lockheed Martin by the military would likely result in a substantial revenue opportunity for us.

由於該計劃中每台的成本為數千美元，預計將有數萬台，軍方最終選擇洛克希德馬丁公司的輕型飛機可能會為我們帶來大量的收入機會。

This is exactly the direction we've been looking to transform the Company to with the new strategy, and it is now happening.

這正是我們一直在尋求透過新策略實現公司轉型的方向，而現在它正在發生。

Lockheed's decision to outsource the development of such an important part of this system is due to, was due to Visimid's technical capabilities; yet the decision to then further engage with us at the scales they're now engaging and the potential manufacturing of this is due to the combination of LightPath and Visimidc with our manufacturing capabilities, capacities and most important, the ability to integrate the entire system.

洛克希德公司決定外包該系統如此重要部分的開發是由於 Visimid 的技術能力；然而，他們決定以現在的規模進一步與我們合作，以及潛在的製造能力，是由於 LightPath 和 Visimidc 與我們的製造能力、產能以及最重要的是整合整個系統的能力的結合。

And while our strategy for having three pillars of growth are designed such that we don't put all our eggs in one basket, or one product for that matter, this award by a major prime with the massive potential for revenue on the manufacturing side is seen by us as a big win to our strategy and the execution of that, through the acquisition of Visimid and our own investment in expansion in the U.S. and development of camera technologies.

雖然我們制定三大成長支柱的策略是為了避免將所有雞蛋放在同一個籃子裡，或只提供一種產品，但由在製造方面具有巨大收入潛力的主要優質公司頒發的這一獎項是透過收購Visimid 以及我們自己在美國擴張和相機技術開發的投資，我們認為這是我們策略及其執行的重大勝利。

I could probably spend this entire call only on this specific project and activity, given that we expect it to lead to tens of millions of dollars in annual revenue.

鑑於我們預計它將帶來數千萬美元的年收入，我可能只能將整個電話會議花在這個特定的項目和活動上。

But this is only one of multiple projects and multiple opportunities we have going up, all of which are in similar scale, so I will talk briefly about some of the rest.

但這只是我們正在進行的多個專案和多個機會之一，所有這些專案和機會的規模都相似，所以我將簡要討論其餘的部分。

Turning to the automotive market, as previously mentioned, our lens assembly system has already been qualified by one of the largest car companies.

轉向汽車市場，如前所述，我們的鏡頭組裝系統已經獲得了最大的汽車公司之一的認證。

Since then, we have shipped samples through qualification by another large Tier 1 and begin a qualification process that is expected to take a few months.

從那時起，我們已通過另一家大型一級供應商的認證運送了樣品，並開始了預計需要幾個月的認證過程。

Last call, we shared that the first company was reevaluating their time line in light of recent changes to the EV market.

在上次電話會議中，我們表示第一家公司正在根據電動車市場最近的變化重新評估他們的時間表。

While our technology is not specific to EV.

雖然我們的技術並非專門針對電動車。

We found that most of our automotive Tier 1 customers were looking to roll out this technology in their EVs, and that was their main focus at the time.

我們發現，我們的大多數汽車一級客戶都希望在他們的電動車中推出這項技術，這是他們當時的主要關注點。

With dynamics of the market now changing, we expect that some of our Tier 1 customers will begin rolling out this technology in more traditional vehicles.

隨著市場動態的變化，我們預計我們的一些一級客戶將開始在更傳統的車輛中推廣這項技術。

We are also seeing signs from the market that the automotive companies are waiting for further development in the Department of Transportation's announcement from May on their intention of mandating emergency braking system and mandating improvement for that technology and nighttime operation.

我們還從市場上看到跡象表明，汽車公司正在等待交通部從 5 月開始宣布的關於強制使用緊急煞車系統並要求改進該技術和夜間操作的公告的進一步發展。

We don't expect any major developments in the very short term, but we're still confident that this technology is going to be implemented in the automotive space, and that we are one of the leaders in this technology and use cases.

我們預計短期內不會有任何重大發展，但我們仍然相信這項技術將在汽車領域實施，並且我們是這項技術和用例的領導者之一。

Therefore, we will still see this as something that would lead to the same volumes we spoke about before, which are over 1 million assemblies a year for each one of the car companies with ASPs up to $50 per vehicle for LightPath.

因此，我們仍然認為這會導致我們之前談到的相同數量，即每家汽車公司每年的組裝量超過 100 萬個，LightPath 每輛車的 ASP 高達 50 美元。

Last thing I will update on inferred materials and replacing Germanium.

最後一件事我將更新推斷材料和取代鍺。

To recap.

回顧一下。

LightPath has developed over the years, and mainly over the last two years, some exclusive unique materials that can be used instead of Germanium in infrared imaging systems.

LightPath 多年來（主要是在過去兩年）開發了一些可以在紅外線成像系統中取代鍺的獨特材料。

China announced on July 4 export restrictions on Germanium; and with China being the largest exporter of this material, this has become a big deal since then.

中國7月4日宣布限制鍺出口；由於中國是這種材料的最大出口國，從那時起這已成為一件大事。

Since then and even prior to that, actually, we've been working diligently with customers to have the systems redesigned to use our materials instead of Germanium.

實際上，從那時起甚至在此之前，我們一直在與客戶努力合作，重新設計系統以使用我們的材料而不是鍺。

We even took some steps a few months ago of proactively canceling some customer orders for Germanium optics to free up our capacity for making optics from these new materials.

幾個月前，我們甚至採取了一些措施，主動取消了一些鍺光學元件的客戶訂單，以釋放我們用這些新材料製造光學元件的產能。

This has paid off well with customers now fully engaged in the process and focused on the redesign of their systems, Testing of prototypes and starting to order systems with new optics.

這得到了良好的回報，客戶現在完全參與了這個過程，並專注於系統的重新設計、原型測試並開始訂購具有新光學元件的系統。

Two specific examples I'd like to share.

我想分享兩個具體例子。

One includes our largest customer, which makes imaging devices for sporting.

其中之一包括我們最大的客戶，該客戶生產運動成像設備。

This customer began by evaluating the use of our material in only one of their products, and has recently let us know that they would like to now work with us on all of their products.

這位客戶一開始只評估了我們的材料在他們的一款產品中的使用情況，最近讓我們知道他們現在願意在他們的所有產品上與我們合作。

Another customer, who is in the defense business, has announced in the recent SHOT Show a new gunsite product that is using only our Black Diamond glass in it with no Germanium.

另一位從事國防業務的客戶在最近的 SHOT Show 上宣布推出一款新的砲台產品，該產品僅使用我們的黑鑽石玻璃，不含鍺。

And they have even gone as far as saying publicly that, going forward, all new products are going to be designed only with Black Diamond materials, a major win for our directions there.

他們甚至公開表示，今後所有新產品都將僅採用 Black Diamond 材料設計，這是我們方向的重大勝利。

All of this, all of these have so far been using mainly our existing BD6 material.

所有這些，所有這些到目前為止主要使用我們現有的BD6材料。

In December, we finally took delivery of a piece of equipment called the refractometer, a measurement system for optical glass.

12月，我們終於收到了一個名為折射儀的設備，這是一個光學玻璃的測量系統。

This will now enable us to speed up the manufacturing readiness of some of the new materials we license from NRL.

現在，這將使我們能夠加快 NRL 許可的一些新材料的生產準備。

We expect the first material, BDNL4, to be formally released later this month.

我們預計第一個資料 BDNL4 將於本月稍後正式發布。

BDNL4 is an example of a materials that not only replaces Germanium but actually offers advantages versus Germanium by having a negative thermal optic coefficient.

BDNL4 是一種材料的範例，它不僅可以取代鍺，而且實際上透過具有負熱光係數而提供了相對於鍺的優勢。

That is the change of the optical index as a function of temperature.

