LightPath Technologies Inc (LPTH) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the LightPath Technologies fiscal fourth-quarter and full year 2025 earnings conference call. (Operator Instructions) This conference is being recorded today, September 25, 2025, and the earnings press release accompanying this conference call was issued after the market close today.

女士們、先生們，下午好，謝謝你們的支持。歡迎參加 LightPath Technologies 2025 財年第四季和全年財報電話會議。（操作員指示）本次會議於今日（2025 年 9 月 25 日）進行錄製，隨本次電話會議發布的收益新聞稿於今天收盤後發布。

I'd like to remind you that during the course of this call, the company will be making a number of forward-looking statements that are based on current expectations involving various risks and uncertainties as discussed in its periodic SEC filings. Although the company believes that the assumptions underlying 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，其中涉及公司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能被證明是不準確的，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 overflow of the business and recent developments for 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業務的策略進展和公司的最新發展，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 would now like to turn the conference over to CEO, Sam Rubin. Sam, the floor is yours.

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

Thank you, operator. Good afternoon to everyone, and welcome to LightPath Technologies's fiscal fourth-quarter and full fiscal year 2025 financial results conference call. Pretty exciting time save at LightPath. Over the last few years, we've been working on the transformation of the company, and we're now beginning to see the tangible results of these efforts.

謝謝您，接線生。大家下午好，歡迎參加LightPath Technologies 2025財年第四季及全年財務業績電話會議。在 LightPath 上節省的時間非常令人興奮。過去幾年，我們一直致力於公司的轉型，現在我們開始看到這些努力的實際成果。

Since we likely have many new shareholders and many new listeners on this call, I will take some time to describe where we come from, which will help put in context the recent developments. Then I will talk about specific programs that are driving our record $90 million backlog, the investment from Ondas, and Unusual Machines and our next growth drivers.

由於這次電話會議中可能有很多新股東和新聽眾，我將花一些時間來描述我們的背景，這將有助於了解最近的發展。然後，我將談論推動我們創紀錄的 9000 萬美元積壓訂單、來自 Ondas 和 Unusual Machines 的投資的具體計劃以及我們的下一個成長動力。

This will likely take up more time than usual and will come at the expense of some of the financial side. So, Al?

這可能會比平常花費更多的時間，並且會造成一些財務損失。那麼，艾爾？

So let's start with strategy. LightPath is a 40-year-old company said for 35 out of those 40 years was a component manufacturer. The strategy of LightPath is an optical component company was strongly tied to the industry structure and worked well when the industry was small and highly technical.

那麼就讓我們從策略開始吧。LightPath 是一家擁有 40 年歷史的公司，據稱在這 40 年中，有 35 年都是零件製造商。LightPath 是一家光學元件公司，其策略與產業結構緊密相關，在產業規模較小且技術含量較高時效果良好。

A component company like LightPath could create value with its fabrication technology and at times capture that value with high margins. However, the industry grew and changed, the structure of the industry changed and led to commoditization of optical fabrication technologies, and a change in customer characteristics and supplier customer dynamics.

像 LightPath 這樣的零件公司可以利用其製造技術創造價值，有時還能以高利潤獲取該價值。然而，產業不斷發展變化，產業結構發生變化，導致光學製造技術商品化，客戶特徵和供應商客戶動態變化。

LightPath, unfortunately, did not adapt its strategy to that, and therefore, relied on being a lowest cost provider of components and focusing on manufacturing in China to achieve that. This resulted in eroding margins, increased competition, and diminishing ability to capture the value its technologies created.

不幸的是，LightPath 並沒有調整其策略來適應這一點，因此，它依靠成為成本最低的零件供應商並專注於在中國製造來實現這一目標。這導致利潤率下降、競爭加劇、獲取其技術所創造的價值的能力下降。

This also resulted in an unhealthy reliance on both manufacturing and sales in China. By 2020, most of the company's manufacturing footprint was in China and more than 1/3 of its revenue was from China.

這也導致了對中國製造和銷售的不健康依賴。到2020年，該公司的大部分製造業務都在中國，超過三分之一的收入來自中國。

In late 2020, following a change in management, we developed and implemented a new strategic direction. Without going into great details because honestly, I could spend the whole evening talking about this, I'll just say that we realigned the company to strategic direction that allows us to substantially grow and capture much more value from our technologies and capabilities.

2020年末，隨著管理階層的變動，我們制定並實施了新的策略方向。我不想講太多細節，因為說實話，我可以花一整個晚上來談論這個問題，我只想說，我們重新調整了公司的戰略方向，這使我們能夠大幅增長，並從我們的技術和能力中獲取更多價值。

This is not about moving away from being a component company as much as it is about moving into a position that will allow us to grow, improve margins, and secure our position in supply chain. In our specific industry, the dynamics of the technology, supply chain and geopolitics, this means that we can grow best and impact our bottom line best if we focus on subsystems and systems that are enabled by our technologies, more specifically, during that in the field of infrared imaging, a growing market in which we have strong differentiators.

這不是要擺脫作為零件公司的形象，而是要讓我們進入一個能讓我們成長、提高利潤率、並確保我們在供應鏈中地位的地位。在我們的特定產業中，技術、供應鏈和地緣政治的動態意味著，如果我們專注於由我們的技術支援的子系統和系統，我們可以實現最佳成長並對我們的底線產生最佳影響，更具體地說，在紅外線成像領域，這是一個不斷增長的市場，我們擁有強大的差異化優勢。

To explain a bit more about what I mean, let's look at just one of our unique differentiators. Our BlackDiamond glass. Unique materials, such as our proprietary BlackDiamond glass, which is licensed from US naval research laboratories as an alternative to germanium in infrared updates, helps create value by enabling customers to do more.

為了進一步解釋我的意思，讓我們來看看我們獨特的差異化因素之一。我們的 BlackDiamond 玻璃。獨特的材料，例如我們專有的 BlackDiamond 玻璃，它是從美國海軍研究實驗室獲得許可的，可作為紅外線更新中鍺的替代品，有助於客戶做更多的事情，從而創造價值。

More in this case, could be smaller systems, more could be cheaper systems or more could simply be something as trivial as just being able to guarantee delivery of your systems to the customers with production certainty without warning about germanium supply restrictions from China.

在這種情況下，更多可能是更小的系統，更多可能是更便宜的系統，或者更多可能只是一些簡單的事情，例如能夠保證向客戶交付系統並確定生產，而無需擔心中國對鍺的供應限制。

Some companies will have such technology might say something like, well, these materials are valued by my customers. So I can charge more for my materials, which is a valid point. Another company could say, let's take a step further and with our unique materials, we can sell more components, value-added. So we do that.

有些擁有此類技術的公司可能會說，嗯，這些材料受到我的客戶的重視。因此我可以對我的材料收取更高的費用，這是一個合理的觀點。另一家公司可能會說，讓我們更進一步，利用我們獨特的材料，我們可以銷售更多具有附加價值的零件。所以我們這麼做了。

For us, we found that the sweet spot was going into subsystems or small systems, which we often call Engineered Solutions. Those do not require large infrastructure service and field support a full system to, but still allow us to capture much more of the value. The combination of light parts materials and our optics, together with, for example, the recently acquired subsidiary of G5 Infrared is -- which is a leading -- Infrared, which is a leader in thermal imaging camera is case in point for this.

