LightPath Technologies Inc (LPTH) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to LightPath Technologies third-quarter fiscal 2025 earnings conference call.

女士們、先生們，午安。感謝您的支持。歡迎參加 LightPath Technologies 2025 財年第三季財報電話會議。

During today’s presentation all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. This conference is being recorded today, May 15, 2025, and the earnings press release accompanying this conference call was issued after the market closed today.

在今天的演講中，各方將處於僅聆聽模式。演講結束後，會議將開放提問。本次電話會議於今天（2025 年 5 月 15 日）進行錄製，隨附的收益新聞稿是在今天股市收盤後發布的。

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 as discussed in its periodic SEC filings. 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 assurances that the projected results would be realized.

我想提醒您，在本次電話會議期間，本公司將根據當前預期做出一些前瞻性陳述，涉及其定期向美國證券交易委員會提交的文件中討論的各種風險和不確定性。儘管公司認為這些陳述所依據的假設是合理的，但其中任何一個假設都可以被證明是不準確的，並且不能保證預測的結果會實現。

In addition, references made by may be made to certain financial measures that are not in accordance with generally accepted accounting principles or GAAP. We refer to these as non-GAAP financial measures. Please refer to our SEC reports in certain of our press releases, which include reconciliations of non-GAAP financial measures and associated disclaimers.

此外，所引用的某些財務指標可能不符合公認會計原則或 GAAP。我們將這些稱為非公認會計準則財務指標。請參閱我們某些新聞稿中的 SEC 報告，其中包括非 GAAP 財務指標的對帳和相關免責聲明。

CEO, Sam Rubin will begin today's call with a strategic overview of our business and recent developments of the company, while CFO, Al Miranda will then review financial results for the quarter. Following the prepared remarks, there will be a formal question-and-answer session.

執行長 Sam Rubin 將在今天的電話會議上首先介紹我們的業務策略概述和公司的最新發展，而財務長 Al Miranda 將回顧本季的財務業績。準備好的發言之後，將進行正式的問答環節。

I will now turn the conference over to CEO, Sam Rubin. Sam, the floor is yours. Please go ahead.

現在我將會議交給執行長薩姆·魯賓 (Sam Rubin)。山姆，現在輪到你了。請繼續。

Thank you, operator. Good afternoon to everyone, and welcome to LightPath Technologies third-quarter fiscal 2025 financial results conference call. The third quarter of 2025 demonstrated our continued transformation from a pure component supplier to a vertically integrated global solution provider for infrared imaging technologies for defense and commercial applications.

謝謝您，接線生。大家下午好，歡迎參加 LightPath Technologies 2025 財年第三季財務業績電話會議。2025 年第三季顯示我們繼續從純粹的零件供應商轉型為國防和商業應用紅外線成像技術的垂直整合全球解決方案提供者。

The quarter was highlighted by the close of our acquisition of G5 Infrared, incremental camera product launches, exciting progress on key defense contracts and ongoing growth driven by geopolitical tensions and these incremental product line launches.

本季度的亮點包括：我們完成了對 G5 Infrared 的收購、增量相機產品的推出、關鍵國防合約的令人振奮的進展以及受地緣政治緊張局勢和這些增量產品線推出推動的持續增長。

As a reminder, up until about four years ago, LightPath was a pure play optical component manufacturer. The core technology of LightPath up until that point, precision glass molding was an innovative technology that was leading the way in early 2000s. However, gradually became commercialized and consequently commoditized over the last 20 years. What was the leading differentiator for the company years ago had become by 2020 a widely deployed technology with aggressive and ample competition, pushing LightPath out of the market and crippling any growth prospects.

提醒一下，直到大約四年前，LightPath 還是一家純粹的光學元件製造商。精密玻璃成型是 LightPath 迄今為止的核心技術，也是 21 世紀初領先的創新技術。然而，在過去的 20 年裡，它逐漸商業化並商品化。多年前該公司的主要差異化優勢，到 2020 年已成為一種廣泛部署的技術，競爭激烈且充分，將 LightPath 擠出了市場，並削弱了任何成長前景。

In late 2020, shortly after I joined, we outlined a new strategy that leverages our differentiators into a more value added position, with the goal to eventually become a solutions and subsystem provider. All of which is still in the optics space where we have a strong domain expertise with the ultimate goal of becoming a systems supplier.

2020 年末，在我加入後不久，我們制定了一項新策略，利用我們的差異化優勢實現更高的附加價值，目標是最終成為解決方案和子系統提供者。所有這些仍然在光學領域，我們在該領域擁有強大的專業知識，最終目標是成為系統供應商。

We started that journey by first offering optical assemblies based on our optical components, then began to offer compact thermal cameras such as our uncooled Mantis multispectral camera, and later on through the acquisition of Visimid Technologies in in the summer of 2023, we added advanced capabilities in video engine and camera cores for uncooled infrared cameras and optical gas imaging technology. And now, most recently, with the acquisition of G5 Infrared, which added a product line of cooled infrared cameras for long range imaging.

我們首先從提供基於光學元件的光學組件開始，然後開始提供緊湊型熱像儀，例如我們的非製冷性 Mantis 多光譜相機，後來透過於 2023 年夏天收購 Visimid Technologies，我們為非製冷紅外線相機和光學氣體成像技術增加了視訊引擎和相機核心的先進功能。現在，我們又收購了 G5 Infrared，增加了用於遠距離成像的冷卻紅外線攝影機產品線。

These acquisitions and organic investment in R&D and new product design have led to significant growth of LightPath in these new categories of cameras, assemblies and subsystems. What just a few years ago was a small part of the company that mainly did optical components has now become the majority of our business.

這些收購以及在研發和新產品設計方面的有機投資使得 LightPath 在這些新類別的相機、組件和子系統方面實現了顯著增長。幾年前，這只是該公司主要生產光學元件的一小部分，現在已成為我們業務的主要部分。

At this point in time, the new direction we have taken, which includes optical assemblies, cooled and uncooled cameras and other subsystems, is becoming roughly 50% of our revenue with the other half of the revenue being optical components. And with ASPs that’s average sale prices of those products being naturally higher than the component business, we expect this ratio to continue to grow.

目前，我們所採取的新方向，包括光學組件、冷卻和非冷卻相機以及其他子系統，約占我們收入的 50%，而另一半收入來自光學元件。由於這些產品的平均銷售價格自然高於零件業務，我們預期這一比例將持續成長。

These numbers, by the way, match our past predictions, which we discussed publicly in the past of the product mix we estimated to achieve when we started the transition. With this move up the food chain comes, of course, more complex products and systems and with them higher value and larger projects, oftentimes with very significant upside potential.

順便說一句，這些數字與我們過去的預測相符，我們過去曾公開討論過我們在開始轉型時估計要實現的產品組合。隨著食物鏈的上升，當然會出現更複雜的產品和系統，以及更高價值和更大的項目，通常具有非常巨大的上升潛力。

These opportunities are not specific to one product or another and at this point span across our entire vertical array of products and offering, including some large projects on the material side, optical assemblies, cooled cameras and uncooled cameras.

這些機會並非特定於某一產品或某一產品，目前涵蓋我們整個垂直系列的產品和產品，包括材料方面的一些大型項目、光學組件、冷凍相機和非冷凍相機。

In prior calls and investor presentations we would often spend time discussing one or two specific projects. However, at this point the number of such large potential projects we have makes it not practical to discuss each one of them in great detail. Not to mention that due to their nature oftentimes being defense programs, we are actually restricted at times from discussing in as much detail as we would like to.

在先前的電話會議和投資者演示中，我們經常花時間討論一兩個具體的項目。然而，目前我們擁有如此多的大型潛在項目，因此詳細討論每個項目並不實際。更不用說，由於它們的性質往往是防禦計劃，我們有時實際上受到限制，無法進行我們希望的詳細討論。

Nevertheless, in order to continue to provide as much visibility as possible, I will provide a quick update on the various projects. First, the NGSRI program with Lockheed. NGSRI stands for Next Generation Short Range Interceptor or the replacement for the Stinger missile. This is our largest revenue opportunity and is progressing to plan.

儘管如此，為了繼續提供盡可能多的可見性，我將對各個項目進行快速更新。首先是與洛克希德合作的NGSRI計畫。NGSRI 代表下一代短程攔截器或刺針飛彈的替代品。這是我們最大的創收機會，並且正在按計劃進行。

As has been publicly disclosed, this is a competitive bid against a solution developed by Raytheon and due to the nature of the competitive bid, we are actually very limited in what we can provide in terms of information, performance and results, other than the fact that we are progressing according to plan and are very pleased with this project. The NGSRI is a camera program and is run out of our VISIMID Group in Texas.

