LightPath Technologies Inc (LPTH) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to LightPath Technologies second-quarter 2026 earnings conference call. (Operator Instructions)

女士們、先生們，午安。感謝您的耐心等待。歡迎參加 LightPath Technologies 2026 年第二季財報電話會議。（操作說明）

This conference is being recorded today, February 11, 2026, and the earnings press release accompanying this conference call was issued after the market closed today. I would 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 and involve various risks and uncertainties as discussed in periodic SEC filings.

本次會議於2026年2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，公司將做出一些基於當前預期的前瞻性聲明，這些聲明涉及各種風險和不確定性，這些風險和不確定性已在定期提交給美國證券交易委員會的文件中進行了討論。

Although the company believes that the assumptions underlying these statements are reasonable, any of them can be proven to be inaccurate, and there can be no assurances that the projected results would be realized. 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 as non-GAAP financial measures. Please refer to our SEC reports, and certain of our press releases, which include reconciliations of non-GAAP financial measures and associated disclaimers.

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，也不能保證預測的結果能夠實現。此外，也可能提及一些不符合公認會計原則（GAAP）的財務指標。我們將這些稱為非GAAP財務指標。請參閱我們的美國證券交易委員會報告和某些新聞稿，其中包含非GAAP財務指標的調節表和相關免責聲明。

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 their prepared remarks, there will be a question-and-answer session.

執行長 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策略概述，隨後財務長 Al Miranda 將回顧本季的財務業績。在他們發表完準備好的演講後，將進行問答環節。

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 LightPath Technologies' fiscal second quarter 2026 financial results conference call. We entered calendar year 2026 having completed the first part of our transition to a vertically integrated provider of high-value infrared optics and camera systems, geared towards driving higher revenue and gross margins.

謝謝接線生。各位下午好，歡迎參加 LightPath Technologies 2026 財年第二季財務業績電話會議。進入 2026 年，我們完成了向高價值紅外線光學和攝影系統垂直整合供應商轉型的第一階段，旨在推動更高的收入和毛利率。

The second quarter demonstrates this transition with measurable commercial success, record revenue and margin improvement. The progress we have made is reflected in record orders, a growing systems backlog and increasing customer adoption of our technologies, as well as, and maybe more importantly, improvements in our margins and cash flow.

第二季透過可衡量的商業成功、創紀錄的收入和利潤率提升，證明了這項轉型。我們所取得的進步體現在創紀錄的訂單、不斷成長的系統積壓訂單以及客戶對我們技術的日益接受，而且，或許更重要的是，我們的利潤率和現金流也得到了改善。

Today, LightPath is a fundamentally different company. Over the past several years, we have transformed from a precision optical component supplier into a vertically integrated provider of high-value infrared optics and camera systems. And offerings that range from proprietary materials all the way through complete imaging solutions.

如今，LightPath 已是一家截然不同的公司。在過去的幾年裡，我們已經從精密光學元件供應商轉型為垂直整合的高價值紅外線光學元件和相機系統供應商。產品和服務範圍涵蓋專有材料到完整的成像解決方案。

I'll share some context on this transformation, discuss some of our programs driving the growth, and the acquisition of AMI, Amorphous Materials. At the core of our platform is Black Diamond, our proprietary chalcogenide glass licensed exclusively from US Naval Research Laboratories as a domestic, supply chain secure alternative to germanium for infrared imaging. This positions us securely within the fiscal year 2026 National Defense Authorization Act, NDAA, which mandates elimination of US defense reliance on optical glass, components and systems sourced from Russia, China, and other covered nations no later than January 1, 2030.

我將分享一些關於這項轉型的背景信息，討論一些推動成長的項目，以及對 AMI（非晶材料公司）的收購。我們平台的核心是黑鑽石，這是我們專有的硫系玻璃，由美國海軍研究實驗室獨家授權，作為紅外線成像中鍺的國內供應鏈安全替代品。這使我們穩固地處於 2026 財年國防授權法案 (NDAA) 的框架內，該法案要求美國國防部門最遲於 2030 年 1 月 1 日消除對來自俄羅斯、中國和其他受管制國家的光學玻璃、組件和系統的依賴。

With defense acquisition time lines already requiring action in the near-term, our optical assemblies, infrared cameras and thermal imaging systems are designed, manufactured and delivered in full alignment with these requirements. We believe we are positioned as a supplier of choice for mission-critical defense and aerospace applications.