對我們來說，我們發現最佳點是進入子系統或小系統，我們通常稱之為工程解決方案。這些不需要大型基礎設施服務和現場支援完整的系統，但仍允許我們獲得更多的價值。輕量零件材料和我們的光學元件的結合，再加上例如最近收購的子公司 G5 Infrared（一家領先的紅外線公司），紅外線公司是熱成像攝影機領域的領導者，就是一個很好的例子。

G5 is known as the industry leader in long-range inferred cameras. That was the case before we acquired, not something we created. But like its competitors, G5 was facing supply chain challenges due to global geopolitics, and primarily germanium and gallium, which are critical materials in the optics.

G5被譽為遠距離推斷相機的產業領導者。那是在我們收購之前的情況，而不是我們創造的情況。但與競爭對手一樣，G5 也面臨全球地緣政治因素帶來的供應鏈挑戰，主要是鍺和鎵，它們是光學領域的關鍵材料。

After acquiring G5 in February, in conjunction with their team, we began the effort to redesign their systems to use our materials. Recently, we announced completion of redesign of two of those cameras. By doing so, we are positioning ourselves not only as offering the best cameras now, but also as the most reliable provider of cameras, with supply chain resiliency that no one else can offer.

在二月收購 G5 之後，我們與他們的團隊合作，開始努力重新設計他們的系統以使用我們的材料。最近，我們宣布完成了其中兩款相機的重新設計。透過這樣做，我們不僅將自己定位為現在提供最好的相機，而且還將自己定位為最可靠的相機供應商，並擁有其他人無法提供的供應鏈彈性。

The result of this is massive growth we are seeing. Our backlog today is around $90 million, $90 million. That is more than 4 times what the backlog was just a few months ago. And with more than two-thirds of this backlog in systems and subsystems, it is clear that the strategy is working.

其結果就是我們看到的巨大成長。我們今天的積壓訂單約為 9000 萬美元，9000 萬美元。這比幾個月前的積壓數量高出了四倍以上。由於積壓的訂單中有超過三分之二是系統和子系統，因此顯然該策略正在發揮作用。

Our strategy is all about creating value and capturing value. When you have core technologies that are unique and well positioned, they clearly create value, and it is up to the company to make the most of it by capturing as much of that value as possible. For LightPath, it means going up the food chain. W

我們的策略就是創造價值和獲取價值。當你擁有獨特且定位良好的核心技術時，它們顯然會創造價值，而公司則需要充分利用它，盡可能地獲得這些價值。對 LightPath 來說，這意味著提升食物鏈。西

ith this spectrum behind us, I would like to now dive into some of our most recent developments and events and add some color and background this announcement we have recently made and the large backlog I just mentioned.

在了解了這些情況後，我現在想深入探討我們最近的一些發展和事件，並為我們最近發布的公告和我剛才提到的大量積壓工作添加一些背景資訊。

First, let's talk about the two recent large orders. Over the last few weeks, we announced large orders that's really one order split into two separate peers. Those orders totaling over $40 million for deliveries of Infrared cameras in calendar years 2026 and 2027. The customer is an existing customer that has been consistently doing business with G5 over the last few years, although not at levels anywhere near this.

首先我們來談談最近的兩筆大訂單。在過去的幾周里，我們宣布了一些大額訂單，實際上是將一個訂單拆分成兩個獨立的訂單。這些訂單總額超過 4,000 萬美元，將於 2026 年和 2027 年交付紅外線攝影機。該客戶是現有客戶，過去幾年一直與 G5 有業務往來，儘管其合作程度遠不及此次。

The applications for those cameras will be in border surveillance and counter UAVs, or CUAS, as it is often called.

這些攝影機的應用領域是邊境監視和反無人機（通常稱為 CUAS）。

Let's first talk about the border surveillance. So border surveillance program, known as CTFC, is something we have previously discussed. At the time, I think in our last call, we expected the entirety of the program to include installing about 300 new surveillance towers along the southern border and the work to be divided between three clients.

我們先來說說邊境監視。邊境監視計畫（即 CTFC）是我們之前討論過的。當時，我想在我們上次通話中，我們預計整個計劃將包括在南部邊境安裝大約 300 座新的監視塔，並將這項工作分攤給三個客戶。

One of them was our customer. Then along came the Big Beautiful Bill and more than tripled the funding to border patrol. To our understanding, this means a number of towers along the border could go up to 1,000 towers. Some even speak about 1,200 towers. This includes not only an increase in number of towers along the southern border, but also the installation of towers in some places along the northern border.

其中一位是我們的客戶。隨後，《大美麗法案》出台，邊境巡邏資金增加了兩倍多。據我們了解，這意味著邊境沿線的塔數量可能會增加到 1,000 座。有些人甚至說有 1,200 座塔。這不僅包括在南部邊境增加信號塔的數量，還包括在北部邊境的一些地方安裝信號塔。

Now take the large increase in expected deployment, add to its supply chain constraints companies are facing, and you get a scramble to ensure supplies of cameras. Or in other words, for us, a perfect storm.

現在，預期部署量將大幅增加，再加上公司面臨的供應鏈限制，因此企業必須爭取確保攝影機的供應。或者換句話說，對我們來說，這是一場完美風暴。

The border contract is an IDIQ divided among three companies. Until recently, we've been supplying cameras to only one of them free. The $40 million in orders for calendar '26 and '27, we just discussed, is for another one of the prime contractors. So this is going to be in addition to the existing work we have and have been expecting and spoke about for the border.

邊境合約是三家公司共同承擔的IDIQ合約。直到最近，我們只向其中一家免費提供相機。我們剛剛討論過的 26 年和 27 年 4000 萬美元的訂單是給另一家主要承包商的。因此，這將是我們現有工作以及我們一直期待和談論的邊境工作的補充。

Okay. Enough about the border, but there's a lot going on there, clearly. Let's go back to our $90 million backlog. Another part of our record $90 million backlog is systems for counter UAS. More specifically, powerful zoom cameras that can passively detect, classify, and track drones. Drones are as small as 10 inches in size, for example.

好的。關於邊界的問題已經說得夠多了，但顯然那裡發生了很多事情。讓我們回顧一下 9000 萬美元的積壓訂單。我們創紀錄的 9,000 萬美元積壓訂單的另一部分是反無人機系統。更具體地說，強大的變焦攝影機可以被動檢測、分類和追蹤無人機。例如，無人機的尺寸只有 10 英吋。

These cameras not only integrate into systems for detecting drones, but also integrate all to -- on to almost any weapon system that is used to counter drones by disabling drones using different means. The systems named Remote Weapon Systems or vehicle-mounted kinetic systems or pretty much any deployment of a counter UAS system, which, as we all know, is a rapidly growing industry, not only in battlefields and front lines but also in critical infrastructure, such as airports or public and private infrastructure.

這些攝影機不僅整合到無人機偵測系統中，而且還整合到幾乎所有用於對抗無人機的武器系統中，透過使用不同的方式停用無人機。這些系統被稱為遠程武器系統或車載動能係統，或幾乎任何反無人機系統的部署，眾所周知，這是一個快速發展的行業，不僅在戰場和前線，而且在關鍵基礎設施中，如機場或公共和私人基礎設施。

Currently, more than $10 million of our backlog is for cameras for counter UAS. This is separate from the $40 million of orders I just discussed. And those specific orders were announced and discussed earlier. We expect this to continue to grow as our cameras are integrated into more and more systems. Another area of growth that we expect to see is the Navy's SPEIR program. L3Harris is a time integrating this system, which is expected to be installed in all the US naval service vessels.

