LightPath Technologies Inc (LPTH) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to Light Path Technologies fiscal first quarter 2026 earnings conference call.

女士們、先生們，午安。感謝您的耐心等待。歡迎參加 Light Path Technologies 2026 財年第一季財報電話會議。

During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference will be open for questions. This conference is being recorded today, November 11th, 2025, and the earnings press release accompanying this conference call was issued after the market closed today. 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 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 will be realized.

在今天的演示過程中，所有參與者將處於只聽模式。演講結束後，會議將開放提問環節。本次會議於2025年11月11日錄製，隨附本次電話會議的獲利新聞稿已於今日股市收盤後發布。我想提醒各位，在本次電話會議期間，公司將根據目前的預期做出一些前瞻性聲明。涉及風險和不確定性，詳情請參閱其定期向美國證券交易委員會提交的文件。雖然該公司認為這些聲明所依據的假設是合理的，但其中任何一項都可能被證明是不準確的，也不能保證預期結果能夠實現。

In addition, references may be made to certain financial measures that are not in accordance with generally accepted accounting principles or GAAP. We refer to these non-GAAP financial measures. Please refer to our SEC reports in certain.

此外，也可能提及一些不符合公認會計原則（GAAP）的財務指標。我們指的是這些非GAAP財務指標。請參閱我們提交給美國證券交易委員會（SEC）的某些報告。

In certain of our press press releases, which include reconciliations of non-GAAP financial measures and associated disclaimers, CEO Sam Rubin will begin today's call with a strategic overview 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. I would now like to turn the conference over to CEO Sam Rubin. Sam, the floor is yours.

在我們的一些新聞稿中，包括非GAAP財務指標的調節表和相關免責聲明，首席執行官Sam Rubin將在今天的電話會議上首先對公司業務和近期發展進行戰略概述，而首席財務官Al Miranda隨後將回顧本季度的財務業績。在準備好的發言結束後，將進行正式的問答環節。現在我將把會議交給執行長薩姆·魯賓。山姆，現在輪到你發言了。

Thank you, operator. Good afternoon to everyone, and welcome to another exciting quarterly update from LightPath Technology for our fiscal first quarter 2026 financial results.

謝謝接線生。各位下午好，歡迎收聽 LightPath Technology 帶來的又一期令人興奮的季度更新，本次更新將介紹我們 2026 財年第一季的財務表現。

LightPath is entering a clear inflection point. After several years of disciplined execution to transform our business from a component supplier into a vertically integrated provider of high value infrared optics and camera systems, we are now seeing that strategy translate into measurable commercial success.

LightPath正進入一個明顯的轉折點。經過數年有條不紊的執行，我們將業務從零件供應商轉型為高價值紅外線光學和攝影機系統的垂直整合供應商，現在我們看到這項策略正在轉化為可衡量的商業成功。

The progress we have made is reflected in record orders, a growing systems backlog and increased customer adoption of our technologies. Since we likely have a growing base of shareholders and with them likely more new listeners on this call, I will take some time to describe where we have come from, which will help put in context the recent developments. Then I will talk about specific programs that are driving our record backlog, the strategic investment from ONDAS and Unusual Machines and upcoming growth drivers.

我們所取得的進步體現在創紀錄的訂單、不斷增長的系統積壓訂單以及客戶對我們技術的日益接受度。由於我們的股東基礎可能不斷擴大，而且這次電話會議可能會有更多的新聽眾，我將花些時間介紹一下我們一路走來的歷程，這將有助於理解最近的發展情況。接下來，我將談談推動我們創紀錄訂單積壓的具體項目、ONDAS 和 Unusual Machines 的策略投資以及即將到來的成長動力。

For decades, LightPath was known primarily for its precision optical components. As the photonics industry matured, the dynamics shifted, margins compressed, competition intensified, and value migrated up the food chain towards engineered subsystems and full systems particularly in infrared imaging, Recognising this, we realigned our strategy, beginning in late 2020, to move up the value chain, integrating our proprietary materials and design expertise into complete imaging systems where we could capture more of the value we create. At the center of this strategy is our proprietary black diamond chalcogenide glass, which we license exclusively from the US Naval Research Laboratory as a domestic alternative for germanium for use in infrared imaging. Black diamond enables us to produce infrared optics that are lighter, more affordable and and most importantly, secure from supply chain disruptions following China's restrictions on germanium export earlier this year.

幾十年來，LightPath 主要以其精密光學元件而聞名。隨著光子學產業的成熟，市場動態發生了變化，利潤空間被壓縮，競爭加劇，價值向上游轉移，尤其是在紅外線成像領域，轉向了工程子系統和完整系統。認識到這一點，我們從 2020 年底開始調整了策略，向上游轉移，將我們專有的材料和設計專長整合到完整的成像系統中，以便獲取我們創造的更多價值。這個策略的核心是我們專有的黑色鑽石硫系玻璃，我們從美國海軍研究實驗室獨家獲得授權，作為鍺的國內替代品，用於紅外線成像。黑金剛石使我們能夠生產出更輕、更經濟實惠的紅外線光學元件，最重要的是，能夠確保其免受今年早些時候中國限制鍺出口後供應鏈中斷的影響。

By pairing this material leadership with the advanced infrared camera technologies gained through acquisitions of G5 infrared and Visit technologies, LightPath has become the only pure play company offering fully integrated infrared systems designed and manufactured in the West. Light Path has a sweet spot of going into subsystems or small systems, which we often call engineered solutions. Those do not require a large infrastructure of service and support as full systems do, but still allow us to capture much more value.

透過將這種材料領先優勢與透過收購 G5 紅外線和 Visit 技術獲得的先進紅外線攝影機技術相結合，LightPath 已成為唯一一家提供在西方設計和製造的完全整合紅外線系統的純粹公司。Light Path 的優點在於能夠進入子系統或小型系統，我們通常稱之為工程解決方案。這些系統不像完整的系統需要龐大的服務和支援基礎設施，但仍能讓我們獲得更大的價值。

The combination of light paths materials and optics with our recently acquired subsidiary of G5 Infrared, which is an industry leading in cameras, is a case in point. G5 is known as the industry leader for long range infrared cameras. That was the case before we acquired them, not something we created. But, like all of their competitors, the G5 was facing supply chain challenges due to global geopolitics and primarily germanium and gallium, which are critical materials in their systems.

