LightPath Technologies Inc (LPTH) 2024 Q3 法說會逐字稿

Welcome to the LightPath Technologies' fiscal-third-quarter-2024 earnings.

歡迎閱讀 LightPath Technologies 2024 年第三季財報。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we'll conduct a question-and-answer session.

稍後，我們將進行問答環節。

And I would like to now turn the call over to your host, Albert Miranda, Chief Financial Officer.

現在我想將電話轉給主持人財務長阿爾伯特米蘭達 (Albert Miranda)。

You may begin.

你可以開始了。

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 current expectations, involve various risks and uncertainties, and 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，公司將做出一些基於當前預期的前瞻性聲明，涉及各種風險和不確定性，並在其定期報告中進行了討論。證券交易委員會備案。

Although the company believes that the 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所依據的假設是合理的，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 or GAAP.

此外，可能會提及某些不符合公認會計原則或公認會計原則的財務指標。

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 reconciliations 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 財務指標和相關免責聲明的調整表。

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.

現在我想將會議交給 LightPath 總裁兼執行長 Sam Rubin。

Sam.

薩姆.

Thank you, Al.

謝謝你，艾爾。

Good afternoon to everyone.

大家下午好。

Welcome to LightPath Technologies' fiscal-third-quarter-2024 financial results conference call.

歡迎參加 LightPath Technologies 2024 年第三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。

Fiscal third quarter and additional developments in early 2024 continue to underscore our strategic shift from a component manufacturer, what we like to refer to as LightPath 1.0, to LightPath 2.0, a value-added provider of assemblies, and set the stage for LightPath 3.0, a custom infrared camera and subsystem manufacturer.

第三財季和 2024 年初的其他發展繼續強調我們從組件製造商（我們稱之為 LightPath 1.0）到 LightPath 2.0（組件增值提供商）的戰略轉變，並為 LightPath 3.0 奠定了基礎，一家定制紅外線攝影機和子系統製造商。

To recap for our investors, LightPath has been transitioning in the last few years from a pure component 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，其差異化主要在於技術。

As you likely recall, during our first-fiscal-quarter call six months ago, we stated that LightPath was making a strategic decision to move away from germanium-based business, and that as a result of that, the company would likely see two slow quarters.

您可能還記得，在六個月前的第一財季電話會議中，我們表示 LightPath 正在做出策略決策，放棄基於鍺的業務，因此，該公司可能會看到兩個緩慢的成長宿舍。

The quarter we're reporting on today is the second of those two quarters.

我們今天報告的季度是這兩個季度中的第二個季度。

And as expected, we're now on a recovery trajectory and on track to return to profitability during the next fiscal year.

正如預期的那樣，我們現在正處於復甦軌道，並有望在下一財年恢復盈利。

Together with the recovery in sales, we have also been working on multiple tactical initiatives that will assist in our return to profitability.

在銷售復甦的同時，我們也致力於多項戰術舉措，以幫助我們恢復獲利能力。

One such initiative has been to finally complete the full integration of ISP Optics, which was acquired in 2017, into LightPath's ERP system.

其中一項措施就是最終完成 2017 年收購的 ISP Optics 與 LightPath ERP 系統的全面整合。

I don't think I need to explain why that is needed and its impact on efficiency and operation.

我認為我不需要解釋為什麼需要這樣做以及它對效率和營運的影響。

It did, however, create some short-term impact to our inventory value that also hit the cost of goods sold line for this quarter.

然而，它確實對我們的庫存價值產生了一些短期影響，也影響了本季的銷售成本。

I mentioned this just to provide the context of the lower gross margin and assure that this is a one-time event related to finally completing that integration.

我提到這一點只是為了提供毛利率較低的背景，並確保這是與最終完成整合相關的一次性事件。

In addition to finally completing the integration of the ERP entities, we have also taken a number of initiatives that improve our cost structure.

除了最終完成ERP實體的整合之外，我們還採取了一些措施來改善我們的成本結構。

In the last few months, we have trimmed down our cost structure by over $1 million dollars and continue to do so with a few more projects that are not yet complete.

在過去的幾個月裡，我們已經將成本結構削減了超過 100 萬美元，並且在另外幾個尚未完成的專案中繼續這樣做。

All of this is designed to hand-in-hand with the growth in top line, bring us back to profitability.

這一切都是為了與營收成長並進，讓我們恢復獲利。

All of this has been on the tactical level and short-term impact.

所有這些都是在戰術層面和短期影響。

I'll now discuss some of the strategic direction and longer-term outlook of this.

我現在將討論一些策略方向和長期前景。

As has been the case since we started our strategic transition, we focus on three pillars of growth.

正如我們開始策略轉型以來的情況一樣，我們專注於三大成長支柱。

One is Imaging Solutions, becoming a subsystem or camera provider.

一是成像解決方案，成為子系統或相機提供者。

Second is growth in new markets, such as automotive.

其次是汽車等新市場的成長。

And the third is growth specifically in the defense business.

第三是國防業務的成長。

All three pillars of growth are driven by the unique and differentiating technologies.

所有三個成長支柱都是由獨特且差異化的技術所驅動的。

Chief among them are our BlackDiamond infrared materials.

其中最主要的是我們的 BlackDiamond 紅外線材料。

Also, all three pillars of growth tie into and support our transition from a component manufacturer to provider of engineered solutions based on our proprietary technologies.

此外，所有三個成長支柱都與我們從零件製造商向基於我們專有技術的工程解決方案提供者的轉變緊密相連並支持我們。

This transition began a couple of years ago, starting from customized lens assemblies, which we now refer to as LightPath 2.0. Through camera solutions, the LightPath 3.0, the first of which was our innovative MANTIS broadband infrared camera, which enables both new applications and capabilities for our customers.

這種轉變始於幾年前，從定制鏡頭組件開始，我們現在稱之為 LightPath 2.0。透過相機解決方案 LightPath 3.0，其中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。

The Mantis was our first major step in that pillar of growth of becoming a solutions provider of higher value products, such as cameras, which we sell in the thousands of dollars, versus the ASPs of components we were used to in the past.

Mantis 是我們在成為高價值產品（例如相機）解決方案提供商的成長支柱方面邁出的第一步，我們的相機售價為數千美元，而我們過去所習慣的組件平均售價為數千美元。

Further activities in that pillar of growth included acquisition of Visimid last year.

該成長支柱的進一步活動包括去年收購 Visimid。

Announcement of more additional cameras, such as our high-sensitivity camera with a ultra-low noise of 15 millikelvin, and hiring our new VP sales Jason Messerschmidt, who joined us from Teledyne FLIR, where he was responsible for $250 million sales organization for infrared cameras.

宣布推出更多附加攝像頭，例如具有 15 毫開爾文超低噪音的高靈敏度攝像頭，並聘請了新的銷售副總裁 Jason Messerschmidt，他從 Teledyne FLIR 加入我們，負責 2.5 億美元的紅外線銷售組織相機。

As mentioned, we strive to have every quarter some developments to report in each one of those pillars of growth, and this quarter is no exception.

如前所述，我們努力每季報告這些成長支柱的一些進展，本季也不例外。

The last point related to the pillar of growth is to share that in this third quarter, the revenue attributed to LightPath 2.0 and 3.0, including customized lens assemblies and camera solutions, and engineering -- related engineering services, accounts to 18% of our revenue, demonstrating our ongoing success and commitment to our strategy.

最後一點與成長支柱相關的是，在第三季度，來自LightPath 2.0和3.0的收入，包括客製化鏡頭組件和相機解決方案以及工程相關的工程服務，占我們收入的18% ，展示了我們持續的成功和對我們戰略的承諾。

The second pillar of growth is the defense industry.

第二個成長支柱是國防工業。

Here, too, there are multiple of important developments.

這方面也有多項重要進展。

First is that we have delivered on our first milestone in the Lockheed Martin missile program.