目前，我們積壓的訂單中有超過 1000 萬美元是用於對抗無人機系統的相機。這與我剛才討論的 4000 萬美元的訂單是分開的。這些具體命令先前已宣布並討論過。隨著我們的相機整合到越來越多的系統中，我們預計這一數字將繼續增長。我們預計看到的另一個成長領域是海軍的 SPEIR 計劃。L3Harris是一次整合該系統的嘗試，預計將安裝在所有美國海軍服役艦艇上。

The contract, which we announced together with L3Harris earlier this year is expected to move into LWIP. LWIP is low-weight initial production in coming months. It has also been publicly disclosed that they expect to see the first installation and full integration into a fire control system of the first destroyer by 2027.

我們今年稍早與 L3Harris 共同宣布的合約預計將轉入 LWIP。LWIP 是未來幾個月內輕量級的初始生產。據公開透露，他們預計到 2027 年將首次安裝該系統並將其完全整合到第一艘驅逐艦的火控系統中。

For a system to be deployed by 2027, given all the slowdowns and processes, that time line means that we will be working on our part base soon. This is a large program of record and a key program for the US Navy. So we expect this to be a meaningful source of revenue for many more years to come. All of those are systems that we've already qualified, so all the development work is pretty much done.

對於要在 2027 年之前部署的系統，考慮到所有的減速和流程，這個時間表意味著我們很快就會開始以零件方式工作。這是一項大型記錄項目，也是美國海軍的關鍵項目。因此，我們預計這將成為未來許多年有意義的收入來源。所有這些都是我們已經認證過的系統，因此所有的開發工作基本上都完成了。

It's a matter of receiving and executing on the purchase orders. We feel very confident in our ability to deliver all of those, especially in light of our unique position, utilizing our proprietary BlackDiamond materials in the cameras instead of germanium, which traditionally is the element of use for many infrared cameras.

這是接收和執行採購訂單的問題。我們對自己實現所有這些目標的能力非常有信心，特別是考慮到我們的獨特地位，在攝影機中使用我們專有的 BlackDiamond 材料代替傳統上用於許多紅外線攝影機的元素鍺。

This brings me to China's ongoing export restrictions, who late last year cut off the export of germanium as well as other critical materials to the US defense industry. China produces substantially most of the germanium globally, making a Chinese ban effectively global. In response to those events, US defense contractors moved to stockpile germanium, but the ongoing ban the stockpiles are running dangerously low.

這讓我想到了中國正在進行的出口限制，去年年底中國切斷了對美國國防工業的鍺以及其他關鍵材料的出口。中國生產了全球絕大部分的鍺，這使得中國的禁令實際上具有全球性。為了應對這些事件，美國國防承包商開始儲備鍺，但由於禁令的實施，庫存已處於危險的低點。

One executive noted in a Wall Street Journal last month that his firm is now down to safety stock. Some suppliers now hold only a few months of inventory, exposing even large firms for disruption. The result of this disruption has been a massive interest from defense customers to move away from germanium to eliminate China-related supply chain risk.

一位高層上個月在《華爾街日報》上指出，他的公司現在只剩下安全庫存了。一些供應商現在只持有幾個月的庫存，即使是大公司也面臨供應中斷的風險。這次中斷導致國防客戶對放棄鍺產生了濃厚興趣，以消除與中國相關的供應鏈風險。

Inbound interest from defense contractors in LightPath proprietary glass -- BlackDiamond glass, the replacement for germanium, we licensed exclusively from NOL, has increased significantly. And while there is some lag from design to field deployment, the shift is happening and happening quickly and can be already seen in some of our numbers. So those programs are what is currently driving our large backlog and short-term growth.

國防承包商對 LightPath 專有玻璃——BlackDiamond 玻璃（鍺的替代品，我們從 NOL 獲得獨家許可）的興趣大幅增加。雖然從設計到現場部署存在一些滯後，但這種轉變正在發生，而且發生得很快，從我們的一些數據中已經可以看出來。因此，這些項目是目前推動我們大量積壓訂單和短期成長的動力。

Now let's talk about additional programs and growth drivers in the pipeline. NGSRI is one of our most important programs in which we are developing for Lockheed Martin a system that is a key technology in their version of next-generation single portable grounds to air missile. Lockheed is competing against (inaudible) this and is now in testing stages with the customer.

現在讓我們來談談正在籌備的其他計畫和成長動力。NGSRI 是我們最重要的項目之一，我們正在為洛克希德馬丁公司開發一個系統，該系統是其下一代單便攜式地對空飛彈的關鍵技術。洛克希德公司正在與（聽不清楚）競爭，目前正與客戶進行測試階段。

While I do not have any specific updates to share, I will I would likely not be able to answer most questions about this. I would like to commend the teams at Lockheed Martin and Visimid Group in Texas in putting together a completely new missile system in a two-year time frame, something almost unheard of. The system is now in testing and we expect delivery or feedback from the customer any time in the next few months.

雖然我沒有任何特定的更新可以分享，但我可能無法回答有關此問題的大多數問題。我要讚揚洛克希德馬丁公司和德克薩斯州 Vis​​imid 集團的團隊，他們在兩年的時間內組建了一個全新的飛彈系統，這幾乎是聞所未聞的。該系統目前正處於測試階段，我們預計在未來幾個月內隨時交付或收到客戶的回饋。

I know many are anxious to receive updates on this as am I, to be honest. But because if we win this according to projections we received from the customer, this could be between $50 million to $100 million of recurring annual revenue for us, while in full rate production. The only related update I can share right now is that our Texas group is in the process of moving to a larger facility, one that will be able to support the production for this system.

說實話，我知道很多人都和我一樣急切地想要得到有關此事的最新消息。但是，如果我們按照從客戶那裡得到的預測贏得這個項目，那麼在全速生產的情況下，這可能為我們帶來 5,000 萬到 1 億美元的經常性年收入。我現在唯一可以分享的相關更新是，我們的德州團隊正在搬遷到一個更大的工廠，該工廠將能夠支援該系統的生產。

For those who want to understand more about the system and why our camera is making such a big difference, I would suggest to search online for the term quad star and Lockheed Martin. Lockheed names are missile quad star. There is a long and detailed article that describes fairly well why Lockheed solution can achieve better distance and overall performance due to LightPath's camera system integrated in the missile.

對於那些想要進一步了解該系統以及為什麼我們的相機能帶來如此大變化的人，我建議在網上搜尋“四星”和“洛克希德馬丁”這兩個術語。洛克希德公司的名字是飛彈四顆星。有一篇很長的詳細文章很好地描述了為什麼洛克希德的解決方案能夠透過飛彈中整合的 LightPath 攝影機系統實現更好的距離和整體性能。

Okay. Additionally, we also have programs such as our (inaudible) program, which we delivered our subsystem recently and is now being integrated for testing by the customer. We have some programs related to Golden dome, which are in design phase. And we have another program which is really unnamed.

好的。此外，我們還有一些程序，例如我們的（聽不清楚）程序，我們最近交付了我們的子系統，現在正在整合以供客戶測試。我們有一些與金頂相關的項目，目前正處於設計階段。我們還有另一個尚未命名的程式。

And I mentioned in the last call, is a key BlackDiamond material program, in which the customer is actually funding equipment dedicated for that program. I can't say much about it, unfortunately. What is common to all these programs is that we believe each and every one of them could reach over $10 million of recurring revenue a year.