光路材料和光學元件與我們最近收購的子公司 G5 Infrared（一家業界領先的相機公司）的結合就是一個很好的例子。G5是業界公認的遠端紅外線攝影機領導者。在我們收購它們之前就是如此，而不是我們造成的。但是，與所有競爭對手一樣，G5 也面臨全球地緣政治帶來的供應鏈挑戰，主要是由於鍺和鎵這兩種在其係統中至關重要的材料。

After acquiring G5 in conjunction with their team, we began an effort to redesign the systems to use our proprietary black diamond materials. By doing so, we are positioning ourselves now not only as offering the best cameras, but as the most reliable provider of cameras with supply chain resiliency that no one else can offer. And in August, we introduced the first Germanium 3G5 camera variant utilizing our black diamond glass.

在收購 G5 及其團隊之後，我們開始著手重新設計系統，以使用我們專有的黑色鑽石材料。透過這樣做，我們現在不僅將自己定位為提供最好的相機，而且定位為最可靠的相機供應商，擁有其他任何人都無法提供的供應鏈彈性。8 月，我們推出了首款採用黑鑽石玻璃的鍺 3G5 相機版本。

These redesigned systems represent the first wave of a broader transition across our G5 camera portfolio and addresses a critical need among defense and industrial customers to eliminate reliance on Chinese controlled materials. Around the same time, we announced two significant orders for for our advanced infrared cameras an $18.2 million order for deliveries in calendar 2026 and shortly after a follow-on order for $22.1 million for deliveries in calendar 2027. Combined, these represent more than $40 million in contracted revenue. Reflecting both the strength of the underlying demand and the growing confidence in our ability to deliver.

這些重新設計的系統代表了我們 G5 相機產品組合更廣泛轉型的第一波浪潮，滿足了國防和工業客戶消除對中國受控材料的依賴這一關鍵需求。大約在同一時間，我們宣布了兩筆重要的訂單，分別是價值 1820 萬美元的先進紅外線攝影機訂單（將於 2026 年交付）和隨後價值 2210 萬美元的後續訂單（將於 2027 年交付）。合計，這些合約收入超過 4000 萬美元。這不僅反映了強勁的潛在需求，也反映了市場對我們交付能力的日益增長的信心。

G5 is a prime example of the values that we can derive from thoughtful acquisitions, being on track to double in size since the acquisition, with several strategic benefits, such as the implementation of Black Diamond in their canvass. Viamid was another fantastic example, bringing up the NGSRI missile program with Lockheed. I continue to believe that leveraging our strong industry knowledge and expertise for strategic M&A will continue to be an important tool in our arsenal going forward. And when we acquire a company, the resulting value is often far more than the sum of the parts.

G5 是我們從深思熟慮的收購中獲得價值的絕佳例證，自收購以來，其規模有望翻一番，並獲得了多項戰略優勢，例如在其畫布中實施了 Black Diamond。Viamid 是另一個絕佳的例子，它促成了洛克希德公司的 NGSRI 導彈計劃。我仍然相信，利用我們強大的行業知識和專業技能進行策略併購，將繼續成為我們未來發展的重要工具。當我們收購一家公司時，最終的價值往往遠大於各部分價值的總和。

Last quarter, we also announced a strategic $8 million equity investment from Hondas Holding and unusual machines during the quarter, two key partners driving the domestic drone ecosystem. Their investments are intended to help accelerate our commercialization roadmap, particularly focusing around uncalled infrared solutions for drone applications.

上個季度，我們也宣布了來自 Honda Holding 和 unusual machines 的 800 萬美元策略股權投資，這兩家公司是推動國內無人機生態系統發展的關鍵合作夥伴。他們的投資旨在幫助加速我們的商業化路線圖，尤其專注於無人機應用的被動紅外線解決方案。

Beyond the financial contribution, this partnership also underscores Light Path's strategic relevance in the reshoring of advanced optical and imaging technologies to the US and Europe.

除了資金投入之外，這項合作也凸顯了 Light Path 在將先進光學和成像技術重新帶回美國和歐洲的戰略意義。

Altogether, these developments have driven our backlog to approximately $90 million more than 4 times the levels of just a few short quarters ago. Importantly, more than 2/3 of this backlog is now in systems and subsystems, validating the success of our move up the value chain. Mixed shift towards systems not only expands our margins but also deepens our relationship with customers who rely on Light path for critical capabilities and supply assurance.

總而言之，這些進展使我們的積壓訂單達到約 9,000 萬美元，是短短幾季前水準的 4 倍以上。重要的是，超過三分之二的積壓工作現在都集中在系統和子系統上，這驗證了我們向價值鏈上游移動的成功。向系統方向的混合轉型不僅擴大了我們的利潤空間，也加深了我們與依賴 Light path 提供關鍵能力和供應保障的客戶之間的關係。

With this background behind us, I would like to dive into some of the most recent wins and add some color and background on the announcements we have recently made. Several programs continue to anchor our near term growth, border surveillance and counter UAS applications, our long range zoom cameras are being deployed where our long range zoom cameras are being deployed across a wide variety of platforms, including mobile and stationary systems. And stationary systems designed to detect, classify, and tracks.

有了這些背景訊息，我想深入探討我們最近的一些成就，並為我們最近發布的公告補充一些細節和背景資訊。多個項目繼續支撐著我們近期的成長，包括邊境監視和反無人機系統應用，我們的遠端變焦攝影機正在各種平台上部署，包括移動和固定係統。以及用於檢測、分類和追蹤的固定係統。

In fact, more than 15 million of our current backlog is for counter UAS applications. Turning to border surveillance, we now expect that there will be over 1000 new border surveillance towers installed, and we ultimately expect to win placement in the majority of those.

事實上，我們目前積壓的訂單中，超過 1500 萬份是反無人機系統應用。談到邊境監控，我們現在預計將安裝 1000 多個新的邊境監控塔，我們最終預計將在其中大部分塔中贏得安裝位置。

With prices of 150,000 to 250,000 per camera, one camera goes on each border tower. And like servicing two of the three border tower vendors, this could be an extremely material business for us in the coming 2 to 3 years. In the naval domain, the US Navy's SPAR program, for which we supply key infrared cameras to Elfre Harris, is advancing towards low rate initial production, positioning us for long-term revenue streams as the system is installed across surface vessels.

每台攝影機的價格為 15 萬至 25 萬，每座邊境塔上安裝一台攝影機。就像為三家邊境信號塔供應商中的兩家提供服務一樣，這在未來 2 到 3 年內可能會成為我們的一項極其重要的業務。在海軍領域，美國海軍的 SPAR 計畫（我們為 Elfre Harris 提供關鍵的紅外線攝影機）正朝著低速初始生產方向推進，隨著該系統在水面艦艇上的安裝，這將為我們帶來長期的收入來源。

Also, our collaboration with Lockheed Martin on the Next Generation Stinger Replacement initiative also remains an important future opportunity, and I will talk a bit more about this in a second. That program is currently in testing and, if selected, could represent as much as 50 to $100 million of annual revenue while in full rate production.