首先，我們已經實現了洛克希德馬丁公司飛彈計畫的第一個里程碑。

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

在這個專案中，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更新的飛彈系統。

The project, as we had previously reported, includes in the short term, a $7.5 million development money, $4.7 million already committed.

正如我們之前報導的，該項目包括短期內 750 萬美元的開發資金，其中 470 萬美元已經承諾。

But most importantly, a massive, massive sales opportunity for us down the road in hundreds of millions of dollars over the lifetime of this program, if we successfully deliver the system and are chosen by the army.

但最重要的是，如果我們成功交付該系統並被軍隊選中，那麼在該專案的整個生命週期內，我們將獲得數億美元的巨大銷售機會。

I will not elaborate more on this project right now, since it is on track and there are no additional changes or updates to report on.

我現在不會詳細說明該項目，因為它正在按計劃進行，並且沒有其他更改或更新需要報告。

But for those that are not familiar with it, I'd encourage you to listen to our previous calls or press releases that discuss this project, as we see it as a major growth driver in the next couple of years.

但對於那些不熟悉它的人，我鼓勵您收聽我們之前討論該專案的電話會議或新聞稿，因為我們將其視為未來幾年的主要成長動力。

In the defense side, we also announced last month, availability of the first of the exclusively licensed NRL infrared materials.

在國防方面，我們上個月也宣布推出第一種獨家授權的 NRL 紅外線材料。

That material is BDNL-4.

該材料是BDNL-4。

This announcement has created significant interest from existing and new customers.

此公告引起了現有客戶和新客戶的極大興趣。

And we have, in fact, started booking already new orders almost instantly for this material.

事實上，我們幾乎立即開始預訂這種材料的新訂單。

As a reminder, this is one of nine new materials licensed exclusively from NRL, and the qualification of their manufacturing readiness is paid for by DLA through a grant.

提醒一下，這是 NRL 獨家許可的九種新材料之一，其製造準備資格由 DLA 透過撥款支付。

We expect to continue announcing new materials on regular basis, with the next one being BDNL-8, which we plan to announce in the coming weeks.

我們預計將繼續定期發布新資料，下一種資料是 BDNL-8，我們計劃在未來幾週內發布。

Also announced around the same time is another major design win for our products.

大約在同一時間也宣布了我們產品的另一個重大設計勝利。

In this case, our new materials.

在這種情況下，我們的新材料。

This new airborne program is for an optical system designed almost exclusively with our own exclusive materials.

這個新的機載項目是針對幾乎完全採用我們自己的專有材料設計的光學系統。

This program of record is separate from the Lockheed Martin missile program.

該記錄計劃與洛克希德馬丁公司的飛彈計劃是分開的。

I'd like to emphasize that in case there was any confusion.

我想強調一下，以防出現任何混亂。

Those are two separate opportunities.

這是兩個不同的機會。

Each one of them is very, very significant in size.

每一個的尺寸都非常非常大。

This also has a significant potential, almost as large as the Lockheed Martin opportunity.

這也具有巨大的潛力，幾乎與洛克希德馬丁公司的機會一樣大。

This program serves to demonstrate very well our strategy related to the new materials.

該計劃很好地展示了我們與新材料相關的策略。

It's a new system, which is designed using our exclusive materials, and which we end up building the entire optical system as a product.

這是一個新系統，採用我們專有的材料設計，最終我們將整個光學系統建構成產品。

In our previous strategic direction, or LightPath 1.0 as we call it, we would have probably ended up making only the components for this.

在我們先前的戰略方向，或我們所說的 LightPath 1.0 中，我們可能最終只會為此製造組件。

Now, because of the unique capabilities we developed, we get a much bigger piece of the pie, and we own exclusively, a key ingredient in that pie.

現在，由於我們開發了獨特的能力，我們獲得了更大的一塊蛋糕，並且我們獨家擁有該蛋糕中的關鍵成分。

Last in the defense pillar of growth is our recent award of the European Defense Manufacturing License.

國防成長支柱的最後一個是我們最近獲得的歐洲國防製造許可證。

This license, that is similar to what ITAR is in the US, allows us to now participate in European defense projects that are required to be designed and produced within the EU.

該許可證類似於美國的 ITAR，讓我們現在參與需要在歐盟內部設計和生產的歐洲國防計畫。

Just like ITAR requires US defense projects to be designed and produced in the US.

就像 ITAR 要求美國國防專案在美國設計和生產一樣。

We received this license as a result of the investments we made in our Riga operation three years ago, adding coating capabilities and making it, therefore, vertically integrated and self-sustaining, or in other words, able to serve the European defense market completely locally.

我們三年前在裡加工廠進行了投資，增加了塗層能力，使其實現了垂直整合和自我維持，或者換句話說，能夠完全在本地為歐洲國防市場提供服務，從而獲得了該許可證。 。

We also happen to have just completed and announced further expansion of that coating capacity and coating capabilities in Riga, in what turned out to be a perfect timing for this growth now expected with this license.

我們也恰好剛完成並宣布進一步擴大裡加的塗層產能和塗層能力，事實證明，這是目前透過該許可證預期的成長的完美時機。

With the EU defense market growing at 12.5% to a record of $295 billion last year, and the European Union publishing its first ever European defense industrial strategy, which among other things, encourages cooperation and purchases in defense technology among EU members, such as Latvia, we are now well positioned to substantially grow our sales in Europe through this.

去年，歐盟國防市場成長 12.5%，達到創紀錄的 2,950 億美元，歐盟發布了首個歐洲國防工業戰略，其中鼓勵拉脫維亞等歐盟成員國之間在國防技術方面進行合作和購買，我們現在處於有利位置，可以透過此大幅增加我們在歐洲的銷售額。

For comparison, our defense sales altogether have grown in the last few years from 8% of our revenue to 30% of our revenue, three, zero.

相較之下，過去幾年我們的國防銷售總額從佔營收的 8% 成長到佔營收的 30%，三、零。

Most of it, if not all of that growth, has come from the US defense market.

其中大部分（如果不是全部）成長都來自美國國防市場。

So the potential for growth from the European defense market is substantial.

因此，歐洲國防市場的成長潛力巨大。

The first pillar of growth is new applications, and specifically the automotive market.

第一個成長支柱是新應用，特別是汽車市場。

Those that follow us regularly will recall that we have entered that market three years ago, out of anticipation that thermal imaging will be adopted in automotive use.

那些經常關注我們的人會記得，我們​​三年前就進入了這個市場，因為我們預計熱成像將在汽車中得到應用。

We further worked to have one of our solutions already fully qualified into one of the major car companies in the US, as well as have our products tested and evaluated by several others.

我們進一步努力使我們的解決方案之一完全符合美國主要汽車公司之一的資格，並讓我們的產品經過其他幾家公司的測試和評估。

Last year, we were on track to sign a significant supply agreement in the field, one that would be valued at tens of millions of dollars a year, when some changes in the automotive market led our customer to pause on that project.

去年，我們預計在該領域簽署一項重要的供應協議，該協議每年價值數千萬美元，但汽車市場的一些變化導致我們的客戶暫停了該項目。

Part of the reason was an announcement by DOT, Department of Transportation, of the intention to mandate automatic emergency braking systems in all vehicles.

部分原因是交通部宣布有意在所有車輛上強制安裝自動緊急煞車系統。

As a result, and understandably, car companies wanted to wait with any related decisions until DOT's ruling.

因此，可以理解的是，汽車公司希望等到交通部做出裁決後再做出相關決定。

A couple of weeks ago, Department of Transportation announced that starting in 2029, emergency braking systems will be mandatory in all vehicles and light trucks.

幾週前，交通部宣布，從 2029 年開始，所有車輛和輕型卡車都將強製配備緊急煞車系統。

As expected also, the new rule talks extensively about nighttime performance and the use of thermal imaging.