由於國防採購時間表已經要求在近期採取行動，我們的光學組件、紅外線攝影機和熱成像系統都是完全按照這些要求進行設計、製造和交付的。我們相信，我們已成為國防和航空航太關鍵任務應用領域的首選供應商。

It has been about a year since our acquisition of G5 Infrared, the producer of the industry's leading long-range infrared cameras for surveillance and counter-UAS. The G5 acquisition is a prime example for us leveraging a unique differentiator, in this case our germanium alternatives, to enable the acquired company to do more than they could do alone. Far more, in this case.

距離我們收購 G5 Infrared 已經過去大約一年了，G5 Infrared 是業內領先的遠端紅外線攝影機製造商，其產品用於監控和反無人機系統。G5 的收購就是一個典型的例子，說明我們如何利用獨特的差異化優勢（在本例中是我們的鍺替代品）使被收購公司能夠做到他們自己無法做到的事情。在這種情況下，情況遠不止如此。

Since we acquired G5 a year ago, G5 has booked more than $80 million of new orders for their products, compared to $15 million of revenue the prior year. Some of it is because they were at the right place at the right time, such as border patrol spending, counter-UAS solutions, and more. And part of it is because under LightPath, using the Black Diamond materials, we enable G5 to be able to execute far better than anyone else out there because we have a secured, vertically integrated supply chain. To date, we have publicly announced the redesign of only two of their cameras, but with the acquisition of Amorphous Materials, we can now complete the remaining redesigns and soon make all of G5 cameras using Black Diamond.

自從我們一年前收購 G5 以來，G5 的產品已獲得超過 8,000 萬美元的新訂單，而前一年的收入僅為 1,500 萬美元。部分原因是他們在正確的時間出現在了正確的地點，例如邊境巡邏支出、反無人機系統解決方案等等。部分原因是，在 LightPath 框架下，利用 Black Diamond 材料，我們讓 G5 比其他任何人都做得更好，因為我們擁有安全、垂直整合的供應鏈。到目前為止，我們隻公開宣布了對其中兩款相機的重新設計，但隨著對 Amorphous Materials 的收購，我們現在可以完成剩餘的重新設計，並很快使用 Black Diamond 製造所有 G5 相機。

So let's talk a bit about the acquisition of Amorphous Materials, an industrial manufacturer of complementary chalcogenide glass melting technologies. In particular, for large diameter optics. Amorphous is a more than 50-year-old company with a strong industry reputation, founded by Dr. Ray Hilton Sr., who was considered one of the pioneers in the commercialization of chalcogenide glass. He also wrote the leading book about chalcogenide glass.

那麼，讓我們來談談對 Amorphous Materials 的收購，這是一家生產互補型硫系玻璃熔融技術的工業製造商。特別是對於大直徑光學元件。Amorphous 是一家擁有 50 多年歷史、在業界享有盛譽的公司，由 Ray Hilton Sr. 博士創立，他被認為是硫系玻璃商業化的先驅之一。他也撰寫了關於硫系玻璃的權威著作。

The significance of large diameter Black Diamond lenses is significant. In the world of optics, the further distance you want to detect an object, the larger the optics needs to be. Cameras or devices for relatively short distances, such as hundreds of meters, have optics that are between 1 inch to 5 inches in diameter. That is plenty of size for applications such as close-range security, firefighting cameras, gun sights and so on.

大直徑黑鑽鏡片的意義重大。在光學領域，想要偵測物體的距離越遠，所需的光學元件尺寸就越大。用於相對較短距離（例如數百公尺）的相機或裝置的鏡頭直徑在 1 英吋到 5 英吋之間。對於近距離安防、消防攝影機、槍枝瞄準器等應用來說，這個尺寸已經夠大了。

If now one wants to detect objects that are kilometers or miles away, the size of the optics grows. For example, G5 long-range cameras, the most long-range ones, have lenses that are as much as 250 millimeters, or 10 inches in diameter. If now you want to detect from space, say, a missile launch, the size of the optics needs to grow even larger. This is partially why some of the larger detection satellites can be the size of a small bus.