正如公開披露的那樣，這是對雷神公司開發的解決方案的競爭性投標，由於競爭性投標的性質，我們在信息、性能和結果方面所能提供的內容實際上非常有限，除了我們正在按計劃進展並且對這個項目非常滿意這一事實之外。NGSRI 是一個相機項目，由我們位於德克薩斯州的 VISIMID 集團經營。

The G5 Group in New Hampshire also has a few large projects. Chief among them is the SPEIR program. SPEIR stands for Shipboard Panoramic Electro Optic/Infrared System. In this program we are providing L3Harris with advanced infrared cameras that will be mounted on all naval surface vessels for passive detection of threats in the area such as detecting unmanned vessels and drones. Many times you guys would hear this as CUAS or counter UAV systems.

新罕布夏州的G5集團也有幾個大型專案。其中最主要的是 SPEIR 計劃。SPEIR 代表艦載全景電光/紅外線系統。在這個專案中，我們為 L3Harris 提供先進的紅外線攝影機，這些攝影機將安裝在所有海軍水面艦艇上，用於被動探測該區域的威脅，例如偵測無人船和無人機。很多時候你們會聽到它被稱為 CUAS 或反無人機系統。

Our G5 Group also has some additional large programs in border security, other counter UAS and more. We believe G5 will continue to win more of those large programs which could each bring revenues in the range of $5 million to $20 million a year for each one of those programs. And actually you can see those in some of the last few press releases of large wins for G5.

我們的 G5 集團也在邊境安全、其他反無人機系統等領域進行一些大型計畫。我們相信 G5 將繼續贏得更多大型項目，每個項目每年可帶來 500 萬至 2,000 萬美元的收入。實際上，您可以在最近幾份關於 G5 取得重大勝利的新聞稿中看到這一點。

Lastly, our two large programs in optics, both related to our proprietary BlackDiamond glass for which we have an exclusive license from NRL. One of those programs we discussed in the past, the Apache program, it is progressing, yet we encountered some delays and are somewhat behind schedule.

最後，我們在光學領域的兩個大型項目都與我們專有的 BlackDiamond 玻璃有關，我們擁有該玻璃從 NRL 獲得的獨家許可。我們過去討論過的一個項目，即「阿帕奇」項目，目前正在取得進展，但我們遇到了一些延誤，並且在某種程度上落後於計劃。

Another program is fairly new and we have not discussed it previously, but it is also based on our NRL license materials and while new, this program is moving at a very fast pace and is expected to soon join our club of multimillion dollar orders.

另一個項目相當新，我們之前沒有討論過，但它也是基於我們的 NRL 許可材料，雖然是新項目，但該項目進展非常快，預計很快就會加入我們數百萬美元訂單的俱樂部。

So as you can see, those are what we would call our large programs, programs that each have a revenue potential that is north of $10 million a year and therefore each one of them can be somewhat transformative to a company our size. It used to be one or two of those and we would discuss them in great detail, but now having at least six of them in a mature stage, it becomes a bit less practical to discuss all of them in such great detail.

如您所見，這些就是我們所說的大型項目，每個項目都有每年 1000 萬美元以上的收入潛力，因此每個項目都可以對我們規模的公司產生一定程度的變革。以前，我們只會詳細討論其中的一兩個，但現在至少有六個處於成熟階段，因此，對所有這些問題進行如此詳細的討論就變得不太實際了。

Some of those programs, as I just mentioned, are based on our unique BlackDiamond materials. Black diamond, to remind everyone, is a family of infrared glasses. I'm not sure if glasses is plural or materials, but infrared materials, let's say, which are made in the USA and provide two separate advantages. One is that they are an alternative to the use of germanium and gallium, two materials which heavily depend on supply out of China and for which China has limited the export of.

正如我剛才提到的，其中一些程式是基於我們獨特的 BlackDiamond 材料。黑鑽，提醒大家一下，是紅外線眼鏡系列。我不確定眼鏡是複數還是材料，但紅外線材料，比如說，是在美國製造的，有兩種不同的優勢。一是它們是鍺和鎵的替代品，這兩種材料嚴重依賴中國的供應，而中國已經限制了它們的出口。

And the BlackDiamond materials also provide some significant technical advantages in system design, often driving significant reduction in the size and weight of the overall system, while often also improving the overall performance of the system. Our BlackDiamond materials include our proprietary BDNL materials, which we own exclusively via a license from US Naval Research Laboratory, as well as our more general BD6.

而且，BlackDiamond 材料在系統設計中也提供了一些顯著的技術優勢，通常可以顯著減少整個系統的尺寸和重量，同時還可以提高系統的整體性能。我們的 BlackDiamond 資料包括我們專有的 BDNL 資料（我們透過美國海軍研究實驗室的許可獨家擁有該資料）以及我們更通用的 BD6。

In recent months we have seen a very strong growth in demand for all of those materials, but in particular for the BDNL materials such as BDNL-4 and BDNL-8, to a point that required us to start adding manufacturing capacity in anticipation of this demand and the new programs translating into shipments. Since these materials are now key through several programs of record, we also receive monetary support from the DoD, Department of Defense to increase our capacity and processing capability.

最近幾個月，我們看到所有這些材料的需求都出現了非常強勁的增長，尤其是對 BDNL 材料（如 BDNL-4 和 BDNL-8）的需求，這要求我們開始增加生產能力，以滿足這種需求並將新項目轉化為出貨量。由於這些材料現在是多個記錄項目的關鍵，我們也獲得了國防部的資金支持，以提高我們的產能和處理能力。

So for the most part the upcoming expansion which we're starting now in our manufacturing capacity is actually going to be financially supported by our customer, the government or end customer. The expansion in the capacity and the financial support from the DoD to do so should be seen as a positive indication we are on the right track and our investment in BlackDiamond technology, which we started about four years ago in full force, has indeed created a differentiator we are looking for.

因此，我們現在開始的製造能力擴張在很大程度上實際上將由我們的客戶、政府或最終客戶提供資金支持。產能的擴大和國防部為此提供的資金支持應該被視為一個積極的信號，表明我們正走在正確的軌道上，而我們大約四年前開始全力投資 BlackDiamond 技術，這項投資確實創造了我們正在尋找的差異化因素。

While I have been focusing so far on big programs, we also have a lot of progress in many other fronts and especially the adoption of our BlackDiamond material to replace germanium. In the last 90 days since the closing of the G5 deal, we have booked over $19 million of new orders in a 90-day period. Closing of the G5 acquisition was done mid quarter and so these numbers are not fully reflected in the backlog.

雖然到目前為止我一直專注於大型項目，但我們在許多其他方面也取得了很大進展，特別是採用我們的 BlackDiamond 材料來取代鍺。自 G5 交易結束以來的 90 天內，我們已獲得超過 1900 萬美元的新訂單。G5 收購於本季中期完成，因此這些數字並未完全反映在積壓訂單中。

Again, the last 90 days from before today, which Al will talk about shortly. But given that it happens to be exactly three months since we closed, I thought I would share this booking number for that period as it is a very strong indicator for what we're looking for to see in the near future.

再次，從今天開始的最後 90 天，Al 很快就會談到。但考慮到距離我們關閉正好三個月，我想我會分享這個期間的預訂數量，因為它非常有力地預示了我們在不久的將來會看到什麼。

Now I've spoken a lot about sales and our growth opportunities or actually at this point growth reality, no longer just an opportunity, but I would also be amiss to focus on just that and not also discuss some of the shorter-term aspects of the business. Specifically, I would like to share some of my views on how recent geopolitical events and the subsequent economical events impact us or might impact us, and what risks we face as a result of those and how we plan to address them.

現在我已經談了很多關於銷售和我們的成長機會，或者實際上此時的成長現實，不再只是一個機會，但如果我只關注這一點而不討論業務的一些短期方面，那我也是錯的。具體來說，我想分享一些我的看法，關於最近的地緣政治事件和隨後的經濟事件對我們有何影響或可能對我們產生何種影響，以及我們因此面臨哪些風險以及我們計劃如何應對這些風險。

Over the last five years, LightPath has changed in many ways. Not only have we changed our product mix and value proposition as we just discussed, but with that we have also seen a change in our manufacturing footprint and our end markets. Five years ago, most of the company's manufacturing was located in China, both in headcount and footprint.

在過去的五年裡，LightPath 在許多方面發生了變化。正如我們剛才討論的那樣，我們不僅改變了產品結構和價值主張，而且我們的製造足跡和終端市場也發生了變化。五年前，該公司的大部分製造業務（包括員工人數和占地面積）都位於中國。

As you can imagine, that opened us to quite a bit of exposure in risk when it came to tariffs and recession in China and international trade. Today, 45% of our headcount and 56% of our footprint are in the US, China as a sales destination accounts for less than 10%, maybe even as low as 5% of our revenue.