此外，我們與洛克希德馬丁公司在下一代毒刺飛彈替換計畫上的合作仍然是一個重要的未來機遇，我稍後會詳細談談這一點。該項目目前正在測試中，如果被選中，全面投產後每年可帶來 5,000 萬至 1 億美元的收入。

Beyond those specific programs, we have a number of additional programs with potential for over 10 million in annual revenue from each, and we of course continue to see growing demand for our engineered lens assemblies designed to replace legacy germanium optics in thermal cameras and drone payloads.

除了這些具體項目之外，我們還有許多其他項目，每個項目都有可能帶來超過 1000 萬美元的年收入。當然，我們也繼續看到市場對我們設計的鏡頭組件的需求不斷增長，這些鏡頭組件旨在取代熱成像相機和無人機有效載荷中的傳統鍺光學元件。

While that part of the business cannot point to one specific program like we have with the long range cameras, there are a multitude of customers and programs that are continuing to drive very strong growth for the assemblies and optics part of the business. Also based on our black diamond glass technology.

雖然這部分業務無法像遠端相機業務那樣指出某個具體的項目，但眾多客戶和專案正在持續推動組件和光學器件業務的強勁成長。同樣基於我們的黑鑽玻璃技術。

With this rapidly scaling backlog and prospective customer list, scaling production will prove to be paramount. To that end, we are taking several strategic measures to position ourselves better for the robust growth that we believe our future holds.

隨著積壓訂單和潛在客戶名單的快速成長，擴大生產規模將至關重要。為此，我們正在採取多項策略措施，以便更好地為我們相信未來將實現的強勁成長做好準備。

Looking at our Texas facility, just next week we will be moving our team into a much larger facility intended to support the immense production volumes needed for the LOCEed NG SRI program, which we continue to be very bullish about. In parallel in Orlando, we are adding capacity for additional black diamond glass manufacturing, as well as for the first time, building, integrating and testing complete G5 cameras in Orlando, supporting the robust demand growth G5 is realizing. To oversee this, we've appointed Israel, Pierre Giovanno is vice president of manufacturing, a former luminal manufacturing veteran who will oversee the production scale up across our global footprint.

展望我們在德克薩斯州的工廠，就在下週，我們將把我們的團隊遷入一個更大的工廠，旨在支持 LOCEed NG SRI 項目所需的巨大產量，我們對此項目仍然非常看好。同時，我們在奧蘭多增加了黑鑽石玻璃的生產能力，並且首次在奧蘭多製造、整合和測試完整的 G5 相機，以支援 G5 所實現的強勁需求成長。為了監督這項工作，我們任命了以色列人皮埃爾·喬瓦諾擔任製造副總裁，他是一位經驗豐富的盧米納製造老將，將負責監督我們全球業務的生產規模擴大。

We also recently strengthened our corporate governance with the appointment of Mark Kahlo to the board of directors. Mark is a veteran defense industry executive with over 35 years of experience driving profitable growth and leading large organizations.

我們最近也任命馬克·卡洛為董事會成員，從而加強了公司治理。馬克是一位資深的國防工業主管，擁有超過 35 年的經驗，擅長推動獲利成長和領導大型組織。

He recently retired as president of the Norop Grumman Mission Systems sector, a supplier of advanced sensing, processing and communication technologies for defense and intelligence customers with operations in the US and Europe. His guidance, leveraging an extensive background across government, military, private and public sectors and the relationships on the side of the defenses will help guide our vision forward.

他最近從諾羅普·格魯曼任務系統部門總裁的職位上退休，該公司是一家為國防和情報客戶提供先進感測、處理和通訊技術的供應商，業務遍及美國和歐洲。憑藉其在政府、軍隊、私營和公共部門的廣泛經驗以及在國防領域的廣泛人脈，他的指導將有助於引領我們向前邁進。

In summary, the transformation of Light Path is now well under way. We are moving from components to systems and from commoditized supply to strategic technology leadership. We are replacing constraint China-linked materials with domestic scalable and proprietary alternatives. We are converting that differentiation into multi year contracts, strategic investments and long-term relationships with some of the most sophisticated defense and industrial customers in the world. With a record backlog, a growing portfolio of germanium free systems, and a recent strategic investment to help scale production, we believe LightPath is positioned to sustain growth and expand it profitability. The strategic work over the past several years is now delivering tangible assets, and we are expected to continue momentum through fiscal 2026 and beyond.

總而言之，光路的轉型現在已經順利進行。我們正在從零件轉向系統，從商品化供應轉向策略技術領導地位。我們正在用國內可擴展的專有替代品取代受限於中國的原材料。我們將這種差異化優勢轉化為多年期合約、戰略投資以及與世界上一些最先進的國防和工業客戶建立的長期合作關係。憑藉創紀錄的訂單積壓、不斷成長的無鍺系統產品組合，以及最近為擴大生產規模而進行的策略性投資，我們相信 LightPath 已做好準備，能夠保持成長並擴大獲利能力。過去幾年的策略工作現在正在產生實際成果，預計我們將在 2026 財年及以後繼續保持這種勢頭。

Now I'd like to turn the call over to our CFO Al Miranda to talk about our first quarter fiscal 2026 financial results. Al, please go ahead.

現在我想把電話交給我們的財務長阿爾米蘭達，讓他談談我們 2026 財年第一季的財務表現。艾爾，請繼續。

Thank you, Sam. I'll 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 was also included in our press release issued earlier today and will be included in the 10-Q for the period. I encourage you to visit our investor relations webpage to access these documents.

謝謝你，山姆。我將僅對本季度的財務狀況進行簡要概述。再次提醒大家，我們在本次電話會議中討論的大部分資訊也包含在我們今天早些時候發布的新聞稿中，並將包含在該期間的 10-Q 報告中。我建議您訪問我們的投資者關係網頁以獲取這些文件。

Revenue for the first quarter of fiscal 2026 increased 79% to 15.1 million as compared to 8.4 million in the same year ago quarter. Sales of infrared components were 4.3 million or 28% of the company consolidated revenue. Revenue from visible components was $3.8 million or 25% of consolidated revenue. Revenue from assemblies and modules were $5.9 million or 39% of consolidated revenue. Revenue from engineering services was 1.1 million or 7% of consolidated revenue. Gross profit increased 58% to 4.5 million or 30% of total revenues in the first quarter of 2026, as compared to 2.8 million or 34% of total revenues in the same year ago quarter.