我在上次電話中提到，這是一項關鍵的 BlackDiamond 材料計劃，其中客戶實際上是為該計劃專用的設備提供資金。不幸的是，我對此不能透露太多。所有這些項目的共同點是，我們相信每個項目每年都能實現超過 1000 萬美元的經常性收入。

Some of them, like (inaudible), much more. All of those are specific programs or projects, but we also have our assemblies and optics product offering. The assemblies business includes standard and custom design of lens assemblies that customers integrate into their own cameras or systems. Part of this business is growing, too, and especially assemblies that are designed to replace existing assemblies that utilize Germanium in one of all lenses.

其中有些，例如（聽不清楚），還有很多。所有這些都是特定的計劃或項目，但我們也提供組件和光學產品。組裝業務包括客戶整合到自己的相機或系統中的標準和客製化鏡頭組件設計。這項業務的一部分也在成長，特別是那些旨在取代現有組件（在所有鏡頭中的一個中使用鍺）的組件。

LightPath has a portfolio of lens assemblies designed so they can be used with other caveats. So those could be cameras made by flare, seek thermal, DRS or pretty much any thermal camera manufacturer. In particular, we are seeing a growing demand for assemblies and also complete cameras for use in drones.

LightPath 擁有一系列鏡頭組件，其設計使其可以與其他警告一起使用。因此，這些相機可能是由 flare、seek thermal、DRS 或幾乎任何熱像儀製造商生產的。特別是，我們看到對無人機組件和完整攝影機的需求不斷增長。

A bit of background. Following the COVID pandemic, China emerged as a strong player in the market for low-cost thermal cameras used in applications such as drones. This is as a result of the significant state investment in technologies related to contactless temperature measurement, which are really the same technologies used in thermal imaging, while for a while after 2021 or so, it looked like Chinese vendors might become the main source for cameras for drones, geopolitics, however, has been changing that.

一些背景知識。新冠疫情爆發後，中國成為無人機等應用中使用的低成本熱像儀市場的強大參與者。這是由於國家對非接觸式測溫相關技術進行了大量投資，這些技術實際上與熱成像所使用的技術相同，而在 2021 年左右的一段時間內，中國供應商似乎可能會成為無人機攝影機的主要來源，然而，地緣政治正在改變這種狀況。

Ukraine, for example, has decided a while ago that it will no longer use cameras or lens assemblies made in China in their drones. US Europe and the US have followed shortly after with different initiatives for domestic drone and component manufacturing. LightPath designs and produces its lens assemblies in Orlando.

例如，烏克蘭不久前決定，將不再在其無人機上使用中國製造的相機或鏡頭組件。歐洲和美國也緊跟其後，推出了不同的舉措，以促進國內無人機和零件製造。LightPath 在奧蘭多設計和生產鏡頭組件。

And in recent months, we have made investments in those capabilities, both in the US and we recooperation which is a certified defense manufacturer in Europe. Further support the focus on disassembly on those assemblies and the drone market, we have done two things. First, we've recruited Dr. Steve Milky as VP of Engineering.

近幾個月來，我們在美國和歐洲認證的國防製造商合作公司都對這些能力進行了投資。進一步支持對這些組件和無人機市場的拆卸關注，我們做了兩件事。首先，我們聘請了史蒂夫·米爾基博士擔任工程副總裁。

The engineering discipline, which focuses on successful transition of new products from into manufacturing and high-volume manufacturing of these products is key to LightPath's scaling in this business. Dr. Milky brings many years of experience in doing exactly that, and we view his addition as instrumental in this effort to scale this manufacturing.

工程學科專注於新產品從製造階段的成功過渡以及這些產品的大量生產，這是 LightPath 在該業務中擴展的關鍵。Milky 博士在這方面擁有多年的經驗，我們認為他的加入對於擴大生產規模起到了重要作用。

Secondly, and pretty excitingly, to finance many of those efforts, we have received in a strategic investment from two leading companies in our industry, Ondas Holdings and Unusual Machines. These companies are not only key strategic customers to LightPath, they're also leading charge in setting up manufacturing and the complete echoes ecosystem for drones and all components and subsystems required for this in the US and the West.

其次，令人興奮的是，為了資助這些努力，我們獲得了業界兩家領先公司 Ondas Holdings 和 Unusual Machines 的策略投資。這些公司不僅是 LightPath 的關鍵策略客戶，而且還在美國和西方國家引領無人機製造和完整 echoes 生態系統以及所需的所有組件和子系統的建立。

What LightPath is doing in bringing manufacturing of thermal imaging to the US. Ondas and (inaudible) or doing with drone motors, complete drones and much more than that. We're excited to be working with them and take part in building the future drone infrastructure for the US and Europe. The $8 million investment received from Ondas and (inaudible) will go towards expanding these efforts, and I expect these efforts to be very fruitful for all three companies and the industry as a whole.

LightPath 正在努力將熱成像製造引入美國。Ondas 和（聽不清楚）或使用無人機引擎、完整的無人機等等。我們很高興能與他們合作並參與建立美國和歐洲未來的無人機基礎設施。Ondas 和（聽不清楚）提供的 800 萬美元投資將用於擴大這些努力，我預計這些努力對於這三家公司和整個行業來說都將非常富有成效。

I firmly believe LightPath is poised for great success in coming years. The 41% quarter-over-quarter growth we just announced for Q4 and the $90 million backlog is only at the beginning. There are many tailwinds supporting our growth and the investments and efforts the team has made over the last five years, many of which are just starting to show. Our future is very buoyant, and we're excited to be here and to see it all unfold.

我堅信 LightPath 在未來幾年將取得巨大的成功。我們剛剛宣布第四季季增 41% 以及 9,000 萬美元的積壓訂單只是個開始。有許多順風因素支持我們的成長以及團隊在過去五年中所做的投資和努力，其中許多因素才剛開始顯現。我們的未來充滿希望，我們很高興來到這裡並見證這一切的發展。

Now I've spoken announce, so I'll pass it on to our CFO, Al Miranda, to talk about fourth quarter and fiscal year-end results. Please go ahead, Al.

現在我已經宣布了結果，所以我將把它轉交給我們的財務長 Al Miranda，來討論第四季度和財年末的業績。請繼續，艾爾。

Thank you, Sam. I will keep my review to a succinct highlight of the financials this quarter. As a reminder, much of the information we're discussing. During this call, we also included in our press release issued earlier today and will be included in the 10-K for the period. I encourage you to visit our Investor Relations webpage to access these documents.

謝謝你，山姆。我將簡要回顧本季的財務狀況。提醒一下，我們正在討論很多資訊。在這次電話會議中，我們還將其納入了今天早些時候發布的新聞稿中，並將其納入該期間的 10-K 中。我鼓勵您造訪我們的投資者關係網頁以取得這些文件。

Revenue for the fourth quarter of fiscal 2025 increased 41.4% to $12.2 million as compared to $8.6 million in the same year ago quarter. Sales of infrared components were $4.9 million or 40% of the company consolidated revenue.

2025 財年第四季的營收為 1,220 萬美元，較去年同期的 860 萬美元成長 41.4%。紅外線元件的銷售額為 490 萬美元，占公司合併收入的 40%。

Revenue from visible components was $2.8 million or 23.2% of consolidated revenue. Revenue from assemblies and modules were $4.2 million or 34.1% of consolidated revenue. Revenue from Engineering Services was $0.3 million or 2.1% of consolidated revenue.