你可以想像，當談到關稅和中國及國際貿易的經濟衰退時，這讓我們面臨相當大的風險。如今，我們 45% 的員工和 56% 的業務都在美國，而中國作為銷售目的地的收入佔比不到 10%，甚至可能只有 5%。

What this means is that our position when events like tariff or recession in the Chinese economy happen, we are far better positioned than we ever were. However, it does not make us immune and it has reduced our exposure, but it has reduced our exposure and provided us with a better toolkit to use when such events happen.

這意味著，當中國經濟出現關稅或衰退等事件時，我們的處境將比以往更有利。然而，它並沒有讓我們免疫，也減少了我們接觸到的危險，但它確實減少了我們接觸到的危險，並為我們在發生此類事件時提供了更好的工具包。

So when the April tariffs rolled out, we were able to minimize the direct impact to our business by making some quick changes in our internal supply chains. Today, almost no specific manufacturing activity occurs in only one location or depends on only one location. The only exception is glass, which is made only in Orlando.

因此，當四月份的關稅出台時，我們能夠透過對內部供應鏈進行一些快速調整來最大限度地減少對我們業務的直接影響。如今，幾乎沒有任何特定的製造活動只在一個地點發生或只依賴一個地點。唯一的例外是玻璃，它只在奧蘭多生產。

Every manufacturing capability that we have is performed in at least two locations in parallel. This is something we started during COVID and have been continuing to build upon since. As a result of that, we can shift manufacturing between locations and between countries as needed. What does that mean to our potential risk? For customers that still depend on products from China, we have found that when the supply chain pressure is very high, such as a 145% tariff, customers are willing to pay the additional cost to manufacture in the U.S. or Europe.

我們的每項製造能力都是在至少兩個地點同時進行的。這是我們在 COVID 期間開始做的事情，並且從那時起一直在不斷發展。因此，我們可以根據需要在不同地點和國家之間轉移製造業務。這對我們的潛在風險意味著什麼？對於仍依賴中國產品的客戶，我們發現，當供應鏈壓力非常大時，例如 145% 的關稅，客戶願意支付在美國或歐洲生產的額外成本。

The more challenging part is going to be when the tariff goes down to maybe only 10%. Where will the customers want product? So the team, this is an open question which we don't know the answer to. So the team right now is further focused on optimizing those internal supply chains, building alternatives, and more importantly, having conversations with customers on what they're willing to pay as a premium for supply chain resilience or in other words, how much are they willing to pay for long-term supply out of the US or out of Europe.

更具挑戰性的部分將是當關稅降至可能僅為 10% 時。顧客會在哪裡想要產品？所以對於團隊來說，這是一個懸而未決的問題，我們不知道答案。因此，該團隊現在進一步專注於優化內部供應鏈，建立替代方案，更重要的是，與客戶討論他們願意為供應鏈彈性支付多少溢價，或者換句話說，他們願意為美國或歐洲的長期供應支付多少錢。

Of course, it helps when we all went through this, I don't know, supply chain shock therapy, if you would, in the last few weeks. It makes everyone a bit more receptive to having these conversations, conversations that in the past were very difficult to have.

當然，當我們在過去幾週都經歷過這種供應鏈休克療法時，它會有所幫助。這讓每個人都更願意進行這些對話，而這些對話在過去是很難進行的。

A second area of potential challenge for us is additional changes to the supply of germanium. This is almost an opposite problem. We benefit from the lack of supply of germanium or supply of restrictions. So in the last few months, we have seen significant activities around redesigning optical systems to use our materials instead of germanium.

我們面臨的第二個潛在挑戰是鍺供應的進一步變化。這幾乎是一個相反的問題。我們受益於鍺供應的缺乏或供應的限制。因此，在過去的幾個月裡，我們看到了圍繞重新設計光學系統以使用我們的材料代替鍺的重大活動。

This is what we have been hoping for when we made the investments in BlackDiamond. The challenge is the question is really what happens if germanium all of a sudden becomes freely available again? Do we lose all of this? The answer to this has two parts.

這正是我們投資 BlackDiamond 時所希望的。問題在於，如果鍺突然間再次變得可以自由獲取，會發生什麼事？我們會失去這一切嗎？答案分為兩部分。

First, there are many ways and places where our BlackDiamond materials provide a technical advantage versus germanium or even other materials. The challenge has not been to convince customers of that. The challenge has always been, for the most part, to get the customers to make that painful decision or painful effort of changing, making changes in existing systems and designs to use these materials.

首先，我們的 BlackDiamond 材料在許多方面和領域都比鍺甚至其他材料具有技術優勢。挑戰並不在於讓顧客相信這一點。在大多數情況下，挑戰始終是讓客戶做出痛苦的決定或痛苦的努力來改變現有系統和設計以使用這些材料。

So to that extent, what we needed most was that motivation of a customer to redesign their system, something that now the exporter restrictions on germanium actually accomplished for us.

因此從這個意義上來說，我們最需要的是客戶的動力來重新設計他們的系統，而現在對鍺的出口限制實際上為我們實現了這一點。

Once they do that redesign and are using our materials, the system we believe works better than it did with germanium only. And so now this is not to say we necessarily completely replaced germanium in all lenses. It is not exactly like that. But what we found through our customers is that most of the lenses depending on the system can be made with our materials. And once that happens, the overall system performance improves and they provide better technical benefits in terms of operating temperature range, for example. So in essence, most of those systems that are being redesigned, once that redesign happens, are actually motivated to continue with our materials.

一旦他們重新設計並使用我們的材料，我們相信該系統會比僅使用鍺的系統運作得更好。所以現在這並不是說我們必須完全取代所有鏡頭中的鍺。事實並非如此。但我們透過客戶發現，大多數取決於系統的鏡頭都可以用我們的材料製造。一旦發生這種情況，整體系統效能就會提高，並且在工作溫度範圍等方面提供更好的技術優勢。因此，從本質上講，大多數正在重新設計的系統，一旦重新設計完成，實際上就會受到激勵繼續使用我們的材料。

Secondly, all signs we are seeing are that China is, if anything, tightening those export restrictions. One if Googling it or searching on ChatGPT can easily find articles that talk about China cracking down on smuggling. And we have even heard from our vendors and competitors in China about surprise audits done by customs to inspect the records of all the germaniums they ever purchased or made and to make sure it is all properly accounted for.

其次，我們看到的所有跡像都表明，中國正在加強出口限制。只要用谷歌搜尋或在 ChatGPT 上搜索，就可以輕鬆找到有關中國打擊走私的文章。我們甚至從中國的供應商和競爭對手那裡聽說，海關會進行突擊審計，檢查他們購買或製造的所有鍺的記錄，以確保所有鍺都得到妥善記錄。

Additionally, what we are hearing now as everyone starts looking into the supply chains of germanium in more detail, is that China has likely been planning this for a very long time. They were not only working to monopolize the processing of raw materials, but also were buying up any available material in the marketplace and from other countries. So as far as we can tell, signs are that this export control will continue.

此外，隨著每個人都開始更詳細地研究鍺的供應鏈，我們現在聽到的是，中國可能已經為此計劃了很長時間。他們不僅壟斷原料加工，而且還購買市場上和其他國家的任何可用材料。據我們所知，有跡象表明這種出口管制將會持續下去。

But in any case, as I described earlier, once a redesign happens, we feel very secure. So our team continues to work with customers to expedite those redesigns as much as possible so that even if germanium becomes available again, we will already be designed in and then remain in the system.

但無論如何，正如我之前所描述的，一旦重新設計完成，我們就會感到非常安全。因此，我們的團隊將繼續與客戶合作，盡可能加快這些重新設計，以便即使鍺再次可用，我們也已經設計好了，然後保留在系統中。

Okay with all this, I'll now turn the call on to Al Miranda, CFO to talk about the actual numbers. Al, please go ahead.

好的，現在我將把電話轉給財務長 Al Miranda 來討論實際數字。艾爾，請繼續。

Thank you, Sam. I will keep my review to a succinct high level of the financials this quarter. 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.

謝謝你，山姆。我將對本季度的財務狀況進行簡潔的回顧。提醒一下，我們在本次電話會議中討論的許多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。

Revenue for the third quarter of fiscal 2025 increased 19.1% to $9.2 million, as compared to $7.7 million in the same year ago quarter. Sales of Infrared components were $3.6 million or 40% of the company consolidated revenue. Visible components was $2.8 million, or 31% of consolidated revenue. Revenue from assemblies and modules were $1.9 million or 20%, and revenue from engineering services was $0.8 million or 9%.