2026 財年第一季營收成長 79%，達到 1,510 萬美元，去年同期為 840 萬美元。紅外線元件銷售額為 430 萬，占公司合併收入的 28%。可見部件的收入為 380 萬美元，佔合併收入的 25%。組件和模組的收入為 590 萬美元，佔合併收入的 39%。工程服務收入為 110 萬，佔合併收入的 7%。2026 年第一季毛利成長 58% 至 450 萬，佔總營收的 30%，而去年同期毛利為 280 萬，佔總營收的 34%。

The difference in the gross margin as a percentage of revenue was primarily due to certain non-recurring or end of life orders in the prior year period that had higher margins. Operating expenses increased 66% to $7 million for the first quarter of fiscal 2026, as compared to $4.2 million in the same quarter of the prior fiscal year.

毛利率佔收入百分比的差異主要是由於上一年期間某些非經常性訂單或產品生命週期結束訂單的利潤率較高所致。2026 財年第一季營運支出成長 66%，達到 700 萬美元，而上一財年同期為 420 萬美元。

The increase was primarily due to the integration of G5 following its acquisition earlier this year, as well as increased sales and marketing spending to promote new products. Net loss in the first quarter of fiscal 2026 totaled 2.9 million, or $0.07 per basic and diluted share as compared to 1.6 million or $0.04 per basic and diluted share in the same quarter of the prior fiscal year. Adjusted EBITDA for the first quarter of fiscal 2026 was 0.4 million positive compared to an adjusted EBITDA loss of 0.2 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 non-core, non-cash items. Cash and cash equivalents as of September 30th, 2025, total 11.5 million as compared to 4.9 million as of June 30th, 2025. As of September 30th, 2025, total debt stood at 5.6 million and backlog totaled $86 million.

成長的主要原因是今年稍早收購 G5 後對其進行了整合，以及為推廣新產品而增加的銷售和行銷支出。2026 財年第一季淨虧損總額為 290 萬美元，即每股基本及攤薄虧損 0.07 美元，而上一財年同期淨虧損為 160 萬美元，即每股基本及攤薄虧損 0.04 美元。2026 財年第一季調整後 EBITDA 為正 0.4 百萬，而上一財年同期調整後 EBITDA 為虧損 0.2 百萬。雖然調整後的 EBITDA 並不完美，但我們認為，透過剔除非核心、非現金項目，調整後的 EBITDA 能更能反映核心經營績效。截至 2025 年 9 月 30 日，現金及現金等價物總額為 1,150 萬，截至 2025 年 6 月 30 日為 490 萬。截至 2025 年 9 月 30 日，總債務為 560 萬美元，積壓訂單總額為 8,600 萬美元。

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

展望未來，我們 2026 財年的重點將支持 SAM 所描述的商業機會。我們制定了詳細的市場進入策略，並為此投入資金，以瞄準關鍵的高成長領域。我們前一年在製造業的投資在品質和準時交貨方面都取得了成效，我預計在接下來的幾個季度裡，利潤率將會因此而擴大。

But with all the interesting accounting around acquisitions, we will continue to report adjusted EBITA in fiscal year 2026 as a helpful measure of financial success. Also, as Sam noted, we recently secured an $8 million strategic investment from Onus Holdings and Unusual Machines at $5 per share. We are truly fortunate that the quality of investors in the company and Ono and Unusual Machines are not only a continuation of quality investors, but in addition, they're a great strategic fit.

但是，考慮到與收購相關的各種有趣的會計處理，我們將繼續在 2026 財年報告調整後的 EBITA，作為衡量財務成功的有用指標。另外，正如 Sam 指出的那樣，我們最近從 Onus Holdings 和 Unusual Machines 獲得了 800 萬美元的戰略投資，每股 5 美元。我們非常幸運，公司投資者的質量，以及 Ono 和 Unusual Machines 的投資者，不僅是優質投資者的延續，而且在策略上也非常契合。

With that, I'll turn the call back to SAM.

這樣，我就把電話轉回給SAM了。

Thank you everyone for joining us today. Before we move on to Q&A, just some closing remarks.

感謝各位今天蒞臨。在進入問答環節之前，先說幾點總結。

We are entering the next phase of execution and growth. The G5 integration is progressing, our record backlog provides visibility and we are scaling production to meet demand across defense, public safety and industrial markets. Our black diamond glass strategy is moving customers off germanium, improving supply assurance and total system value.

我們即將進入執行和發展的下一個階段。G5整合正在推進，我們創紀錄的積壓訂單提供了可見性，我們正在擴大生產規模以滿足國防、公共安全和工業市場的需求。我們的黑鑽石玻璃策略正在引導客戶擺脫鍺，提高供應保障和整體系統價值。

The strategic investment we received from Hondas and Unusual Machines supports increased capacity, focused hiring and the tools we need to deliver reliability at scale.

我們從本田和 Unusual Machines 獲得的策略投資支持了產能的提升、重點招募以及我們大規模提供可靠性所需的工具。

We see a real inflection point as our mix continues to shift from components to higher value systems and subsystems. The priorities are clear for the coming quarters shift on time and quality. Expand germanium-free product variants, harden the supply chain, and convert the backlog into revenue at healthy margin profile.

我們看到了一個真正的轉折點，我們的產品組合正從零件轉向更高價值的系統和子系統。接下來幾季的優先事項很明確：提高效率和保證品質。擴大不含鍺的產品種類，強化供應鏈，並將積壓訂單轉化為收入，實現健康的利潤率。

With the team additions we have made in the areas of manufacturing and engineering, we are set up to execute against a robust multiyear opportunity set. With a differentiated technology position and strong customer engagement, we are confident in our path to durable growth and increased profitability.

隨著我們在製造和工程領域新增的團隊成員，我們已做好準備，把握未來多年一系列強勁的發展機會。憑藉差異化的技術優勢和強大的客戶關係，我們對實現永續成長和提高獲利能力充滿信心。

With that, I will now hand the call over to the operator to begin the Q&A questions session operator.

接下來，我將把電話交給接線員，開始問答環節。

Thank you. We'll now be conducting a question-and-answer session. If you'd like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the keys. One moment please while I pull for questions.

謝謝。接下來我們將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的 1。確認音表示您的線路已進入排隊佇列。您可以按 2 將您的問題從佇列中移除。對於使用揚聲器裝置的參與者，可能需要在按鍵前拿起聽筒。請稍等片刻，我正在整理問題。

Richard Shannon, Craig Hallam.

理查德·香農，克雷格·哈勒姆。

Well, Hi Sam and Al. Thanks for taking my questions. Congrats on a very nice quarter. Audio on my end here is a little tight or a little, dicey, so hopefully it's okay for you there. That said, I'll start with my first question here. Wanted to ask, about germanium and black diamond glass. Seeing some reports that maybe, China is opening up the window for acquisition of germanium outside the country. Want to see if you're seeing that and whether there's any different reaction or approach to germanium given that. And then also maybe as a follow on here, maybe you can talk to us about how fast You're converting your portfolio of cameras and subassemblies to black diamond and how fast you expect the customers to transition there.

