LightPath Technologies Inc (LPTH) 2025 Q1 法說會逐字稿

Good afternoon.

午安.

Ladies and gentlemen.

女士們，先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to the Lightpath Technologies first quarter, fiscal 2025 earnings conference call during today's presentation, all parties will be in a listen-only mode following the presentation, the conference will be open for questions.

歡迎參加今天演示期間的 Lightpath Technologies 2025 財年第一季收益電話會議，演示結束後各方將處於僅聽模式，會議將開放提問。

This conference is being recorded today, November 7th 2024.

本次會議於今天（2024 年 11 月 7 日）錄製。

And the earnings press release accompanying this conference call was issued after the market closed today on our call today is Lifepath CEO SAM Rubin and CFO Al Miranda.

今天收盤後，Lifepath 執行長 SAM Rubin 和財務長 Al Miranda 在電話會議上發布了本次電話會議附帶的收益新聞稿。

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

我想提醒您，在本次電話會議期間，該公司將根據當前預期做出前瞻性聲明，這些聲明涉及定期向 SEC 提交的文件中討論的各種風險和不確定性。

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

儘管該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 made by may be made to certain financial measures that are not in accordance with generally accepted accounting principles or cap we refer to this as nongaap financial measures.

此外，可能會提到某些不符合公認會計原則或上限的財務措施，我們稱之為非公認會計準則財務措施。

Please refer to our sec reports in certain of our press elysis which include reconciliations of noncap financial measures and associated disclaimers.

請參閱我們某些新聞分析中的證券交易委員會報告，其中包括非上限財務措施和相關免責聲明的調節。

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 view financial results for quarter and the full year, full year.

然後我將查看季度和全年的財務表現。

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.

我現在想把會議交給 SAM Rubin。

SAM Deplore is yours.

山姆·德普洛是你的。

Thank you operator.

謝謝運營商。

Good afternoon to everyone and welcome to Light Path Technology's first quarter.

大家下午好，歡迎來到光路科技第一季。

Fiscal 2025 financial results conference call the first quarter of 2025 demonstrated our continued transformation from a pure component supplier to a system provider delivering new products contracts and ongoing growth driven by these incremental product lines.

2025 年第一季的 2025 財年財務業績電話會議表明，我們從純粹的組件供應商持續轉型為提供新產品合約的系統提供商，並在這些增量產品線的推動下實現持續增長。

Just over three years ago, we sat on a fresh course with a new strategic direction taking us from being a pure component supplier to a solutions provider since we've laid out three pillars of growth of which our business is built upon.

就在三年多前，我們踏上了新的道路，新的策略方向使我們從純粹的組件供應商轉變為解決方案提供商，因為我們已經制定了我們業務賴以發展的三大成長支柱。

The first is our proprietary cameras and optics.

第一個是我們專有的相機和光學元件。

Second are solutions for government and defense and the third on new commercial applications for those not familiar with our history.

第二個是政府和國防的解決方案，第三個是針對那些不熟悉我們歷史的人的新商業應用。

I will provide a brief overview prior to this shift light path has been for the greater part of 30 years.

我將簡要概述這條轉變光路已經過了 30 年的大部分時間。

An optical component provider, what many years ago was a unique technology molded optics has become now a crowded marketplace going through the classic transformation and commoditization as a result.

光學元件供應商，多年前是一種獨特的模製光學技術，現在已經成為一個擁擠的市場，經歷了經典的轉型和商品化。

Light Pafs core business was eroding unit prices decreasing with them margins and profits.

Light Paf 的核心業務正在侵蝕單位價格，利潤率和利潤也隨之下降。

In 2021 we set a course on a new strategic direction.

2021 年，我們制定了新的策略方向。

One that leverages some of our key technologies to deliver subsystems and system level solutions instead of simply just components which drive higher ASPs and ultimately gross profit dollars.

它利用我們的一些關鍵技術來提供子系統和系統級解決方案，而不僅僅是推動更高平均售價和最終毛利的組件。

This transformation has been very successful for us and in this quarter, we reported that 30% of our revenue came from those activities.

這種轉型對我們來說非常成功，在本季度，我們報告 30% 的收入來自這些活動。

This type of revenue was much less significant for us before we began going down this path through our investment in differentiated technology.

在我們開始透過投資差異化技術走這條路之前，這種類型的收入對我們來說意義不大。

We have positioned ourselves as a leader in the field of infrared optics with an exclusive license from the government to commercialize new materials developed at the Naval Research Lab, as well as our partnership with the Department of Defense Logistics Agency, with the goal of replacing Germanium in dod applications.

我們將自己定位為紅外線光學領域的領導者，擁有政府的獨家許可，可以將海軍研究實驗室開發的新材料商業化，並與國防部後勤局建立合作夥伴關係，目標是取代鍺在國防部的應用中。

We are not only the go to partner for anyone looking to phase out Germanium but have also earned ourselves a seat at the table at some of the most important discussions and projects in today's defense world.

我們不僅是任何希望逐步淘汰鍺的人的首選合作夥伴，而且還在當今國防世界的一些最重要的討論和項目中贏得了席位。

Four years ago, we could only have dreamt of being in such a position naturally.

四年前，我們只能夢想自然地處於這樣的位置。

Since these are defense programs we're talking about, we are a bit limited in what we can share, but we will try to share as much as possible.

由於我們正在談論這些是國防計劃，因此我們可以分享的內容有點有限，但我們會盡力分享。

Recently, the dod via the Defense Logistics Agency, Strategic Materials has awarded us phase two funding to support the qualification of additional new black diamond Calogen glasses as a substitute to germanium.

最近，國防部透過國防後勤局戰略材料部門向我們提供了第二階段資金，以支持額外的新型黑鑽石 Calogen 玻璃作為鍺替代品的資格認證。

Phase one was significant success resulting in the qualification of several new proprietary black diamond materials.

第一階段取得了重大成功，幾種新型專有黑鑽石材料獲得了資格。

These materials are now designed into multiple programs of record and demonstrate significant additional value beyond simply replacing germanium in phase two will continue working with DL A to qualify additional black diamond glasses to be included in dod systems.

這些材料現在被設計成多個記錄項目，除了在第二階段簡單地取代鍺之外，還展示了顯著的附加價值，將繼續與DL A 合作，以確保將更多黑鑽石玻璃納入國防部系統。

The validation this represents cannot be understated as it directly translates to new defense programs that rely on hourglass for which we are the exclusive supplier of record during the quarter.

這所代表的驗證不能被低估，因為它直接轉化為依賴沙漏的新國防計劃，而我們是本季記錄的獨家供應商。

We also received an initial development contract from a new European defense customer for the use of black diamond glass in optical systems.

我們還收到了歐洲新國防客戶的初步開發合同，內容涉及在光學系統中使用黑鑽石玻璃。

Additionally, we also received a follow on order from a European defense customer for infrared assemblies for use in F PV.

此外，我們還收到了歐洲國防客戶的後續訂單，涉及用於 F PV 的紅外線組件。

That is first person view drone application.

這是第一人稱視角無人機應用程式。

These orders are enabled by and are a validation of our recent efforts to obtain a European defense license and build capabilities at our Latvia facility as well as highlight our growing recognition as a trusted supplier within NATO aligned regions as a reminder, more than 30% of our sales come from defense.