2025 財年第三季的營收成長 19.1%，達到 920 萬美元，去年同期為 770 萬美元。紅外線元件的銷售額為 360 萬美元，占公司綜合收入的 40%。可見組件的收入為 280 萬美元，佔合併收入的 31%。組件和模組收入為 190 萬美元，佔 20%，工程服務收入為 80 萬美元，佔 9%。

Gross profit increased 66% to $2.7 million or 29.1% of total revenues in the third quarter of 2025, as compared to $1.6 million or 20.9% of total revenues in the same year ago quarter. The increase in gross margin as a percentage of revenue is primarily due to a more favorable product mix with more revenue from assemblies and modules and engineering services, which typically have higher margins than infrared components.

2025 年第三季毛利成長 66% 至 270 萬美元，佔總營收的 29.1%，去年同期為 160 萬美元，佔總營收的 20.9%。毛利率佔收入的百分比增加主要歸因於更有利的產品組合，其中組件、模組和工程服務的收入更多，這些收入的利潤率通常高於紅外線元件。

Operating expenses increased 44% to $6 million for the third quarter of fiscal 2025 as compared to $4.2 million in the same quarter of the prior fiscal year. The increase was primarily due to higher legal consulting fees related to business development initiatives, including $0.7 million in expenses associated with the G5 acquisition, product development costs of $0.2 million, additional sales, general and admin costs from G5 of $0.4 million, a net increase of amortization expense of $0.3 million, as well as increased sales and marketing spend to promote new products.

2025 財年第三季的營運費用較上一財年同期的 420 萬美元成長 44%，達到 600 萬美元。成長的主要原因是與業務發展計畫相關的法律諮詢費用增加，包括與 G5 收購相關的 70 萬美元費用、20 萬美元產品開發成本、G5 的額外銷售、一般和行政費用 40 萬美元、攤銷費用淨增加 30 萬美元，以及為推廣新產品而增加的銷售和行銷支出。

Net loss in the third quarter of fiscal 2025 totaled $3.6 million or $0.09 per basic and diluted share, as compared to $2.6 million or $0.07 per basic and diluted share in the same quarter of the prior fiscal year.

2025 財年第三季淨虧損總計 360 萬美元，即每股基本虧損和稀釋虧損均為 0.09 美元，而上一財年同期淨虧損為 260 萬美元，即每股基本虧損和稀釋虧損均為 0.07 美元。

EBITDA loss for the third quarter of fiscal 2025 was $2 million, compared to a loss of $1.5 million for the same period of the prior fiscal year. Cash and cash equivalents as of March 31, 2025, totaled $6.5 million as compared to $3.5 million as of June 30, 2024. As of March 31, 2025, total debt stood at $5.5 million, and backlog totaled $27.4 million.

2025財年第三季的EBITDA虧損為200萬美元，而上一財年同期的虧損為150萬美元。截至 2025 年 3 月 31 日的現金及現金等價物總額為 650 萬美元，而截至 2024 年 6 月 30 日為 350 萬美元。截至 2025 年 3 月 31 日，總債務為 550 萬美元，積壓訂單總額為 2,740 萬美元。

A few more words on G5. The post-merger integration is going well and is on schedule. The most important positive finding is how well the companies fit culturally and work together.

關於 G5 再說幾句。合併後整合工作進展順利，並按計畫進行。最重要的積極發現是兩家公司在文化和合作方面的契合程度。

It really is amazing. We are integrating where it makes sense and on a timeline that makes sense. Normally this would be considered a balancing act, but both organizations are aligned on goals and are moving quickly towards integrating and leveraging expertise.

這真是太神奇了。我們正在按照合理的時間線，在合理的地點進行整合。通常這被認為是一種平衡行為，但兩個組織的目標一致，並且正在迅速整合和利用專業知識。

As Sam noted, following the acquisition of G5, the expectation is for the combined companies to generate $51 million in revenue in the 12 months following the acquisition. G5 has had new bookings of $13 million since the acquisition in February. Most of the new orders are scheduled to ship from June through December, so the financial impact will start to be visible in Q4 and be predominant in Q1 and Q2.

正如 Sam 所指出的，收購 G5 之後，預計合併後的公司將在收購後的 12 個月內創造 5,100 萬美元的收入。自二月份收購以來，G5 已獲得價值 1,300 萬美元的新訂單。大多數新訂單計劃於 6 月至 12 月發貨，因此財務影響將在第四季度開始顯現，並在第一季和第二季佔據主導地位。

We have spoken a little about the price and financing for the acquisition and we've done filings previously on it. There is very detailed information in the upcoming 10-Q, the previous filings and more to come in the next weeks. We'd be happy to answer questions on clarifying anything about the financing structure. However, our focus together with the G5 team is how to maximize revenues and earnings.

我們已經談論了一些有關收購的價格和融資問題，並且之前已經就此提交了文件。即將發布的 10-Q、之前的文件以及未來幾週將發布的更多資訊中都有非常詳細的資訊。我們很樂意回答有關融資結構的任何問題。然而，我們和 G5 團隊共同關注的是如何實現收入和收益的最大化。

Regarding earnings, specifically net income, there will be significant complex accounting treatment and activity in the next two quarters related to financing and valuation of G5. This is normally the case. We'll endeavor to make the non-operating activity transparent so that you can see the true performance of LightPath and G5. Going forward, since bottom line numbers can be impacted by valuation of warrants in the convertible preferred, we'll rely more heavily on EBITDA and adjusted EBITDA to aid in the transparency and comparative analysis.

關於收益，特別是淨收入，未來兩個季度將出現與 G5 的融資和估值相關的大量複雜的會計處理和活動。通常情況都是這樣的。我們將努力使非操作活動透明化，以便您可以看到 LightPath 和 G5 的真實性能。展望未來，由於底線數字可能受到可轉換優先股認股權證估值的影響，我們將更依賴 EBITDA 和調整後的 EBITDA 來幫助實現透明度和比較分析。

G5 is a rare acquisition event. It is well run, profitable, growing, strategic and a cultural fit. It should be no surprise that I view the acquisition of G5 as a robust tool to supercharge the near-term potential of LightPath, particularly in the defense space, with the introduction of high margin, high AS,P and incremental products. We see this as providing an expedited path to achieving our long-term goal of 15% EBITDA margins, defining LightPath as a platform company focused on discipline and strategy and delivering value to our shareholders as we scale and grow.

G5是一次罕見的收購事件。它運作良好、盈利豐厚、不斷發展、具有戰略意義並且文化契合。我認為收購 G5 是一個強大的工具，可以增強 LightPath 的近期潛力，特別是在國防領域，引入高利潤、高 AS、P 和增量產品，這應該不足為奇。我們認為這為實現 15% EBITDA 利潤率的長期目標提供了一條快速途徑，將 LightPath 定義為一家專注於紀律和策略的平台公司，並在我們擴大規模和發展的同時為股東創造價值。

With that, I will turn the call back over to you, Sam.

說完這些，我就把電話轉回給你，山姆。

Okay, thank you everyone for joining us today. As we look forward, we remain laser focused on executing our strategy to transform LightPath into a next generation optics and imaging solution provider. With the integration of G5 Infrared, we've expanded our portfolio to high end cooled infrared space, adding significant new growth opportunity, especially in defense. Combined with accelerating shift towards our proprietary BlackDiamond optics as a replacement for legacy germanium, we are positioned to deliver meaningful progress across our automotive, defense and industrial markets.

好的，感謝大家今天的參與。展望未來，我們將繼續專注於執行我們的策略，將 LightPath 轉變為下一代光學和成像解決方案提供者。隨著 G5 Infrared 的整合，我們將產品組合擴展到高端冷卻紅外線領域，增加了重要的新成長機會，尤其是在國防領域。結合我們專有的 BlackDiamond 光學元件加速替代傳統鍺的趨勢，我們有望在汽車、國防和工業市場取得有意義的進展。

We believe fiscal 2025 marks an inflection point as we build momentum towards achieving our long-term goals of sustainability, sustained growth, profitability and market leadership. We are confident that the actions we are taking today from scaling up production to drive innovation will deliver strong value to our customers and shareholders alike.

我們相信，2025財年標誌著一個轉捩點，我們將積蓄力量，實現永續發展、持續成長、獲利能力和市場領導地位的長期目標。我們相信，我們今天採取的擴大生產和推動創新的行動將為我們的客戶和股東帶來巨大的價值。

With that, I will now hand the call over to the operator for the Q&A question session. Operator?

現在，我將把電話交給接線員，進行問答環節。操作員？

(Operator Instructions) Glenn Mattson, Ladenburg Thalmann.