正如預期的那樣，新規則廣泛討論了夜間性能和熱成像的使用。

The extended timeline of implementation, which is longer than originally thought, is said to be such in order to provide car and technology companies enough time to improve the nighttime performance of their systems altogether, I'd say.

我想說，延長實施時間比最初想像的要長，據說是為了給汽車和科技公司足夠的時間來改善其係統的夜間性能。

This is great news for us.

這對我們來說是個好消息。

Not only are we significantly ahead of the pack on this, we already feel qualified by one company, from which we've learned a lot on that process, and we're working closely with other companies.

我們不僅在這方面遠遠領先其他公司，而且我們已經感覺自己符合一家公司的要求，我們從這家公司的流程中學到了很多東西，而且我們正在與其他公司密切合作。

The timeline of five years for implementation also benefits us, as it provides us now the time to evaluate the best way to approach scaling up our production for this market without distracting us from our growth or impacting negatively the growth in our two other major pillars of growth, cameras and defense.

五年的實施時間表也使我們受益，因為它讓我們現在有時間評估擴大該市場生產規模的最佳方法，而不會分散我們對成長的注意力，也不會對我們的另外兩個主要支柱的成長產生負面影響。

In short, I think it's safe to say that this pillar of growth is now back to being active, and the potential there has grown even further than we initially estimated.

簡而言之，我認為可以肯定地說，這一增長支柱現在已恢復活躍，而且其潛力的增長甚至比我們最初估計的還要大。

Last thing, I will update on infrared materials and replacing germanium.

最後一件事，我將更新紅外線材料和取代鍺。

To recap, 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.

回顧一下，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。

These materials, like the new BDNL-4, offer not only alternatives to germanium, but also improved performance in many applications.

這些材料（如新型 BDNL-4）不僅提供了鍺的替代品，而且還提高了許多應用中的性能。

China announced on July 4, export restrictions on germanium.

中國7月4日宣布限制鍺出口。

And with China being the largest exporter of this material, this has become a big deal.

由於中國是這種材料的最大出口國，這已成為一件大事。

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

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

These effects, these efforts are going very well, and we're seeing strong adoption in the marketplace.

這些效果、這些努力進展順利，我們看到市場上廣泛的採用。

As we indicated when we reduced the amount of germanium work six months ago, our manufacturing capacity is now being filled with those new non-germanium products, which not only have lower supply chain risk, but also better margins for us.

正如我們在六個月前減少鍺工作量時所指出的那樣，我們的製造能力現在正在被這些新的非鍺產品所填補，這不僅降低了供應鏈風險，而且為我們帶來了更好的利潤。

One hurdle for long-term adoption of BlackDiamond glass over germanium has been the lack of a recycling process for these types of materials, which drives up its overall lifetime cost.

長期採用 BlackDiamond 玻璃而不是鍺玻璃的一個障礙是缺乏此類材料的回收工藝，這推高了其整體生命週期成本。

We're happy to announce that earlier this week, our efforts to kickstart development of a recycling process has taken root with Ursinus College and University of Central Florida, where the US Department of Defense via Americom would fund this effort.

我們很高興地宣布，本週早些時候，我們啟動回收流程開發的努力已在烏西努斯學院和中佛羅裡達大學紮根，美國國防部將透過 Americom 為該大學提供資助。

Developing a recycling capability now will pay back down the road as more and more BlackDiamond glass is used and more scrap and leftover materials will be available for recycling.

隨著越來越多的 BlackDiamond 玻璃被使用，並且更多的廢料和剩餘材料將可供回收，現在開發回收能力將在未來獲得回報。

We expect this to help drive down the long-term costs of adopting thermal imaging in mass market applications such as automotive.

我們預計這將有助於降低在汽車等大眾市場應用中採用熱成像的長期成本。

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

一如既往，我要感謝我們的員工和利益相關者，他們在我們遇到的各種轉變和障礙中繼續努力工作。

The efforts I described earlier to continue to drive down our cost structure, all driven by our team, and would not happen without them.

我之前描述的繼續降低成本結構的努力都是由我們的團隊推動的，沒有他們就不會發生。

And for that, I thank them greatly.

為此，我非常感謝他們。

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

由於團隊的奉獻、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。

With that, I will now turn our call to our CFO, Al Miranda, to review third-quarter financial results.

現在，我將致電我們的財務長阿爾米蘭達 (Al Miranda)，以審查第三季的財務業績。

Al?

艾爾？

Thank you, Sam.

謝謝你，山姆。

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 you to visit our website at lightpath.com to access these documents.

我鼓勵您造訪我們的網站 lightpath.com 來存取這些文件。

I'll discuss some of the primary financial performance metrics and provide additional color on them to better 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, revenues for the fiscal third quarter were $7.7 million compared to $7.4 million in the year-ago period.

在合併基礎上，第三財季的營收為 770 萬美元，而去年同期為 740 萬美元。

Sales of infrared components were $3.6 million, or 47% of the company's revenue in the fiscal third quarter.

紅外線元件銷售額為 360 萬美元，占公司第三財季營收的 47%。

Revenue from visible components was $2.7 million, or 35% of revenue.

來自可見組件的收入為 270 萬美元，佔收入的 35%。

Revenue from assemblies and modules was $0.8 million, or 10% of total company revenue.

組件和模組的收入為 80 萬美元，占公司總收入的 10%。

Revenue from engineering services was $0.6 million, or 8% of total company revenue.

工程服務收入為 60 萬美元，占公司總收入的 8%。

Infrared component sales increased approximately $0.5 million, or 16%, primarily due to an increase in shipment against an annual contract for an international military program.

紅外線元件銷售額增加了約 50 萬美元，即 16%，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 the previous contract.

該合約還在 2024 財年第一季續簽，美元價值高於先前的合約。

Visible component sales decreased approximately $0.4 million, or 13%, primarily due to a decrease in sales to customers in the defense and medical industries, and sales to customers in the telecom industry in China.

可見組件銷售額下降約 40 萬美元，即 13%，主要是由於對國防和醫療行業客戶的銷售額以及對中國電信行業客戶的銷售額下降。

Assembly solutions revenue decreased approximately $0.2 million, or 16%, primarily due to timing of shipments against a multi-year contract with a defense customer, partially offset by the addition of Visimid revenue.

組裝解決方案收入減少了約 20 萬美元，即 16%，主要是由於與國防客戶簽訂的多年合約的發貨時間表所致，但 Visimid 收入的增加部分抵消了這一影響。

Engineering services increased approximately $0.4 million or 211%, primarily driven by Visimid's contract with Lockheed Martin, where revenue is generally recognized based on the achievement of milestones.

工程服務增加了約 40 萬美元，即 211%，這主要是由 Visimid 與洛克希德馬丁公司簽訂的合約推動的，該合約的收入通常根據里程碑的實現來確認。

Gross margin in the third quarter of fiscal 2024 was approximately $1.6 million, a decrease of $0.9 million, or 37%, as compared to the same quarter of the prior fiscal year.

2024 財年第三季毛利率約 160 萬美元，較上一財年同期減少 90 萬美元，即 37%。

Total cost of sales was approximately $6.1 million for the third quarter of fiscal 2024, compared to approximately $4.9 million for the same quarter of the prior fiscal year.

2024 財年第三季的總銷售成本約為 610 萬美元，而上一財年同一季度的總銷售成本約為 490 萬美元。

Gross margin as a percentage of revenue was 21% for the third quarter of fiscal 2024, compared to 34% for the same quarter of the prior fiscal year.

2024 財年第三季的毛利率佔營收的百分比為 21%，而上一財年同一季度的毛利率為 34%。

The decrease in gross margin as a percentage of revenue is due to two main factors.

毛利率佔收入的百分比下降有兩個主要因素。

First, the decrease in visible components sales offset by an increase in IR components sales, which typically have lower margins than visible components.