如果現在想要偵測數公里或數英里外的物體，光學元件的尺寸就會增加。例如，G5 遠端相機（遠端相機中最遠的型號）的鏡頭直徑可達 250 毫米，即 10 吋。如果現在你想從太空偵測飛彈發射，那麼光學元件的尺寸就需要變得更大。這在一定程度上解釋了為什麼一些較大的探測衛星可以有小型巴士那麼大。

Until this acquisition, LightPath was melting its glass in the shape of a cylinder, 5 inches in diameter. Using some additional techniques, we've been able to turn that glass into 6 inches of optics. But not the sizes needed for most of our G5 most higher-end cameras, and definitely not the size needed for satellite cameras. Amorphous Materials, which we just acquired, melts the glass using a somewhat different technology. That technology, which we can easily and are easily adapting for use in our Black Diamond glass, can melt the glass at sizes of 10 inches, and with some additional processing can reach sizes of 17 inches.

在此次收購之前，LightPath 熔化的玻璃呈現圓柱形，直徑為 5 英吋。利用一些額外的技術，我們已經能夠將那塊玻璃變成 6 吋的光學元件。但對於我們大多數 G5 高階相機來說，尺寸不夠大，對於衛星相機來說，尺寸更不夠大。我們剛收購的非晶態材料公司採用略有不同的技術來熔化玻璃。這項技術我們可以輕鬆地將其應用於我們的黑鑽玻璃中，它可以熔化 10 英寸的玻璃，經過一些額外的加工，可以達到 17 英寸的尺寸。

Why is this a big deal? Well, first of all, our own G5 cameras, a significant part of our growth driver. The most, most higher-end cameras, or the longest range cameras if you would, used primarily for drone detection, have lenses that are as much as 10 inches in diameter. Until now, we could redesign only the smaller cameras to use Black Diamond. Now, we're full steam ahead at redesigning all of their cameras.

這為什麼是一件大事？首先，我們自己的 G5 相機是我們成長的重要驅動力之一。最高階的相機，或最遠距離的相機，主要用於無人機偵測，其鏡頭直徑可達 10 吋。此前，我們只能對較小的相機進行重新設計，使其使用黑鑽技術。現在，我們正在全力以赴地重新設計他們所有的相機。

And by the autumn time, we expect to have G5 cameras to be using Black Diamond instead of germanium, all of their cameras. We expect to be able to make as many long-range cameras as the market can take. So while our competitors are still struggling to find a solution for germanium situation, we will be able to make as many cameras as we want.

到秋季，我們預計 G5 系列相機將全部採用黑鑽材料而不是鍺材料。我們預計能夠生產出市場所需的所有遠端相機。因此，當我們的競爭對手仍在努力尋找鍺的解決方案時，我們將能夠生產我們想要的所有數量的相機。

Second, this ability to make large diameter Black Diamond now opens the door to any application of long-range imaging. Think about airborne gimbals and pods. Think ground-based imaging systems and so on. And most importantly, space. The US government, through different agencies and programs, primarily the Golden Dome program, is going to launch dozens, if not hundreds of satellites for missile tracking and detection.

其次，製造大直徑黑鑽石的能力為遠端成像的任何應用打開了大門。想想空中雲台和吊艙。想想地面成像系統等等。最重要的是，空間。美國政府將透過不同的機構和項目，主要是金色穹頂計劃，發射數十顆甚至數百顆衛星，用於飛彈追蹤和探測。

Let's take one example of such recent award, all public information, to demonstrate the potential magnitude of this. SDA, Space Development Agency, awarded in December $3.5 billion to build 72 tracking layer satellites. Those are all based on infrared cameras. Public information, which one can easily look up. That is $48 million per satellite. While we see the satellites as primarily a camera, they do more than that.

讓我們以最近一項公開資訊所獲得的獎項為例，來說明其潛在影響之大。美國太空發展局 (SDA) 於 12 月獲得 35 億美元撥款，用於建造 72 顆追蹤層衛星。這些都基於紅外線攝影機。公開訊息，很容易就能查到。每顆衛星的成本是4800萬美元。雖然我們通常把衛星看成是攝影機，但它們的功能遠不止於此。

And so the infrared camera system typically is about a 1/3 of the overall cost of the satellite. So that is $16 million per satellite. This includes a complex sensor system, as well as other things. But from our point of view, most importantly, is an optical system. That optical system, oftentimes referred to as a telescope, is a pretty complex system that includes, well, you guessed it, large diameter optics.

因此，紅外線攝影系統通常約佔衛星總成本的三分之一。所以每顆衛星的成本是1600萬美元。這包括一個複雜的感測器系統以及其他部件。但從我們的角度來看，最重要的是光學系統。這種光學系統，通常被稱為望遠鏡，是一個相當複雜的系統，其中包括，嗯，你猜對了，大直徑光學元件。

So until now, Black Diamond was not even considered for use in those applications. And even though it has incredible properties suited just for that use case in terms of thermal behavior and such. So we had a couple of space-related programs in our category of potential $10-plus million programs. But those were small. Definitely small compared to what we're facing now.