這些訂單是我們最近為獲得歐洲國防許可證和在拉脫維亞工廠建設能力而做出的努力的驗證，並突顯了我們作為北約聯盟地區值得信賴的供應商的日益認可，提醒我們，超過 30% 的訂單我們的銷售來自國防。

Most of those in the US obtaining the European defense license now opens the door for us to grow our defense business in Europe too.

現在，大多數美國企業都獲得了歐洲國防許可證，這也為我們在歐洲發展國防業務打開了大門。

And those two recent wins are lead indicators to the success of this strategy.

最近的這兩場勝利是這項戰略成功的先行指標。

We expect to see significant growth coming from this market, European defense market and some customers, they are potentially turning into 10% customers.

我們預計該市場、歐洲國防市場和一些客戶將顯著成長，他們有可能成為 10% 的客戶。

In addition to our investment in materials and differentiating technologies, we have also invested in the development of our camera technologies.

除了對材料和差異化技術的投資外，我們還投資於相機技術的開發。

Just over a year ago, we completed the acquisition of VSIN technologies, integrating their expertise with our proprietary materials to develop advanced thermal cameras and imaging systems.

就在一年多前，我們完成了對 VSIN 技術的收購，將他們的專業知識與我們的專有材料結合，開發先進的熱感相機和成像系統。

We have now built a portfolio of unique thermal cameras that have created a strong entry point for us in the system level product and enables us to carve out a market share in a market estimated to be $9 billion of TAM and growing rapidly.

我們現在已經建立了一系列獨特的熱像儀產品組合，為我們在系統級產品方面創造了強大的切入點，並使我們能夠在 TAM 估計達 90 億美元且快速增長的市場中開拓市場份額。

Our efforts in the camera business.

我們在相機事業上的努力。

Our first pillar of growth are focused around lightpath's unique camera solutions.

我們的第一個成長支柱是圍繞 lightpath 獨特的相機解決方案。

This started with the introduction of Mantis an innovative broadband or multi spectral infrared camera that is a first of its kind and enabled purely by our unique materials for Mena Mantis.

首先推出了 Mantis，一款創新的寬頻或多光譜紅外線相機，這是同類產品中的第一款，完全由我們為 Mena Mantis 設計的獨特材料實現。

Opened doors with several high profile customers, establishing our reputation for producing cameras that are not only groundbreaking in design but also practical applications in harsh and high sensitivity environments and with a price tag of $30,000 we're positioned as industry leaders from a cost to performance perspective.

與多家知名客戶合作，建立了我們生產相機的聲譽，這些相機不僅在設計上具有突破性，而且在惡劣和高靈敏度環境中具有實際應用，並且價格標籤為30,000 美元，從成本到性能，我們被定位為行業領導者看法。

This is significant for future growth of the company as selling hundreds of cameras at $30,000 each has a completely different map to our top line growth than selling just the lenses that go into those cameras, which can cost about as little as a cup of coffee, which used to be our business model.

這對公司未來的發展非常重要，因為以每台30,000 美元的價格銷售數百台相機，與僅銷售這些相機所使用的鏡頭相比，我們的營收成長有著完全不同的地圖，後者的成本大約只有一杯咖啡，這曾經是我們的商業模式。

Prior to this transformation.

在這次轉變之前。

In addition, we recently launched our new optical gas imaging camera platform to detect fugitive gas emissions for oil and gas industry.

此外，我們最近推出了新的光學氣體成像相機平台，用於檢測石油和天然氣行業的逃逸氣體排放。

The new OG camera is a specialized technology using infrared cameras to detect and visualize gas emitted such as methane in industrial settings.

新型 OG 相機是一項專門技術，使用紅外線相機來檢測和可視化工業環境中排放的甲烷等氣體。

OG cameras are capable of visualizing gas that are invisible to the naked eye by detecting the infrared energy absorbed or emitted by those gas.

OG 相機能夠透過偵測肉眼不可見的氣體吸收或發射的紅外線能量來視覺化這些氣體。

The topic is of extreme importance to the oil and gas industry both in the US and Europe following new regulation, curbing those emissions and imposing high penalties on operators.

在新法規推出、限制排放並對營運商處以高額處罰後，這一主題對於美國和歐洲的石油和天然氣產業極為重要。

Lightpath's purpose built OG camera leverages a non Germanium lens to improve upon current technologies by offering a cost effective higher sensitivity and ultimately more effective solution.

Lightpath 的專用 OG 相機利用非鍺鏡頭，透過提供具有成本效益的更高靈敏度和最終更有效的解決方案來改進當前技術。

This OG technology applies to other sectors as well where we see the opportunity to launch additional incremental products leveraging our know how or without incurring significant development expenses on the government and defense side of the business.

這種 OG 技術也適用於其他領域，我們看到有機會利用我們的專業知識推出額外的增量產品，或不會在政府和國防方面產生大量的開發費用。

Our second pillar, we've seen traction pick up significantly similar to the materials technology differentiators that already landed us.

我們的第二個支柱，我們已經看到牽引力的增強與我們已經獲得的材料技術差異化因素非常相似。

One program of record our technology differentiator has landed us the Lockheed Martin missile program.

我們的技術優勢之一是洛克希德馬丁公司的飛彈計畫。

Under this program, we are developing a new camera system for Lockheed Martin that will be part of a missile system due to pressing needs from the army.

根據該計劃，我們正在為洛克希德馬丁公司開發一種新的攝影系統，由於軍隊的迫切需求，該系統將成為飛彈系統的一部分。

The customer, the program is now on a very accelerated timeline though it started only a year ago, we have already achieved a worthy qualification of our subsystem and can begin shipping units for flight tests which the team is currently working on the Lockheed Martin program is potentially transformative for light path.

客戶，該專案現在的進度非常快，儘管它僅在一年前開始，我們已經獲得了我們的子系統的合格資格，並且可以開始運輸用於飛行測試的裝置，該團隊目前正在洛克希德·在馬丁公司的專案上進行工作光路的潛在變革。

Not only is it exactly the type of business we were targeting in our new strategy, but the size of this opportunity can completely transform us.

這不僅正是我們在新策略中瞄準的業務類型，而且這個機會的規模可以徹底改變我們。

If Lockheed Martin wins against Raytheon, which they are competing against, we could expect to see revenues of between 50 million to $100 million a year.

如果洛克希德馬丁公司戰勝他們的競爭對手雷神公司，我們預計每年的收入將達到 5,000 萬至 1 億美元。

Once in full production.

一旦全面投產。

Though we are still in development, the progress of this project is so fast that Lockheed and the customer already looking to start setting up for low rate initial production next year, which is the last step before full production for a company our size with $35 million or so in revenue, a contract like this could completely transform us.

儘管我們仍處於開發階段，但該項目的進展如此之快，以至於洛克希德和客戶已經在計劃明年開始進行低速初始生產，對於一家規模達3500 萬美元的公司來說，這是全面生產之前的最後一步就收入而言，這樣的合約可以徹底改變我們。

And although there is a possibility that Lockheed will not win against, we know that this technology we developed is so transformative and important that the same customer is already integrating it into at least two additional programs.