可見部件的收入為 280 萬美元，佔合併收入的 23.2%。組件和模組的收入為 420 萬美元，佔合併收入的 34.1%。工程服務收入為 30 萬美元，佔合併收入的 2.1%。

Gross profit increased 6.6% to $2.7 million or 22% of total revenues from the fourth quarter of 2025 as compared to $2.5 million or 29.2%, total revenues in the same quarter of the prior fiscal year. Difference in gross margin as a percentage of revenue was primarily due to an approximately $0.5 million increase in inventory reserve charges recorded in the fourth quarter of fiscal 2025, primarily related to our visible component business.

2025 年第四季毛利成長 6.6% 至 270 萬美元，佔總營收的 22%，而上一財年同期毛利為 250 萬美元，佔總營收的 29.2%。毛利率佔收入的百分比差異主要是由於 2025 財年第四季度記錄的庫存準備金費用增加了約 50 萬美元，主要與我們的可見組件業務有關。

Operating expenses increased 52% to $7.2 million for the fourth quarter of fiscal 2025 as compared to $4.7 million in the same quarter of the prior fiscal year. This increase was due to the integration of G5 infrared following its acquisition earlier as well as increased sales and marketing spend to promote new products an increase of material spend for internally funded new product development, an increase in the fair value of the acquisition liabilities of $1.4 million.

2025 財年第四季的營運費用較上一財年同期的 470 萬美元成長 52%，達到 720 萬美元。這一增長是由於早先收購 G5 紅外線技術後對其進行整合，以及為推廣新產品而增加的銷售和營銷支出、內部資助的新產品開發的材料支出增加，以及收購負債的公允價值增加了 140 萬美元。

The earnout liability for the G5 acquisition will continue to be adjusted until it's paid out. Net loss in the fourth quarter of fiscal 2025 totaled $7.1 million or $0.16 per basic and diluted share as compared to $2.4 million or $0.06 per basic and diluted share in the same quarter of the prior fiscal year.

G5 收購的獲利責任將持續調整，直至支付完畢。2025 財年第四季淨虧損總計 710 萬美元，即每股基本虧損和稀釋虧損均為 0.16 美元，而上一財年同期淨虧損為 240 萬美元，即每股基本虧損和稀釋虧損均為 0.06 美元。

Change in net loss was driven by an increase in certain noncash nonoperating expenses associated with the acquisition of G5 Infrared and the related financing of the acquisition.

淨虧損的變動是由於收購 G5 Infrared 以及與收購相關融資相關的某些非現金非營業費用的增加所致。

Adjusted EBITDA loss for the fourth quarter of fiscal 2025 was $1.9 million compared to a loss of $1.1 million for the same period of the prior fiscal year. Although not perfect, we believe that adjusted EBITDA is a better indicator of core operating performance by excluding noncore noncash items.

2025 財年第四季調整後 EBITDA 虧損為 190 萬美元，而上一財年同期虧損為 110 萬美元。儘管並不完美，但我們認為，透過排除非核心非現金項目，調整後的 EBITDA 可以更好地反映核心營運績效。

Cash and cash equivalents as of June 30, 2025, totaled $4.9 million as compared to $3.5 million as of June 30, 2024. As of June 30, 2025, total debt stood at $5 million and backlog totaled $37.4 million. But as Sam noted, backlog has grown significantly since that time. I'd like to point out two significant activities we undertook during the fiscal year that we have not discussed during the fiscal year and especially in the fourth quarter, we migrated our global IT infrastructure to a new provider to bolster and meet the defense industry high-level security requirements.

截至 2025 年 6 月 30 日的現金及現金等價物總額為 490 萬美元，而截至 2024 年 6 月 30 日為 350 萬美元。截至 2025 年 6 月 30 日，總債務為 500 萬美元，積壓訂單總額為 3,740 萬美元。但正如 Sam 所指出的，自那時起積壓訂單已大幅增加。我想指出我們在本財年開展的兩項重要活動，這些活動我們在本財年沒有討論過，特別是在第四季度，我們將全球 IT 基礎設施遷移到新的提供商，以加強和滿足國防工業的高級別安全要求。

This was usually important. Without the right local and global IT infrastructure, we would severely limit our opportunities in the defense industry.

這通常很重要。如果沒有合適的本地和全球 IT 基礎設施，我們在國防工業的機會將受到嚴重限制。

Second, we successfully integrated G5 into LightPath in six months ahead of plan and below budget. I'd like to publicly acknowledge and thank the teams from both companies that work together to make it happen. Everyone knows acquisitions liver die based on cultural fit and integration. So thanks again to the entire team.

其次，我們提前六個月並在預算之內成功地將 G5 整合到 LightPath 中。我想公開承認並感謝兩家公司的團隊共同努力實現這一目標。眾所周知，收購的失敗取決於文化契合度和整合度。再次感謝整個團隊。

Looking forward, our focus for fiscal 2026 supports the business opportunities that Sam described. We have a detailed go-to-market strategy that we are funding to target revenues in key high-growth areas, some of which Sam mentioned. Our prior year investments in manufacturing are bearing fruit in terms of quality and on-time delivery. And in the next year, I expect to see margin expansion as a result.

展望未來，我們對 2026 財年的重點支持 Sam 所描述的商業機會。我們有一個詳細的市場進入策略，我們正在為關鍵的高成長領域的收入提供資金，其中一些領域 Sam 提到過。我們前幾年在製造業的投資在品質和準時交貨方面取得了成果。我預計明年利潤率將會擴大。

With all of the interesting accounting around acquisitions, we will continue to report and focus on adjusted EBITDA in fiscal year 2026 as a helpful measure of financial success.

考慮到所有圍繞收購的有趣會計處理，我們將繼續報告並關注 2026 財年的調整後 EBITDA，將其作為衡量財務成功的有用指標。

And then lastly, as Sam noted, subsequent to the quarter close, we announced an $8 million investment from Ondas Holdings and Unusual Machines. We are truly, truly fortunate with the quality of the existing investors in the company, in Ondas, and Unusual Machines are not only a continuation of quality investors, but in addition, they're a great strategic fit for us.

最後，正如 Sam 所說，在本季結束後，我們宣布從 Ondas Holdings 和 Unusual Machines 獲得 800 萬美元的投資。我們真的非常幸運，公司現有投資者的品質很高，Ondas 和 Unusual Machines 不僅是優質投資者的延續，而且與我們有著非常契合的策略。

With that, I'll turn the call back to Sam for some closing remarks.

說完這些，我將把電話轉回給 Sam，請他發表一些結束語。

Thank you. So as we look forward, we remain very focused on the transformation of LightPath as Al was pointing out, we've been focusing on top line growth. And followed by that, we will be focusing on margins and bottom line in coming quarters. we expect to see significant growth continuing and our investments in BlackDiamond and other differentiators bearing fruit. Since I've spoken quite a bit before, I'll use the rest of the time for question and answers.

謝謝。因此，展望未來，我們仍然非常關注 LightPath 的轉型，正如 Al 指出的那樣，我們一直專注於營收成長。接下來，我們將在未來幾季關注利潤率和底線。我們預計將繼續實現顯著成長，並且我們對 BlackDiamond 和其他差異化因素的投資也將取得成果。由於我之前已經講了很多，所以我將利用剩下的時間進行問答。

So I'll pass it back to the operator, please.

那麼請讓我把它轉交給接線員。

(Operator Instructions) Jaeson Schmidt, Lake Street Capital Markets.