（操作員指示）Glenn Mattson，Ladenburg Thalmann。

Hi, guys. Thanks for taking the question and thanks for all the detail of the call. First, a lot of good things going on. So, but I’ll ask you about the one kind of issue that you brought up, Sam on the Apache. Can you talk about the delays, and then maybe just some color as to -- like is this -- just, was there some developments where the product wasn't doing what it needed to do or was there some kind of timing delay or is it actually like derailing that opportunity?

嗨，大家好。感謝您回答這個問題，也感謝您在通話中提供的所有詳細資訊。首先，有很多好事正在發生。那麼，但是我會問你關於你提出的一種問題，山姆關於阿帕契的問題。您能否談談延遲問題，然後也許只是一些細節 - 例如這是 - 只是是否存在一些產品沒有做它需要做的事情，或者是否存在某種時間延遲，或者它實際上是在破壞這個機會？

No. So the delays on our side, our team was not able to meet the timelines we've committed to or thought we would. It's sort of a combination of a couple of things. First of all, we took on a stretch project, so it's a very challenging product, otherwise we wouldn't get the premium getting for it. It's really a cutting edge in terms of the complexity of the product and it depends heavily on BDNL-8, one of our new materials. We were running out of capacity for a while as we were seeing sort of an unexpected influx of demand in a couple of other areas.

不。因此，由於我們這邊的延誤，我們的團隊無法滿足我們承諾的或我們認為可以滿足的時間表。這是幾件事的結合。首先，我們承擔了一個延伸項目，因此這是一個非常具有挑戰性的產品，否則我們就不會獲得額外的報酬。就產品的複雜性而言，它確實處於領先地位，並且很大程度上依賴我們的新材料之一 BDNL-8。由於我們發現其他幾個地區出現了意想不到的需求湧入，我們的產能一度不足。

And so we're balancing act between, what do we make glass for while we're adding capacity and we made enough glass to what we thought would be enough for this project but it just wasn't. So we're a bit delayed. We had to reschedule, schedule new glass belts for this and then start off with the process of making the lenses and assembling. So we're there. We don't think it's something we're going to. It's inherently a problem.

因此，我們在增加產能的同時，還要平衡生產玻璃的用途，我們生產的玻璃已經足夠滿足這個項目的需求，但事實並非如此。所以我們有點耽擱了。我們必須重新安排時間，安排新的玻璃帶，然後開始製作鏡片和組裝的過程。所以我們到了那裡。我們認為這不是我們要做的事情。這本質上就是一個問題。

It's definitely not from the customer. It's completely on us and just, biting off something big and not chewing it fast enough.

這絕對不是來自顧客的。這完全是我們的責任，只是我們咬下了一個大東西，但咀嚼得不夠快。

Yes, that's great. Nothing permanent there, it sounds like. So, and then on the BD glass, you mentioned another new project that's very fast paced. I don't know what color you can give, but how would you define very fast? And any other color you can give us would be great.

是的，太棒了。聽起來，那裡沒有什麼永恆的東西。那麼，關於 BD 玻璃，您提到了另一個進展非常快的新專案。我不知道你能給什麼顏色，但是你如何定義非常快？如果您能提供任何其他顏色，那就太好了。

Very fast. Meaning that the government is giving us pretty much any money we need or writing checks to give us equipment to move as faster than we are and for anything that we need this material. It's a redesign of a system, an existing system that with the redesign performs exponentially better than what it did before.

非常快。這意味著政府會給我們提供我們所需的幾乎所有資金或開支票給我們設備，以便我們能夠以比現在更快的速度行動，並提供我們所需的任何材料。這是對系統的重新設計，現有系統經過重新設計後性能比以前有了顯著提高。

Like, orders of magnitude. Kind of mind blowing a bit to see it. If I could have shared. And so the customer is very interested to move as quickly as possible with it to, start upgrading existing systems and so on. Again, it sort of landed exactly at that perfect storm of, everyone wanted black diamond glass because of the germanium. We were, we took on a couple of R&D projects that were taking capacity.

就像數量級一樣。看到它有點令人震驚。如果我可以分享的話。因此，客戶非常有興趣盡快採取行動，開始升級現有系統等等。再一次，它恰好落在了那場完美風暴中，因為其中含有鍺，所以每個人都想要黑鑽石玻璃。我們承接了幾個佔用產能的研發項目。

We needed to juggle things around. Not a big issue there other than, it's just a lot to do at the same time. But when this moves into production, and we're talking about a year to a year and a half from now, this is big time in our big league, meaning $10 million or more a year.

我們需要設法解決各種問題。除此之外，沒有什麼大問題，只是同時還有很多事情要做。但是當它投入生產時，也就是我們談論的一年到一年半之後，這在我們的大聯盟中是一個大事件，意味著每年 1000 萬美元或更多。

That's great. And with the government commitments that they're making, it sounds like there's some high degree of probability that'll come to fruition. Yes.

那太棒了。從政府所做的承諾來看，這些目標很有可能實現。是的。

Yes. Always nice when your customers footing the bill for the equipment.

是的。當您的客戶為設備買單時，總是令人愉快的。

Yes. One more quick for Al, then I'll jump back in the queue. The gross margin outlook. I'm just thinking about the growth in assemblies and modules sequentially. I imagine most of that is G5, and that was only, I think a month or whatever, six weeks maybe of G5.

是的。再為 Al 做一次快速回复，然後我將重新回到隊列中。毛利率前景。我只是在考慮組件和模組的連續增長。我想其中大部分是 G5，而那隻是一個月或更久，也許是六週的 G5。

So next quarter you have a full quarter, you'll have a best, that product line, that segment will jump again sequentially, and that's a higher margin segment than some others. So that's just a natural gross margin expansion situation. Al, is that correct?

因此，下個季度您將有一個完整的季度，您將擁有最好的產品線，該細分市場將再次連續跳躍，並且該細分市場的利潤率將高於其他一些細分市場。所以這只是自然的毛利率擴張情況。艾爾，是這樣嗎？

That's right, Glenn. We expect the gross margin from this quarter to next quarter to go up because we'll have a full quarter of assemblies and modules and cameras. Yes.

沒錯，格倫。我們預計本季到下個季度的毛利率將會上升，因為我們將有一整個季度的組件、模組和攝影機。是的。

Okay, great. I'll jump back in the queue. Thanks guys.

好的，太好了。我會重新回到隊列中。謝謝大家。

Jaeson Schmidt, Lake Street.

傑森‧施密特 (Jaeson Schmidt)，湖街。

Hi guys. Thanks for taking my questions. I apologize, if I missed this, but what was the backlog number ending March?

嗨，大家好。感謝您回答我的問題。如果我錯過了這個，我很抱歉，但是三月底的積壓數量是多少？

$27.4 million.

2740萬美元。

Perfect. And then just digging into sort of your comments on the $51 million in expected revenue on a combined basis. That seems like a slight downshift from sort of that $55 million plus when the acquisition was announced. Just want to clarify, is maybe that Delta really being driven less by the G5 business, which seems to be going really strong, and we're on kind of the, let's call it legacy life LightPath business.

完美的。然後深入探討您對預計合併收入 5,100 萬美元的評論。這似乎與收購宣佈時的 5500 多萬美元相比略有下降。只是想澄清一下，也許達美航空真的較少受到 G5 業務的推動，而 G5 業務似乎發展得非常強勁，我們正處於一種稱之為傳統生命 LightPath 業務的狀態。

So it's, yes, Jaeson, sorry about the confusion around that. It's really, that's really Sam and I doing talking two different time frames. $51 million is from February 18th to February 18th, like the next 12 consecutive months. And what Sam's talking about is more about fiscal year, calendar year, so starting in June, going forward kind of thing.

是的，Jaeson，對於由此造成的混亂，我深感抱歉。這確實是 Sam 和我談論的兩個不同的時間範圍。 5,100 萬美元是從 2 月 18 日到 2 月 18 日，也就是接下來的連續 12 個月。薩姆談論的更多是財政年度、日曆年度，也就是從六月開始往後的事情。

Got it. No, that's really helpful. And then just the last one from me, and I'll jump back into queue. Looking at the OpEx line. I know, Al, you called out a number of different kind of line items there. How should we think about OpEx going forward through this calendar year?

知道了。不，這真的很有幫助。接下來就是我最後一個發言了，然後我會回到隊列中。查看 OpEx 線。我知道，艾爾，你在那裡列舉了許多不同類型的項目。我們該如何看待今年的營運支出？

Yes. So I kind of don't want to commit to anything just yet, but amortization is still going to have an impact beyond what we normally see in terms of OpEx. Right. So if we sort of carve that out and then take out, extraordinary M&A expenses, which we've experienced over the last year during this, although we still have that in Q4, as we wrap up all the filings and whatnot. But if we look past that, I would think that the combined companies are around five per quarter.