所以直到現在，黑鑽甚至沒有被考慮到這些應用領域。儘管它在熱性能等方面具有非常適合該用途的優異性能。因此，在我們這個潛在投資額超過 1000 萬美元的項目類別中，有幾個與太空相關的項目。但那些都是小問題。與我們現在面臨的情況相比，這絕對是小巫見大巫。

Now we get to play a major role in this. So couple that with SDA's very recent announcement, I think last week, for a constellation of 300 to 500 satellites in low Earth orbit, and satellites in low Earth orbit have a fairly short lifespan, and this is, as they say, a whole new ballgame for us. However, a word of caution. Satellite development takes time. The government works in 2-year tranches, which means the next designs, the ones we plan to be part of, are not going to go out for at least another 2 years. So this is a huge potential for us, but it's not immediate.

現在我們有機會在這其中扮演重要角色。再加上 SDA 最近（我想是上週）宣布將在近地軌道部署 300 到 500 顆衛星組成的星座，而近地軌道衛星的壽命相當短，正如他們所說，這對我們來說是一個全新的局面。不過，有一點需要提醒。衛星研發需要時間。政府的工作是以兩年為一個週期分批進行的，這意味著我們計劃參與的下一批設計至少還要兩年才能推出。所以這對我們來說是一個巨大的潛力，但並非立竿見影。

Now I would be remiss if I told you that this is the only reason for the acquisition. There is more. Until 3 weeks ago, before we did the acquisition, LightPath was producing glass only in one location, in Orlando, Florida. And we were potentially one hurricane away from a significant downtime in glass production. Now we have two manufacturing locations for Black Diamond. We're going to duplicate between Orlando and Amorphous facility in Texas all operations.

如果我說這是收購的唯一原因，那就太失職了。還有更多。直到三週前，在我們進行收購之前，LightPath 只在佛羅裡達州奧蘭多的一個地點生產玻璃。我們當時可能只差一場颶風就導致玻璃生產大幅停工。現在我們有兩個黑鑽石的生產基地。我們將把奧蘭多工廠和德州非晶態工廠的所有營運活動完全複製。

Also until 3 weeks ago, we kept adding and adding capacity in Orlando. With this acquisition, we get another 50% boost to capacity and ability to add more in a more cost-effective manner. And last, until 3 weeks ago, we might have been worried about significant competition popping up. But now, we acquired and own some of the most innovative and best teams capable for glass technologies in the US. And so while the acquisition as a stand-alone might only look like $3 million in annual revenue, this is a significant acquisition in more ways than meets the eyes.

直到三週前，我們還在不斷增加奧蘭多的運能。透過此次收購，我們的產能將再提升 50%，並且能夠以更具成本效益的方式增加更多產能。最後，直到三週前，我們可能還會擔心會出現強大的競爭對手。但現在，我們已經收購並擁有了美國一些最具創新精神和最優秀的玻璃技術團隊。因此，雖然單就這項收購而言，其年收入可能只有 300 萬美元，但從許多方面來看，這都是一項意義重大的收購。

Okay. Other things in the quarter. Prior to the acquisition, and a few weeks before the quarter ended, we completed a secondary raise in the market. We went out to raise $40 million. We received offers that were significantly, significantly more than that. And so, we ended up increasing the size to $60 million, which together with the greenshoe option that the banks immediately exercised, ended up with approximately $65 million in net proceeds.

好的。本季其他事項。在收購之前，也就是季度結束前幾週，我們在市場上完成了二次融資。我們出去籌集了4000萬美元。我們收到的報價遠高於此。因此，我們最終將規模增加到 6,000 萬美元，加上銀行立即行使的超額配售選擇權，最終淨收益約為 6,500 萬美元。

The purpose of the raise is for investments in our future. LightPath is not burning cash in operation. And we do not raise money to burn it in the operation. This quarter we're reporting on is in fact the second consecutive quarter of positive adjusted EBITDA. And with a net cash flow from operations being positive again. So the raise is really about growth and investments.