嗨，Sam 和 Al。謝謝您回答我的問題。恭喜你本季業績非常出色。我這邊的音頻有點卡頓或說有點不穩定，希望你那邊聽著沒問題。話雖如此，我還是先從我的第一個問題開始吧。想請教一下關於鍺和黑鑽石玻璃的問題。有報導稱，中國可能正在為從國外採購鍺打開一扇門。想看看你是否也觀察到了這種情況，以及在這種情況下，對鍺是否有不同的反應或處理方法。此外，或許您還可以跟我們談談您目前將相機和子組件產品組合轉換為黑鑽的速度，以及您預期客戶過渡到黑鑽產品的速度。

Yeah, thank you. So, the germanium situation changes by the day, it's definitely very interesting, and we're following it. As far as we can tell, China is making it very clear that they will put a lot of effort to make sure it will not end up in defense applications. And so we don't think it will be very freely available. I can say this, pretty much every customer that has switched over from germanium to our black diamond or is in the process too.

是啊，謝謝。所以，鍺的市場狀況每天都在變化，這絕對非常有趣，我們正在密切關注。就我們目前所知，中國已經非常明確地表示，他們將投入大量精力確保這項技術最終不會用於國防領域。因此，我們認為它不會很容易獲得。我可以這麼說，幾乎所有從鍺合金換成我們黑鑽石合金或正在換成黑鑽石合金的客戶都這麼認為。

Including a key customer that was just visiting here yesterday, mentioned that from their point of view, the disruption in supply chain was so big that they will not take a chance again with that. And so we believe that, people burnt once, so obviously far more careful. And even if China makes the material available now, everyone understands that the faucet could close at any point in time, at any moment, notice, and so people are already very careful. Additionally, I'll just emphasize again that our materials perform far better than germanium in many use cases. And so our struggle has always been convincing customers, getting them to the point of redesigning to use our materials instead of germanium, because once they did, the performance is much better, lighter, smaller systems, better throughput, you name it, lots of different reasons. Absolutely, germanium is still needed in many places, and there's room for both materials to coexist, but from what we can tell, most customers that have been switching over to black diamond will remain in black diamond even if the material is freely available.

包括昨天剛來過這裡的一位重要客戶在內，他們提到，從他們的角度來看，供應鏈中斷的程度如此之大，他們不會再冒這樣的風險了。所以我們相信，經歷過一次燒傷的人，顯然會更加小心謹慎。即使中國現在提供這種材料，每個人都明白水龍頭隨時可能關閉，所以人們已經非常謹慎了。此外，我還要再次強調，在許多應用場景中，我們的材料性能遠優於鍺。因此，我們一直努力說服客戶，讓他們重新設計產品，使用我們的材料而不是鍺，因為一旦他們這樣做，性能就會好得多，系統更輕、更小，吞吐量更高，等等等等，有很多不同的原因。當然，鍺在許多地方仍然有需求，兩種材料也有共存的空間，但據我們所知，大多數已經轉向黑鑽的客戶即使黑鑽可以自由獲取，也會繼續使用黑鑽。

In terms of our transition of our own cameras, it is more a question of resources. So we have many projects going on, and as you can imagine with the $90 million dollar backlogs we have comes also some engineering work and some modifications and so on, which oftentimes happen to overlap with the same resources that would redesign cameras. So I think our team is nearly done with one more redesign and working on some others. But until we hire more people for that, and we have quite a number of open positions that we're planning to fill for those kinds of areas, until we fill those positions, the priority is first of all on the short-term revenue delivering what we have now here and now before we put more resources into converting the cameras over.

就我們自身攝影機的過渡而言，這更多的是一個資源問題。所以我們有很多項目正在進行中，正如你所想，我們積壓了 9000 萬美元的項目，這也意味著一些工程工作和一些修改等等，而這些工作和修改往往與重新設計相機所需的資源重疊。所以我覺得我們的團隊差不多已經完成了一個重新設計，並且正在著手進行其他一些設計工作。但是，在我們為此招募更多人之前（我們有很多空缺職位計劃填補這些職位），首要任務是確保短期收入，保證我們現在擁有的，然後再投入更多資源來改造攝影機。

Okay, that is helpful to hear. Thanks for that, Sam. Maybe just addressing the supply chain resiliency and capacity. You mentioned a couple, dynamics, specifically regarding Visumid. If you can describe where else you're having to work to improve capacity either from an internal capability or equipment point of view or with external suppliers and over what time frame do you expect that to be, improved or resolved?

好的，這很有幫助。謝謝你，山姆。或許只需要解決供應鏈的韌性和產能問題。您提到了一些動態因素，特別是關於 Visumid 的因素。如果您能描述一下您在哪些方面需要努力提高產能（無論是從內部能力或設備角度，還是從與外部供應商合作的角度），以及您預計在多長時間內能夠得到改善或解決，請告訴我。

Yeah, pretty much across the board. I mean, the growth we're seeing is in almost every aspect other than the old technology of molded optics that, we have a lot of capacity for and was sort of the, what light path used to do until a few years ago. Everywhere else we need to add capacity, so we need to add capacity of fabrication in our lattery operation and in Orlando. We're putting an enormous investment into glass capacity, and even the investment we're making, I feel sometimes is not enough. We're already getting booked as soon as we have capacity.

是的，幾乎普遍如此。我的意思是，我們看到的成長幾乎體現在除模壓光學這種老技術之外的方方面面，而我們在這方面擁有很大的能力，而且這種技術在幾年前一直是光路技術的主要應用領域。其他地方都需要增加產能，所以我們需要在後工廠和奧蘭多工廠增加生產能力。我們在玻璃產能方面投入了巨額資金，但即便如此，我有時仍然覺得這些投資不夠。我們一有空位就被預訂滿了。

We have seen some constraints on some of our vendors, primarily the detector companies are making the focal plane arrays that go into cameras. Some of them depend on germanium and And we worked with them to either replace the germanium or solve some of their problems, and some of them are just seeing a very high growth in some of their new products which are what we're using oftentimes. So we work with our vendors for the focal plane when needed, but other than the focal plane, pretty much everything else is vertically integrated and we controlled internally or we kill it.

我們發現一些供應商受到了一些限制，主要是那些生產相機焦平面陣列的探測器公司。有些產品依賴鍺，我們與他們合作，要麼替換鍺，要麼解決他們的一些問題，而有些產品的成長率非常高，這些新產品正是我們經常使用的產品。因此，我們會在需要時與供應商合作處理焦平面，但除了焦平面之外，其他幾乎所有東西都是垂直整合的，我們內部控制，否則我們就放棄。

Okay, perfect. Good to hear. Maybe one or two quick, numbers questions and I'll jump out of line here. I guess, September quarter results here, sales are very nice, well above what we had in our model. Obviously you didn't give any guidance there, but any thoughts as to how you'd like us to think about, sales progression in the December quarter would be a great help here. And then, well, how do we think about the EBITDA to follow through on that as well?