儘管洛克希德公司有可能不會獲勝，但我們知道我們開發的這項技術具有變革性和重要性，以至於同一個客戶已經將其整合到至少兩個附加項目中。

I'll now turn to our third pillar of growth which is new commercial applications such as automotive as those that follow us.

我現在將轉向我們的第三個成長支柱，即新的商業應用，例如我們後續的汽車應用。

Note, Light Bar has been working with several tier one and tier two automotive OEMs to develop and qualify thermal imaging solutions for use in Adas per a new mandate set by the National Highway Traffic Safety Administration.

請注意，Light Bar 一直在與多家一級和二級汽車原始設備製造商合作，根據國家公路交通安全管理局製定的新規定，開發和鑑定用於 ADAS 的熱成像解決方案。

By all 2029 new cars should include an emergency braking system that can identify pedestrians in pitch dark conditions from a certain distance to achieve that it appears that thermal imaging is going to be adopted into every new car, which means a significant addressable market opportunity.

到 2029 年，新車應該配備緊急煞車系統，能夠在漆黑的條件下從一定距離識別行人，從而實現熱成像技術將被應用到每輛新車中，這意味著一個巨大的潛在市場機會。

Ahead of those upcoming catalysts, we begin to strengthen our operational capabilities to support future growth.

在這些即將到來的催化劑之前，我們開始加強我們的營運能力以支持未來的成長。

Subsequent to quarter end, we welcomed Steve Garcia as General manager of our Orlando manufacturing facility.

季度末後，我們迎來了史蒂夫·加西亞 (Steve Garcia) 擔任我們奧蘭多製造工廠的總經理。

Steve brings extensive operational experience in high growth environments and he will play a vital role in scaling our production processes to meet the increasing demand of our products, particularly for defense and industrial applications.

史蒂夫在高成長環境中帶來了豐富的營運經驗，他將在擴大我們的生產流程以滿足我們產品不斷增長的需求（特別是國防和工業應用）方面發揮至關重要的作用。

His addition enhances our ability to support large mission critical programs while maintaining our commitment to quality and innovation.

他的加入增強了我們支持大型關鍵任務項目的能力，同時保持了我們對品質和創新的承諾。

Now, I'd like to turn the call over to our CFO Albert Miranda to talk about our first quarter, fiscal financial results.

現在，我想將電話轉給我們的財務長阿爾伯特·米蘭達（Albert Miranda），談論我們第一季的財務業績。

Al please go ahead.

艾爾請繼續。

Thank you, SAM.

謝謝你，山姆。

I will keep my review to a very succinct highlight of the financials this quarter.

我將繼續對本季的財務狀況進行非常簡潔的回顧。

As a reminder much of the information we're discussing during this call was also included in our press release issued earlier today and will be included in the 10-Q for the period.

提醒一下，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 to access these documents revenue for the first quarter of fiscal 2025 increased 4% to 8.4 million as compared to 8.1 million.

我鼓勵您造訪我們的網站以取得這些文件，2025 財年第一季的營收從 810 萬美元成長了 4%，達到 840 萬美元。

In the same year ago quarter, sales of infrared components were 2.6 million or 31% of the company consolidated revenue revenue from visible components was 3.3 million or 39%.

去年同期，紅外線元件的銷售額為 260 萬個，占公司合併收入的 31%；可見光元件的銷售額為 330 萬個，佔 39%。

Revenue from assemblies and modules were 1.1 million or 13%.

組件和模組的收入為 110 萬美元，佔 13%。

And revenue from engineering services was 1.4 million or 17%.

工程服務收入為140萬美元，佔17%。

Gross profit increased 22% to 2.8 million or 4% of total revenues in the first quarter of 2025.

2025 年第一季毛利成長 22%，達到 280 萬美元，佔總營收的 4%。

As compared to 2.3 million or 29% of total revenues in the same year ago quarter, the increase in gross margin as a percentage of revenue is primarily driven by a more favorable product mix weighted towards visible component sales and assembly modules which typically have higher gross margins than infrared components.

與去年同期的230 萬美元或總收入的29% 相比，毛利率佔收入百分比的增加主要是由於更有利的產品組合所推動，該產品組合側重於可見組件銷售和組裝模組，這些模組通常具有更高的毛利率利潤比紅外線組件。

Operating expenses increased 23% to 3.3 million for the first quarter of fiscal 2025.

2025 財年第一季營運支出成長 23%，達到 330 萬美元。

As compared to approximately 2.7 million in the same year ago quarter.

相比之下，去年同期約為 270 萬。

The increase in operating expenses were primarily due to an increase in legal and consulting fees related to business development initiatives as well as increases in sales and marketing spend to promote new products.

營運費用的增加主要是由於與業務發展計劃相關的法律和諮詢費用的增加，以及推廣新產品的銷售和行銷支出的增加。

Net loss.

淨損失。

In the first quarter of fiscal 2025 totaled 1.6 million or 4¢ per basic and diluted shares as compared to 1.3 million or 4¢ per basic and diluted share.

2025 財年第一季，基本股和稀釋股總計為 160 萬股，即每股 4 美分，而基本股和稀釋股為 130 萬股，即每股 4 美分。

In the same year ago quarter, the increase in net loss was primarily attributable to higher legal and consulting expenses related to business development initiatives.

去年同期，淨虧損增加主要歸因於與業務發展計畫相關的法律和諮詢費用增加。

Even the loss, a non-GAAP term for the quarter ended September 30th 2024 was approximately 0.5 million compared to a loss of 0.4 million for the same period of the prior fiscal year.

即使以非公認會計準則計算，截至 2024 年 9 月 30 日的季度的虧損也約為 50 萬美元，而上一財年同期的虧損為 40 萬美元。

The decrease in EBITA in the first quarter of fiscal 2025 was primarily attributable to the previously mentioned.

2025財年第一季EBITA下降的主要原因是前面提到的。

Additional legal and consulting expenses related to business development initiatives, cash and cash equivalents as of September 30th 2024 totaled 4.3 million as compared to 3.5 million as of June 30th 2024.

截至 2024 年 9 月 30 日，與業務發展計畫、現金和現金等價物相關的額外法律和諮詢費用總計 430 萬美元，而截至 2024 年 6 月 30 日為 350 萬美元。

As of September 30th 2024 total debt stood at 3.9 million and backlog totaled 21 million in closing.

截至 2024 年 9 月 30 日，債務總額為 390 萬美元，結帳時積壓總額為 2,100 萬美元。

I view our performance in Q1 is a strong indicator of the solid footing and growth trajectory of YPA financial results underscore the progress of our strategic investments with positive impacts on revenue margin, improvements and steady pipeline.

我認為我們第一季的業績有力地表明了 YPA 財務表現的堅實基礎和成長軌跡，突顯了我們策略性投資的進展，對收入利潤率、改進和穩定的管道產生了積極影響。

We remain focused on executing the strategy with discipline and delivering value to our shareholders as we scale and grow with that.

我們仍然專注於嚴格執行策略，並隨著我們的規模和發展而為股東創造價值。

I will turn the call back to SAM for some closing remarks.

我會將電話轉回給 SAM，讓其發表一些結束語。

Thank you everyone for taking the time today to attend our call.