此次增資的目的是為了投資我們的未來。LightPath在營運方面沒有虧損。我們籌集資金不是為了在行動中燒掉它。事實上，我們報告的本季是連續第二季實現調整後 EBITDA 為正值。而且，公司經營活動產生的淨現金流再次轉正。所以這次加薪其實是為了發展和投資。

As we have outlined before, we have a very specific strategy when it comes to decisions on investments and acquisitions. The bottom line is that we have a very unique technology -- set of technologies, and we believe that we are well positioned to leverage those to capture some significant market share on the subsystem and system level. However, that window of opportunity is not infinite. And while we always continue to develop more differentiators, competition keeps working, and they will catch up on our older differentiators at some point, while we add new differentiators, and so on and so on.

正如我們之前概述的那樣，我們在投資和收購決策方面有一套非常具體的策略。歸根究底，我們擁有非常獨特的技術——一系列技術，我們相信我們有能力利用這些技術在子系統和系統層面獲得相當可觀的市場份額。然而，這樣的機會窗口並非無限的。雖然我們一直在不斷開發更多差異化優勢，但競爭仍在繼續，他們總有一天會趕上我們以前的差異化優勢，而我們又會增加新的差異化優勢，如此往復。

So we have a window of approximately, we think, 3 years, maybe 3 to 4 years, in which we can grab a significant market share and position the company as a dominant player in our field. Given the compressed time frame, we cannot do this purely through organic growth and through investing only the cash we generate, as much as I would prefer it that way. We need to accelerate some of those activities to make a real dent in that time frame. Hence the war chest of cash, and the plans to use it. I will emphasize again, this is not about operations, or burning cash in operations, or anything like that. But rather a very calculated set of investments and M&A opportunities in the near future.

因此，我們認為我們大約有 3 年，或許 3 到 4 年的時間窗口，我們可以搶佔相當大的市場份額，並將公司定位為我們所在領域的主導企業。鑑於時間緊迫，我們不能僅僅依靠自身成長和僅投資我們產生的現金來實現這一目標，儘管我更希望如此。我們需要加快其中一些活動的進行速度，才能在規定的時間內達到真正的成效。因此才有了這筆巨額資金，以及使用這些資金的計畫。我再次強調，這與營運無關，也與營運中燒錢無關，或諸如此類的事情。但實際上，這是一系列經過深思熟慮的投資和併購機會，旨在把握近期的發展機會。

So now strategy and direction. In the short-term, we have some very large programs we're working on. We have the Lockheed Martin missile programs that is moving along well. And Lockheed Martin, our customer for the subsystems we make, has announced earlier, or last month actually, a successful flight test.

現在來說說戰略和方向。短期內，我們正在進行一些非常大的計畫。洛克希德馬丁公司的飛彈計畫進展順利。而我們生產的子系統的客戶洛克希德馬丁公司先前（實際上是上個月）宣布了一次成功的飛行測試。

While I would love to be able to share more information, we are at this point, as we recently mentioned, confined to sharing only what our customers share publicly. So nothing else on this, other than us continuing to be pleased with the progress.

雖然我很想分享更多信息，但正如我們最近提到的，目前我們只能分享客戶公開分享的信息。所以除此之外，沒有其他消息了，我們只想說我們對目前的進展感到滿意。

Multiple other programs such as border towers, Navy SPEIR, and others are progressing. Some might be slower than we want, some might be faster. But pretty much on track. Overall, we're doing pretty well there. We continue to work also on our second tier of programs, the ones we said have $10 million potential or more a year. Those continue -- we continue to add to those. Just last month, we had another program become join that club, and now a ninth program that has a potential of $10 million or more.

其他多個項目，如邊境瞭望塔、海軍SPEIR等，都在推進中。有些可能比我們預期的慢，有些可能比我們預期的還要快。但基本按計劃進行。總體而言，我們在那裡做得相當不錯。我們也在繼續推進第二階段的項目，我們之前說過，這些項目每年有 1000 萬美元或以上的收益潛力。這些情況仍在繼續——我們會繼續增加這些情況。就在上個月，我們有另一個計畫加入了這個行列，現在第九個計畫也有可能達到 1,000 萬美元或更多。

Other developments that we had last quarter include Congress passing the National Defense Authorization Act, NDAA, which included this year a requirement for Department of War to stop using any optics, components, or even glass originating from certain nations, including China. This of course plays very well to our position as the largest manufacturer of infrared glass in the US. As well as our realignment of the organization over the last few years away from China and back to manufacturing in the US.