好的，完美。很高興聽到這個消息。也許還會有一兩個簡單的數字問題，然後我就要插話了。我想說，這是九月的季度業績，銷售額非常不錯，遠高於我們模型的預期。顯然您沒有給出任何指導，但如果您能就您希望我們如何看待 12 月季度的銷售進度提出一些想法，將對我們大有幫助。那麼，我們該如何考慮 EBITDA 來繼續推進這項工作呢？

So Richard, obviously we're not going to give any guidance, we're happy to see where we came in this quarter. We would like to see that number again, so, that's what we're shooting for in Q2. But I think from an EBITDA perspective, we were positive this quarter. It's a good sign, and that will continue.

所以理查德，很顯然我們不會給出任何指導意見，我們很高興看到本季取得的成績。我們希望再次達到這個數字，所以，這就是我們第二季的目標。但我認為從 EBITDA 的角度來看，我們本季實現了正收益。這是一個好兆頭，而且這種情況還會繼續下去。

Okay, perfect you know guys, I will jump on the line. Congratulations keep up the good work.

好的，太好了，夥計們，我這就上線。恭喜，繼續努力！

Thank you.

謝謝。

Thank you.

謝謝。

Glenn Mattson, Laydenberg Thalman.

格倫馬特森，萊登伯格塔爾曼。

Yeah, hi, thanks for taking the questions. Sam, I think in the past you said that NGSRI would be like potentially a fall of 2025 award or maybe first Q calendar 26. Is that still your expectation? And I guess you the second quarter that that you talked about the, upgraded Texas facility that that services that contract. So I don't know if you're if you're trying to signal high confidence there or if you can clarify that, that'd be helpful as well.

你好，謝謝你回答這些問題。Sam，我想你以前說過 NGSRI 可能會在 2025 年秋季頒發獎項，或者在 2026 年第一季頒發。你仍然抱持這樣的期望嗎？我猜您在第二季度談到了升級後的德克薩斯州設施，該設施負責履行合約。所以我不知道你是不是想表達很高的信心，如果你能澄清一下，那也很有幫助。

Sure, so, nothing has changed other than the government shutdown continues, or any timeline related to anything government is up in the air. There was hoped that early fall or in fall 2025, there will be a down selection. However, quoting just what it said publicly, In different publications, Lockheed has been ready for flight tests, and Raytheon was saying that it would be in late November or December that the units will be ready for flight tests. So this was said publicly and by both companies. So clearly a down selection cannot happen if both units aren't ready for full testing yet.

沒錯，除了政府停擺仍在繼續，以及與政府相關的任何時間表都懸而未決之外，其他一切都沒有改變。人們曾希望在初秋或 2025 年秋季會進行一次降級選擇。然而，根據公開聲明，洛克希德公司在不同的出版物中表示，該公司已準備好進行飛行測試，而雷神公司則表示，這些設備將在 11 月下旬或 12 月準備好進行飛行測試。這是兩家公司公開宣布的。因此，如果兩個單元都還沒有準備好進行全面測試，顯然無法進行降級選擇。

We are making that investment in conjunction with our customer with Lockheed Martin. For a few reasons. One, they're very bullish about this, and so are we. Secondly, these, systems of what will be building there can be and is used in more programs other than just NGSRI. And actually in Lockheed, we're already in a few, a couple of other programs that are needed. Thirdly, most importantly, if, or hopefully when Lockheed Martin wins, everyone is going to want to scale up as quickly as possible. So making a small bet now, and the bet is both by Lockheed and us, shared costs, making a small bet now could pay off big time later on if we are awarded. If we don't do that, then we'll be at a pretty stressful point come the award.

我們正與客戶和洛克希德馬丁公司共同進行這項投資。原因有幾個。第一，他們對此非常看好，我們也是。其次，這些系統（即即將在那裡建造的系統）可以而且確實被用於除 NGSRI 之外的更多專案中。事實上，洛克希德公司已經參與了一些其他必要的項目。第三，也是最重要的一點，如果（或希望是當）洛克希德馬丁公司得標時，每個人都會希望盡快擴大規模。所以現在下個小注，這個小注是洛克希德和我們共同承擔的，成本分攤，如果我們得標，現在下個小注以後可能會獲得巨大的回報。如果我們不這麼做，那麼到了頒獎的時候，我們就會面臨相當大的壓力。

Oh yeah, it makes sense. On the gross marginal you talked about it being. Impacted year over year, but, also just given the growth in systems and modules and that being a high margin business, can you say, just perhaps. It maybe it could have been even stronger this quarter or or you know with the 2/3 backlog and systems and modules maybe just directly you know can you remind us of where you think that's going medium and long-term.

哦，對，這很有道理。關於你提到的毛邊際，它是。雖然同比有所下降，但考慮到系統和模組的成長以及這是一個高利潤的業務，或許可以說，情況就是這樣。或許本季業績會更好，或者你知道，考慮到三分之二的積壓訂單、系統和模組，或許可以直接……你能提醒我們一下，你認為中長期來看，它的發展方向是什麼嗎？

Yeah, so I mean we want to step up from here, Glenn, to, 35 by the end of the fiscal year march up that ladder this quarter we sold a lot of IR components. It was a high sales number which is typically lower margin, so we had a sales mix that sort of brought down what would have been, a higher than 30%, gross profit. I'm. When that kind of event happens, I'm not terribly worried in terms of the percentage, I flip back and I look at the dollar and I think, okay, we did well because we exceeded where we thought we were going to be from a revenue perspective on the IR side so I'm like, alright, that works for us, the we budget sort of a mix and then, this the mix changed a little bit compared to budget, but, pretty satisfied, where we are at Q1.

是的，所以我的意思是，格倫，我們希望從這裡開始，到本財年結束時達到 35%，在這個季度我們賣出了很多 IR 組件，一步步向上攀登。銷售額很高，但通常利潤率較低，所以我們的銷售組合拉低了原本可能超過 30% 的毛利。我是。當發生這種情況時，我並不太擔心百分比，我會轉而關注美元，然後心想，好吧，我們做得不錯，因為從收入角度來看，我們在投資者關係方面超出了預期，所以我想，好吧，這對我們來說是可以接受的，我們預算了某種組合，然後，與預算相比，這個組合略有變化，但是，我對我們第一季度的狀況相當滿意。

Okay, thanks, and the last thing for me is a couple of times the call you mentioned. Scaling operations and, just wonder what that means in terms of OpEx, if you're trying to signal some increased investment there.