是的。所以我現在還不想承諾任何事情，但攤銷仍然會產生超出我們通常所見的營運支出的影響。正確的。因此，如果我們將其剔除，然後取出我們在過去一年中經歷的非經常性併購費用，儘管我們在第四季度仍然有這些費用，因為我們完成了所有的備案等等。但如果我們回顧過去，我認為每季合併的公司數量約為五家。

Okay, perfect. Thanks a lot, guys.

好的，完美。非常感謝大家。

Yes, thank you, Jaeson.

是的，謝謝你，Jaeson。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, thanks guys, for taking my questions as well. Let's start with a financial question here. In the last earnings call, I think you were asked about whether you expected to see a breakeven or positive EBITDA in this June quarter. And you said yes. Is that still your expectation?

好吧，謝謝大家，也回答了我的問題。讓我們從一個財務問題開始。在上次財報電話會議上，我想您被問到是否預計今年 6 月季度將實現盈虧平衡或 EBITDA 為正。你答應了。這仍然是您的期望嗎？

It'll be close, that's for sure. Where we expected to see a bit more camera revenue in June. And we certainly have the backorder backlog Sam mentioned at $13 million. Right? We're working on building that. So we went through sort of the networking capital outlay. We have supply chain so goods and materials come in. We're going to ship sort of starting this second week of June, some of those larger, more expensive systems. So we'll get a full quarter of revenue in for Q4, but not as much as, when I spoke to you last and said we'll definitely break even with EBITDA level, so it'll be close.

肯定會很接近的。我們預計六月相機收入會增加。我們的積壓訂單確實有 Sam 提到的 1300 萬美元。正確的？我們正在努力實現這一點。所以我們經歷了某種網路資本支出。我們有供應鏈，所以貨物和材料可以進來。我們將從六月的第二週開始發售一些更大、更昂貴的系統。因此，我們將在第四季度獲得整整一個季​​度的收入，但不會像我上次與您談話時所說的那樣多，我們肯定會達到 EBITDA 水平，所以它會接近。

But just to clarify, you mentioned the $13 million that I said that was bookings that we did. Bookings. We're not saying $13 million in this quarter of June.

但需要澄清的是，您提到了我所說的 1300 萬美元是我們所做的預訂。預訂。我們並不是說 6 月季度的營收為 1300 萬美元。

Correct? $13. The current $13 million bookings from February 18 --

正確的？13美元。自 2 月 18 日起，目前的預訂金額為 1,300 萬美元——

Today are somewhere around there. Does that help?

今天就在那裡附近。這樣有幫助嗎？

Yes. Yep. Just as long as I think we're doing an apples-to-apples comparison. What you said last time and I got your answer, so thanks for that.

是的。是的。只要我認為我們正在進行同類比較。正如您上次所說，我得到了您的答案，所以感謝您。

Yes, we're still struggling with apples-to-apples between calendar year, fiscal year of the acquisition. We are definitely. We have a lot of fun.

是的，我們仍在努力對收購的日曆年度和財政年度進行公平比較。我們確實是。我們玩得很開心。

I'm sure you are. Let's see. Let's ask a question on the missile program with Lockheed Martin here. The press release here talks about potentially seeing a decision late this year, early next year. Is this the final decision? Because I think you were alluding to something late this fall about being kind of a preliminary view into the potential decision. Is this the actual decision that you're expecting from the government?

我確信你是。讓我們來看看。我們來問一個有關洛克希德·馬丁公司的飛彈計劃的問題。這裡的新聞稿談到可能會在今年年底或明年年初做出決定。這是最終決定嗎？因為我認為您在今年秋末暗示了一些關於潛在決定的初步看法。這是您所期望政府做出的實際決定嗎？

This is that potential decision. So let me clarify and this was said publicly so I'm not going to get to trouble sharing this. This summer or early fall is when we expect the customer to start his or their own testing of the systems. And since we're talking about an innovative system that is vastly different than the solution Raytheon proposes, we, the comparison is really, does it work or doesn't kind of does the level that the technology promises.

這就是潛在的決定。所以讓我澄清一下，這是公開說的，所以我不會為分享這件事而煩惱。我們預計客戶將於今年夏天或初秋開始對系統進行自己的測試。由於我們討論的是一個與雷神公司提出的解決方案截然不同的創新系統，因此，我們需要比較的是，它是否真的有效，或者是否達到了該技術所承諾的水平。

And we think there's a good chance that already in the fall we will get a very strong indication from the customer offset. So yes, formally the decision needs to be made by I think October 2026 was what publicly was said. Realistically, the customer is starting to get deliveries in the summer, early fall. And if the technology is really delivering the promises that we think we might be seeing an earlier decision even.

我們認為，很有可能在秋季我們就可以從客戶抵銷中獲得非常強烈的跡象。所以是的，正式的決定需要在 2026 年 10 月之前做出，這是公開說的。實際上，客戶在夏季和初秋就開始收到貨物了。如果這項技術確實能夠實現我們所期望的承諾，我們甚至可能會看到更早的決定。

Okay, I'll look forward to seeing that. Maybe a last question. I'll step out of line here. Is looking at the LightPath only camera side here with Mantis and related products here. I just wanted to get your latest update and how the progress has been with penetrating the various markets intended there.

好的，我期待看到它。這也許是最後一個問題。我要在這裡超越界限。這裡正在查看 LightPath 的唯一相機側以及 Mantis 和相關產品。我只是想了解你們的最新動態以及你們在進入各個目標市場方面取得的進展。

Yes. The positive one is that on the furnace inspection side, these cameras, the long, huge cameras, $30,000 for looking into furnaces running at 2,000 degrees. That's going extremely well to a point that we're getting what we hoped for.

是的。積極的一面是，在熔爐檢查方面，這些攝影機，長而巨大的攝影機，花費 30,000 美元用於檢查在 2,000 度下運行的熔爐。一切進展非常順利，我們已經得到了我們所希望的結果。

And that is customers that in the past would buy from us, Sony, the camera and built their own optics, are now seeing that our complete system performs better than their own developed system and are testing and evaluating our complete system and starting to buy those. So that's exceptionally well. And the team is doing a unbelievable perform, great jobs there.

過去，客戶會從我們索尼購買相機並自行製造光學元件，但現在他們發現，我們的完整系統比他們自己開發的系統性能更好，他們正在測試和評估我們的完整系統，並開始購買。這非常好。該團隊的表現令人難以置信，做得非常出色。

We're very excited on that part. Optical gas imaging is less so. And the reason is we outlined it last time and unfortunately I don't have an update, a big update since then. We need to go through a formal qualification test or quantification test, if you would, of how much gas exactly. The camera can detect, if you would. EPA in the last two years has actually standardized that.

我們對此感到非常興奮。光學氣體成像則不然。原因是我們上次已經概述過，但不幸的是，自那以後我就沒有更新，也沒有重大更新。如果可以的話，我們需要進行正式的資格測試或量化測試，以確定到底有多少氣體。如果你願意的話，相機可以偵測到。美國環保署在過去兩年裡實際上已經對此進行了標準化。

And what used to be a sort of auxiliary technology that if people wanted, they would do. Optical gas imaging is now required by EPA. And obviously once it's required, then there's also required thresholds and specification.

這曾經是一種輔助技術，只要人們想要，就會去做。EPA 現在要求進行光學氣體成像。顯然，一旦有要求，就需要有門檻和規範。

So now there is a formal qualification process. The line to get in line to the qualification is absurd. It's half a year to a year. We managed to secure a much sooner spot than, Texas, where the test was supposed to be done, got hit by a massive storm. The long and the short is we expected later this month and hopefully then we'll be off running.

所以現在有一個正式的資格認證流程。獲得資格的排隊線是荒謬的。有半年到一年的時間了。我們設法提前獲得了一個地點，因為原定的測試地點德克薩斯州遭受了一場大風暴的襲擊。總而言之，我們預計本月稍後就能開始營運。

Okay, appreciate that update. That's all the question from you guys. Thank you.

好的，感謝您的更新。這就是你們所有的問題。謝謝。

Okay, thanks.

好的，謝謝。

Scott Buck, H. C. Wainwright.

斯科特·巴克、H.C. 溫賴特。

Hi, good afternoon, guys. Just a couple from me and thanks for the time. I'm curious, Sam. It sounds like momentum on the G5 side is, I mean, I guess, just outstanding. But are there any capacity constraints there or do you guys have the ability to move some production down into Orlando or what does that look like?