上個季度我們也取得了一些進展，包括國會通過了《國防授權法案》（NDAA），該法案今年要求戰爭部停止使用來自某些國家（包括中國）的任何光學元件、組件，甚至是玻璃。這當然非常有利於我們作為美國最大的紅外線玻璃製造商的地位。此外，過去幾年我們也對組織進行了調整，從中國撤離，重新將生產重心轉移到美國。

So together with our Black Diamond, and now also the AMTIR portfolio of glasses from Amorphous Materials, all of which are produced in the US and therefore NDAA compliant. So we actually don't need to do anything new to comply with this, other than continue investing in glass production.

因此，加上我們的 Black Diamond，以及現在 Amorphous Materials 的 AMTIR 系列玻璃產品，所有這些產品均在美國生產，因此符合 NDAA 標準。所以，除了繼續投資玻璃生產之外，我們實際上不需要做任何新的事情來遵守這項規定。

Also last quarter, the FCC, Federal Communication Commission, issued a new ruling that everyone expected. But everyone expected that to be a ban about drones made by DJI, actually commonly referred to as the DJI ban. Or at most it to be in general about Chinese drones. The FCC however took this a few steps further. And added to the FCC covered list all drones and critical components used in any country outside the US, ally or not.

同樣在上個季度，聯邦通訊委員會（FCC）發布了一項所有人都在預料之中的新規定。但大家都以為會禁止大疆（DJI）生產的無人機，實際上通常被稱為「大疆禁令」。或者至多是泛泛地談論中國無人機。然而，美國聯邦通訊委員會（FCC）更進一步。並將所有在美國以外的任何國家（無論是否為盟友）使用的無人機和關鍵零件都添加到 FCC 監管清單中。

Critical components is defined by Defense Contract Management Agency. And it includes, as you guessed, cameras and sensors. So this was a surprise to us. A very positive surprise, but yet a surprise.

關鍵部件由國防合約管理署定義。正如你所猜測的那樣，它還包括攝影機和感測器。這讓我們感到很驚訝。非常令人驚喜，但同時也是個驚喜。

So in terms of how this impacts us, there are two aspects. The first is the simplest one. And that is optical assemblies. We already produce optical assemblies here in the US, NDAA compliant and now FCC compliant, and many of those are already used on drones. So for that part we're well aligned and prepared. Check.

所以，就這件事對我們的影響而言，有兩個面向。第一種最簡單。這就是光學組件。我們已經在美國生產符合 NDAA 標準且現在符合 FCC 標準的光學組件，其中許多組件已經用於無人機上。所以在這方面，我們已經做好了充分的準備。查看。

Second part is cameras. To that extent, we're still evaluating what role we want or can play in the drone side of cameras. Other than the optics of course. There are clearly some opportunities in providing cameras for the larger drones. But we also need to evaluate whether, or what, we want to do in the area of FPV drones, those are the one-directional cheaper drones. The price targets there are very aggressive, and it's not entirely certain what the direction will be there. But we're looking into that, so stay tuned to some news there.

第二部分是攝影機。就此而言，我們仍在評估我們想要或能夠在無人機攝影領域扮演什麼角色。當然，除了外觀之外。顯然，為大型無人機提供攝影機存在一些商機。但是，我們也需要評估我們是否想在FPV無人機領域做些什麼，或者想做什麼，FPV無人機是單向飛行且價格較低的無人機。那裡的價格目標非常激進，而且未來的走勢還不完全確定。但我們正在調查此事，敬請關注後續消息。

So in summary, first step of our transformation I can say is now complete, and very well. We have moved from components to systems. And from commoditized supply to strategic technology leadership. We're replacing constraint, China-linked materials with a domestic, scalable and proprietary alternative. And we're 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.

總而言之，可以說我們轉型的第一步已經完成，而且完成得非常順利。我們已經從組件轉向系統。從商品化供應到策略技術領導地位。我們正在用國產的、可擴展的、專有的替代品來取代受限的、與中國相關的材料。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。

Our next phase, which includes now rapid scaling over the next 3 years, is beginning. And will be aided by our war chest of capital, and will build on what we have done so far, to win significant market share. I will be discussing that, and more during our virtual Investor Day webcast in a couple of weeks.

我們的下一階段即將開始，其中包括未來 3 年的快速擴張。我們將藉助雄厚的資金實力，並在目前的成就基礎上，贏得可觀的市場佔有率。我將在幾週後的虛擬投資者日網路直播中討論這個問題以及更多內容。

Now, I'd like to turn the call over to our CFO, Al Miranda, to talk about second quarter fiscal 2026 financial results. All yours, Al.