感謝大家今天抽空參加我們的電話會議。

Looking ahead, we will continue to drive the future of imaging as seen through our proprietary black diamond optics, leveraging our clear advantage and capabilities.

展望未來，我們將利用我們明顯的優勢和能力，透過我們專有的黑鑽石光學元件繼續推動成像的未來。

As compared to legacy Germanium based solutions.

與傳統的基於鍺的解決方案相比。

We've defined catalysts in automotive defense and camera solutions market.

我們定義了汽車防禦和攝影機解決方案市場的催化劑。

I have never been more confident in our path ahead as we move into 2025.

當我們邁入 2025 年時，我對我們前進的道路從未如此有信心。

Our team firmly believes that we are well positioned to continue our transformation and build sustainable value for our shareholders over the long term with that, I'll turn the call over to the operator to begin the questions and answer session operator.

我們的團隊堅信，我們有能力繼續轉型，並為我們的股東長期創造可持續的價值，因此，我將把電話轉給接線員，開始問答環節。

Ladies and gentlemen, we will now begin the question and answer session.

女士們、先生們，我們現在開始問答環節。

Should you have a question?

你應該有一個問題嗎？

Please press star followed by one on your Touchstone phone.

請在 Touchstone 手機上按星號，然後按一個。

You hear the prompt that your hand has been raised.

您會聽到您已舉手的提示。

Should you wish to climb from the pulling process?

您是否希望從拉動過程中爬升？

Please press star two star followed by two.

請按星號兩顆星，然後再按星號二。

If you're using a speaker phone, please lift the handset before pressing any keys.

如果您使用免持電話，請在按任何按鍵之前拿起聽筒。

First question comes from Jason Schmidt with Lake Street.

第一個問題來自 Lake Street 的 Jason Schmidt。

Please go ahead.

請繼續。

Hey guys.

嘿夥計們。

Thanks for taking my questions and progress on the strong results.

感謝您回答我的問題並在強勁的結果上取得進展。

Want to start with the European market because it sounds like you guys are seeing some pretty significant traction there.

想從歐洲市場開始，因為聽起來你們在那裡看到了一些相當大的吸引力。

SAM just want to clarify your comments on some of these customers maybe eclipsing that 10% threshold.

SAM 只是想澄清您對其中一些客戶的評論，這些客戶可能超出了 10% 的閾值。

Did you provide a time line on when that could occur?

您是否提供了何時發生這種情況的時間表？

Yes, good to hear from you.

是的，很高興收到你的來信。

And thanks for the question.

謝謝你的提問。

I think European defense market unfortunately has timelines similar to the US defense market, maybe sometimes a little bit faster.

不幸的是，我認為歐洲國防市場的時間表與美國國防市場相似，有時可能更快一點。

So when we talk, for example, about large programs, it's pretty much the same cycle as in the US initial development, prototypes, low weight, initial production and then into production, which can often be two years or so.

因此，例如，當我們談論大型專案時，它的周期與美國的初始開發、原型、低重量、初始生產然後投入生產幾乎相同，通常需要兩年左右。

Most of the times we report about it when we're already well into the program.

大多數時候，當我們已經深入了解該計劃時，我們就會報告這一情況。

So naturally, we don't report about it when we just get an inquiry or start working on it.

因此，當我們剛收到詢問或開始處理此事時，我們自然不會報告此事。

So I'd say in most cases, it's up to one year from the moment we report about it until we start seeing some, some real production level orders.

所以我想說，在大多數情況下，從我們報告此事到我們開始看到一些真正的生產水準訂單，需要長達一年的時間。

The FPB drone might be the exception there where it is actually something where it is not one of those large difference programs that has to go through enormous qualification.

FPB 無人機可能是個例外，它實際上並不是那些必須經過大量資格認證的大型差異項目之一。

It's actually more of those technologies where armies around the world are trying to move faster and adopt commercial solutions to be able to get them in faster.

實際上，世界各地的軍隊都在嘗試更快採取行動並採用商業解決方案，以便能夠更快地採用這些技術。

So the FPB might turn into revenue or is turning into revenue much faster?

那麼 FPB 可能會轉化為收入，或者轉化為收入的速度要快得多？

Okay, great.

好的，太好了。

And is the sales team and sales channel in that market fully built out or do you still need some work there?

該市場的銷售團隊和銷售管道是否已完全建立，或者您還需要在那裡做一些工作嗎？

I'd say we have a pretty strong sales teams there.

我想說我們那裡有一支非常強大的銷售團隊。

Maybe there's some sales channels where in the defense part in certain countries, we need local partners.

也許在某些國家的國防部部分有一些銷售管道，我們需要當地的合作夥伴。

So even though EU is the EU and and spending within the EU and our defense license covers the entire eu, certain countries want to do more local purchasing or want you to have a local partner.

因此，儘管歐盟就是歐盟，而且在歐盟內部支出，而且我們的國防許可證涵蓋整個歐盟，但某些國家希望進行更多本地採購，或希望您擁有當地合作夥伴。

So, so there could be countries where we'll be signing up, distributors could be countries outside the EU such as Turkey and the UK, where we will need distributors just because of the way things are there.

因此，我們可能會在某些國家/地區簽約，分銷商可能是歐盟以外的國家/地區，例如土耳其和英國，我們需要分銷商只是因為那裡的情況。

Okay.

好的。

That makes sense.

這是有道理的。

And last one for me and I'll jump back into queue any update on how you're thinking about the timeline for the Lockheed decision.

最後一個對我來說，我將跳回到隊列中，以了解您如何考慮洛克希德決定的時間表的任何更新。

No significant changes on our side.

我們這邊沒有重大變化。

I mean, as we said, we received the airworthy qualification, which we're very proud of and I'm immensely proud of the team in Texas for everything they've done there and we're building flightworthy units right now and you know, the timeline is fluidic, but but we're still, you know, hoping to get some indications around the coming September October time frame.

我的意思是，正如我們所說，我們獲得了適航資格，我們對此感到非常自豪，我為德克薩斯州的團隊在那裡所做的一切感到非常自豪，我們現在正在建造適航單位，你知道，時間表是流動的，但我們仍然希望在即將到來的 9 月 10 月時間範圍內獲得一些跡象。

Perfect.

完美的。

Thanks a lot guys.

非常感謝大家。

Thank you.

謝謝。

Your next question comes from Glenn Mattson with Ladenburg.

您的下一個問題來自拉登堡的格倫馬特森。

Please go ahead.

請繼續。

Hi, thanks for taking the question.

您好，感謝您提出問題。

And congrats on the results.

並對結果表示祝賀。

The top Line is a little better than I expected.

頂線比我預期的要好一點。

The you know, curious as it comes to the kind of the, the camera business, the the assemblies and modules, you know, in my projections that I have a kind of a strong back half kind of built on the sales funnel having grown from all these new products and, and, and the efforts you're making, you know, is that still reasonable?

你知道，對於相機業務、組件和模組的類型感到好奇，你知道，在我的預測中，我有一種強大的後半部分，建立在銷售漏斗上，從所有這些新產品以及您所做的努力，您知道，這仍然合理嗎？

Do you still feel like that, that, that channel is that funnel is building?

您是否仍然有這樣的感覺，那個頻道就是那個漏斗正在建立的？

And that, that that, that, that you're seeing a good response from the customers that sat there.