（操作員指示）Jaeson Schmidt，Lake Street Capital Markets。

Just looking at the June quarter, how much did G5 contribute to in that quarter? And I assume it's a big chunk of that backlog just given the significant wins you have in the pipeline. But can you break that out as well?

僅看 6 月季度，G5 在該季度的貢獻有多大？考慮到你們在管道中取得的重大勝利，我認為這是積壓訂單的很大一部分。但你也可以打破這個局面嗎？

So it was $4.2 million, Jaeson, was the G5 contribution to revenue.

因此，Jaeson，G5 對營收的貢獻是 420 萬美元。

Okay. Perfect. And how much does it comprise of that $90 million in backlog?

好的。完美的。這佔了 9000 萬美元積壓訂單的多少？

I'd say two-thirds of the backlog altogether is cameras and assemblies. I'm not sure if we have it broken down now by G5 or LightPath or rest of LightPath.

我想說積壓的三分之二都是相機和組件。我不確定我們現在是否已經按 G5 或 LightPath 或 LightPath 的其餘部分對其進行了細分。

Okay. And then just a follow-up, and I'll jump back in the queue. Looking at the border security opportunity, obviously, a big win with the second customer. Are you expecting to be sole sourced here?

好的。然後只是跟進，然後我會回到隊列中。從邊境安全機會來看，顯然第二個客戶是一個巨大的勝利。您是否希望在這裡獨家採購？

I don't know what the third time or third integrator is going to do, but we're definitely in a very, very unique position. I think I would not be surprised if we end up providing all the -- all the towers along the border.

我不知道第三次或第三個整合商會做什麼，但我們肯定處於非常非常獨特的位置。我想，如果我們最終提供所有邊境沿線的塔樓，我不會感到驚訝。

Glenn Mattson, Ladenburg Diamond.

格倫馬特森 (Glenn Mattson)，拉登堡鑽石。

Congrats on the great transformation of these companies have gone under (inaudible) laying out kind of an outline of that. But one thing that stood out in your remarks that maybe that I wanted to just flesh out a little more because I think you said that you were rapidly expanding capacity in Visimid. And if I'm not mistaken, I think that's the kind of the core technology that kind of got you into the hunt for this Lockheed contract.

恭喜這些公司的巨大轉型已經完成（聽不清楚）並勾勒出其中的輪廓。但是，您的評論中有一點很突出，也許我只是想進一步充實一下，因為我認為您說過您正在迅速擴大 Visimid 的產能。如果我沒記錯的話，我認為這就是讓你爭取洛克希德合約的核心技術。

Can you just go into what kind of signal you're sending with that? And is there some if you don't win the Lockheed, is there other work that you tend to pump through that? Just some points on that be great.

您能否解釋一下您透過這個發出了什麼樣的訊號？如果您沒有贏得洛克希德，您是否會傾向於以這種方式進行其他工作？僅就這一點而言，就非常棒了。

Yes. Sure, definitely. So Visimid, when we acquired them, we're a small engineering firm, right? Less than 10 people in a very small space. They can find space where they were doing development. That's not conducive for any expansion on manufacturing. I mean they've been cramped already when we acquired them.

是的。當然，絕對是如此。那麼，當我們收購 Visimid 時，我們是一家小型工程公司，對嗎？在非常狹小的空間裡，只有不到 10 個人。他們可以在進行開發的地方找到空間。這不利於製造業的擴張。我的意思是，當我們收購它們時，它們已經很擁擠了。

In addition to NGS survive, we do all the development of our uncooled camera at that location in Texas. So they are not moving into a massive plant, maybe 10,000 square feet or so. But it will be enough, both on the NGS, (inaudible) and for all the non Lockheed uncalled product. So optical gas imaging camera drone cameras that we come out with some of the Mantis work and so on. So there's much more going on in the facilities than just a NGSRI.

除了 NGS 生存之外，我們還在德克薩斯州的那個地方進行非製冷相機的所有開發。所以他們不會搬進大型工廠，大概 10,000 平方英尺左右。但這已經足夠了，無論是對於 NGS（聽不清楚）還是對於所有非洛克希德未召回的產品。因此，我們推出了光學氣體成像攝影機無人機攝影機，用於 Mantis 的一些工作等等。因此，這些設施中發生的事情遠不止 NGSRI。

Okay. Great. Helpful. And then, Al, can you -- if you add back the $500,000 you talked about in the inventory write-off, it's still gross margin will be down sequentially. So I guess I think that's related to mix a bit, but maybe can you confirm that? And then is there any change in the margins within that mix within each category like any significant changes?

好的。偉大的。很有幫助。然後，艾爾，如果你把你在庫存註銷中談到的 50 萬美元加回去，它的毛利率仍然會連續下降。所以我認為這與混合有點相關，但也許你能證實這一點嗎？那麼，每個類別中的組合利潤率是否有任何變化，例如任何重大變化？

No. In the quarter, we actually thought the mix was, let's say, typical. There's $0.5 million. I mentioned that because that's the single largest item. But there's a few other items. So if I kind of do the math, you're asking, that puts us around 29.7% gross margin if I adjust for that $0.5 million and a couple of other unusual onetime items.

不。在本季度，我們實際上認為這種組合可以說是典型的。有 50 萬美元。我提到這一點是因為這是最大的單件商品。但還有其他一些物品。因此，如果我進行計算，如果我調整 50 萬美元和其他一些不尋常的一次性項目，那麼我們的毛利率將達到 29.7% 左右。

Okay. That's helpful. And then just on the OpEx, is this like on the SG&A side, is this the normal run rate now? Or was there any I know you're missing on marketing and stuff because could you have a lot of stuff to sell. But is this the normal level? Or is that at some --

好的。這很有幫助。那麼就營運支出而言，這是否與銷售、一般及行政費用 (SG&A) 方面一樣，這是現在的正常運作率嗎？或者我知道您在行銷和其他方面是否有所欠缺，因為您可能有很多東西要賣。但這是正常水平嗎？或在某種程度上--

It really isn't, Glenn. We had a lot of onetime expenses in the OpEx this quarter.

事實並非如此，格倫。本季我們的營運支出中有很多一次性支出。

G5 for that.

G5 就是這個。

Yes. So I mean, to kind of ballpark it, G5 adds 1 million just for a full quarter in terms of their OpEx. And then, of course, we had M&A-related expenses with the lawyers. IT the -- in order for us to level up in cybersecurity, we had significant IT costs. We spent a little bit on marketing. We'll do some more of that actually going forward. So there are quite a few items in the quarter that are onetime.

是的。所以我的意思是，大致來說，G5 的營運支出在一個季度內就增加了 100 萬美元。當然，我們也需要與律師進行併購相關的費用。為了提高我們的網路安全水平，我們投入了大量的 IT 成本。我們在行銷上花了一點錢。我們實際上今後會做更多這樣的事。因此本季有相當多的項目是一次性的。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Let me take some questions and gray relations on a really nice running start here with G5. I guess I want to ask the first question just to get a definition down here in backlog. A lot of companies reported as of the end of the prior quarter end as well as use reported on out going out one year. It seems like that may not be the case here. So look free to clarify where is that measured and over what period that measures, please?