這是光學指數隨溫度的變化。

BDNL4 enables optical designers to design optical systems that are optically and passively compensated for changes in the temperature.

BDNL4 使光學設計人員能夠設計對溫度變化進行光學被動補償的光學系統。

This is a big deal for airborne systems, for example, where today changes in ambient temperature at different altitudes require refocusing the cameras to compensate for this.

例如，這對於機載系統來說是一件大事，因為當今不同高度的環境溫度變化需要重新聚焦相機來補償這一點。

BDNL4, that's expected to become an important material for thermal cameras in drones and other airborne systems, experience a large range of temperature.

BDNL4 預計將成為無人機和其他機載系統中熱像儀的重要材料，它可以承受很大的溫度範圍。

To conclude our shift in strategic directions beginning to show the results we were looking for, both in winning some major programs and in revenue growth in that area.

總而言之，我們策略方向的轉變開始顯示出我們所尋求的結果，無論是贏得一些重大項目還是該領域的收入成長。

At the same time, our three separate areas of growth solutions, defense, and automotive continue to generate multiple independent opportunities, that many of them have a potential for tens of billions of dollars of new revenue per opportunity, resulting in a healthy pipeline of large scale opportunities that any of them alone can be transformative to our business.

同時，我們的成長解決方案、國防和汽車這三個獨立的領域繼續產生多個獨立的機會，其中許多機會每個機會都有數百億美元的新收入潛力，從而形成了一個健康的大型管道擴大機會，其中任何一個都可以改變我們的業務。

Last, I would like to welcome Kim Crider, who joined our Board of Directors last week as an independent director replacing Lou Leeburg that had retired after 25 years with the Company, I would like to thank Mr. Leeburg for his diligent work over the years, and welcome Ms. Crider.

最後，我要歡迎Kim Crider，他上週以獨立董事加入我們的董事會，接替在公司工作25年後退休的Lou Leeburg，我要感謝Leeburg先生多年來的辛勤工作，歡迎 Crider 女士。

Kim was formerly the Chief Technology Officer from the U.S. Space, Force and has retired as a two-star general.

金曾任美國太空部隊首席技術官，現已以兩星上將退休。

Having a person as Mr. Crider on our Board of Directors is important as we continue to move forward with our focus on becoming a systems company with a strong focus on defense.

Crider 先生這樣的人加入我們的董事會非常重要，因為我們將繼續致力於成為一家專注於國防的系統公司。

And as always, I would like to focus our importance to thank our employees and stakeholders who have continued to work diligently through the various transitions and hurdles we have endured.

像往常一樣，我想重點感謝我們的員工和利益相關者，他們在我們經歷的各種轉型和障礙中繼續努力工作。

We see a bright future and a growing company because of their dedication, patience, and hard work.

由於他們的奉獻、耐心和辛勤工作，我們看到了光明的未來和不斷成長的公司。

Now I will return the call to our CFO, Al Miranda, to review second quarter financial results.

現在我將回電給我們的財務長阿爾米蘭達 (Al Miranda)，以審查第二季的財務表現。

Al?

艾爾？

Thank you, Sam.

謝謝你，山姆。

You can rest your voice for a little bit.

你可以讓你的聲音休息一下。

Thank you.

謝謝。

I'd like to remind everyone that much of the information we're discussing during this call is also included in our press release issued earlier today and will be included in the 10-Q for the period.

我想提醒大家，我們在本次電話會議中討論的大部分資訊也包含在我們今天早些時候發布的新聞稿中，並將包含在該期間的 10-Q 中。

I encourage everyone to visit our website at www.LightPath.com to access these documents and to see some of our new products.

我鼓勵大家造訪我們的網站 www.LightPath.com 來存取這些文件並查看我們的一些新產品。

I will discuss some of the primary financial performance metrics and provide additional color on them to better assist assist investors in analyzing the Company.

我將討論一些主要的財務績效指標，並對其進行補充說明，以便更好地幫助投資者分析公司。

On a consolidated basis, revenue for the fiscal second quarter were $7.3 million compared to $8.5 million in the year ago period.

在合併基礎上，第二財季的營收為 730 萬美元，而去年同期的營收為 850 萬美元。

Sales of infrared components were $3.6 million or 49% of the Company's consolidated revenue in the fiscal second quarter.

紅外線元件銷售額為 360 萬美元，占公司第二財季合併收入的 49%。

Revenue from visible components was $2.7 million or 37% of revenue.

來自可見組件的收入為 270 萬美元，佔收入的 37%。

Revenue from assemblies and solutions were $1 million or 13% of total Company revenue.

組件和解決方案的收入為 100 萬美元，占公司總收入的 13%。

Revenue from engineering services was $0.1 million or 1% of total Company revenue.

工程服務收入為 10 萬美元，占公司總收入的 1%。

Infrared components sales increased approximately $283,000 or 9%, primarily due to an increase in shipments against an annual contract for an international military program.

紅外線元件銷售額成長約 283,000 美元，即 9%，主要是由於國際軍事項目年度合約的出貨量增加。

This contract was also renewed during the first quarter of fiscal 2024 for a higher dollar value than in the previous year.

該合約還在 2024 財年第一季續簽，美元價值高於前一年。

Visible component sales decreased approximately $1.2 million or 31%.

可見組件銷售額減少了約 120 萬美元，即 31%。

All this is primarily due to the ongoing trend in China and in the telecom industry in general.

這一切主要歸因於中國和整個電信業的持續趨勢。

This quarter, we also experienced declines in Europe due to recessionary conditions, particularly in Germany and in the U.S. due to the timing of Defense contract deliveries.

本季度，由於經濟衰退，我們在歐洲也經歷了下滑，特別是在德國和美國，由於國防合約交付時間的原因。

Assembly Solutions revenue decreased approximately $241,000 or 20%.

裝配解決方案收入減少了約 241,000 美元，即 20%。

And that's primarily due to timing of shipments against a multi-year contract with a defense customer that was partially offset by the addition of Visimid revenue.

這主要是由於與國防客戶簽訂的多年合約的出貨時間安排，但 Visimid 收入的增加部分抵消了這一影響。

Gross margin in the second quarter of fiscal 2024 was approximately $2.2 million, a decrease of $1.1 million or 33% as compared to the same quarter of the prior fiscal year.

2024財年第二季的毛利率約為220萬美元，較上一財年同期減少110萬美元，即33%。

Total cost of sales was approximately $5.1 million for the second quarter of fiscal 2024 compared to approximately $5.2 million for the same quarter of the prior fiscal year.

2024 財年第二季的總銷售成本約為 510 萬美元，而上一財年同一季度的總銷售成本約為 520 萬美元。

Gross margin as a percentage of revenue was 30% for the second quarter of fiscal 2024 compared to 38% for the same quarter of the prior fiscal year.

2024 財年第二季的毛利率佔營收的百分比為 30%，而上一財年同一季度的毛利率為 38%。

The decrease in gross margin as a percentage of revenue is due to the decrease in visible component sales, which typically have higher margins than our IR components product group, which comprised a greater portion of our sales for the second quarter of fiscal 2024.

毛利率佔收入百分比的下降是由於可見組件銷售額的下降，該組件的利潤率通常高於我們的IR 組件產品組，該產品組在我們2024 財年第二季度的銷售額中所佔比例更大。

Selling general administrative costs were approximately $2.9 million for the second quarter of fiscal 2024, a decrease of approximately $172,000 or 6% as compared to approximately $3 million for the same quarter the prior fiscal year.

2024 財年第二季的銷售一般管理成本約為 290 萬美元，與上一財年同一季度的約 300 萬美元相比，減少了約 172,000 美元，即 6%。

The decrease in SG&A costs was primarily due to a decrease in stock-based compensation, partially offset by an increase in wages.