那、那、那、你看到坐在那裡的顧客的反應很好。

Yeah, definitely.

是的，絕對是。

I'd say the camera business is one that for the most part can move faster to translate into revenue.

我想說，相機業務在很大程度上可以更快轉化為收入。

A lot of it is from the industrial commercial space.

其中很多來自工業商業空間。

So furnaces and high temperature process monitoring.

因此對熔爐和高溫過程進行監控。

So with them, it's more driven by their budget cycles.

因此，對他們來說，這更多是由他們的預算週期所驅動的。

So come where end of year now with some end of year spending, but we suspect most of it is going into next year's budget, which means January to June, we'll be seeing a lot of those orders and deliveries.

因此，現在到了年底，會有一些年終支出，但我們懷疑其中大部分將進入明年的預算，這意味著一月到六月，我們將看到大量的訂單和交付。

Even on the defense side of cameras, it is more of a, a faster cycle than some of the large defense programs.

即使在攝影機的防禦方面，它的周期也比一些大型防禦項目更快。

With the exception of course, of the Lockheed project, which is a very, very customized long term project, even when we're providing camera and safe to drones and so on, the turnaround cycles are very fast.

當然，洛克希德計畫是個例外，這是一個非常非常客製化的長期項目，即使我們為無人機提供攝影機和安全裝置等，週轉週期也非常快。

The dod is making tremendous efforts to adopt commercial technologies or dual use technologies faster and we're, we're gaining from that.

國防部正在做出巨大努力，以更快地採用商業技術或雙重用途技術，我們正在從中受益。

So we're benefiting.

所以我們受益匪淺。

From that.

從此。

Well.

出色地。

Great and I maybe I missed it on multiple calls.

太好了，我可能在多次通話中錯過了它。

But the in the past, you mentioned another, the other defense program that you're working on.

但在過去，你提到了另一個，你正在研究的另一個防禦計劃。

I believe it's like a helicopter apat you maybe he helicopter application.

我相信這就像直升機應用程式。

Is there an update there that you could share?

有更新可以分享嗎？

We're, we're working on the initial prototypes, small delays but nothing of major.

我們正在研究最初的原型，雖然有一些延遲，但沒什麼大不了的。

I say the team is doing very well there.

我說球隊在那裡做得很好。

Great, but so are good.

很棒，但也很好。

So.

所以。

No, I was going to say no, no significant update unfortunately.

不，我想說不，不幸的是沒有重大更新。

Yes.

是的。

And, and then the second quarter in a row, you mentioned two additional programs with Lockheed.

然後，您連續第二季度提到了與洛克希德公司的兩個額外項目。

Is there any color you can give further in terms of time or so?

您可以在時間方面進一步給出任何顏色嗎？

So.

所以。

These programs actually, we don't know that much about them.

實際上，我們對這些程序了解不多。

It's we don't always know the full details of the programs.

我們並不總是知道計劃的全部細節。

But we know we're with the, with the same groups at Lockheed of missile fire control the earlier stage than, than the large missile program and.

但我們知道我們與洛克希德公司飛彈火控早期階段的同一小組相比，比大型飛彈計劃和。

They will not Be as high a volume as that But they're moving along and we.

他們的銷量不會那麼大，但他們和我們都在前進。

Feel confident that Lockheed is really looking at that as the ultimate solution.

請相信洛克希德確實將其視為最終解決方案。

For those programs.

對於那些程序。

Oh, great.

哦，太好了。

Thank you.

謝謝。

And the last one for me, I know it's, this is not really a fair question.

最後一個問題對我來說，我知道，這不是一個公平的問題。

I know it's been two days but the politics, there's you know, the new administration is maybe tough on China, maybe a little more friendly with Russia there's the two sources of Germanium.

我知道已經過去兩天了，但政治方面，你知道，新政府可能對中國採取強硬態度，也許對俄羅斯更友善一些，這是鍺的兩個來源。

Can you just talk about if there's any initial thoughts as to what it all means for you guys?

您能否談談對於這一切對你們意味著什麼有什麼初步想法嗎？

I don't Expect that to impact the Germanium part as much.

我預計這不會對鍺部分產生太大影響。

I mean, Russia is still going to be, I'm assuming still going to be sanctioned and China is still going to try and use Germanium as the leverage in trading.

我的意思是，我假設俄羅斯仍然會受到製裁，而中國仍然會嘗試使用鍺作為交易槓桿。

So I don't expect to foresee we're not planning on any significant changes.

因此，我預計我們不會計劃進行任何重大更改。

We've already just as a reminder, proactively, significantly reduced our exposure to Germanium by canceling a few multimillion dollar orders a year and a half ago or so.

提醒一下，大約一年半前，我們已經取消了幾筆數百萬美元的訂單，主動顯著減少了我們對鍺的敞口。

So we already, you know, took actions towards that.

所以，你知道，我們已經為此採取了行動。

I think if anything, the results of the election might increase some defense spending around the world, but and defense now is a, you know, close to going on going to be 50% of our business at some point.

我認為，如果有的話，選舉結果可能會增加世界各地的一些國防開支，但現在的國防開支，你知道，在某個時候將接近占我們業務的 50%。

So.

所以。

That's probably good for us.

這可能對我們有好處。

Right.

正確的。

Right.

正確的。

Okay.

好的。

Thanks, sir.

謝謝，先生。

Thank you.

謝謝。

Next question comes from Scott Buck with HC Wainwright.

下一個問題來自 Scott Buck 和 HC Wainwright。

Please go ahead.

請繼續。

Hi, good afternoon guys.

嗨，大家下午好。

Thanks for taking my questions.

感謝您回答我的問題。

I think I saw you had you reached a qualification milestone with Lockheed in the quarter.

我想我看到你在本季達到了洛克希德公司的資格里程碑。

Is there revenue attached to that?

這有附帶收入嗎？

That was in the 8.4 million.

那是 840 萬。

No, not specific to the qualification milestone.

不，不特定於資格里程碑。

We recognize locked revenue throughout the quarter.

我們確認整個季度的鎖定收入。

Did we have that?

我們有那個嗎？

We did?

我們做到了？

We did, we did have some revenues there that shows in the engineering services group, it's.

我們確實做到了，我們確實在那裡獲得了一些收入，這些收入顯示在工程服務部門中。

In engineering services.

在工程服務方面。

Okay.

好的。

It doesn't sound like it was a huge number.

聽起來這個數字並不大。

It was a, it was about a million.

這是一個，大約有一百萬。

Okay.

好的。

Okay.

好的。

Great, appreciate that.

太好了，很欣賞。

And the second on some of these larger potential wins and I'm thinking Lockheed specifically, but, but we can broaden it out.

第二個是關於一些更大的潛在勝利，我特別想到的是洛克希德公司，但是，但是我們可以擴大範圍。

How should we think about the gross margin on those opportunities versus, you know, kind of today's consolidated margin.

與今天的綜合利潤率相比，我們應該如何考慮這些機會的毛利率。

So those are government programs and there's government accounting associated to them.

這些都是政府計劃，並且有與之相關的政府會計。

So government dictates the gross margin pretty much as I think it's something like 25%.

所以政府規定了毛利率，我認為大約是 25%。

But the baseline of 25% of what is sort of includes management fees as G&A and so on.