首先，可見光元件銷售額的下降被紅外線元件銷售額的成長所抵消，而紅外線元件的利潤率通常低於可見光元件。

Second, the quarterly revaluation of inventory at standard cost resulted in a several hundred thousand dollars of cost taken to the income statement.

其次，以標準成本對庫存進行季度重估導致損益表中計入了數十萬美元的成本。

A little more color on this event, this was not a normal quarterly review.

這次活動有點色彩，這不是正常的季度回顧。

This was the result of physically consolidating the Orlando manufacturing into one building, and subsequent combining of the two operational entities into one ERP database.

這是將奧蘭多製造實體整合到一棟建築中，然後將兩個營運實體合併到一個 ERP 資料庫中的結果。

The two events removed manual handling steps and quality inspection steps that simply do not occur anymore.

這兩個事件消除了不再發生的手動處理步驟和品質檢查步驟。

Therefore, the process change along with some raw materials and outside-service-cost reductions decreased the standard manufacturing costs, and thus, brought down the inventory values.

因此，製程的改變以及一些原材料和外部服務成本的降低降低了標準製造成本，從而降低了庫存價值。

Selling, general and administrative costs were approximately $3.2 million for the third quarter of fiscal 2024, an increase of approximately $412,000, or 15%, as compared to approximately $2.8 million in the same quarter of the prior fiscal year.

2024 財年第三季的銷售、一般和管理成本約為 320 萬美元，與上一財年同一季度的約 280 萬美元相比，增加了約 412,000 美元，即 15%。

The increase in SG&A costs is primarily due to an increase in wages, including the addition of employees with the acquisition of Visimid.

SG&A 成本的增加主要是由於薪資的增加，包括收購 Visimid 後增加的員工。

We also incurred additional legal and professional fees in the third quarter of fiscal 2024 associated with our rescheduled annual stockholder meeting and the Delaware Chancery court proceedings.

我們也在 2024 財年第三季產生了與重新安排的年度股東大會和德拉瓦州衡平法院訴訟相關的額外法律和專業費用。

EBITDA, a non-GAAP financial measure is helpful for investors to better understand our underlying business operations.

EBITDA 是一項非公認會計準則財務指標，有助於投資者更了解我們的基礎業務營運。

Our EBITDA for the quarter ended March 31, 2024 was a loss of approximately $1.5 million, compared to $242,000 for the same quarter of the prior fiscal year.

截至 2024 年 3 月 31 日的季度，我們的 EBITDA 虧損約 150 萬美元，而上一財年同一季度為 242,000 美元。

The decrease in EBITDA in the third quarter of fiscal 2024 was primarily attributable to lower sales and gross margin, coupled with increased operating expenses.

2024 財年第三季 EBITDA 下降的主要原因是銷售額和毛利率下降，以及營運費用增加。

Turning to results for the nine months ended March 31, 2024.

轉向截至 2024 年 3 月 31 日止九個月的業績。

Revenue for the first nine months of fiscal 2024 was $23.1 million, a decrease from $23.2 million in the same period of prior fiscal year.

2024 財年前九個月的營收為 2,310 萬美元，較上一財年同期的 2,320 萬美元有所下降。

Sales of infrared components were $11 million or 48% of the company's consolidated revenue in the nine months ended March 31.

截至 3 月 31 日的 9 個月中，紅外線元件的銷售額為 1,100 萬美元，占公司合併收入的 48%。

Revenue from visible components was $8.1 million, or 35% of consolidated revenue.

可見組件的收入為 810 萬美元，佔合併收入的 35%。

Revenue from assembly solutions were $3.1 million or 13% of total company revenue.

組裝解決方案的收入為 310 萬美元，占公司總收入的 13%。

Revenue from engineering services was $0.9 million or 4% of total company revenue.

工程服務收入為 90 萬美元，占公司總收入的 4%。

The first nine months of the fiscal year, infrared component sales increased almost $1.4 million or 15%.

本財年的前 9 個月，紅外線元件銷售額成長了近 140 萬美元，即 15%。

The increase in infrared component sales is primarily due to an increase in shipments against an annual contract for an international military program.

紅外線元件銷售額的成長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 $2.1 million or 21%.

可見組件收入減少了約 210 萬美元，即 21%。

Again, this is primarily due to decrease in sales to customers in the defense industry, and sales to customers in the telecom industry in China.

同樣，這主要是由於對國防工業客戶的銷售額以及對中國電信業客戶的銷售額減少所致。

Assembly solutions revenue was flat at approximately $3.1 million both periods, primarily due to timing of shipments against multi-year contract with a defense customer, which was partially offset by the addition of the Visimid revenue.

兩個時期的組裝解決方案收入均持平，約為 310 萬美元，這主要是由於根據與國防客戶的多年合約的發貨時間表，這部分被 Visimid 收入的增加所抵消。

Engineering services increased approximately $0.6 million, or 213%, primarily driven by Visimid's contract with Lockheed Martin, where revenue is generally recognized based on the achievement of milestones, as well as revenue from one of our space-related funded research contracts.

工程服務增加了約60 萬美元，即213%，主要是由Visimid 與洛克希德·馬丁公司簽訂的合約推動的，該合約的收入通常根據里程碑的實現以及我們與太空相關的資助研究合約之一的收入來確認。

Gross margin as a percentage of revenue was 26% for the first nine months of fiscal 2024, compared to 34% for the same period of the prior fiscal year.

2024 財年前九個月的毛利率佔營收的百分比為 26%，而上一財年同期為 34%。

The decrease in gross margin as a percentage of revenue for the first nine months of fiscal 2024 is driven by the aforementioned factors impacting gross margin for the third quarter of fiscal 2024, of which, nearly half was due to the standard cost changes in Q3.

2024 財年前九個月毛利率佔收入百分比的下降是由上述影響 2024 財年第三季毛利率的因素推動的，其中近一半是由於第三季度標準成本變化造成的。

SG&A costs were approximately $8.7 million for the first nine months of fiscal 2024, an increase of approximately $263,000 or 3%, as compared to approximately $8.4 million in the same period of the prior fiscal year.

2024 財年前 9 個月的銷售、行政管理費用約為 870 萬美元，與上一財年同期的約 840 萬美元相比，增加了約 263,000 美元或 3%。

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

SG&A 成本的增加主要是由於薪資的增加，部分被股票薪酬的減少所抵銷。

The company also incurred approximately $97,000 of cost associated with the acquisition of Visimid, which closed in July 2023, as well as additional legal and professional fees in the third quarter of fiscal 2024 associated with our rescheduled annual meeting and the Delaware Chancery court proceedings.

該公司還因收購Visimid（於2023 年7 月完成）而產生了約97,000 美元的相關費用，以及與我們重新安排的年度會議和特拉華州衡平法院訴訟相關的2024 財年第三季度的額外法律和專業費用。

Other income for the first nine months of fiscal 2024 includes a gain of $190,000 for the return of funds previously misappropriated by the company's former Chinese management team, as a result of the legal proceedings there.

2024 財年前 9 個月的其他收入包括因法律訴訟而歸還該公司前中國管理團隊之前挪用的資金而獲得的 19 萬美元收益。

EBITDA for the first nine months of fiscal 2024 was a loss of approximately $2.4 million, compared to $427,000 for the same period of the prior fiscal year.

2024 財年前九個月的 EBITDA 虧損約 240 萬美元，而上一財年同期為 427,000 美元。

The decrease in EBITDA in the first nine months of fiscal 2024 was primarily attributable to lower revenue and gross margin, coupled with increased operating expenses and partially offset by the aforementioned other income of the company's Chinese subsidiary.

2024財年前9個月EBITDA的下降主要是因為收入和毛利率下降，加上營運費用增加，並被該公司中國子公司的上述其他收入部分抵銷。

As of March 31, 2024, we had working capital of approximately $7.8 million, and total cash and cash equivalents of approximately $3.0 million, of which, greater than 50% of our cash and cash equivalents was held by our foreign subsidiaries.