SG&A 成本的下降主要是由於股票薪酬的減少，但部分被工資的增加所抵消。

The net loss for the second quarter of fiscal 2024 was approximately $1.7 million or $0.05 basic and diluted loss per share compared to $0.7 million or $0.09 basic and diluted loss per share for the same quarter of the prior fiscal year.

2024 財年第二季的淨虧損約為170 萬美元，即每股基本虧損和稀釋虧損0.05 美元，而上一財年同一季度的淨虧損為70 萬美元，即每股基本虧損和稀釋虧損0.09美元。

The increase in net loss of approximately $1 million for the second quarter of fiscal 2024 as compared to the same quarter of the prior fiscal year was primarily due to the decrease in revenue and gross margin, partially offset by other income of approximately $190,000 from our Chinese subsidiary for the return of funds previously misappropriated by our former Chinese management team as a result of the ongoing legal proceedings.

與上一財年同季相比，2024 財年第二季淨虧損增加約 100 萬美元，主要是由於收入和毛利率下降，部分被來自中國的其他收入約 19 萬美元所抵銷。子公司要求返還我們前中國管理團隊因正在進行的法律訴訟而挪用的資金。

This is the last bit of activity that we expect to have related to that situation.

這是我們預計與該情況相關的最後一點活動。

Our EBITDA for the quarter ended December 31, 2023 was a loss of approximately 454,000 compared to an income of 207,000 for the same quarter of the prior fiscal year.

截至 2023 年 12 月 31 日的季度，我們的 EBITDA 虧損約 454,000 美元，而上一財年同一季度的營收為 207,000 美元。

The decrease in EBITDA in the second quarter of fiscal 2024 was primarily due to lower sales and gross margin, again partially offset by the mentioned Chinese subsidiary.

2024 財年第二季 EBITDA 的下降主要是因為銷售額和毛利率下降，但又被上述中國子公司部分抵銷。

Turning to the results for the first half of fiscal 2024, revenue was $15.4 million, only a 3% decrease from $15.8 million in the same period of the prior fiscal year.

來看2024財年上半年的業績，營收為1,540萬美元，較上一財年同期的1,580萬美元僅下降3%。

Sales of infrared components were $7.4 million or 48% of the Company's consolidated revenue for the first half of fiscal 2024.

紅外線元件銷售額為 740 萬美元，占公司 2024 財年上半年合併收入的 48%。

Revenue from visible components was $5.4 million or 35% of consolidated revenue.

可見組件的收入為 540 萬美元，佔合併收入的 35%。

Revenue from assemblies and solutions were $2.2 million or 15% of the total company revenue.

組件和解決方案的收入為 220 萬美元，占公司總收入的 15%。

And revenue from engineering services was $0.4 million or 2% of total Company revenue.

工程服務收入為 40 萬美元，占公司總收入的 2%。

In the first half of the fiscal year, infrared components sales increased almost $1 million or 14%.

本財年上半年，紅外線元件銷售額成長了近 100 萬美元，即 14%。

That's primarily due to increase in shipments against an annual contract for international military programs.

這主要是由於國際軍事項目年度合約的出貨量增加。

Visible component revenue decreased approximately $1.8 million or 25%.

可見組件收入減少了約 180 萬美元，即 25%。

Again, this is primarily due to the ongoing trend in China and the telecom industry in general.

同樣，這主要是由於中國和整個電信行業的持續趨勢。

However, we also experienced declines in Europe due to recessionary conditions and in the US due to timing of Defense contract shipments.

然而，由於經濟衰退，我們在歐洲也經歷了下滑，在美國則由於國防合約發貨時間而經歷了下滑。

Assembly solutions revenue increased approximately $150,000 or 7%, primarily due to the addition of Visimid revenue, which was partially offset by a decrease in shipments against the multi-year contract that I mentioned regarding the quarter.

組裝解決方案收入成長了約 15 萬美元，即 7%，主要是由於 Visimid 收入的增加，這部分被我提到的本季多年合約出貨量的減少所抵消。

If I take a step back and look at revenue, our visible components are declining.

如果我退後一步看看收入，我們的可見組件正在下降。

However, in the first half, revenue increased in infrared components, assemblies, and solutions, and engineering services, which aligns well with our strategic plans.

然而，上半年，紅外線組件、組件和解決方案以及工程服務的收入有所增長，這與我們的策略計劃非常吻合。

As of December 31, 2023, we had working capital of approximately $9.1 million and total cash, cash equivalents, and restricted cash of approximately $5.9 million, of which greater than 25% of our cash and cash equivalents was held by our foreign subsidiaries.

截至2023年12月31日，我們的營運資金約為910萬美元，現金、現金等價物和限制性現金總額約為590萬美元，其中超過25%的現金和現金等價物由我們的外國子公司持有。

Cash provided by operations was approximately $851,000 for the first half of fiscal 2024 compared to cash used in operations of approximately $751,000 for the same period of the prior fiscal year.

2024 財年上半年營運提供的現金約為 851,000 美元，而上一財年同期營運所使用的現金約為 751,000 美元。

Cash provided by operations for the first half of fiscal 2024 was largely driven by a decrease in accounts receivable as sales were higher in the fourth quarter of fiscal 2023 than in each of the first two quarters of fiscal 2024.

2024 財年上半年營運提供的現金主要是由於應收帳款減少所致，因為 2023 財年第四季的銷售額高於 2024 財年前兩季的銷售額。

Cash used in operations in the first half of fiscal 2023 reflected a decrease in accounts payable and accrued liabilities during that period, resulting from the payment of certain expenses related to previously disclosed events that occurred at our Chinese subsidiaries.

2023 財年上半年營運中使用的現金反映了該期間應付帳款和應計負債的減少，這是由於支付了與我們中國子公司之前披露的事件相關的某些費用。

Capital expenditures were approximately $1.5 million for the first half of fiscal 2024 compared to approximately $412,000 in the same period of the prior fiscal year.

2024 財年上半年的資本支出約為 150 萬美元，而上一財年同期的資本支出約為 412,000 美元。

The spending in the first half of fiscal 2024 is largely driven by the Orlando facility expansion, where we constructed additional tenant improvements in our Orlando facility, subject to our continuing lease of which the landlord agreed to provide $2.4 million in tenant improvement allowances.

2024 財年上半年的支出主要是由奧蘭多設施擴建推動的，我們在奧蘭多設施中建造了額外的租戶改善設施，但根據我們的持續租賃，房東同意提供 240 萬美元的租戶改善津貼。

The balance of the tenant improvement cost is estimated to be $3.7 million.

租戶改善成本的餘額估計為 370 萬美元。

During the first half of fiscal 2024, we expended $994,000 towards this project, with the remaining estimated 380,000 expected to be expended during the second half of fiscal 2024, pending the final construction invoices.

在 2024 財年上半年，我們為此專案支出了 994,000 美元，剩餘的估計 380,000 美元預計將在 2024 財年下半年支出，等待最終的施工發票。

We also expended approximately $722,000 net of cash acquired to acquire Visimid during the first half of fiscal 2024.

在 2024 財年上半年，我們也花了約 722,000 美元（扣除現金）來收購 Visimid。

Our total backlog at December 31, 2023, was approximately $21.2 million, a decrease of 28% as compared to $29.4 million as of December 31, 2022.

截至 2023 年 12 月 31 日，我們的積壓總額約為 2,120 萬美元，比截至 2022 年 12 月 31 日的 2,940 萬美元減少了 28%。

Compared to the end of fiscal 2023, our total backlog decreased by 2% during the first half of fiscal 2024.

與 2023 財年末相比，2024 財年上半年我們的積壓總量減少了 2%。

The decrease in backlog during the first half of fiscal 2024 is primarily due to shipments of several annual and multi-year contract renewals, which orders were added to the backlog in prior periods.