但 25% 的基準包括 G&A 等管理費。

So it's probably a bit too early to translate it into what it would look like in our growth margins.

因此，將其轉化為我們的成長利潤率可能還為時過早。

But my rough guess somewhere between 30% to 40%.

但我粗略猜測在 30% 到 40% 之間。

Absolutely, definitely, between 30,40.

絕對，絕對，在30，40之間。

Okay, perfect.

好的，完美。

Well, that's it for me guys.

嗯，對我來說就是這樣。

I appreciate the time.

我很感激時間。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from Brian Kinstlinger with alliance global partners.

您的下一個問題來自 Brian Kinstlinger 和聯盟全球合作夥伴。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks.

謝謝。

I got a couple of questions.

我有幾個問題。

Did I hear correctly?

我沒聽錯吧？

Now that you've got multiple cameras, you think adoption begins to pick up and orders begin to pick up about 12 to 18 months from now?

現在您已經擁有了多個攝像頭，您認為從現在開始大約 12 到 18 個月後，採用率就會開始上升，訂單也會開始增加？

Is, is that how I understood your response to one of those questions?

我是這樣理解你對其中一個問題的回答的嗎？

No, I meant that January of this year, when on the commercial industrial side, when new budgets of those power plants and utilities and so on come into effect on January 1st.

不，我的意思是今年一月，在商業工業方面，這些發電廠和公用事業等的新預算將於 1 月 1 日生效。

We know for a fact that, you know, we have quite a few customers that have budgeted our cameras into the next year, meaning calendar 2025.

我們知道，我們有相當多的客戶已經將我們的相機預算安排到了明年，即 2025 年。

So we expect over the next 7 to 8 months to start seeing a pick up in that.

因此，我們預計在接下來的 7 到 8 個月內，這種情況將開始有所改善。

Is.

是。

There any way to quantify?

有什麼辦法可以量化嗎？

What that, what I mean?

那是什麼，我的意思是什麼？

Is that 10% of revenue?

是收入的10%嗎？

Do you think 20% of revenue?

你認為收入的20%嗎？

I mean, how do you think given those those ticket sizes?

我的意思是，考慮到這些門票尺寸，您有何看法？

Is there any way to quantify it or?

有什麼辦法可以量化或量化嗎？

Yeah, I'd say look, so if we look at the product groups of assemblies and engineering services, sort of bundled together that has gone up to about 30% of our revenue in this quarter.

是的，我想說，如果我們看看裝配和工程服務的產品組，它們捆綁在一起，佔本季收入的 30% 左右。

I could definitely see that going up to 50 as much as 50% over the next few quarters.

我可以肯定地看到，在接下來的幾個季度裡，這一比例將上升到 50% 甚至 50%。

Got it right.

做對了。

And then.

進而。

This is our future and where the growth is coming.

這是我們的未來，也是成長的所在。

From by far and, and maybe I'm, I'm drawing a blank.

到目前為止，也許我是，我正在畫一片空白。

I maybe was answered last quarter.

也許上個季度我就得到了答案。

So I apologize.

所以我道歉。

That large customer that has gone away for you for now, are they still evaluating black diamond materials?

那個暫時離開你的大客戶，還在評估黑鑽材料嗎？

And if so is there a reasonable time frame to expect adoption?

如果是的話，是否有一個合理的時間框架來期待採用？

Sorry if I forget to answer that.

抱歉，如果我忘記回答這個問題。

No, you're absolutely right.

不，你說得完全正確。

We haven't spoken about it in a while.

我們有一段時間沒有談論過這件事了。

Actually, I was at that customer a couple of weeks ago and working out a plan with them on both getting Black Diamond into their systems to replace Germanium.

事實上，幾週前我在那位客戶那裡，與他們一起制定了一項計劃，將 Black Diamond 納入他們的系統以取代鍺。

They have not yet done that as well as a few other long term strategic things we're working on together.

他們還沒有做到這一點，以及我們正在共同努力的其他一些長期戰略事情。

So I'm, I'm very hopeful that that customer is going to come back and we're going to win them back.

所以我非常希望該客戶能夠回來，我們會贏回他們。

And it's a, it's a very, very significant potential as a reminder that customer used to be anywhere between $4 million to $6 million a year for us.

這是一個非常非常巨大的潛力，提醒我們過去客戶對我們來說每年的收入在 400 萬到 600 萬美元之間。

But from your, from your comment, you're not quite that yet.

但從你的評論來看，你還沒有完全做到這一點。

It's, it's, you're still working on trying to get that done.

是的，是的，你仍在努力完成這項工作。

There's quite a bit that needs to be done on their side as well.

他們這邊也有很多事情要做。

We're working closely together.

我們正在密切合作。

And I think for us that's the most important part.

我認為對我們來說這是最重要的部分。

It's a very collaborative effort.

這是一項非常協作的努力。

And then how long do you expect phase two of the testing?

那麼您預計第二階段的測試需要多長時間？

I think it's with DL A.

我認為是 DL A 的事。

How long, how long do you see that lasting?

多久，你認為這種情況會持續多久？

And then why is the next phase moving into production?

那為什麼下一階段要投入生產呢？

Well, production starts every time we qualify a material.

嗯，每次我們對材料進行鑑定時，生產就開始了。

So BDNL four was qualified and is in production BDNL six and eight.

因此，BDNL 4 已合格，並且正在生產 BDNL 6 和 8。

We actually have not announced them as Qualified.

實際上我們還沒有宣布他們是合格的。

Formally, but realistically, they are already embedded in a couple of programs of record.

正式但實際上，它們已經嵌入到幾個記錄程式中。

We just haven't done that to in an official manner.

我們只是還沒有以正式的方式做到這一點。

But from DL a point of view, that qualification has finished the next six glasses DL A is paying for the qualification.

但從DL的角度來看，該資格已經完成了接下來的六杯DL A正在為資格付費。

The project is defined to be up to 24 months, but we suspect it could be sooner than that.

該項目預計持續 24 個月，但我們懷疑可能會更早。

Okay.

好的。

Now backlog is relatively flat year over year.

現在積壓訂單比去年同期相對持平。

However, I get the sense from you and Alice comments that you're confident that you're going to begin to grow revenue a little faster.

然而，我從你和愛麗絲的評論中感覺到，你有信心你將開始更快地增加收入。

Is that because some of these orders don't flow through backlog?

是因為其中一些訂單沒有透過積壓進行流動嗎？

So we'll never really see them in backlog.

所以我們永遠不會真正看到它們積壓。

Just reconcile the flat backlog with the accelerated basic growth, please.

請把持平的積壓訂單與加速的基本成長相協調。

Yeah, definitely.

是的，絕對是。

So you're absolutely right.

所以你是完全正確的。

A lot of the camera business is what we'd call book and turn.

很多相機業務都是我們所謂的「預訂和轉向」。

We, we have subassemblies of them ready.

我們，我們已經準備好了它們的組件。

We have, you know, modules and we can turn a camera around and ship it within 2 to 3 weeks and with unit prices of 10 to $30,000 for the cameras that can be pretty significant in some of the book and turn.