截至2024年3月31日，我們的營運資金約為780萬美元，現金和現金等價物總額約為300萬美元，其中超過50%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 $456,000 for the first nine months of fiscal 2024, compared to cash used in operations of $920,000 for the same period of the prior fiscal year.

2024 財年前 9 個月，營運提供的現金為 456,000 美元，而上一財年同期營運使用的現金為 920,000 美元。

The cash provided by operations for fiscal 2024 was largely driven by decrease in accounts receivable as sales were higher in the fourth quarter of fiscal 2023 than each of the previous quarters.

2024 財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先前各季度。

Capital expenditures were approximately $1.9 million for the first nine months of fiscal 2024, compared to approximately $2.3 million in the same period of the prior fiscal year.

2024 財年前九個月的資本支出約為 190 萬美元，而上一財年同期的資本支出約為 230 萬美元。

The spending in the first nine months of fiscal 2024 is largely driven by the Orlando facility expansion.

2024 財年前九個月的支出主要是由奧蘭多設施擴建所推動的。

We also expended approximately $847,000 net of cash acquired, to acquire Visimid during the first-half of fiscal 2024.

我們也在 2024 財年上半年花了約 847,000 美元（扣除所收購現金）來收購 Visimid。

Our backlog at March 31 was approximately $22 million, a decrease of 17% as compared to $26.6 million as of March 31, 2023.

截至 3 月 31 日，我們的積壓訂單約為 2,200 萬美元，比截至 2023 年 3 月 31 日的 2,660 萬美元減少了 17%。

Compared to the end of fiscal 2023, our total backlog increased by 1% during the first nine months of fiscal 2024.

與 2023 財年末相比，2024 財年前 9 個月我們的積壓總量增加了 1%。

The decrease in backlog as compared to March 31, 2023 is primarily due to shipments against several annual and multi-year contract renewals, which orders were added to the backlog in prior periods.

與 2023 年 3 月 31 日相比，積壓訂單減少主要是由於幾次年度和多年合約續約的發貨，這些訂單已添加到前期的積壓訂單中。

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

往年，我們通常會在第二財季從我們最大的客戶那裡收到關於鍺製成的紅外線產品的重要續約合約。

However, as previously disclosed, and Sam touched on earlier, we have decided to reduce the amount of optics we produce from germanium, both to reduce our risk of supply chain disruption, and more importantly, to work with customers to convert their systems to use optics made of our own BlackDiamond materials.

然而，正如之前所披露的，以及Sam 之前提到的，我們已決定減少用鍺生產的光學器件的數量，這既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元件由我們自己的 BlackDiamond 材料製成。

As such, the second quarter of fiscal 2024, we did not book our typical annual renewal order for germanium Optics with this customer.

因此，2024 財年第二季度，我們沒有向該客戶預訂典型的鍺光學年度續約訂單。

Instead, we continue to work with this customer as well as other customers to convert their systems to BlackDiamond Optics.

相反，我們繼續與該客戶以及其他客戶合作，將他們的系統轉換為 BlackDiamond Optics。

The timing of multi-year contract renewals are not always consistent.

多年合約續約的時間並不總是一致的。

And thus, backlog levels may increase substantially when annual and multi-year orders are received and decrease as shipments are made against these orders.

因此，當收到年度和多年訂單時，積壓水平可能會大幅增加，而根據這些訂單發貨時，積壓水平可能會減少。

Lastly, as Sam mentioned, we have begun the realignment process to shift resources towards LightPath 2.0 and 3.0. The realignment has three elements: first, reducing overhead and manufacturing and shifting production employees toward new products; second, reducing G&A expenses in most areas and increasing expenses for product development and marketing; and lastly, consolidating our manufacturing footprint in China.

最後，正如 Sam 所提到的，我們已經開始重新調整流程，將資源轉向 LightPath 2.0 和 3.0。此次調整包含三個要素：首先，減少管理費用和製造，並將生產員工轉移到新產品；其次，減少大部分領域的管理費用，增加產品開發和行銷費用；最後，鞏固我們在中國的製造足跡。

We began these efforts in Q3 and will continue in Q4.

我們在第三季開始這些努力，並將在第四季繼續。

In Q4, we expect non-recurring expenses related to these activities.

在第四季度，我們預計與這些活動相關的非經常性費用。

We anticipate the lower costs to begin in Q1 and be fully realized in Q2.

我們預計成本下降將在第一季開始，並在第二季完全實現。

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) Glenn, Ladenburg Thalmann.

（操作員說明）Glenn，Ladenburg Thalmann。

Hi.

你好。

Yeah.

是的。

Thanks for taking the question.

感謝您提出問題。

Congrats on all the progress.

祝賀所有的進步。

A lot going on, as you guys both referenced.

正如你們兩個所提到的，發生了很多事情。

I'm particularly interested in the second defense program for the new BDNL material.

我對 BDNL 新材料的第二次防禦計劃特別感興趣。

I know the press release which came out I guess about a month ago talked about 150,000 lenses in an existing program of record.

我知道大約一個月前發布的新聞稿談到了現有記錄計劃中的 150,000 個鏡頭。

Can you give us a little more detail as to what that is going into, and maybe, the timeframe of when you think that stuff might start, and how long of a contract that might be?

您能否給我們更多有關正在發生的事情的詳細信息，也許您認為這些事情可能開始的時間範圍，以及合約可能持續多長時間？

Yes.

是的。

So absolutely.

絕對是如此。

I think the number of 150,000 lenses is definitely correct, but things have changed a bit since then for the better in a sense that we're now going to build the complete system.

我認為 150,000 個鏡頭的數量絕對是正確的，但從那時起情況發生了一些變化，從某種意義上說，我們現在要建立完整的系統。

So we're not going to be selling them as 150,000 individual lenses, but rather build it into -- I think it's something like 30,000 systems, roughly five-lenses system, something along that line.

因此，我們不會將它們作為 150,000 個單獨的鏡頭出售，而是將其構建到 - 我認為這類似於 30,000 個系統，大約有 5 個鏡頭系統，類似的東西。

I don't know yet the price per unit for that, so I can't comment on that, but it's a pretty complex assembly, so it's not going to be insignificant, let's say.

我還不知道它的單位價格，所以我無法對此發表評論，但這是一個相當複雜的組裝，所以可以說它不會微不足道。

I do know that the development part of it has started now, and it's going to be probably a year is what we're looking into.

我確實知道它的開發部分現在已經開始，我們正在研究的可能需要一年的時間。

In a year's time or so, prototypes followed by LRIP, low rate production.

在一年左右的時間裡，原型機隨後進入 LRIP，產量較低。

And then, if all successful, starting rolling out the 30,000 systems, which would probably take a few years, I'd say.

然後，如果一切成功，開始推出 30,000 個系統，我想說，這可能需要幾年時間。

Most likely, over a five- to eight-year period for the entire project, since this is an upgrade to existing aircrafts.

整個專案很可能需要五到八年的時間，因為這是現有飛機的升級。

And therefore, needs to be done gradually as aircrafts come in for service.

因此，需要隨著飛機投入使用而逐步完成。

I think that's about what I can share at this point.

我想這就是我現在可以分享的內容。

Yeah, no, that's very helpful.

是的，不，這非常有幫助。

Second, just quickly, I'll move on to the highway safety stuff.

其次，很快，我將繼續討論高速公路安全問題。

Yeah.

是的。

Since that came out, I realize it's really recent, but have you been back in touch with some of the automotive customers?

自從它發布以來，我意識到這確實是最近的事情，但是您是否與一些汽車客戶重新取得了聯繫？

And just what's your thought in terms of when they would have to sign on with projects in order to begin the ramp and all that stuff?