2024 財年上半年積壓訂單的減少主要是由於幾份年度和多年續約合約的發貨，這些訂單已添加到前期的積壓訂單中。

In the second quarter of previous years, we have typically received a contract renewal from our largest cloud customer for infrared products made of Germanium.

在往年的第二季度，我們通常會收到我們最大的雲端客戶對鍺製成的紅外線產品的續約合約。

However, as previously discussed, we have decided to reduce the amount of optics we produce from Germanium, both to reduce real, do reduce our risk of supply chain disruption and, more importantly, to work with customers to convert their systems to use the optics made of our own Black Diamond materials.

然而，正如前面所討論的，我們決定減少鍺生產的光學元件的數量，既是為了減少實際用量，也是為了降低供應鏈中斷的風險，更重要的是，與客戶合作，將他們的系統轉換為使用光學器件由我們自己的黑鑽石材料製成。

As such, in the second quarter of fiscal 2024, we did not book our typical annual renewal order for Germanium optics for this customer and said, we continue to work with this customer as well as other customers converter systems to use Black Diamond optics.

因此，在2024 財年第二季度，我們沒有為該客戶預訂鍺光學元件的典型年度續訂訂單，並表示，我們將繼續與該客戶以及其他客戶的轉換器系統合作，以使用Black Diamond 光學元件。

With this review of our financial highlights and recent developments concluded, I'll now turn the call over to the operator to begin the question-and-answer session.

隨著對我們的財務亮點和近期發展的回顧結束，我現在將把電話轉給接線員以開始問答環節。

(Operator Instructions) Jaeson Schmidt, Lake Street.

（操作員指示）Jaeson Schmidt，湖街。

Yes, thanks for taking my questions.

是的，感謝您回答我的問題。

I just wanted to start with the Lockheed program.

我只想從洛克希德計劃開始。

You mentioned unit, production units might begin even before the decision date.

您提到了單位，生產單位甚至可能在決定日期之前開始。

Just curious if this is something you're hearing from the customer.

只是好奇這是否是您從客戶那裡聽到的。

Or is this industry chatter or, I guess, a combination of both?

還是這是業界的閒聊，還是我猜是兩者的結合？

Directly from the customer.

直接來自客戶。

This is the customer is actually extremely confident in this solution and the superiority of this solution.

這就是客戶實際上對這個解決方案以及這個解決方案的優越性非常有信心。

And they want us to start setting up some production lines, a physical production line in Orlando, where we're going to do production in the very near future to start gearing up to this.

他們希望我們開始在奧蘭多建立一些生產線，一條實體生產線，我們將在不久的將來在那裡進行生產，以開始為此做好準備。

Expectation is that once the decision is made, the Army will want units as soon as possible, and they're willing to make some bets in that direction.

預計一旦做出決定，陸軍將盡快需要部隊，並且他們願意朝這個方向下一些賭注。

Got you.

明白你了。

That's certainly good to hear.

這當然很高興聽到。

And that leads me to my next question.

這引出了我的下一個問題。

And I know it's going to be dependent on the program, but at a high level how should we think about your total revenue capacity now with the expansion completed in Orlando?

我知道這將取決於該計劃，但在較高的層面上，我們應該如何考慮奧蘭多擴建完成後的總收入能力？

Yes.

是的。

Exactly, as you said, that's very dependent on the program, if we were to continue with the current business mix, meaning not a lot of cameras in the -- and mainly growth coming from infrared assemblies, then revenue capacity in Orlando altogether would probably go to, could go to as much as $50 million, I think or even more with the current expansion.

確切地說，正如您所說，這非常依賴該計劃，如果我們繼續當前的業務組合，這意味著沒有太多攝影機，並且主要增長來自紅外線組件，那麼奧蘭多的收入能力可能會增加我認為，隨著目前的擴張，可能會達到5000 萬美元，甚至更多。

I think we should do $60 million to $70 million.

我認為我們應該投入 6,000 萬至 7,000 萬美元。

Okay.

好的。

But very, very dependent on where that comes from.

但非常非常依賴它的來源。

If it's individual components, probably less.

如果是單獨的組件，可能會更少。

The more complicated things are, the less space per dollar of revenues that they take and the more we would grow.

事情越複雜，每美元收入佔用的空間就越少，我們的成長就越多。

The assembly of the Lockheed, for example, or any of the cameras actually doesn't require an enormous amount of space.

例如，洛克希德公司或任何相機的組裝實際上並不需要龐大的空間。

A lot of it is very automated calibration systems and assembly processes.

其中很多是高度自動化的校準系統和組裝過程。

And so we can probably serve this entire Lockheed program from the clean room, extra clean room space we built in Orlando and still have room to expand in other programs as well.

因此，我們可能可以從無塵室（我們在奧蘭多建造的額外無塵室空間）為整個洛克希德計劃提供服務，並且在其他項目中仍然有擴展的空間。

That's really helpful.

這真的很有幫助。

And then just the last one from me and I'll jump back into queue.

然後只要我發出最後一個，我就會跳回隊列。

I know China is becoming less of a focus for you guys, but just curious if you think that business has bottomed yet.

我知道你們對中國的關注度越來越低，但我只是好奇你們是否認為中國業務已經觸底。

Yes, I definitely think it has bottomed.

是的，我絕對認為它已經觸底。

I mean in reality, at least if you talk about China or Asia, most of our revenue in what we call the China operation actually comes out of China.

我的意思是，實際上，至少如果你談論中國或亞洲，我們所謂的中國業務的大部分收入實際上來自中國。

From Thailand, from Vietnam, customers over there that we call, we bundle it in the China part, but it's not really in China.

從泰國，從越南，我們打電話給那邊的客戶，我們把它綁在中國部分，但它並不是真正在中國。

Our revenue in China is very low, and we're not counting on that part really recovering, if you would , to anything near what it was.

我們在中國的收入非常低，如果你願意的話，我們並不指望這部分會真正恢復到接近以前的水平。

Just to recap, the China operation was delivering about $12 million of revenue in 2020, and it is down to $3 million or so.

回顧一下，2020 年中國業務的收入約為 1,200 萬美元，目前已降至 300 萬美元左右。

So all that $9 million of revenues that vanished in China was really made up for in the US and Europe, and which is why the growth in US and Europe is very strong even if the consolidated numbers don't show that.

因此，在中國消失的 900 萬美元收入確實在美國和歐洲得到了彌補，這就是為什麼美國和歐洲的成長非常強勁，即使綜合數字沒有顯示這一點。

Okay.

好的。

Understood.

明白了。

Thanks a lot, guys.

非常感謝，夥計們。

Thank you, Jaeson.

謝謝你，傑森。

Scott Buck, H.C. Wainwright.

巴克 (Scott Buck)，H.C.溫賴特。

Hi, good afternoon, guys.

嗨，大家下午好。

Thanks for taking my questions.

感謝您回答我的問題。

Sam, you mentioned in the release on the call here the acceleration of the production for the Lockheed project.

薩姆，您在電話會議的新聞稿中提到了洛克希德項目的生產加速。

I'm curious whether the geopolitical environment is causing you to see kind of similar uptick in demand or acceleration of interest in other parts of the business.

我很好奇地緣政治環境是否會導致您看到類似的需求上升或對業務其他部分的興趣加速。

Definitely.

確實。

I mean, we've had some uptick in some areas of the business.

我的意思是，我們在某些​​業務領域取得了一些進步。

For example, customers in Israel that builds some of the systems, vision systems for the Israeli military and so on had had a big push on the orders to rebuild some systems that were destroyed there on October 7 and during the war.