讓我回答一些問題和灰色關係，以便 G5 有一個非常好的開始。我想問的第一個問題只是為了在積壓問題中找到定義。許多公司報告了截至上一季末的業績，並報告了過去一年的業績。但這裡的情況似乎並非如此。因此請您解釋一下這個測量是在哪裡進行的以及測量的時間段是怎樣的？

So great question. Backlog is a real order. It's a real order from a real customer. There's no forecasting in there. So real order 100%. In our case, we do accept orders that are multiple years, right? So the $90 million Sam mentioned is more than one year. About 60% of that ,57% of that, some more in that neighborhood is going to ship in fiscal year 2026.

這個問題問得真好。Backlog 是真實的訂單。這是來自真實客戶的真實訂單。那裡沒有預測。所以真實訂單 100%。就我們而言，我們確實接受多年的訂單，對嗎？因此，薩姆提到的 9000 萬美元是一年多的金額。其中約 60%、57% 以及其他一些產品將於 2026 財年出貨。

And then the balance of it is in fiscal year 2027. And maybe even a little bit might spill over to fiscal year '28. So for us, that is a bit unique because in the history of LightPath, we've not had that long lead items that we know that orders are coming, but it's also a bit of the nature of the defense business, right?

然後餘額將在 2027 財年完成。甚至可能會有一點點影響到 28 財年。所以對我們來說，這有點獨特，因為在 LightPath 的歷史上，我們還沒有提前知道訂單即將到來的長週期項目，但這也有點符合國防業務的本質，對吧？

Yes, that makes sense. And thanks for right,.Now let's look forward here on the pipeline and see did a good job explaining some of the opportunities here. But maybe you can talk about big picture, what kind of -- how is the size of the pipeline here as you've added to G5 here?

是的，這很有道理。謝謝你，現在讓我們期待這裡的管道，看看它是否能很好地解釋這裡的一些機會。但也許您可以談談總體情況，什麼樣的——當您在這裡添加到 G5 時，這裡的管道大小如何？

Obviously, you've done a really good job converting a lot of it to backlog, but wondering what the remaining pipeline looks like, especially as you mentioned, the big beautiful bill that offered some opportunities you've won. What also is sitting out there from big beautiful bill and other places? And how would you quantify that, if any?

顯然，您已經很好地將其中許多轉化為積壓，但想知道剩餘的管道是什麼樣子，特別是正如您所提到的，為您提供了一些機會的巨額美麗賬單。從美麗的大比爾和其他地方還坐著什麼東西？如果有的話，您會如何量化這一點？

Yes. I'd say like counter UAS, I think we're just beginning. So $10 million plus whatever part of that $40 million that is really just starting. And because the deployment of those systems is just starting. And I think every event like what happened in the airports in Europe over the last few days and things like that accelerates all of this.

是的。我想說，就像反無人機一樣，我認為我們才剛開始。因此，1000 萬美元加上 4000 萬美元中真正剛開始的部分。而且因為這些系統的部署才剛開始。我認為，過去幾天在歐洲機場發生的每件事都加速了這一切。

I'd say most of the $40 million, that order of $40 million, we weren't planning or budgeting for most of it. So it's all totally much gravy on top of numbers we talked about in the past for the long term. So I'd say, expecting still quite a bit of growth. .

我想說的是，這 4000 萬美元中的大部分，也就是那筆 4000 萬美元的訂單，我們並沒有對其進行規劃或預算。因此，從長期來看，這完全是我們過去談論的數字之上的額外收益。所以我想說，預計仍會有相當大的成長。。

Okay. Fair enough. Let me ask a question on gross margins and taking two comments from, I think, both prepared remarks and response to one of the questions here to try to get a sense here. It sounds like from Al's comments, you were talking about maybe focusing on gross margins in a little bit of time, more focused on revenue growth today.

好的。很公平。讓我問一個關於毛利率的問題，並從準備好的評論和對其中一個問題的回答中摘取兩條評論，以試圖了解一下。從 Al 的評論來看，您談論的可能是過一段時間再關注毛利率，而今天則更專注於收入成長。

But also, I think if I heard you correctly, you think your gross margins, excluding some unusual or more onetime dynamics would be close to 30% here. So what are the dynamics under which and time frame for which we see this gross margin improvement?

但是，如果我沒聽錯的話，您認為您的毛利率（不包括一些不尋常的或一次性的動態）將接近 30%。那麼，在什麼樣的動態和時間範圍內，我們才能看到毛利率的增加呢？

And kind of what are your goals here? Obviously, getting another quarter in your net your belt with G5 and then also expanding capacity and other things like that, where do we think we can go with this in the next couple of years?

您在這裡的目標是什麼？顯然，透過 G5 讓您的淨利再增加四分之一，然後擴大產能等等，我們認為在未來幾年我們可以取得什麼進展？

So we can go -- I mean, right now, on an adjusted basis, as I just said last question, we're pretty close to 30%. I think we can step up to pretty quickly in a quarter or two. And then in the longer run, as the product mix really does shift to these larger finished infrared camera systems, we're thinking 40% is where it would settle out in the midterm.

所以我們可以繼續下去——我的意思是，現在，在調整的基礎上，正如我剛才提到的最後一個問題，我們已經非常接近 30%。我認為我們可以在一兩個季度內迅速提高速度。從長遠來看，隨著產品組合確實轉向這些更大的成品紅外線攝影系統，我們認為 40% 是中期穩定下來的水平。

Okay. Perfect. Actually, I'll ask one last quick question here. Sam, I know you didn't want to -- you said you didn't want to talk much about Lockheed, but I will ask a question that since you put it in your press release last quarter about expecting a decision perhaps this year, early next is that time frame no longer valid or you're not making a comment. Just want to make sure about that one.

好的。完美的。實際上，我在這裡想問最後一個簡短的問題。山姆，我知道你不想——你說你不想談論太多關於洛克希德的事情，但我要問一個問題，既然你在上個季度的新聞稿中提到預計今年或明年年初會做出決定，那麼這個時間框架是否不再有效，或者你不想發表評論。只是想確認一下這一點。

I can't comment beyond what we spoke about. So formally, the program will be decided by next fall. Realistically, we get indications that it might be much sooner. This year, still January, February, maybe, but we really don't know that much. And we've we need to be very cautious also on what we share, unfortunately.

除了我們談論的內容之外我無法發表評論。因此，該計劃將於明年秋季正式公佈。事實上，我們有跡象表明這一進程可能會更快。今年，可能還是一月、二月，但我們確實了解的不多。不幸的是，我們也需要對我們分享的內容非常謹慎。

Scott Buck, H.C. Wainwright.

斯科特·巴克、H.C. 溫賴特。

Sam, I'm curious, you guys called out kind of the active redesign of some of G5's product line. What kind of lift is that? And what's the timeline look around that?

山姆，我很好奇，你們呼籲對 G5 的一些產品線進行積極的重新設計。那是什麼樣的電梯？其時間軸是怎樣的？

So it can vary quite a bit. I mean we expect another one or two cameras to be redesigned or moved forward in the next two, three months probably. After that, it gets a bit more complicated, the really large ones, complex, very long-range ones take obviously much, much more effort. We're trying to flow more resources at it to accelerate it we've taken equipment from production to dedicated also for prototyping so that we can quickly turn it in.

所以它可能有很大差異。我的意思是，我們預計在接下來的兩三個月內，可能會有一兩台相機被重新設計或改進。之後，事情變得更加複雜了，真正大型的、複雜的、超長距離的任務顯然需要更多的努力。我們正在嘗試投入更多資源來加速這一進程，我們將設備從生產階段轉移到專用階段，用於原型設計，以便我們能夠快速交付。

It's not an acute thing because we have a G5 and LightPath enough materials and access to enough materials right now to deliver what we need. It is more that we understand how uniquely positions us. And we're seeing an overwhelming positive response from customers for the first two that we announced that we understand that doing more will possibly drive much more business to us.