您對他們何時必須簽署項目才能開始坡道和所有這些事情有何看法？

Yeah.

是的。

And then, would you expect some people to roll it out earlier than the mandated timeframe and all that stuff would be great?

然後，您是否會期望有人在規定的時間範圍之前推出它，並且所有這些東西都會很棒？

Yeah.

是的。

Definitely, communication has picked back up, including the large customers that went into hibernation for a while.

當然，溝通已經恢復，包括休眠了一段時間的大客戶。

I'd say that at first, the communication was mainly all of us high fiving each other on the success of getting this in.

我想說，一開始，溝通主要是我們大家互相擊掌，慶祝這個計畫的成功。

I mean, we're all very excited, right?

我的意思是，我們都很興奮，對吧？

Besides the business prospect of it, having better safety on the roads is something for all of us.

除了商業前景之外，更好的道路安全對我們所有人來說都是一件好事。

I'm pretty sure that at least two companies that are already in a fairly advanced stage are not going to wait until then to start rolling it out.

我非常確定至少有兩家已經處於相當高級階段的公司不會等到那時才開始推出它。

What is probably more likely, and this is just my assumption right now, not based on much, is that they will start rolling out some systems like that in a couple of selected models or so to start getting more data, more experience with it.

更有可能的是，這只是我現在的假設，沒有太多依據，是他們將開始在幾個選定的模型中推出一些類似的系統，以開始獲取更多數據和更多經驗。

And the five-year timeframe gives all of us in time to take that data, take that feedback, fine tune it, fine tune the system.

五年的時間框架讓我們所有人都有時間獲取這些數據、獲取回饋、微調、對系統進行微調。

And so, that by the time it actually does hit the road on the mandated date, it's a far better system.

因此，當它真正在規定日期上路時，它已經是一個更好的系統了。

And that's really the intention of DOT, I think.

我認為這確實是 DOT 的意圖。

If you read through the rule, they very specifically call out what are the areas in terms of the nighttime performance that need to be improved.

如果你仔細閱讀規則，他們會非常具體地指出夜間表現方面需要改進的領域。

They even talk about the testing subjects need to now emit heat so that the thermal imaging cameras would see that, things like that.

他們甚至談到測試對象現在需要散發熱量，以便熱像儀可以看到類似的東西。

There's quite a bit of work to do that.

要做到這一點還有很多工作要做。

For us, it's really good.

對我們來說，這真的很好。

A short timeframe means we would have to throw a lot at it now, and it would significantly distract us from many other areas of growth.

時間期限短意味著我們現在必須投入大量精力，這將極大地分散我們對許多其他成長領域的注意力。

The longer timeframe lets us do it right, lets us possibly look for a partner to work with on this.

更長的時間框架讓我們能夠正確地做事，讓我們有可能尋找合作夥伴來解決這個問題。

There's a lot of really good options going forward now.

現在有很多非常好的選擇。

Yeah, that's great.

是的，那太好了。

Thanks for the update, Sam, and congrats again.

感謝您的更新，山姆，再次恭喜。

Thank you.

謝謝。

Jaeson, Lake Street Capital.

傑森，湖街資本。

Thanks for taking my questions.

感謝您回答我的問題。

I just want to start with gross margin in the quarter.

我只想從本季的毛利率開始。

Appreciate all the color that you provided.

感謝您提供的所有顏色。

I guess a two-part question.

我想這是一個由兩個部分組成的問題。

What would gross margin have been without that inventory write down?

如果沒有庫存減記，毛利率會是多少？

And then, how should we think about margin returning to a more normalized level going forward?

那麼，我們該如何考慮未來利潤率恢復到更正常化的水平？

That's you, Al.

那就是你，艾爾。

Sorry, Jaeson.

對不起，傑森。

I didn't hear the second part of that question.

我沒有聽到這個問題的第二部分。

Just how we should think about gross margin going forward?

我們該如何考慮未來的毛利率？

So I guess, it was several hundred thousand was the adjustment.

所以我猜，調整了幾十萬。

So if you apply that to $7.7 million in sales, if we do the math on it, we get to around about 30% without the inventory cost adjustment.

因此，如果您將其應用於 770 萬美元的銷售額，如果我們對其進行數學計算，則在不調整庫存成本的情況下，我們將獲得大約 30% 左右的銷售額。

And margins should be in the low 30s the next couple of quarters.

未來幾季的利潤率應該會在 30 左右。

As we shift towards 2.0 and 3.0, we expect that to go up, but

當我們轉向 2.0 和 3.0 時，我們預計該數字會上升，但是

--

--

Okay.

好的。

Perfect.

完美的。

And then, following

然後，遵循

--

--

I would say -- I'm going to qualify that and say independent of non-recurring expenses, because I did give you a heads up that you're going to see some non-recurring expenses in Q4 as we drive more costs out of the organization.

我想說——我要限定這一點，並說與非經常性費用無關，因為我確實給了你們一個提示，隨著我們從該組織。

Jaeson, did we lose you?

傑森，我們失去你了嗎？

All right.

好的。

I think that's the end of that question.

我想這個問題就到此結束了。

(Operator Instructions) All right, looks like there are no further questions.

（操作員說明）好的，看起來沒有其他問題了。

Jaeson is back.

傑森回來了。

One second.

一秒。

Hey, guys.

大家好。

Sorry about that.

對於那個很抱歉。

Hey, Jaeson.

嘿，傑森。

Hey, sorry about that.

嘿，對此感到抱歉。

Just following up on the auto opportunity, just to clarify, you guys won't have to be requalified.

只是跟進汽車機會，只是澄清一下，你們不必重新獲得資格。

It isn't a new SPAC, it just progresses.

這不是一個新的SPAC，它只是在進步。

Your current relationships just continue to progress.

你們目前的關係還在持續發展中。

Is that fair?

這樣公平嗎？

Yeah.

是的。

I mean, with that specific customer, every design is different for every customer.

我的意思是，對於特定的客戶，每個設計對每個客戶來說都是不同的。

Every customer does their qualification process, right?

每個客戶都會進行資格認證流程，對吧？

That's a given in the auto world.

這是汽車世界的既定事實。

If that specific customer chooses to continue with the system that we're working in, that we're qualified in, then we do not need to get re-qualified.

如果該特定客戶選擇繼續使用我們正在使用的、我們合格的系統，那麼我們不需要重新取得資格。

I don't know yet if that customer is simply going to brush off the dust now and go back to that exact same system, or if that customer will say, well, you know, what?

我還不知道該客戶現在是否只是簡單地拂去灰塵並返回到完全相同的系統，或者該客戶是否會說，好吧，你知道，什麼？

This now gives me time to redesign my entire car, redesign everything, and therefore, we're back to square one.

現在我有時間重新設計我的整輛車，重新設計一切，因此，我們回到了原點。

In any case, it does give us a tremendous advantage since we've already shipped a large number of those, had them in the field, have them tested, so there's quite a bit of credibility and learning curve behind it.

無論如何，它確實為我們帶來了巨大的優勢，因為我們已經運送了大量此類產品，將它們帶到現場並進行了測試，因此它背後有相當多的可信度和學習曲線。

Got you.

明白你了。

Now, that's really helpful.

現在，這真的很有幫助。

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

然後，只要我最後一個，我就會跳回隊列。

The European defense manufacturing license seems pretty significant.

歐洲國防製造許可證似乎相當重要。

Just curious, the timeline you're thinking about as far as when it really will have an impact.

只是好奇，您正在考慮的時間表何時真正會產生影響。

I assume you've been assuming you would get this.

我想你一直以為你會得到這個。

And does this mean that you could see a quicker impact, or will this take some time as you start to negotiate with these agencies?

這是否意味著您可以更快地看到影響，或者當您開始與這些機構談判時，這是否需要一些時間？

Yeah.

是的。

We applied for it exactly 12 months to the day almost from when we received it.