例如，為以色列軍隊建造一些系統、視覺系統等的以色列客戶大力推動了重建一些在 10 月 7 日和戰爭期間被摧毀的系統的訂單。

And of course, Ukraine continues indirectly to drive some demand for some of the optics.

當然，烏克蘭繼續間接推動對某些光學元件的需求。

And that's just beginning to grow.

而且這一數字才剛開始成長。

I think the US is only now really starting to replenish some of the inventories depleted.

我認為美國現在才真正開始補充一些耗盡的庫存。

Unfortunately, we don't make ammunition directly, which is from what I understand, one of the things that is the most shortage, but definitely the optics and the cameras that go on some of these the drones and loitering munition are growing demand.

不幸的是，我們不直接製造彈藥，據我了解，這是最短缺的東西之一，但肯定對其中一些無人機和徘徊彈藥上的光學器件和攝影機的需求不斷增長。

A follow-up to an earlier question.

先前問題的後續。

It sounds like you guys have the capacity to be able to handle, not just the Lockheed project, but also perhaps one of these other potential deals you're working on as well, right?

聽起來你們有能力處理，不僅是洛克希德項目，也許還有你們正在處理的其他潛在交易之一，對嗎？

Yes, absolutely.

是的，一點沒錯。

I think when it comes to those kind of projects, tens of millions of dollars in potential revenue, we probably, with the capacity we have worldwide and balancing things worldwide, can probably handle two, maybe even three of them.

我認為，當涉及到此類項目時，潛在收入達數千萬美元，憑藉我們在全球範圍內擁有的能力和平衡全球事務的能力，我們可能可以處理其中兩個，甚至三個。

Great.

偉大的。

And then last one for me.

然後是我的最後一張。

I'm curious, how are you thinking about the unrestricted cash balance here, and how that it bridges you to 2026 and beyond when maybe some of these larger deals kick in, we also ventured into this quarter?

我很好奇，您如何看待這裡不受限制的現金餘額，以及它如何為您過渡到 2026 年及以後，也許其中一些較大的交易開始，我們也冒險進入本季度？

Yes.

是的。

Great, great question.

很好，很好的問題。

So baked into this quarter, we actually were -- or this first half of the year, we were operating cash flow positive, and we'll continue to be operating cash flow positive.

因此，進入本季度後，我們實際上——或者說今年上半年，我們的經營現金流為正，而且我們將繼續保持正現金流。

Cash has gone down in the first half.

上半年現金下降。

That's largely because of the Orlando facility.

這主要是因為奧蘭多工廠。

We're still still paying invoices, still receiving and paying invoices there, and the investment of another coating machine that we made in Riga.

我們仍在支付發票，仍在那裡接收和支付發票，以及我們在裡加製造的另一台塗佈機的投資。

But the big chunks of that CapEx spend for this fiscal year's over.

但本財年的大部分資本支出已經結束。

So in the second half of the fiscal year, we're just going to dribble out the normal, or actually below average CapEx.

因此，在本財年下半年，我們只會支出正常的或實際上低於平均的資本支出。

So from a cash flow perspective, I feel pretty confident that we'll be okay.

因此，從現金流的角度來看，我非常有信心我們會沒事的。

All right.

好的。

That's it for me, guys.

我就是這樣，夥計們。

Thanks a lot.

多謝。

Thank you, Scott.

謝謝你，斯科特。

Brian Kinstlinger, Alliance Global.

Brian Kinslinger，全球聯盟。

Hi there.

你好呀。

This is Trevor on for Brian.

這是特雷弗為布萊恩代言的。

My first question pertains to your backlog.

我的第一個問題與你們的積壓工作有關。

Last you mentioned that despite the lost revenue and renewals for your Germanium contracts, that you're working on transitioning this Visimid to drive some meaningful backlog starting in 2Q.

最後您提到，儘管您的鍺合約損失了收入和續約，但您正在努力過渡此 Visimid，以從第二季度開始推動一些有意義的積壓工作。

Did that happen this quarter?

這個季度發生過這種情況嗎？

And if so, is there a sizable portion of the backlog that's attributable Visimid that you quantify?

如果是這樣，您量化的積壓訂單中是否有相當大一部分是由 Visimid 造成的？

Yes.

是的。

Definitely the Lockheed Martin, $4.7 million portion in the backlog and that entered during Q2 is purely Visimid as well as a few other smaller projects.

當然，洛克希德馬丁公司（Lockheed Martin）在第二季的積壓訂單中價值 470 萬美元，純粹是 Visimid 以及其他一些較小的項目。

But right now, I'd say around $5 million of the backlog probably is about Visimid.

但現在，我想說大約 500 萬美元的積壓訂單可能與 Visimid 有關。

Okay.

好的。

Thank you.

謝謝。

And then secondly, with the Lockheed partnership, just wanted to clarify, is LightPath competing with anyone for the component that you're creating for Lockheed?

其次，透過與洛克希德公司的合作，我想澄清一下，LightPath 是否與任何人競爭您為洛克希德公司創建的組件？

Or is it guaranteed that if Lockheed selected that LightPath will be in every delivered missile.

或者，如果洛克希德選擇了 LightPath，那麼是否可以保證每枚交付的飛彈都會配備 LightPath？

The latter.

後者。

We will be the sole source on the Lockheed part.

我們將成為洛克希德零件的唯一來源。

It's a very big deal.

這是一件大事。

That's why Lockheed actually was extremely supportive of our acquisition of Visimid.

這就是為什麼洛克希德實際上非常支持我們收購 Visimid。

From their point of view, it's a significant bet that they made in that direction.

從他們的角度來看，他們在這個方向上下了很大的賭注。

And that's the time they decided, oh, we're going to decide on it.

那就是他們決定的時候，哦，我們將做出決定。

Visimid was their standalone nine-people company.

Visimid 是他們的獨立九人公司。

And so the acquisition of Visimid by LightPath actually played a major role in this, and sort of gave peace of mind to Lockheed in it.

因此，LightPath 收購 Visimid 實際上在其中發揮了重要作用，也讓洛克希德公司安心了一些。

But we are definitely the only one developing that part for Lockheed.

但我們絕對是唯一一家為洛克希德公司開發該零件的公司。

Great.

偉大的。

It was great to hear.

很高興聽到。

Last question.

最後一個問題。

While I appreciate the strong demand from the defense industry, although we know it's like lumpy and can be unpredictable.

雖然我很欣賞國防工業的強勁需求，但我們知道它是不穩定且不可預測的。

Your products, and Mantis specifically has really strong commercial applications, like the flame detection recycling centers that you'd mentioned in the past couple of quarters.

你們的產品，尤其是 Mantis，具有非常強大的商業應用，例如您在過去幾季提到的火焰偵測回收中心。

So how do you go about building a healthy portion of a backlog that is more predictable?

那麼，您該如何著手建立更可預測的健康積壓部分呢？

Like, are you doing things in there like looking to hire more personnel, increased marketing spend, et cetera?

例如，您是否在那裡做一些事情，例如尋求僱用更多人員、增加行銷支出等等？

Just trying to get an idea.

只是想了解一下。

Thanks.

謝謝。

No, that's such a great question.

不，這是一個很好的問題。

And really a lot of our focus now is around sales and soon we'll be on the marketing of those products.

事實上，我們現在的重點主要是銷售，很快我們將致力於這些產品的行銷。

If you look at myself as CEO, I tend to move around the business and focus my time on where it's needed.

如果你將我自己視為首席執行官，我傾向於在業務中調動，並將時間集中在需要的地方。

And right now, absolutely my time is focused on the sales of these new cameras and new products.

現在，我的時間絕對集中在這些新相機和新產品的銷售上。

We're building up more in the sales team with tooling up to align ourselves to that, and we're working very hard to lock in some strategic partnerships in some of those areas.