好的，謝謝。最後，我想問的是，您提到的那幾次通話。擴大營運規模，我想知道這對營運支出 (OpEx) 而言意味著什麼，如果您試圖表明這方面會增加投資的話。

No, I don't think we're going to have a major impact to OpEx. We'll continue, more or less like we thought for fiscal year '26. The OpEx is basically for moving things around. The capacity in some areas like SAM mentioned in Glass, for example, that's more CapEx, right? We already have the space, so. It's not, we don't have to do a build out or or anything like that, so we have the room, but we just have to buy, more furnaces, for example, to produce more glass. We already have molding capacity so we don't have to spend a tremendous amount there and then when we talk about cameras, systems, subsystems. Those workstations and work lines are to expand them are relatively inexpensive.

不，我認為我們不會對營運成本產生重大影響。我們將繼續，大致按照我們對 2026 財年的設想進行。營運支出基本上就是用來調配物品。例如，像 Glass 中提到的 SAM 等某些領域的產能，需要更多的資本支出，對吧？我們已經有了場地，所以…不是這樣的，我們不需要進行任何擴建或類似的事情，所以我們有足夠的空間，但我們只需要購買更多的熔爐，例如，來生產更多的玻璃。我們已經具備成型能力，所以在談到相機、系統、子系統時，我們不必在那裡花費巨資。用於擴展這些工作站和生產線的成本相對較低。

It doesn't cost millions of dollars for capital equipment. It's tens of thousands of dollars for assembly stations, and we are going to rationalize the footprint in the United States. We're going to move things around a little bit, to maximize the entire footprint on the assembly modules and, systems.

購置資本設備並不需要花費數百萬美元。組裝站的成本高達數萬美元，我們將精簡美國的生產設施。我們將對組件進行一些調整，以最大限度地利用組裝模組和系統的全部空間。

Okay, great, thanks for all that color.

好的，太棒了，謝謝你帶來的繽紛色彩。

As a reminder, if you'd like to ask a question, please press star one on your telephone keypad.

再次提醒，如果您有任何疑問，請按下電話鍵盤上的星號鍵 1。

Jaeson Schmidt, Lake Street Capital Markets.

傑森‧施密特，湖街資本市場。

Hey guys, thanks for taking my questions. Sam, just want to follow-up on your comment on these, $10 million dollar plus annual revenue opportunities. Curious how many of these sort of eight-figure deals you have in the pipeline.

各位好，感謝你們回答我的問題。Sam，我想就你之前提到的這些年收入超過 1000 萬美元的機會再補充一點。很好奇你們目前有多少筆這類八位數等級的交易正在洽談中。

That's a great question. I need my fingers now to count them, but, I'd say, probably about 7 now. We've been at a steady 6 for a while, but I think we have, 1 or 2 being added, maybe a bit early stage on some of them.

這是一個很好的問題。我現在需要用手指頭來數，但我估計大概有7個吧。我們已經穩定保持 6 人一段時間了，但我認為我們可能還會增加 1 或 2 人，也許其中一些還處於早期階段。

The counter UAS expects that to grow quite a bit, and we are at least in two different counter UAS programs. Only one of them is currently in the backlog. So I'd say 7 or 8 programs like that.

反無人機系統預計這一趨勢將大幅成長，我們至少參與了兩個不同的反無人機系統專案。目前只有一項任務處於待辦狀態。所以我覺得大概有七、八個這樣的項目。

Okay, that's helpful. And then just, going back to gross margin, I mean, would we expect any sort of noise in the gross margin line with these capacity expansion plans here in the December quarter?

好的，這很有幫助。然後，回到毛利率的問題上，我的意思是，隨著這些產能擴張計劃在 12 月季度到來，我們是否會預期毛利率出現任何波動？

I don't think so. I don't think so. The way we modeled it out, it should not be. We should still see, we should see improvement in margins.

我不這麼認為。我不這麼認為。根據我們模擬的結果來看，不應該是這樣。我們應該仍然能看到利潤率提高。

Got you. That's helpful. And then just the last one for me, and I'll jump back into queue looking at that backlog number, obviously really impressive. I think, at one point, G5 was about 2/3 of that backlog. Is that still the case?

抓到你了。那很有幫助。然後就剩我最後一個了，我得趕緊重新排隊，看看積壓的數量，顯然非常驚人。我認為，G5 一度佔到積壓訂單的三分之二左右。現在情況仍然如此嗎？

Pretty much, I think. I mean, it's ebbs and flows And comes up and down, and I think G5 part is pushing product out much more aggressively now, so, but still about 2/3, yeah.

差不多吧。我的意思是，它有起有落，有漲有跌，我認為 G5 部門現在正在更積極地推出產品，所以，但仍然大約佔 2/3，是的。

Okay perfect. Thanks a lot. Guys.

好的，完美。多謝。夥計們。

Thank you. Technically it's like. 60.

謝謝。從技術上講，它就像。60.

Oren Hirschman, AIGH Investments.

Oren Hirschman，AIGH Investments。

Hi, congratulations on another quarter of tremendous progress.

您好，恭喜您又一個季度取得了巨大的進步。

Thank you.

謝謝。

Let's see, in going back to the question on those other potential awards, of decent size awards, can you just go back and just what's go through what's really driving it? Is it the, the long range infrared cameras? What are behind most of those deals if there is, if there are one or two trends that are noticeable?

讓我們回到之前關於其他潛在獎項，特別是金額較大的獎項的問題上來，您能否回顧一下究竟是什麼因素在推動這些獎項的設立？是遠端紅外線攝影機嗎？這些交易背後究竟隱藏著什麼？是否存在一兩個值得注意的趨勢？

Yeah, most of them are around the black diamond glass. So whether it's the Apache program or whether it's an additional defense airborne program that we recently talked about, all of them are around the uniqueness of the black diamond glass, not even replacing geomania, but just improving, drastically improving the performance of existing systems. So this is sort of the, has always been the major selling point of those materials is you can improve performance even of existing systems. So with things that come to fruition now. Others that are a bit earlier stage of, no, sorry, the counter UAS is also at a fairly advanced stage. And those are pretty big ones. They come in in big numbers because they are the long range cameras at times, mid and long range cameras. And then, earlier stage ones are much bigger system programs like related to Golden Dome or satellite programs or things like that will take a long time but have very large numbers tied to them.