你知道，我們有模組，我們可以改造相機並在 2 到 3 週內發貨，相機的單價為 10 到 30,000 美元，這在某些書籍和改造中可能相當重要。

In addition, I want to just remind, we're looking at the backlog.

此外，我想提醒一下，我們正在查看積壓的訂單。

It's flat year over year up until about a year ago.

直到大約一年前，這一數字與去年同期持平。

We had our sports gun site companies, the same one we mentioned in the backlog, right?

我們有運動槍網站公司，與我們在待辦事項中提到的相同，對嗎？

Belt, every November they would come in with a renewal that was between 4 to $6 million.

貝爾特，每年 11 月他們都會進行 400 至 600 萬美元的續約。

So we're flat quote unquote without what used to be a 4 to $6 million customer.

因此，我們對過去價值 400 至 600 萬美元的客戶實施統一報價。

So it is actually a growth of all the other businesses outside that customer.

所以它實際上是該客戶以外的所有其他業務的成長。

Can you remind me when that customer, last made that order?

您能提醒我該客戶上次下訂單的時間嗎？

So we can kind of take a.

所以我們可以採取一種。

Look at a year ago, I think about a year ago is when we.

看看一年前，我想一年前就是我們的時候。

It was, their last order was their last.

是的，他們的最後一個訂單是他們的最後一個。

About a year ago, about a year ago, we canceled and did not renew it.

大約一年前，大約一年前，我們取消了，沒有續約。

So the order fell off.

於是訂單就掉下來了。

The belt to you about a year.

腰帶給你一年左右。

So, so the flat backlog doesn't reflect either side, probably of that order.

因此，平坦的積壓工作並不反映任何一方，可能是這樣的。

There was a little.

有一點。

There was, there was probably a billion and a half.

有，可能有十億五。

Left in there.

留在那裡了。

The previous owners got it.

以前的業主得到了它。

Yeah, my last question is, yeah, as you look at the backlog, two questions for that, which is the non basically camera business.

是的，我的最後一個問題是，是的，當你查看積壓的訂單時，有兩個問題，這是非基本的相機業務。

How much of that generally gets recognized in 12 months?

其中有多少通常會在 12 個月內得到認可？

And the second part of the question is, how do you see the mix of products in terms of margin profile or product?

問題的第二部分是，您如何看待產品組合的利潤狀況或產品？

Can you kind of give us any direction on that?

您能給我們一些指導嗎？

So most of the backlog is, you know, ages out in 12 to 15 month time frames.

因此，您知道，大部分積壓工作會在 12 至 15 個月的時間內過期。

We don't have a lot, Brian, it goes past 15 months on, on the backlog.

布萊恩，我們的積壓工作已經不多了，已經過去 15 個月了。

Great in terms of the next.

就下一個而言很棒。

Maybe my last question.

也許是我的最後一個問題。

The mix is more heavily weighted towards sort of the visible components and some of the the visible infrared components, the component business and and some of the simple assemblies like doublets for the bigger things like Sam's talking about the cameras, we will get, you know, at best a three month order.

這種混合更偏重於可見光組件和一些可見紅外線組件、組件業務以及一些簡單的組件，例如用於更大的事情的雙合體，例如山姆正在談論的相機，我們會得到，你知道，最多三個月的訂單。

Great.

偉大的。

Thanks so.

非常感謝。

Much guys.

很多人。

Your next question comes from Orin Hirschman with a IGH investment partners.

您的下一個問題來自 Orin Hirschman 和 IGH 投資合作夥伴。

Please go ahead.

請繼續。

Hi, congratulations on the progress.

你好，恭喜你取得了進展。

I just want to hear more about the go to market for the, for the infrared industrial cameras and the timing and if you've seen any early traction, even if they're not huge dollars but multiple orders.

我只是想了解更多關於紅外線工業相機的上市情況和時機，以及您是否看到任何早期的吸引力，即使它們不是巨額資金，而是多個訂單。

Yeah, definitely.

是的，絕對是。

So the go to market strategy has changed or evolved roughly half a year ago when we joined, when we were joined with Jason Messer Schmidt that came from Flyr.

因此，大約半年前我們加入時，當時來自 Flyr 的 Jason Messer Schmidt 加入了我們，進入市場的策略已經改變了或演變。

Jason was in charge of all North American sales at fli a few hundreds of millions of dollars, a very heavyweight in the world of cameras and has really developed a go to market strategy and team here that included recruiting a couple of people to that both from flare and from other industrial applications, people that live and breathe that oil and gas and sorry, no pun intended about breathing the oil and gas.

Jason 負責 fli 的所有北美銷售，fli 是相機界的重量級人物，他確實制定了進入市場的策略和團隊，其中包括從火炬和其他工業應用，生活和呼吸石油和天然氣的人們，抱歉，呼吸石油和天然氣並不是雙關語。

But, but they know that world inside out.

但是，但是他們對這個世界瞭如指掌。

In fact, actually we just finished today a one day session on on the go to market strategy for the next few weeks.

事實上，我們今天剛結束了為期一天的會議，討論未來幾週的市場策略。

Traction because of that is very, is much faster than what we used to meaning when we announce a product like the methane detection cameras that we announced three weeks ago, that is already after Jason Messerschmidt and Rich and Chris and the go to market team that focuses on that segment have already been at customer sites testing and validating it.

因此，牽引力比我們過去三週前宣布的甲烷檢測攝影機等產品時的含義要快得多，這已經是在 Jason Messerschmidt、Rich 和 Chris 以及進入市場團隊之後了。現場進行了測試和驗證。

So most of the time by the time we announce a new product in the oil and gas, it has already some customers behind it.

因此，大多數時候，當我們宣布石油和天然氣領域的新產品時，它已經有一些客戶支援了。

Now from there going and, and scaling it up is much easier because most of those times those customers or distributors or integrators that then cover a specific geography or area.

現在，從那裡開始，擴大規模就容易得多，因為大多數時候，這些客戶、經銷商或整合商會涵蓋特定的地理或區域。

So for example, the first furnace cameras that we shipped out were to a integrator in the southeast that we know has already been quite a number of orders coming, right, as soon as their customers capital budget goes into effect on January 1st.

例如，我們向東南部的一家整合商發貨的第一批熔爐攝影機，我們知道，一旦他們的客戶資本預算於 1 月 1 日生效，該整合商就已經收到了大量訂單。

So I think this is something we're very positive on.

所以我認為這是我們非常積極的事情。

We're able to move into large chunks of revenue much faster when it comes to those cameras once we've already validated the at a customer.

一旦我們已經在客戶那裡進行了驗證，我們就能夠更快地獲得這些相機的大量收入。

Great.

偉大的。

Hey, thank you so much.

嘿，非常感謝你。

Thank you.

謝謝。

Next question comes from Gene Inger with ingerletter.com.

下一個問題來自ingerletter.com 的 Gene Inger。

Please go ahead.

請繼續。

Hi, SAM and al keeping up the good work and of course, we're all looking forward to what happens with Lockheed in the next year or so.

大家好，SAM 和其他人繼續努力，當然，我們都期待洛克希德公司在明年左右發生的事情。

May I ask you guys, I don't know if you can say specifically if you're involved with the sustainment $200 million contract for project long bow.