大家下午好。這只是我的幾點建議，感謝您抽出時間。我很好奇，山姆。聽起來 G5 方面的勢頭非常出色。但是那裡是否有產能限制，或者你們是否有能力將部分生產轉移到奧蘭多，或者情況如何？

That's a great question. Capacity constraints comes in one of three forms in a business like G5. The first is assembly constraint. To that extent, there's quite a bit of capacity. They run one shift only. We can add shifts. We can add people. There's a lot of trained workforce in that area. I'm less concerned on that part. The other two elements come from supply of the components. One is supply of the detectors. Those detectors come from a single vendor that makes them.

這是一個很好的問題。對於 G5 這樣的企業來說，產能限制有三種形式。首先是裝配約束。從這個程度上來說，還有相當大的容量。他們只進行一班輪班。我們可以增加班次。我們可以加人。該地區有大量訓練有素的勞動力。我不太關心那部分。另外兩個要素來自於零件供應。一是探測器的供應。這些探測器均由同一家供應商生產。

And for that extent to get ahead of ourselves on knowing or expecting that this is going to happen. We actually placed some very large orders for detectors with the vendor. Al was very unhappy about the amount of cash we tied up, but it's paying off in the fact that we are able to ship very quickly now some of those large orders.

並且在某種程度上，我們超越了我們對將要發生的事情的了解或預期。我們實際上向供應商下了一些非常大的探測器訂單。艾爾對於我們所佔用的現金數量非常不滿，但事實上我們現在能夠非常快速地發送一些大訂單，這是值得的。

So I'm less concerned on that part. The second part is the optics and this is where LightPath actually can come into play. Because optical G5 does not make itself own optical components. It outsources them to other companies like LightPath and then coats the optics. They have plenty of capacity for coating. We just bought another coating chamber for G5 just to make sure there's enough capacity.

所以我不太擔心那部分。第二部分是光學，這也是 LightPath 真正發揮作用的地方。因為光學G5本身不生產光學元件。它將這些工作外包給 LightPath 等其他公司，然後對光學元件進行塗層處理。它們具有足夠的塗層容量。我們剛剛為 G5 購買了另一個塗層室，以確保有足夠的容量。

But the timeline or the lead time for getting the optical components can sometimes be. And this is exactly the place where our Latvia operation or even Orlando operation can step in and potentially will do. So long -- short answer is, I'm not worried about their capacity, but it's complicated. So there are a few things we're doing.

但取得光學元件的時間表或交付週期有時會很短。這正是我們的拉脫維亞業務甚至奧蘭多業務可以介入並有可能發揮作用的地方。長話短說，我並不擔心他們的能力，但這很複雜。我們正在做一些事情。

Sure. No, that's very good color. I appreciate that. And apologies if I missed this early in the call. I jumped on a few minutes late. Could you talk a little bit about integration on the sales side? Are you both out co-marketing, co-pitching at this point? And if not, when does that occur?

當然。不，那顏色非常好。我很感激。如果我在通話初期沒有註意到這一點，我深感抱歉。我晚了幾分鐘才上車。能談談銷售方面的整合嗎？你們現在是否正在進行聯合行銷、聯合推銷？如果不是，那什麼時候會發生？

Yes, so actually you touched on a point that I wanted to talk about in my notes and forgot to bring it up. Our VP of Sales, Jason Messerschmidt had last week had to resign immediately due to some personal reasons in his family and so that was very unexpected for us. We haven't talked about it publicly. This is really the opportunity to do so. We enjoyed very much working with Jason, regretted very much. We tried everything possible but you know, some family restrictions or family requirements led to that.

是的，所以實際上你觸及了我想在筆記中談論的一個觀點，但忘了提起它。我們的銷售副總裁 Jason Messerschmidt 上週因家庭某些個人原因不得不立即辭職，這對我們來說非常驚訝。我們還沒有公開談論過此事。這確實是一個這樣做的機會。我們非常享受與傑森的合作，但也非常遺憾。我們嘗試了一切可能的方法，但你知道，一些家庭限製或家庭要求導致了這種情況。

And we wish Jason best of luck, he stays in touch with us and hopefully we'll get to work again together in the future. That said, we still have a very strong sales team, that in the camera side that Jason has built here in his year with us. And that sales team is already working very closely with G5 and in fact I myself spend some of my time on that.

我們祝傑森好運，他會與我們保持聯繫，希望我們將來能夠再次合作。話雖如此，我們仍然擁有一支非常強大的銷售團隊，這是傑森在我們這裡工作一年來在相機領域建立的。該銷售團隊已經與 G5 密切合作，事實上我自己也花了一些時間在這上面。

So sometimes some doors that phone call or an email from the CEO can open. And so I also take part in having calls with new potential customers in order to open the door and those are going very well. So it will take time because the sales cycle is long on a capital equipment of this magnitude. But reactions so far are great and we're absolutely seeing that the LightPath name and salesforce can open for G5 doors that before, never even. Were never even knocked on.

因此，有時 CEO 打來的電話或寄來的電子郵件就能打開一些大門。因此，我也參與與新潛在客戶的通話，以打開大門，這些進展非常順利。因此，這需要時間，因為這種規模的資本設備的銷售週期很長。但到目前為止的反應都很好，我們確實看到 LightPath 的名稱和銷售人員可以為 G5 打開以前從未有過的大門。甚至從未被敲過。

Really great. Well I appreciate that. That's all I had, guys. Thank you.

真的很棒。我很感激。夥計們，這就是我所擁有的一切。謝謝。

Thank you, Scott.

謝謝你，斯科特。

Brian Kinstlinger, AGP/Alliance Global Partners.

Brian Kinstlinger，AGP/Alliance Global Partners。

Great, thanks so much. I'm curious, Al, you mentioned there'll be some higher expenses, non-amortization. I'm not looking for a non-cash but in the current quarter and possibly next quarter, can you just help set our expectation for how much that might be?

太好了，非常感謝。我很好奇，艾爾，你提到會有一些更高的費用，不攤銷。我並不是在尋找非現金，但在本季度以及可能的下一季，您能否幫助我們設定預期金額？

Yes, it's going to be substantial is my guess. It's the ongoing legal fees for obviously all the filings we're doing audit fees that go beyond just audit again for all the filings, the valuation and consulting fees around that. Because we, we're incurring those costs essentially in March and April and even this week. So we still have some trailing expenses that are occurring right up to, right up to this very minute.

是的，我猜這將是相當可觀的。顯然，我們正在為所有文件支付持續的法律費用，而審計費用不僅僅是對所有文件進行審計，還包括相關的估值和諮詢費用。因為我們基本上在三月、四月甚至本週就承擔了這些成本。因此，直到現在，我們仍然有一些後續費用正在發生。

Substantial, like a $1 million or $2 million a quarter?

金額可觀，例如每季 100 萬美元或 200 萬美元？

Not a $1 million. That would be really substantial. I would guess 300 somewhere in that neighborhood.

不是100萬美元。那將會十分重要。我猜那個街區大約有 300 人。

And then in December -- the word a lot is kind of open ended and then in the December quarter you highlighted yield issues and supply chain challenges, certain components from China. What's happening today post-April, are the yield issues fixed? And then are you having any challenges on the supply chain right now?

然後在 12 月——「很多」這個詞有點開放式，然後在 12 月季度，你強調了產量問題和供應鏈挑戰，以及來自中國的某些零件。四月之後發生了什麼，收益問題解決了嗎？那麼，您現在在供應鏈方面遇到什麼挑戰嗎？

No, that's a great question. I'm glad someone pays attention when we talk. So I appreciate that things are much, much better. So on the yield issues and anything like that. We've done a lot of work and I think they're pretty much resolved. Touch wood, I don't want to, promise. But as of now we're seeing everything on track and going well. Supply issues where, there was a gap of getting any materials out of China, everyone was overreacting.

不，這是一個很好的問題。我很高興我們談話時有人注意聽。所以我很高興事情已經好多了。因此，關於收益問​​題以及諸如此類的問題。我們已經做了很多工作，我認為這些問題基本上已經解決了。摸摸木頭，我不想，我保證。但截至目前，我們看到一切都在按計劃進行，進展順利。供應問題，由於從中國獲取任何材料存在差距，每個人都反應過度。

As I sort of mentioned in my comments about these audits from customs and things. I mean there was a lot going on in China of customs scaring everyone out of exporting germanium to point that many companies stopped exporting optical materials, period. And so took a bit of time for the dust to settle and people to start exporting again.