是的，它們大多集中在黑鑽玻璃周圍。所以，無論是阿帕奇計劃，還是我們最近討論過的其他空中防禦計劃，它們都圍繞著黑鑽石玻璃的獨特性展開，甚至不是取代地磁，而是改進，大幅提高現有系統的性能。所以，這些材料的主要賣點一直是，即使是現有系統，也可以提高其性能。所以，現在這些事情都實現了。其他一些處於更早階段的，不，抱歉，反無人機系統也處於相當先進的階段。而且這些都是相當大的問題。它們數量眾多，因為它們有時是遠端攝影機，有時是中遠端攝影機。而早期階段的一級項目則是規模較大的系統項目，例如與金色穹頂或衛星項目相關的項目，這些項目需要很長時間，但涉及的人數非常龐大。

In terms of, the long range cameras for spotting drones and UASs, yeah, has, is there any other technology that's crept up that could spot? Them from the same distance or without using, without having to use, frequency, radio frequency.

至於用來發現無人機和無人飛行器的遠端攝影機，是的，還有其他什麼技術可以進行發現嗎？從相同的距離或不使用頻率、無線電頻率進行通訊。

So even if you can use radio frequency, you still need the visual part for validation. So, the key here is, you, you're about to shoot something down, you have to be a million% sure that you're shooting the right thing down and not just something because it's flying there. So, a visual validation has, is becoming a must for any system that needs to kinetically or otherwise take down something. And so even when you can use the radar and you would have no problem turning it on because, you're in your own territory or whatever, you still have to have that visual validation. Visible cameras are very limited in range, but also, of course, can't work at night, can't work in certain weather conditions, and so on. So I don't know of anything other than a thermal camera that can give you that absolute validation when you see something using any other system, whether it's radar, acoustic, electronic signals, and so on, to validate that you're going to shoot down the right.

所以即使可以使用射頻技術，仍然需要視覺部分來驗證。所以，關鍵在於，當你準備擊落某個目標時，你必須百分之百確定你擊落的是正確的目標，而不是僅僅因為它飛在那裡就隨意擊落。因此，對於任何需要透過動力或其他方式摧毀某物的系統來說，視覺驗證正變得越來越不可或缺。因此，即使你可以使用雷達，並且因為你在自己的領地或其他什麼情況下，打開雷達也不會有任何問題，你仍然需要進行目視確認。可見攝影機的探測範圍非常有限，當然，它們也無法在夜間工作，在某些天氣條件下工作等等。所以，除了熱成像儀之外，我不知道還有什麼其他方法可以讓你在使用其他系統（無論是雷達、聲學、電子訊號等等）看到目標時，能夠絕對地驗證你射擊的目標是否正確。

This is a question I've never asked you as a company. The systems that are being shipped, are they primarily just to the military directly, or to the, are they actually to customers that are integrating them into systems that actually do the defense and try and take always.

這是我從未以公司名義問過您的問題。正在運送的系統，主要是直接運送給軍方，還是運送給客戶，由客戶將這些系統整合到實際執行防禦任務並嘗試始終採取有效措施的系統中？

Always to integrate it. I don't think we've shipped systems directly to military, definitely not on the long range cameras. We have some direct military programs on. Optical assembly side, but not on cameras. Cameras currently all go to integrators. They could be defense primes like Lockheed Martin, Raytheon, Booz and Booz Allen. They could be much smaller companies that are integrating. They could be remote weapons systems where, sort of automated systems to shoot drones down, but there's always some level of integration afterwards.

始終要將其融入其中。我認為我們還沒有直接向軍方交付過系統，遠端攝影機肯定沒有。我們有一些直接針對軍事用途的項目。光學組件側，但不在相機上。目前所有攝影機都銷往系統整合商。它們可能是像洛克希德·馬丁、雷神索爾、博思艾倫這樣的國防巨頭。它們可能是規模小得多的正在進行整合的公司。它們可能是遠程武器系統，某種用於擊落無人機的自動化系統，但之後總會有一定程度的整合。

Okay, just two more questions if I may. Those systems that do the integration, do they actually integrate in such a way that the drone is kept under surveillance from your system and it actually has to do the calculations and help in terms of the countermeasure that's being done?

好的，如果可以的話，我再問兩個問題。那些進行整合的系統，它們真的能以這樣的方式整合：無人機始終處於你的系統監視之下，而且它真的需要進行計算並協助採取反制措施嗎？

Yes, absolutely. Systems are integrated into pan tilts or moving controls that are then tracking the drone, and oftentimes from the data you collect from the cameras, there's quite a bit of calculations you can do. Simplest is the Azimuth and even distance. In other extremes, you can calculate some atmospheric conditions, including even wind speed in some cases, using the information from the camera. And our customers, the integrators do exactly that.

是的，絕對的。系統整合到雲台或移動控制裝置中，然後追蹤無人機，並且通常可以根據從攝影機收集的數據進行相當多的計算。最簡單的方法是計算方位角和距離。在其他極端情況下，您可以使用相機提供的資訊來計算一些大氣條件，甚至在某些情況下還可以計算風速。而我們的客戶，也就是系統整合商，正是這樣做的。

Okay, and the last question is, the, on the missile program, are there other missile programs that need the same level of sophistication that are in any stage of discussion or anything moving along through the pipeline?

好的，最後一個問題是，關於導彈計劃，是否有其他導彈計劃需要同樣高的技術水平，目前正處於討論階段或正在推進中？

Yes, we have two more missile programs that our, technology is being integrated into.

是的，我們還有兩個導彈項目，我們的技術正在被整合到其中。

Are are those actually clear that those programs are going to go into production? Have you talked about those programs?

這些項目真的會投入生產嗎？你們討論過這些項目嗎？

No, it's a bit, they're much earlier on than than the NGSR program, but on the other hand, we don't, the last two years in which we spent developing a product that passes all environmental and and G force acceleration and all of that, that's behind us. So now we come to every program, every new program like that with the credibility already of having developed something that passes all of that. So, the earlier stage, but our time in those programs will be much faster.

不，有點，他們比 NGSR 專案早得多，但另一方面，我們過去兩年花在開發一款能夠通過所有環境和 G 力加速度等測試的產品上的時間已經過去了。所以現在我們看到的每一個項目，每一個像這樣的新項目，都因為已經開發出能夠通過所有這些考驗的東西而具有了可信度。所以，雖然是早期階段，但我們在這些專案中的時間會短得多。

And one last question if I may, just a housekeeping question, is there, do you happen to have handy a non-GAAP OpEx number? Pulling out the Christian related charges.

最後一個問題，如果可以的話，只是一個例行問題，您手邊是否有非GAAP營運支出資料？撤銷與基督教相關的指控。

No, we don't.

不，我們沒有。

We don't.

我們不。

Okay, I'll do that offline.

好的，我會線下處理。

Okay. Thank you all.

好的。謝謝大家。

Thank you. There are no further questions at this time. This does conclude today's conference. We thank you again for your participation. You may now disconnect your lines.

謝謝。目前沒有其他問題了。今天的會議到此結束。再次感謝您的參與。現在您可以斷開線路了。