請問各位，不知道你們能否具體說一下你們是否參與了2億美元的長弓項目保障合約。

You probably know what that is related to the Apache or a H 64.

您可能知道這與 ​​Apache 或 H 64 有關。

But that's also with north of Bruan, not Lockheed.

但這也是在布魯安以北，而不是洛克希德公司。

Does that involve you guys?

這涉及到你們嗎？

Yeah.

是的。

Well, well, first of all, a lot of those programs that are pai modernization being one of them, there is one lead prime, but there could be multiple other subprimes.

嗯，嗯，首先，許多這些現代化項目就是其中之一，有一個主要的質數，但可能還有多個其他的次級質數。

So, so I can't comment specifically on on this prime or that prime.

所以，我不能具體評論這個質數或那個質數。

But I would say that every time there's a project that talks about modernization or an existing platform like the Apache.

但我想說，每次有一個專案談論現代化或像 Apache 這樣的現有平台。

In this example, you can assume that a big part of the modernization is bringing the electrooptic systems up to speed.

在此範例中，您可以假設現代化的很大一部分是使電光系統加快速度。

And actually if you if you look at the dod budget, the modernization of the Apache actually has a line item there that talks about the electrooptic system.

事實上，如果你看一下國防部的預算，阿帕契的現代化實際上有一個專案涉及光電系統。

So I leave it.

所以我離開它。

Okay.

好的。

Well, I know also Poland is buying 70 of them and the Netherlands has been okay to have this new fire control target acquisition radar system.

嗯，我還知道波蘭正在購買 70 架，荷蘭也同意擁有這種新的火控目標捕獲雷達系統。

So I was wondering, you know, if that provides incremental additional business for you guys, I hope that it does and, and, and whether it does for Latvia or would this be just Orlando made materials?

所以我想知道，這是否為你們提供了增量的額外業務，我希望它能，並且，以及它是否為拉脫維亞提供，或者這只是奧蘭多製造的材料？

Okay.

好的。

So, so two parts to that, first of all, it will, but it will in the long term, the way it works with those programs is that the foreign sales, the foreign customers get any upgrade like this.

所以，所以，有兩個部分，首先，它會，但從長遠來看，它與這些計劃的合作方式是國外銷售，國外客戶得到這樣的升級。

Well, after the US.

好吧，在美國之後。

So, so if we are working on such a program, I would say we would be providing it for at least five years to the US helicopters before it made its way to any of the foreign customers as friendly as they are.

因此，如果我們正在進行這樣的計劃，我想說，我們將向美國直升機提供至少五年的時間，然後再提供給任何像他們一樣友好的外國客戶。

Without trying to be nosy.

沒有試圖多管閒事。

I, I had, I'm sorry, I interrupted you.

我，我，對不起，我打擾你了。

You were, you were not finished.

你是，你還沒完成。

I'm sorry.

對不起。

No, please go ahead.

不，請繼續。

It's fine.

沒關係。

Okay.

好的。

I was the reason I brought up helicopters.

我就是我發明直升機的原因。

I'm concerned that if we go into laser warfare and especially intercepting drones, that's going to become increasingly something that companies are looking at.

我擔心，如果我們進入雷射戰，特別是攔截無人機，這將越來越成為公司關注的焦點。

Although I don't know, you might know the answer how they can move lasers because the drones and incoming missiles these days can be maneuvered and typically a laser shoots in a straight line.

雖然我不知道，但你可能知道他們如何移動雷射的答案，因為現在的無人機和來襲導彈可以進行機動，通常雷射會沿著直線發射。

But with that said, a helicopter is not a really great platform in terms of it, it has vulnerability.

但話雖如此，直升機並不是一個真正偉大的平台，它有脆弱性。

So I'm wondering whether your lenses and your glass can be coded, for example, in some way that it will deflect or reflect laser and provide a countermeasure in and of itself to a laser beams.

因此，我想知道您的鏡片和玻璃是否可以進行編碼，例如，以某種方式使其偏轉或反射激光，並為其本身提供針對激光束的對策。

Well, I can't. I can't comment on a specific technology like that.

好吧，我不能。我無法對這樣的特定技術發表評論。

I would say if our, if our lenses or anything would deflect the lasers, it would also deflect other parts of the light spectrum.

我想說，如果我們的鏡頭或任何東西會使雷射偏轉，它也會使光譜的其他部分偏轉。

And therefore making helicopter actually more visible than, than the customer or user would wish for it to be.

因此，使直升機實際上比客戶或用戶希望的更明顯。

So I'm not sure if that specifically would happen, but I just want to circle back to the second half of your previous question regard.

所以我不確定這種情況是否會發生，但我只想回到你之前問題的後半部分。

Latvia.

拉脫維亞。

Specifically if we provide, if we were to provide any systems that then go into Apache that then get upgraded to Europe, they would still go through the US.

具體來說，如果我們提供任何系統，然後進入 Apache，然後升級到歐洲，它們仍然會經過美國。

It would always be built in the US and shipped out to the customers that does not play a role in it.

它總是在美國製造並運送給不參與其中的客戶。

Apologies if I got too detailed.

如果我說得太詳細，請道歉。

And my final question would be regarding space, which you haven't mentioned.

我的最後一個問題是關於空間，你沒有提到這一點。

I've also been seeing that there are new developments which are focused on, on, on collision, avoidance of debris or satellites or defensive measures.

我還看到了一些新的進展，重點是碰撞、避免碎片或衛星或防禦措施。

If, if one of our satellites is being targeted, such as an effort to disrupt communications, you have acknowledged that involved in space communications, whether it's Starlink or somebody else.

如果我們的一顆衛星成為攻擊目標，例如試圖破壞通信，那麼您已經承認涉及太空通信，無論是星鍊還是其他衛星。

And I'm wondering whether the new approach of basically liar in space to pro to give proximity and manage space better, which is called management has involved you guys.

我想知道你們是否已經參與了從太空中基本騙子到專業人士的新方法，以提供接近並更好地管理空間，即所謂的管理。

I'm not aware of us being directly involved in that, but it's very possible that.

我不知道我們直接參與其中，但很有可能。

Through one of our li our customers, we are.

透過我們的一位客戶，我們是。

We work with multiple different companies that work on Lido automotive and other Lidos.

我們與多家從事麗都汽車和其他麗都業務的不同公司合作。

So we might be indirectly involved in it.

所以我們可能間接參與其中。

But I'm not familiar With that Anyway, I look forward to hopefully a successful year, SAM, you, you and I, you've done a tremendous job of changing around necessarily on the direction of the company.

但我對此並不熟悉，無論如何，我期待著成功的一年，SAM、你、你和我，你們在改變公司方向方面做了巨大的工作。

And I welcome that.

我對此表示歡迎。

Thank you, Shmuel.

謝謝你，什穆埃爾。

Good.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions.

沒有其他問題了。

Please continue.

請繼續。

Thank you operator.

謝謝運營商。

And thank you again to each of you for joining us on today's earning conference call.

再次感謝大家參加今天的收益電話會議。

We look forward to continuing to.

我們期待繼續。

Update you on our progress and great results and we strive to deliver value to our valued shareholders.

向您通報我們的進展和巨大成果，我們努力為我們尊貴的股東創造價值。

Thank.

感謝。

You and goodbye.

你和再見。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。