我們申請的時間幾乎是從我們收到它的那一天算起的12個月。

And I guess everyone knew it would take exactly 12 months to the day, something in the bureaucracy or whatever.

我想每個人都知道這需要整整 12 個月的時間，無論是在官僚機構還是其他地方。

So to that extent, I know that we have at least two customers in Europe, two large defense companies in Europe that have started working with us in anticipation of us receiving it.

因此，就這一點而言，我知道我們在歐洲至少有兩個客戶，歐洲的兩家大型國防公司已經開始與我們合作，期待我們收到它。

So at least from those two customers, I can say with a very high degree of confidence that this is coming shortly related to that.

因此，至少從這兩個客戶那裡，我可以非常有信心地說，這很快就會與此相關。

With others, it might take longer.

對於其他人來說，可能需要更長的時間。

The question is always like in those defense businesses, do we step into an existing program and get qualified as a vendor for something that was already designed and done?

問題總是像在那些國防業務中一樣，我們是否會進入現有計劃並獲得已設計和完成的產品的供應商資格？

Or do they choose us for new programs, and then, a two-year cycle or whatever in those cases?

或者他們會選擇我們參加新項目，然後選擇兩年周期或其他什麼情況？

I am pretty sure that it will be more of the first one.

我很確定它會更多是第一個。

We're going to get stepped in and qualified into existing programs because the growth of the defense spending in Europe has been so tremendous and the supply chains are so, so strained that I think they're going to welcome having new suppliers for even existing programs, which works great for us.

我們將介入並有資格參與現有計劃，因為歐洲國防開支的增長如此巨大，而且供應鏈如此緊張，我認為他們會歡迎新的供應商，甚至是現有的供應商。有用。

It's very positive.

這是非常積極的。

Okay.

好的。

Now, that's really good to hear.

現在，聽到這個消息真是太好了。

Thanks a lot, guys.

非常感謝，夥計們。

Okay.

好的。

Thank you.

謝謝。

Gene, ingerletter.com.

基因，ingerletter.com。

Yeah.

是的。

Hi, Sam and Al, and thanks for your continuing hard work to develop this company.

大家好，Sam 和 Al，感謝你們為發展這家公司而持續努力。

Big transformation.

大轉變。

I hopped on the call a little bit late.

我接電話的時間有點晚了。

I've been under the weather.

我一直不舒服。

But in any event, I don't know if you expanded much on the potential from the Lockheed situation.

但無論如何，我不知道你是否對洛克希德公司的情況的潛力進行了很多擴展。

I realize there's a competing prime contractor there.

我意識到那裡有一個競爭的主承包商。

If not, and the extent to which it at least introduces you to other projects in the realm, perhaps you can expand on that?

如果沒有，以及它至少在多大程度上向您介紹了該領域的其他項目，也許您可以對此進行擴展？

And I'd also like you to update us, if you didn't already, on what's going on in the world of space communications.

如果您還沒有的話，我還希望您能向我們介紹太空通訊領域的最新動態。

Okay.

好的。

Yeah, definitely a lot there.

是的，那裡肯定有很多。

And welcome, Gene.

歡迎，吉恩。

Sorry to hear you're feeling sick.

很遺憾聽到你覺得不舒服。

On the Lockheed, we updated that we delivered on the first milestone on time, full performance, which is great.

在洛克希德公司方面，我們更新說我們按時實現了第一個里程碑，表現出色，這非常棒。

We didn't update much more after that since nothing has changed significantly.

此後我們沒有進行更多更新，因為沒有任何重大變更。

So we're still looking at the same time frame.

所以我們仍在關注同一時間範圍。

We're still looking at the same massive hundreds of millions of dollars in potential of production level sales, and it's all great.

我們仍在尋找同樣巨大的數億美元的生產水平銷售潛力，這一切都很棒。

And as we indicated last time, Lockheed wants to start setting up production even within this year ahead of time here in Orlando.

正如我們上次指出的那樣，洛克希德甚至希望在今年內提前在奧蘭多開始生產。

And that is something we started working on, but we don't have much to report on that yet.

這就是我們開始研究的事情，但我們還沒有太多的報告。

Asking about did it open up other opportunities, that's actually a pretty good question, because it did open up already for us additional programs in Lockheed.

詢問它是否開闢了其他機會，這實際上是一個很好的問題，因為它確實已經為我們在洛克希德公司開闢了額外的項目。

As expected, all the defense contractors tend to take a core technology that's developed and try and use this on multiple platforms.

正如預期的那樣，所有國防承包商都傾向於採用已開發的核心技術，並嘗試在多個平台上使用它。

And this is no different.

這也不例外。

And we have some additional programs that we're in Lockheed that are in the R&D stage.

我們洛克希德公司還有一些處於研發階段的額外項目。

We're hoping that in the next six months, at least one or two of them transition to become program of records, and we'll be able to talk about it.

我們希望在接下來的六個月內，至少其中一兩個轉變為記錄計劃，我們將能夠討論它。

But it's pretty similar in a sense of doing similar product, similar core technology of LightPath.

但從某種意義上說，它們非常相似，做類似的產品，類似的 LightPath 核心技術。

The optical communication in space is going really well.

太空中的光通訊進展非常順利。

Our prime customer there has, I think, increased their order.

我認為我們那裡的主要客戶增加了訂單。

I'm assuming it means that they're delivering more satellites.

我認為這意味著他們正在發射更多衛星。

We don't know exactly full details.

我們不知道確切的全部細節。

Everyone is a bit tight-lipped and understandably on that.

每個人對此都守口如瓶，這是可以理解的。

There's a couple of other projects.

還有其他幾個項目。

There's a small development project that we have that is more related to quantum encryption of optical communication, same free space optical communication and a few other things.

我們有一個小型開發項目，與光通訊的量子加密、相同的自由空間光通訊和其他一些事情更相關。

But I'd say we are on a good steady rate of delivery and very good performance by our team on our biggest space program for optical communication.

但我想說的是，我們的團隊在最大的光通訊太空計畫中的交付率非常穩定，並且表現非常出色。

Perhaps all you need to do is change the name of the company to LightPath AI and people will finally find you.

也許你需要做的就是將公司名稱改為LightPath AI，人們最終就會找到你。

Yes, I can try that.

是的，我可以嘗試一下。

That's like back in the dotcom area where everyone just added dotcom to their name, right?

這就像回到網路公司領域，每個人都只是將網路公司添加到他們的名字中，對嗎？

Including Mr. Dotcom, the fat German guy.

包括多特科姆先生，那個德國胖子。

Not familiar with that, yeah.

對這個不太熟悉，是的。

Oh, it's true.

哦，這是真的。

And at one point, he controlled more domain names than anybody in the world.

一度，他控制的域名比世界上任何人都多。

All right.

好的。

Yeah.

是的。

In any event, no, I think what you're doing is great.

無論如何，不，我認為你所做的很棒。

I think it doesn't take a rocket scientist, which a friend of mine happens to be, but it doesn't take a rocket scientist to recognize what Lockheed does in Orlando.

我認為不需要火箭科學家（我的一個朋友恰好是），但不需要火箭科學家就能認識到洛克希德在奧蘭多所做的事情。

And it's basically one division, which is called Missile and Fire Control.

它基本上是一個部門，稱為導彈和火控部門。

So I suppose you can't get more specific, but I have a rough idea of what they work on there.

所以我想你不能更具體，但我對他們在那裡的工作有一個粗略的了解。

And certainly, there's a need and quantity for things like infrared camera modules and target acquisition sensors and what have you.

當然，對於紅外線攝影機模組和目標擷取感測器等產品也有需求和數量。

Yeah, absolutely.

是的，絕對是。

I think one with a bit of diligence and digging in Google can also find what programs Lockheed got awarded and is working on to connect the dots.