我們正在組建更多的銷售團隊，並配備相應的工具，並且我們正在非常努力地在其中一些領域鎖定一些策略合作夥伴關係。

Again, we can't do everything.

再說一遍，我們無法包辦一切。

We're not going to build a sales team now that will go after 500 different camera customers for cameras.

我們現在不打算建立一個銷售團隊來為 500 個不同的相機客戶尋找相機。

And so the strategic relationship and alliances with key players in some of those areas of firefighting, of process control, of drones, they're going to be key for fast scaling up there.

因此，與消防、製程控制、無人機等領域的關鍵參與者的策略關係和聯盟將成為快速擴大規模的關鍵。

And then in relation to the backlog and the fire detection for which we already have a running business for those cameras, they're not going to give us annual orders.

然後，就積壓訂單和火災偵測而言，我們已經為這些攝影機開展了業務，他們不會給我們年度訂單。

They give us a forecast and we work off of that.

他們給我們一個預測，我們根據預測來進行工作。

So we'll never see that in the backlog.

所以我們永遠不會在積壓的工作中看到這一點。

All right.

好的。

Great.

偉大的。

Makes sense.

說得通。

Thanks, guys.

多謝你們。

Thanks.

謝謝。

Glenn Mattson, Ladenburg.

格倫馬特森，拉登堡。

Hi.

你好。

Thanks for taking the question.

感謝您提出問題。

So it was about seven or eight months ago that China made the announcement of the export ban for Germanium.

所以大約七、八個月前，中國就宣布禁止鍺出口。

At the time, I think, Sam, you might mentioned a time frame of how long it takes to your customers to design in your alternatives kind of nine to 12-month time frame.

Sam，我想，當時您可能會提到一個時間框架，即您的客戶需要多長時間才能在您的替代方案中進行設計，即 9 到 12 個月的時間框架。

I'm curious about how that's going and if there should be some expectation of that to start to kick in in the second calendar half of this year.

我很好奇事情進展如何，以及是否應該對今年下半年開始出現一些預期。

And that may also relate to the one customer didn't renew yet on the backlog side, you could use them as an example, but just across the customer set in general, can you just give us a sense of how that process is playing out?

這也可能與積壓方面尚未續訂的客戶有關，您可以使用它們作為範例，但就整個客戶群而言，您能否讓我們了解流程的進展？

That''s a great question.

這是一個很好的問題。

Thank you.

謝謝。

It's going really well.

一切進展順利。

I mentioned a couple of customers as example.

我提到了幾個客戶作為例子。

One of them is that largest customer for the sporting part.

其中之一是運動部件的最大客戶。

Typically, our annual orders from that customer have been between $4 million to $6 million, as much as $6.5 million I think on one year.

通常，我們從該客戶獲得的年度訂單金額在 400 萬至 600 萬美元之間，我認為一年可達 650 萬美元。

And we haven't renewed that.

我們還沒有更新它。

Our expectation now is really for the entire product line of that customer to possibly convert to using Black Diamond materials.

我們現在的期望實際上是該客戶的整個產品線可能轉換為使用 Black Diamond 材料。

What we're seeing is that things have gotten even worse with Germanium At first, I think many customers were still accessing Germanium through inventories.

我們看到的是，鍺的情況變得更糟。起初，我認為許多客戶仍在透過庫存取得鍺。

Germanium maybe was making its way out of China in different ways, different creative ways let's say.

鍺可能正在以不同的方式、不同的創意方式離開中國。

But that is decreasing significantly.

但這數字正在顯著下降。

As of now from what we know, China has given zero export licenses to any Germanium is at its final destination in the US.

截至目前，據我們所知，中國對任何運往美國最終目的地的鍺均給予零出口許可證。

So they're very very specific in sort of what they're going after there.

所以他們對於在那裡追求的目標非常非常具體。

And so we have two large customers for handheld devices, gun sites, binoculars, and so on.

因此，我們有兩個手持設備、槍站、雙筒望遠鏡等的大客戶。

They probably have around $10 million of potential revenue between the two of them.

他們兩人之間可能有大約 1000 萬美元的潛在收入。

Both of them, we're working very hard to convert over.

我們正在非常努力地轉換它們。

Next week, I think we're actually shipping some more samples to them.

下週，我想我們實際上會向他們運送更多樣品。

One of them already converted one product, which I mentioned during the SHOT Show.

其中一個已經轉換了一種產品，我在 SHOT Show 期間提到過。

They announced the new product and they also made it very clear at the SHOT Show, to ourselves and anyone else that was asking, that all new products are being designed only with Black Diamond now.

他們宣布了新產品，並且也在 SHOT 展會上向我們自己和其他詢問的人明確表示，現在所有新產品都只使用 Black Diamond 進行設計。

So I think we're doing very well.

所以我認為我們做得很好。

I wish it could be faster than the time it takes.

我希望它能比所花的時間更快。

But unfortunately, doing some of those also require some of the capacity and capabilities that is used for day-to-day production, and we can't disrupt it too much.

但不幸的是，完成其中一些工作還需要一些用於日常生產的產能和能力，我們不能對其進行太多幹擾。

So it's a balance we play.

所以這是我們玩的平衡。

The Chinese made the announcement in July, and I would say, and Sam, you can disagree, but it took until maybe November and December for the customers to start feeling the pain of that announcement and start to scramble looking for a solution.

中國人在 7 月宣布了這一消息，我想說，山姆，你可以不同意，但可能直到 11 月和 12 月，客戶才開始感受到該公告的痛苦，並開始爭先恐後地尋找解決方案。

And our conversations with those customers didn't give them confidence that they were going to continue to get Germanium.

我們與這些客戶的對話並沒有讓他們相信他們將繼續獲得鍺。

So when it was clear that we weren't going to solve -- weren't going to be able to solve their Germanium problem, that prompted them to take action.

因此，當很明顯我們無法解決他們的鍺問題時，這促使他們採取了行動。

But it took, I would say, it took a good six months before they realize that it was real.

但我想說的是，他們花了整整六個月的時間才意識到這是真的。

Which is why our largest customer first wanted just one product we designed.

這就是為什麼我們最大的客戶首先只想要我們設計的一款產品。

But as we were working on that, they started realizing how difficult the situation is and immediately switched over to saying, let's redesign everything.

但當我們致力於此時，他們開始意識到情況有多麼困難，並立即轉而說，讓我們重新設計一切。

Okay, great.

好的，太好了。

Okay.

好的。

Great.

偉大的。

That's very helpful on the backdrop.

這對背景非常有幫助。

And I don't know if this would be for Sam or Al, but could you give us a sense of -- as you look at your back half of your fiscal year, you mentioned in the prepared remarks a little bit about the European recessionary conditions and things like that.

我不知道這是否適用於薩姆或阿爾，但是您能否給我們一種感覺——當您回顧您的財政年度的後半段時，您在準備好的評論中提到了一些關於歐洲衰退的情況條件和類似的事情。

Can you just give us a sense of how you feel about -- will all the factors coming together with the potential of -- I don't know if there's any potential further disruption from the lack of supply or the supply driving up on the Germanium side or -- and maybe the new design is not kicking in yet or maybe there's some revenue coming through on the Mantis side and things like that.

您能否讓我們了解一下您的感受——所有因素與潛力結合在一起嗎——我不知道供應不足或供應推高鍺是否會造成任何潛在的進一步破壞或者——也許新設計還沒有開始實施，或者也許螳螂方面有一些收入等等。

Can you just give us a general sense of how you're feeling about the revenue top line in 2H versus 1H?

您能否向我們大致介紹一下您對 2H 與 1H 收入頂線的感受？

Yes.

是的。

So it's interesting that the situation, the softening in Europe is really more around the visible optics where there's a lot more competition globally and a lot of price pressure, a lot of production capacity and all that kind of good stuff.