這不是什麼緊急的事情，因為我們現在有足夠的 G5 和 LightPath 材料，並且可以獲得足夠的材料來提供我們所需的東西。我們更了解我們自己的獨特地位。我們看到客戶對我們宣布的前兩項舉措給予了非常積極的回應，我們知道做得更多可能會為我們帶來更多的業務。

That's helpful. Now does it change the way you were able to sell some of these products in the near term?

這很有幫助。現在它是否會改變您近期銷售這些產品的方式？

I don't know. In what way do you mean?

我不知道。你的意思是什麼？

Just in terms of if it's going to take months, right, to kind of redesign some of these kind of take it out of the product catalog here in the near term?

只是就是否需要花費數月的時間來重新設計其中一些內容並將其從短期內的產品目錄中刪除而言？

No, we can still deliver the products, be the new versions, if you would, but we are seeing customers already placing orders for them before we produce even one of them. So just telling customers we're doing that, and we will have a germanium-free version is driving some orders.

不，如果您願意的話，我們仍然可以交付產品，甚至是新版本，但我們看到客戶在我們生產其中任何一個之前就已經下了訂單。因此，只要告訴客戶我們正在這樣做，並且我們將推出不含鍺的版本，就能帶來一些訂單。

Okay. Perfect. That's helpful. And then second question I had -- the $40-or-so million that you've announced with the leading global technology customer I'm curious, was there any revenue expectation from this customer within the initial kind of $55 million of annual revenue you laid out at the time of the acquisition?

好的。完美的。這很有幫助。然後我的第二個問題是——您宣布與全球領先的技術客戶達成了 4000 萬美元左右的交易，我很好奇，在收購時您最初設定的 5500 萬美元年收入範圍內，您是否對這位客戶的收入有任何預期？

So when we did our due diligence, we thought this customer would be around $9 million on a run rate per year. So it's more than twice that now.

因此，當我們進行盡職調查時，我們認為該客戶每年的營運成本約為 900 萬美元。所以現在這個數字是之前的兩倍多。

Okay. So there's incremental revenue in there and meaningful incremental revenue is that?

好的。那麼這其中有增量收入，而且是有意義的增量收入嗎？

Yes. And prior to that, that particular customer did about $4 million with G5 before we were in the picture.

是的。在此之前，在我們加入之前，該特定客戶透過 G5 賺了大約 400 萬美元。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

Congrats on the recent wins. I take 60% of the $90 million backlog suggests you've already got about $54 million of revenue in hand, roughly plus or minus for next year. I'm wondering if the company adjusted EBITDA profitable on that is 5%, a reasonable target plus or minus?

祝賀你最近的勝利。我認為 9000 萬美元積壓訂單中的 60% 表明您已經獲得了大約 5400 萬美元的收入，大致相當於明年的正負數。我想知道公司調整後的 EBITDA 利潤率是否為 5%，這是一個合理的目標增減嗎？

And then as you think about profit, is that more of a second half of the year event? Or do you think you're already at that run rate starting next year to generate profit?

然後，當您考慮利潤時，這是否更像是下半年的事件？或者您認為從明年開始您就已經達到這樣的運行速度並產生利潤了？

So we would -- if I -- Brian, if I look at the consensus, I would say that at this point, the consensus on revenue would have to be raised by about 10%, right? So if you look back at where we were three months ago or four months ago, when we had this discussion, from that, we do get some uplift. Obviously, we get uplifts in gross margin, and we do get uplift in EBITDA. So I would expect that we would be positive on that higher level of revenue.

所以我們——如果我——布萊恩，如果我看共識，我會說在這一點上，收入共識必須提高約 10%，對嗎？因此，如果你回顧一下三個月前或四個月前我們進行這次討論的情況，你會發現我們確實得到了一些鼓舞。顯然，我們的毛利率有所提升，EBITDA 也有所提升。因此我預期我們會對更高的收入水準持正面態度。

But based on the gross margin comments, it's going to take some quarters to get to $35 million maybe that's the second half of the year event not first?

但根據毛利率評論，要達到 3500 萬美元還需要幾個季度，也許這是下半年的事件，而不是第一季？

Yes, that's exactly right. Yes.

是的，完全正確。是的。

Great. So that brings into my second question because in the backlog, you said you didn't separate it out to one of the previous questions by the company's. Remind us the first tranche of what you call the first 12-month earn-out revenue and EBITDA target? I assume you'll eventually have to split it out.

偉大的。這就引出了我的第二個問題，因為在積壓工作中，您說您沒有將其與公司之前提出的問題之一分開。提醒我們您所說的第一個 12 個月獲利收入和 EBITDA 目標的第一部分？我認為你最終必須將其分開。

And then your thoughts on both the EBITDA and revenue targets and ability to meet it. Obviously, revenue seems likely, but I'm curious about more on the EBITDA side.

然後您對 EBITDA 和收入目標以及實現目標的能力有何看法。顯然，收入似乎是可能的，但我對 EBITDA 方面更感興趣。

So I thought the question was cameras and assemblies. We didn't break it out by product line. We know exactly what G5's backlog is. Obviously, right, right? So -- and to refresh your memory, it was $21 million in revenue, always with 20% EBITDA. So it's [$21 million, $23 million, $25 million and $27 million]. Those are the earn-out targets for them.

所以我認為問題出在相機和組件。我們沒有依照產品線分類。我們清楚知道 G5 的積壓情況。顯然，對吧，對吧？所以——為了提醒你一下，它的收入是 2,100 萬美元，EBITDA 始終為 20%。所以[2,100 萬美元、2,300 萬美元、2,500 萬美元及 2,700 萬美元]。這些就是他們的獲利目標。

We're watching that pretty closely, obviously, the backlog back order for them indicates they'll hit that first mark. So we're actually pleased. I guess you can say that we're going to end up giving them more earn out than we expected to. But with the caveat that they've got to deliver that 20% EBITDA as well to go with.

我們正在密切關注這一點，顯然，他們的積壓訂單表明他們將達到第一個目標。所以我們真的很高興。我想你可以說，我們最終會給他們比我們預期更多的收益。但有一個條件，他們還必須實現 20% 的 EBITDA。

That seems to be the only uncertainties if that will happen not it sounds like?

這似乎是唯一的不確定因素，是否會發生這種情況，聽起來不是嗎？

That's correct.

沒錯。

Ladies and gentlemen, we have concluded our Q&A session. And I'd like to turn the call back to Sam Rubin for closing remarks.

女士們、先生們，我們的問答環節已經結束。我想請 Sam Rubin 做最後發言。

Thank you. We appreciate everyone's interest and patience as we've been going through this transformation. I can definitely say now with confidence that we're well at an inflection point and are very pleased with where we are. We expect to see this translate to gross margins and bottom line, at least cash flow very soon as well as continued growth in the top line.

謝謝。我們感謝大家在我們經歷這轉變過程中的關注和耐心。我現在可以充滿信心地說，我們正處於轉折點，並且對目前的狀況感到非常滿意。我們預計這很快就會轉化為毛利率和底線，至少是現金流以及營業額的持續成長。

I look forward to reporting again in a few weeks for our first fiscal quarter, and wish everyone a good day.

我期待幾週後再次報告我們的第一個財政季度，並祝大家有美好的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。