我認為，只要勤奮並在谷歌中挖掘一下，也可以找到洛克希德公司獲得了哪些項目以及正在致力於將這些點聯繫起來的項目。

On the space scenario, what I'm talking about is also the idea of whether there's any recurring annuity style revenues from developing communications within a constellation, whether it's for cellular, whether it's for a defense network.

在太空場景中，我所說的也是這樣的想法：在星座內開發通訊是否有任何經常性年金形式的收入，無論是用於蜂窩網絡，還是用於防禦網絡。

Obviously, the encircling Starlink or anybody else, they're going to encircle the globe and they have to have downlinks to various points on Earth.

顯然，環繞星鍊或任何其他人，他們將環繞地球，並且必須有到地球上各個點的下行鏈路。

And if you're doing a one-time sale of equipment, it's not the same as something that produces residual income.

如果您一次性銷售設備，這與產生剩餘收入的事情不同。

Well, I can share with you that the positive thing here is that the lifetime of those satellites is pretty short.

好吧，我可以與您分享的是，這裡的積極因素是這些衛星的壽命非常短。

And I believe that those satellites, if you look at Starlink as an example, I think they publicly talked about the roughly two-year lifetime of a satellite.

我相信那些衛星，如果你以星鏈為例，我認為他們公開談論了衛星大約兩年的壽命。

So while it is not a recurring revenue as I would love to have, like a license and just a piece of software that you write once and keeps paying back, it is a recurring revenue in a sense that even when the constellation is fully deployed, we're going to need to provide optics and assemblies there and everything we provide on ongoing basis to replenish the satellites that burn out.

因此，雖然它不是我希望擁有的經常性收入，就像一個許可證和一個你編寫一次並不斷償還的軟體，但從某種意義上說，它是一種經常性收入，即使星座完全部署，我們需要在那裡提供光學器件和組件，以及我們持續提供的一切，以補充燒壞的衛星。

You're basically saying you're not in a position to provide backspace management, if you will, of these systems, which would be a recurring revenue approach.

您基本上是說，如果您願意的話，您無法為這些系統提供退格管理，這將是一種經常性收入方法。

And that is AI.

這就是人工智慧。

Yeah.

是的。

In this case specifically, in this program specifically, what we provide is a glass, it's a hardware.

具體來說，在這個例子中，具體來說，在這個程式中，我們提供的是一塊玻璃，它是一個硬體。

Well, and I hope it develops very well.

嗯，我希望它發展得很好。

Okay.

好的。

And by the way, one quick question which might be odd, and then I'll jump off, which is I saw that there's a new photonics department created at UCF.

順便說一句，一個可能很奇怪的快速問題，然後我就跳下去，我看到中佛羅裡達大學創建了一個新的光子學系。

When I logged in, the first thing I heard was something about UCF and a joint project.

當我登入時，我首先聽到的是關於 UCF 和一個聯合專案的資訊。

Is that you?

那是你嗎？

And I know that there was an electronics department, Eichenholz, whatever his name is, was the co-founder of Luminar, which you may have provided lenses to.

我知道有一個電子部門，Eichenholz，不管他叫什麼名字，他是 Luminar 的聯合創始人，你可能已經向 Luminar 提供了鏡頭。

But is this the same thing or is this a whole separate department?

但這是同一件事還是一個完全獨立的部門？

Which they and University of Arizona in Tucson appear to be the only places working on this.

他們和位於圖森的亞利桑那大學似乎是唯一致力於此的地方。

Yeah.

是的。

Jason Eichenholz is a good friend, and is doing great things with UCF and with other organizations.

Jason Eichenholz 是一位好朋友，他正在與 UCF 和其他組織一起做一些很棒的事情。

This is not related to that.

這與此無關。

This is collaboration with Dr. Kathleen Richardson, who is part of Creol, the school of optics, and has been for so many years.

這是與凱瑟琳·理查森 (Kathleen Richardson) 博士的合作，她是克里奧爾光學學院的成員，並且已經合作多年。

And she is a well-renowned expert on the field of infrared glass.

她是紅外線玻璃領域的知名專家。

And it's a very important collaboration, which DoD is spending $1.2 million with us and other members of that collaboration to develop this recycling technology, which down the road will help significantly reduce the cost of the materials.

這是一項非常重要的合作，國防部將與我們以及該合作的其他成員一起花費 120 萬美元來開發這種回收技術，這將有助於顯著降低材料的成本。

Germanium has an advantage, where 30% of the material roughly that gets scrapped or is leftover in production and so on, gets recycled.

鍺有一個優勢，大約 30% 的廢棄材料或生產中剩餘的材料等都得到了回收。

So you can sell back the leftover germaniums that you have for cents on the dollar.

因此，您可以以一美元的價格賣回剩餘的鍺。

And then, that gets thrown in and added into the next batch of germanium

然後，它被扔進去並添加到下一批鍺中

(inaudible).

（聽不清楚）。

We try and pretty much do the same with chalcogenides with our BlackDiamond glass.

我們嘗試使用 BlackDiamond 玻璃對硫屬化物進行同樣的操作。

And that means that down the road, it would drive price down quite a bit.

這意味著，未來，價格將會大幅下降。

While we're at it, could I quickly ask of whether you have any involvement in plasma channel laser systems, which were bandied about three years, never made progress.

當我們討論這個問題時，我可以快速詢問您是否參與了等離子體通道雷射系統，該系統已投入使用了大約三年，從未取得任何進展。

But supposedly, the military is not only making progress, it's starting to equip ships with it.

但據推測，軍方不僅取得了進展，而且開始為艦艇配備這種技術。

And I wonder if you're involved?

我想知道你是否參與其中？

It is possible.

有可能的。

We honestly don’t know.

老實說，我們不知道。

We provide a lot of infrared optics to a lot of different players.

我們為許多不同的參與者提供大量的紅外線光學元件。

I don’t keep track of every single project if we do it from the level of the components.

如果我們從組件層面進行跟踪，我就不會跟踪每個項目。

I'm not aware of involvement in the level of engineering or subsystems that we have in that.

我不知道我們在工程或次系統方面的參與程度。

Our subsystem and the solutions, if you would, product, all revolves around imaging.

我們的子系統和解決方案，如果你願意的話，產品，都是圍繞著成像展開的。

So, you are not involved in, for example, even in Israel, in something like Iron Beam?

那麼，例如，即使在以色列，您也沒有參與類似「鐵束」這樣的事情？

Maybe we are, maybe we aren't.

也許我們是，也許我們不是。

If we are, it's from the component levels.

如果是的話，那是來自元件層級。

Yeah, I got you.

是的，我找到你了。

I appreciate it.

我很感激。

Good luck, guys.

祝大家好運。

I know this is challenging times.

我知道這是一個充滿挑戰的時代。

Thank you.

謝謝。

I appreciate it.

我很感激。

At this time, there are no further questions.

目前，沒有其他問題了。

I would like to turn it back over to our moderator, Albert Miranda for closing remarks.

我想將其轉回給我們的主持人阿爾伯特·米蘭達 (Albert Miranda) 致閉幕詞。

Okay.

好的。

Thank you everyone.

謝謝大家。

It's Sam who is making the closing remarks.

山姆致閉幕詞。

And thank you everyone for taking the time to follow LightPath Technologies.

感謝大家花時間關注 LightPath Technologies。

Really appreciate the continued trust you place with us.

非常感謝您對我們的持續信任。

We are on a long journey, and we are making good progress.

我們正走在一條漫長的道路上，並且正在取得良好的進展。

We are on the turning point right now, and the coming quarters are going to be critical.

我們現在正處於轉折點，未來幾季將至關重要。

And we are going to be seeing some of the fruit of the efforts start to come to fruition and deliver results.

我們將看到一些努力的成果開始結出碩果並取得成果。

Thank you, and goodnight.

謝謝，晚安。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for attending.

感謝您的出席。