因此，有趣的是，歐洲的疲軟情況實際上更多地圍繞著可見光學領域，全球競爭更加激烈，價格壓力很大，產能很大，還有所有這些好東西。

And those products tend to have industrial applications that deliver next where, as you know, deliver more to consumer-oriented products.

這些產品往往具有工業應用，如您所知，接下來將提供更多面向消費者的產品。

And that's where we're seeing the softening.

這就是我們看到的軟化的地方。

The infrared side because the infrared components, even without the major the major contracts, on the infrared side, we're still seeing growth in Europe and in the US, and demand in Europe and the US for infrared components and the assemblies and solution type start of the business.

紅外線方面，因為紅外線元件，即使沒有主要合同，在紅外線方面，我們仍然看到歐洲和美國的成長，以及歐洲和美國對紅外線元件、組件和解決方案類型的需求業務開始。

But where we're seeing the economics impact is on the visible component side.

但我們看到的經濟影響是在可見組件方面。

And again, they tend to lead towards a more direct path to a consumer product.

同樣，它們往往會引導人們走向更直接的消費產品之路。

So that's what we're seeing in Europe.

這就是我們在歐洲看到的情況。

And I don't have a crystal ball and they don't say the recession word, if you Google it, Europeans are like we were a year ago, nobody wants to see the recession word.

我沒有水晶球，他們也不會說經濟衰退這個詞，如果你用谷歌搜尋一下，歐洲人就像一年前一樣，沒有人想看到經濟衰退這個詞。

But their economies are contracting.

但他們的經濟正在萎縮。

Right, right.

是的是的。

That's helpful.

這很有幫助。

So then when you factor that in plus all the other moving parts and when you think about the top line outlook, can you give us any general sense of directionally how you feel about the second half, first half?

那麼，當您考慮到所有其他活動因素並考慮營收前景時，您能否向我們提供您對下半年、上半年的整體感受？

And that's it for me.

對我來說就是這樣。

So my gut tells me that this this past Q2 was the softest quarter we're going to experience.

所以我的直覺告訴我，過去的第二季是我們將經歷的最疲軟的季度。

So in Q3, we should see a little bit of an uptick, and in Q4 a little bit of an uptick.

因此，在第三季度，我們應該會看到一點點上升，在第四季度也會看到一點點上升。

Again, it's the visible components that sort of what we worry about and you kind of nailed it with that.

再說一次，我們擔心的是可見的元件，而你也解決了這個問題。

But they're in decline regardless.

但無論如何，它們都在衰退。

So it's just happening a bit faster than we would have predicted six months or a year ago.

所以它的發生速度比我們六個月或一年前的預測還要快一些。

Okay, great.

好的，太好了。

(Operator Instructions) Gene Inger, ingerletter.com.

（操作員說明）Gene Inger，ingerletter.com。

Mr. Inger, you're line is open?

英格先生，您的電話接通了嗎？

You had it muted on your end.

你把它靜音了。

Yeah, you hear me now?

是的，你現在聽到我說話了嗎？

Yes, we do.

是的，我們願意。

Thank you.

謝謝。

I apologize.

我道歉。

I muted it as a courtesy.

出於禮貌我把它靜音了。

Sam, I hope you're feeling better.

山姆，我希望你感覺好多了。

Hi, Al, as well.

嗨，艾爾，還有。

My first question, I'd like to start with something you haven't touched on, which is the annual meeting and the paperwork that was pending due to the problems from the previous management before you guys began an enormous task of turning around this small company.

我的第一個問題，我想從你們沒有觸及的事情開始，那就是年會和由於前任管理層的問題而懸而未決的文書工作，然後你們才開始扭轉這個小問題的艱鉅任務公司。

And I'm wondering if you can tell us if all of that is not of concern to shareholders.

我想知道您能否告訴我們股東是否不關心所有這些。

Yes, absolutely.

是的，一點沒錯。

Thanks.

謝謝。

I appreciate it.

我很感激。

Definitely could have touched on that.

絕對可以觸及這一點。

I'm very, very glad to say that it's all completely resolved now.

我非常非常高興地說現在一切都已經完全解決了。

To recap, it was pointed out by some external group that there were some problems in the registration of the company that went back all the way to 1995 when the 7-to-1 split of reverse split was done and was done incorrectly or so.

回顧一下，有外部團體指出，公司註冊時存在一些問題，可以追溯到1995年，當時進行了7比1的反向分拆，並且做得不正確等等。

And so we had to postpone the annual shareholder meeting to it, filed with the Delaware Court, Chancellery Court for a collection of the registration since we couldn't go back and locate all shareholders from 1995 to have them revoke that.

因此，我們不得不推遲年度股東大會，向特拉華州法院、總理府提交了一份登記冊，因為我們無法返回並找到 1995 年以來的所有股東，讓他們撤銷登記。

All of that is behind us last week.

上週所有這些都已成為過去。

The day before the Annual Shareholder Meeting, the court ruled on that, fixed the legislation, and we're all done.

在年度股東大會的前一天，法院對此做出了裁決，並確定了立法，我們就都完成了。

We're in very good standing now.

我們現在的地位非常好。

And I think I can say that, at this point, every single issue that we have found in the last three years has been fixed.

我想我可以說，到目前為止，我們在過去三年中發現的每個問題都已解決。

Good.

好的。

Briefly, let me ask you a couple of more questions.

簡而言之，讓我再問你幾個問題。

One, Scott Farris, Chairman of the Board, and I appreciate the new Board members by the way, the former major general as well as a business manager, I believe, brought over from Luminar.

其中一位是董事會主席斯科特法里斯 (Scott Farris)，順便說一下，我對新董事會成員表示讚賞，我相信前少將以及一位業務經理是從 Luminar 調來的。

A, are you bringing in more people intentionally from Luminar?

A，你們是有意從Luminar引進更多人嗎？

And B, is there any linkage between LightPath and the private company that Scott is the CEO of called infleqtion.

B，LightPath 和 Scott 擔任執行長的私人公司 infleqtion 之間是否存在任何關聯？

And I mentioned that because the Pentagon is in the process of jump-starting several key applications.

我提到這一點是因為五角大廈正在啟動幾個關鍵應用程式。

I wondered if some of that includes quantum computing, photonics?

我想知道其中是否包括量子計算、光子學？

And I wonder if this is or can involve LightPath in the future.

我想知道這是否是或將來可能會涉及 LightPath。

Yes.

是的。

Well, first of all, we're not the poaching specifically on Luminar and and I don't think we're targeting specifically.

嗯，首先，我們並不是專門針對 Luminar 進行偷獵，而且我認為我們也沒有專門針對這一目標。

It does happen to be that Luminar has recruited some great people over the years and there are some opportunities that have come up in which we recruited people that were in the past in Luminar, even the near past or the long-term past.

多年來，Luminar 確實招募了一些優秀的人才，並且出現了一些機會，我們招募了 Luminar 過去的人，甚至是不久的過去或很久以前的人。

But some great people joined us from there.

但一些偉大的人從那裡加入了我們。

Secondly, as it comes to Scott's new venture, which is extremely interesting and I did encourage everyone to take a look at that Infleqtion, like many things that is extremely heavy on photonics and quantum, all things quantum -- quantum sensors, quantum computing, quantum communication -- they are all very photonics oriented and driven.

其次，談到斯科特的新事業，這是非常有趣的，我確實鼓勵每個人都看一下Infleqtion，就像許多非常注重光子學和量子的東西一樣，所有量子的東西——量子感測器、量子計算，量子通訊——它們都是以光子學為導向和驅動的。

We have a very strong presence these days in free space, optical communication, primarily in space.

如今，我們在自由空間、光通訊（主要是太空）領域擁有非常強大的影響力。

And that ties very much directly into some of the quantum communication and also indirectly into some of the quantum sense of work that is being worked on by many companies, Infleqtion being one of them.