現在，我想把電話交給我們的財務長阿爾米蘭達，讓他談談 2026 財年第二季的財務表現。你的，艾爾。

Thank you, Sam. I'll keep my review to succinct highlights 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 this second quarter of fiscal 2026 increased 120% to $16.4 million, as compared to $7.4 million in the same year-ago quarter. Sales of infrared components were $5 million or 31%. Revenue from visible components was $3.4 million or 21%. Revenue from assemblies and modules were $7.2 million or 44% of consolidated revenue. Revenue from engineering services was $0.7 million or 4%. Although G5 was the largest contributor to the revenue increase, our revenue from legacy LightPath business also grew substantially quarter-over-quarter.

2026 財年第二季的營收成長了 120%，達到 1,640 萬美元，而去年同期為 740 萬美元。紅外線元件銷售額為 500 萬美元，佔總銷售額的 31%。可見部件的收入為 340 萬美元，佔總收入的 21%。組件和模組的收入為 720 萬美元，佔合併收入的 44%。工程服務收入為 70 萬美元，佔總收入的 4%。儘管 G5 是營收成長的最大貢獻者，但我們來自傳統 LightPath 業務的營收也較上季大幅成長。

Gross profit increased 212% to $6 million, or 37% of total revenues in the second quarter of 2026, as compared to $1.9 million or 26% of total revenues in the same year-ago quarter. The increase in gross margin as a percentage of revenue is primarily driven by the increase in revenue from assemblies and modules, cameras, which generally have higher margins. Gross margin on engineering services was also much more favorable in the second quarter due to a non-recurring engineering project for a defense contractor. In addition, gross margins for infrared components have improved due to a more favorable mix and the resolution of certain manufacturing issues that negatively impacted the second quarter of the prior fiscal 2025.

2026 年第二季毛利成長 2,12% 至 600 萬美元，佔總營收的 37%，而去年同期毛利為 190 萬美元，佔總營收的 26%。毛利率佔收入百分比的成長主要由組件和模組、攝影機的收入成長所驅動，這些產品的毛利率通常較高。由於為一家國防承包商開展了一項非經常性工程項目，第二季工程服務的毛利率也更加可觀。此外，由於產品組合更加有利，以及解決了上一財年（2025 年）第二季受到負面影響的某些製造問題，紅外線組件的毛利率有所提高。

Operating expenses for the second quarter of fiscal 2026 was $14.6 million, up from $4.4 million in Q2 of fiscal 2025. An increase of $10.2 million. Of that $10.2 million increase, $7.6 million relates to the quarterly fair value adjustment of the G5 earn-out liability. The quarterly adjustment will continue through Q3 of fiscal 2027 when the earn-out period ends. Excluding the $7.6 million earn-out revaluation, the underlying operating expense increase was $2.6 million, or 60% compared to last year's second quarter. This results in a normalized operating expense of $7.1 million for Q2 fiscal 2026 versus $4.4 million in the prior year period.

2026 財年第二季的營運支出為 1,460 萬美元，高於 2025 財年第二季的 440 萬美元。增加了1020萬美元。在這 1,020 萬美元的增加額中，760 萬美元與 G5 或有負債的季度公允價值調整有關。季度調整將持續到 2027 財年第三季度，屆時獲利支付期將結束。不計入 760 萬美元的獲利能力重估，基本營運費用增加 260 萬美元，比去年第二季成長 60%。因此，2026 財年第二季的正常化營運費用為 710 萬美元，而去年同期為 440 萬美元。

The $2.6 million year-over-year increase primarily reflects the integration of G5 following its acquisition, G5's operating expenses, M&A costs related to Amorphous, higher sales and marketing spending, additional corporate expenses, and increased personnel costs driven by key executive vacancies that are now being filled.

260萬美元的年增率主要反映了收購G5後的整合、G5的營運費用、與Amorphous相關的併購成本、更高的銷售和行銷支出、額外的公司費用以及由於關鍵高階主管職缺而導致的人員成本增加（這些職位目前正在填補）。

Net loss in the second quarter of fiscal 2026 totaled $9.4 million, or $0.20 per basic and diluted share, as compared to $2.6 million, or $0.07 per basic and diluted share in the same year-ago quarter. The year-over-year increase in net loss for the second quarter of fiscal 2026 was primarily attributable to the change in fair value of the acquisition liabilities of $7.6 million for the earn-out related to the acquisition of G5. Excluding the earn-out adjustment, the net loss for Q2 fiscal year '26 would have been $1.8 million, an improvement from the prior fiscal year Q2.