正如我在關於海關審計等的評論中提到的那樣。我的意思是，中國海關發生了很多事情，嚇唬所有人不要出口鍺，以至於許多公司停止出口光學材料。因此需要一些時間才能平息事態，人們才能重新開始出口。

Of course, we rerouted any orders we can to suppliers outside of China, but the cost difference is sometimes such that we can't do that. That is pretty much behind us. Supply of non-germanium optics is back on track. We're receiving most of those in the next few weeks. So within the quarter we're in now, we're hopefully going to clear away most of that backlog of items that had supply issues. Some might flow into July just because it will take us a bit longer to process. But most of that backlog of supply, we're expecting end of May, beginning of June to receive the materials.

當然，我們會將所有訂單轉交給中國境外的供應商，但有時成本差異太大，我們無法做到。這基本上已經過去了。非鍺光學元件的供應已恢復正常。我們將在接下來的幾週內收到大部分郵件。因此，我們希望在本季內清除掉大部分有供應問題的積壓商品。有些可能會延續到 7 月份，因為我們需要更長的時間來處理。但對於大部分積壓的供應，我們預計在五月底、六月初能夠收到材料。

Okay. Another question I had was maybe just me who misunderstands the two contracts. The border security contract, opportunity for G5 and the Navy vessel contract, are those awarded? Are they still in competition? Just help me understand where those are in the procurement process.

好的。我還有另一個問題，也許只是我誤解了這兩份合約。邊境安全合約、G5 機會和海軍艦艇合約都授予了嗎？他們還在競爭嗎？只需幫助我了解這些在採購流程中的位置。

Yes, Navy competition is the simplest one awarded sole source, program of record, moving hopefully very soon into what's called LRIP, low rate initial production. And then it will be multimillion dollar a year from that point on and that is a done deal. Border Patrol is a bit more complicated. So Border Patrol has three suppliers of record for these kind of towers.

是的，海軍競爭是最簡單的，授予唯一來源，記錄計劃，希望很快進入所謂的 LRIP，低速率初始生產。從那時起，每年的收入將達到數百萬美元，這是一個已成定局的交易。邊境巡邏稍微複雜一些。邊境巡邏隊有三個此類塔的記錄供應商。

Elbit of America, ATSC and General Dynamics Land Systems. G5 is the sole provider for Elbit of America. As far as we know, of the three vendors, Elbit of America System is a preferred system and performs the best overall. And therefore we expect the majority of the purchases to go to Elbit and therefore from there to G5, which is the only vendor to Elbit. However, this is what is called an ID/IQ, indefinite delivery, indefinite quantity, that is split up between three vendors, which means every year all over again, Border Patrol can decide which one of the vendors gets what part of the cake. So there's very little certainty for the very long-term.

美國埃爾比特公司、ATSC 和通用動力陸地系統公司。G5 是美國 Elbit 的唯一供應商。據我們所知，在這三家供應商中，美國埃爾比特系統是首選系統，並且整體表現最佳。因此，我們預計大部分採購將流向 Elbit，然後再流向 G5，因為 G5 是 Elbit 的唯一供應商。然而，這就是所謂的 ID/IQ，即不定期交付、不定期數量，它被分成三份，這意味著每年邊境巡邏隊都可以決定哪家供應商分得一杯羹。因此，從長遠來看，確定性很小。

The only certainty we have right now is that we know from our own inquiries and discussions of Border Patrol that the Elbit system does by far perform the best, that right now they're considering the next purchase, which should be starting in the next few months. And if it goes well, this will be a, pretty large program for G5.

我們現在唯一可以確定的是，根據我們自己對邊境巡邏隊的詢問和討論，我們知道 Elbit 系統迄今為止表現最佳，而且他們現在正在考慮下一次購買，預計會在未來幾個月內開始。如果進展順利的話，這對 G5 來說將是一個相當大的專案。

And this program it has been ongoing. I mean, an ID/IQ you don't have to ever order, right? Think it could be zero. It could be all the way up to the max. Have they made several orders where Elbit is the market leader?

該計劃一直在進行中。我的意思是，您根本就不需要訂購 ID/IQ，對吧？認為它可能是零。它可能一直達到最大值。他們是否已經向 Elbit 這樣的市場領導者發出過幾份訂單？

The ID/IQ started in January and in January, G5 received an order of a couple of million dollars from Elbit for the first few systems.

ID/IQ 於 1 月啟動，同年 1 月，G5 收到了 Elbit 的一份價值數百萬美元的首批幾個系統的訂單。

And we're expecting now, and those were sort of the, I'd say equivalent to LRIP because it doesn't exactly. Homeland Security doesn't use that same terminology. But the next few months is when the real deliveries from ID/IQ are going to start. And you're absolutely right, ID/IQ has a lot of, uncertainty in it in terms of what will actually be pulled out of it.

我們現在期待的是，這些有點像，我會說相當於 LRIP，因為它並不完全一樣。國土安全部並不使用相同的術語。但接下來的幾個月，ID/IQ 才開始真正交付。您說得完全正確，就實際能從中提取什麼而言，ID/IQ 存在著許多不確定性。

Okay, and my last question is based on the backlog for G5, how far along are they into their at least revenue contribution of meeting their targets for next year? What's the visibility on that?

好的，我的最後一個問題是根據 G5 的積壓訂單，他們在實現明年目標的收入貢獻方面進展如何？它的可見度如何？

I think they have altogether between what they shipped so far and booked to maybe $15 million, maybe higher, a bit, not sure. Do you have there?

我認為他們迄今為止的發貨量和訂單量總計約為 1500 萬美元，也可能更高一些，但不確定。你有嗎？

I do, you want me to say it?

是的，你想讓我說出來嗎？

Roughly so --

大致如此--

Between what they've shipped. Well, let's say through Q4, because we have some visibility there through the end of the year through February 18th. Right now it's 19.

在他們所運送的物品之間。好吧，我們假設到第四季度，因為我們對今年年底至 2 月 18 日的情況有一定的了解。現在是 19。

And just remind me, where do they have to get to hit their first earn out?

提醒我一下，他們要去哪裡才能獲得第一筆收益？

The first earn out is 21.

第一次獲利是 21。

Okay. And thank you so much.

好的。非常感謝。

We projected; I mean we. I just earlier on the call, I said they're, we're going to do 51 in total for the year. That assumes that they make at least that 21 or for the trailing 12. Sorry. So they're, they're on course to do revenue wise, exactly what we thought. And there's still upside opportunities there.

我們預測過；我是說我們。我剛剛在電話裡說過，我們今年總共要做 51 項。這假設他們至少能達到 21 分或接下來的 12 分。對不起。所以，他們正在朝著實現收入的目標前進，正如我們想像的那樣。而那裡仍然存在上行機會。

So they could order to reach their, in order to reach their payout or contingent payment, they have to hit the margin too, on top of the revenue.

因此，為了達到他們的支出或或有支出，他們也必須在收入的基礎上達到利潤。

Absolutely. Right. 20% on each. Yes.

絕對地。對的。每人 20%。是的。

Their standalone business has to do 20% EBITDA, not the white path in total, but them by themselves. Right.

他們的獨立業務要做到20%的EBITDA，不是白路加起來，而是他們自己做。正確的。

Is there anything to tell you so far that's not tracking?

到目前為止還有什麼未追蹤到的資訊可以告訴你嗎？

Well, you only have five weeks of data.

嗯，你只有五週的數據。

Come on now. Okay --

快來吧。好的--

But, I don't see any red flags, Brian. I don't see any red flags.

但是，我沒有看到任何危險信號，布萊恩。我沒有看到任何危險信號。

Let's just say earnout is a great both (inaudible).

可以說 Earnout 是一個很好的（聽不清楚）。

I mean, it's ambitious even for them. Right. It's not a cakewalk even for them, but it's completely doable.

我的意思是，即使對他們來說這也是雄心勃勃的。正確的。即使對他們來說這也不是輕而易舉的事，但完全可行。

Okay, thanks.

好的，謝謝。

Thank you.

謝謝。

Ladies and gentlemen, we've reached the end of our question-and-answer session. I will now hand back to Sam Rubin for closing remarks.

女士們、先生們，我們的問答環節已經結束。現在我將把發言交還給 Sam Rubin 進行結束語。

Thank you, everyone. As you can tell, exciting times. We're getting it done. Everything we've been talking about for the last few years is all falling into place and happening. We're excited. I jump out of bed every morning coming to work. And so we're very much looking forward to continue to update everyone. Thank you for coming.

謝謝大家。如您所知，這是激動人心的時刻。我們正在完成它。過去幾年我們談論的一切都正在步入正軌並發生。我們很興奮。我每天早上都會​​跳下床去上班。因此，我們非常期待繼續向大家通報最新情況。謝謝您的到來。

Thank you, sir. Ladies and gentlemen, that concludes today's event. Thank you for attending and you may now disconnect your lines.

謝謝您，先生。女士們、先生們，今天的活動到此結束。感謝您的參與，您現在可以斷開線路了。