這與一些量子通訊有非常直接的聯繫，也間接與許多公司正在研究的一些量子意義的工作聯繫在一起，Infleqtion 就是其中之一。

And we'll always be very, very happy to see optics finding more uses and more places to be.

我們將永遠非常非常高興地看到光學元件找到更多用途和更多應用領域。

I guess an extreme joy out of even the simplest thing we're seeing is that the quantum engine might be replacing something as simple as the radio receivers.

我想即使是我們所看到的最簡單的事情中的一個極大的樂趣就是量子引擎可能會取代像無線電接收器這樣簡單的東西。

And it's mind-blowing to see optics play a role in something like radio communications.

看到光學在無線電通訊等領域發揮作用真是令人興奮。

Can any of this relate as well to enemy submarines and to detection systems because I know you're doing spacecrafts, linkage and communication.

這些是否也與敵方潛艇和探測系統有關，因為我知道你們正在做太空船、連接和通訊。

You haven't really touched on that with any more specificity.

您還沒有真正更具體地談到這一點。

Can you elaborate?

能詳細說明一下嗎？

Yes, we have actually a couple of cameras systems.

是的，我們實際上有幾個攝影機系統。

One of them we're going to have any day now, I think a version of Mantis that we're going to release that are of extreme interest for threat detection, counter-UAS detection, detection of cruise missiles as they come in, and other things, all of those.

我們隨時都會擁有其中之一，我認為我們將發布的 Mantis 版本對於威脅檢測、反無人機檢測、巡航導彈進入時的檢測以及其他的事情，所有這些。

We have two cameras systems, two separate camera systems that we're working with customers on that show very, very promising results in that direction.

我們有兩個攝影機系統，兩個獨立的攝影機系統，我們正在與客戶合作，在這個方向上顯示出非常非常有希望的結果。

Do these relate to the US Navy licenses we haven't heard much more about?

這些與我們還沒有聽說過的美國海軍許可證有關嗎？

Yes.

是的。

The US Navy license enables a lot of that.

美國海軍許可證可以實現很多目標。

And as I mentioned, we expect within the next two to three weeks to release the first material formally from the Navy license BDNL4.

正如我所提到的，我們預計在接下來的兩到三週內正式發布海軍許可證 BDNL4 的第一份資料。

But in reality, the Mantis camera has already been using those materials for over a year now.

但實際上，Mantis 相機已經使用這些材料一年多了。

We simply are now formally announcing it, the material that's available for others.

我們現在只是正式宣布它，可供其他人使用的材料。

I think you have mentioned 200 Mantis cameras likely produced or sold this year.

我想您提到了今年可能生產或銷售的 200 台 Mantis 相機。

Does this year mean fiscal year, or are you talking about this calendar year?

今年是指財政年度，還是指本曆年？

This fiscal year, pretty much on track for that, I think.

我認為，本財年，這一點基本上步入正軌。

Okay.

好的。

Now I would like to ask you, just an overview.

現在我想問你，只是一個概述。

The military has been stunned by the Gaza war and by Ukraine because they see the swarming of drones and how that offsets not only jet fighter aircraft -- and maybe you're working on the F-35, maybe not, the improvement -- but also there, you don't want to fire a $1 million missile to intercept a $5,000 cheap drone that we've learned in the Red Sea.

軍方對加薩戰爭和烏克蘭感到震驚，因為他們看到了蜂擁而至的無人機，以及這不僅抵消了噴氣式戰鬥機的影響——也許你正在研究F-35，也許不是，改進——但同樣在那裡，你也不想發射價值100 萬美元的飛彈來攔截我們在紅海學到的價值5,000 美元的廉價無人機。

So I wonder whether LightPath benefits or suffers from the prospect of fewer costly missile systems they would intercept of work or work autonomously in the future.

因此，我想知道 LightPath 是否會因未來攔截工作或自主工作的成本更低的飛彈系統而受益或受損。

Yes.

是的。

Yes.

是的。

Well, once we are done with the development of the Lockheed missile and hopefully one missile that is awarded to Lockheed, my personal wish is that they fire a missile on everything they see, a drone or even a butterfly.

好吧，一旦我們完成了洛克希德導彈的開發，並希望將一枚導彈授予洛克希德，我個人的願望是他們向他們看到的任何東西發射導彈，無人機甚至蝴蝶。

But realistically, I think what we're seeing is a very strong drive towards integrating more and more passive detection capabilities such as infrared cameras for detecting some of those drones.

但實際上，我認為我們看到的是整合越來越多的被動檢測功能的強大動力，例如用於檢測其中一些無人機的紅外線攝影機。

Today, you simply cannot use a radar for detecting the drones coming in.

如今，您根本無法使用雷達來偵測進入的無人機。

That's something that Ukraine has taught us and have learned, unfortunately, in a very hard way.

這是烏克蘭教給我們的東西，不幸的是，我們以非常艱難的方式學到了這一點。

Israel doesn't suffer that because of fighting an adversary such as the terror organization and not a state.

以色列不會因為與恐怖組織這樣的對手而不是一個國家作戰而遭受這種痛苦。

But in Ukraine-Russia war, for example, in what is called in near-adversarial and adversaries that have capabilities close to yours, you suddenly realize you cannot use a radar to detecting drones because the moment you turn it on and a missile is locked onto the radar, and it will hit you within minutes, seconds.

但在烏克蘭-俄羅斯戰爭中，例如，在所謂的近乎對抗和能力與你接近的對手中，你突然意識到你無法使用雷達來探測無人機，因為當你打開它時，導彈就被鎖定了到雷達上，它會在幾分鐘、幾秒鐘內擊中你。

And so the use of cameras is very important.

所以相機的使用非常重要。

Two of our camera that I mentioned for detecting threats from a distance, one version of Mantis and one version of a different camera of extreme importance because they can do that in $10,000 as opposed to a $50,000 camera that is often used today.

我提到的兩台用於遠距離檢測威脅的攝影機，一個版本的Mantis 和一個版本的不同攝影機極其重要，因為它們只需10,000 美元就能做到這一點，而目前常用的攝影機則需要50,000 美元。

So I think we have something very unique there that will pay off really well.

所以我認為我們有一些非常獨特的東西，將會帶來很好的回報。

Sam and Al, thank you.

山姆和艾爾，謝謝你們。

I feel better, and I appreciate the aspirational goals that you have outlined in the presentations as well lately.

我感覺好多了，我也很欣賞您最近在演講中概述的理想目標。

I know it takes time and I know how hard it is.

我知道這需要時間，也知道這有多難。

So good luck, and we'll keep watching you.

祝你好運，我們會繼續關注你。

Thank you, Gene, and thank you very well.

謝謝你，吉恩，非常感謝你。

Thank you, Gene.

謝謝你，吉恩。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Sam Rubin for any closing remarks.

我想將會議轉回給薩姆·魯賓（Sam Rubin）發表閉幕詞。

Thank you.

謝謝。

I appreciate everyone joining the call and the patience that our shareholders show as we are not only turning around the Company but also plotting the new direction, and now finally delivering on it big time.

我感謝大家加入電話會議，感謝我們的股東所展現的耐心，因為我們不僅正在扭轉公司的局面，而且還制定了新的方向，現在終於實現了這一目標。

The Lockheed Martin, the automotive, the cameras, each one of those are tens of millions of dollars in annual revenue that will be coming down the road, very big deal.

洛克希德馬丁公司、汽車、相機，每一項的年收入都將達到數千萬美元，這是一筆非常大的交易。

The company is going to look completely different a few years from now, and I'm excited to continue along this path.

幾年後，公司將會面貌完全不同，我很高興能繼續沿著這條路走下去。

Thank you, everyone.

謝謝大家。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。