2026 財年第二季淨虧損總額為 940 萬美元，即每股基本及攤薄虧損 0.20 美元，而去年同期淨虧損為 260 萬美元，即每股基本及攤薄虧損 0.07 美元。2026 財年第二季淨虧損年增，主要歸因於與收購 G5 相關的或有收益的收購負債公允價值變動 760 萬美元。如果不計入獲利調整，2026 財年第二季的淨虧損為 180 萬美元，比上一財年第二季有所改善。

Adjusted EBITDA for the second quarter of fiscal 2026 was $0.6 million positive, compared to an adjusted EBITDA loss of $1.3 million for the same year-ago quarter. Although not perfect, we believe that the adjusted EBITDA is a better indicator of core operating performance by excluding noncore, noncash items. With all of the interesting accounting around acquisitions, we will continue to report adjusted EBITDA in fiscal year 2026 and in 2027 as a helpful measure of financial success. Cash and cash equivalents as of December 31, 2025 totaled $73.6 million, as compared to $4.9 million as of June 30, 2025, reflecting our successful capital raise in the second quarter.

2026 財年第二季調整後 EBITDA 為正 60 萬美元，而去年同期調整後 EBITDA 虧損 130 萬美元。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。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 財年和 2027 財年報告調整後的 EBITDA，以此作為衡量財務成功的有用指標。截至 2025 年 12 月 31 日，現金及現金等價物總額為 7,360 萬美元，而截至 2025 年 6 月 30 日為 490 萬美元，這反映了我們在第二季度成功籌集了資金。

Sam mentioned that the use of cash is very calculated and strategic. We've established plans, time lines, milestones, and returns on cash for the initiatives Sam mentions and others. These planned investments are focused on revenue generating activities in the short- and mid-term, while still maintaining a war chest for future opportunities. In Q2, we also paid the acquisition notes of $5.4 million in full. And as of December 31, 2025, total debt stood at $0.8 million. Backlog totaled $97.8 million.

山姆提到，現金的使用是經過深思熟慮和策略性的。我們已經為 Sam 提到的舉措以及其他舉措制定了計劃、時間表、里程碑和現金回報。這些計畫中的投資著重於短期和中期內的創收活動，同時也要為未來的機會保留資金儲備。第二季度，我們也全額支付了 540 萬美元的收購票據。截至 2025 年 12 月 31 日，總債務為 0.8 億美元。積壓訂單總額達9,780萬美元。

We are pleased with the progress of the financials this quarter. We don't give guidance, but we do set targets for ourselves, and we've given indications to the investment community that the financials are and will improve gradually in the near-term. Q2 is a good moment to share a little more. Internally, we planned on gross margin at or above 35% by Q4, EBITDA positive by Q2, and operating cash flow positive by Q3. We achieved those targets 1 or 2 quarters earlier than planned. So it's a good moment to reflect on where we are and our progress.

我們對本季的財務進展感到滿意。我們不提供業績指引，但我們會為自己設定目標，並且我們已經向投資界表明，財務狀況正在並將於近期逐步改善。第二季是分享更多資訊的好時機。內部計畫是：到第四季毛利率達到或超過 35%，到第二季 EBITDA 為正，到第三季經營現金流為正。我們比原計劃提前一到兩個季度實現了這些目標。所以現在正是反思我們所處位置和所取得進展的好時機。

That said, we are by no means done. Looking forward, we have a detailed operating growth plan that is segregated into three components. These components support the strategy that Sam mentioned. First, continued support of our existing business. Second, invest on our already known and identified growth opportunities, much of which you already know from these earnings calls and from our investor presentation.

話雖如此，我們的工作遠未結束。展望未來，我們制定了詳細的營運成長計劃，該計劃分為三個部分。這些組成部分支持了Sam提到的策略。首先，繼續支持我們現有的業務。其次，投資我們已經知道和確定的成長機會，其中許多機會您已經從這些收益電話會議和我們的投資者簡報中了解到。

And in three, investments in new business. These are things that are not yet known. The operating growth plan is an 18-to-24-month plan for resource allocation to meet current backlog deliveries and be prepared for the expected new revenue growth. The vast majority of cash, CapEx, and human resources are pointed at the substantial growth opportunities while smaller amounts of resources are allocated for our existing business growth.

第三，對新業務的投資。這些都是我們目前還不知道的事。營運成長計畫是一項為期 18 至 24 個月的資源分配計劃，旨在滿足當前積壓訂單的交付需求，並為預期的新收入成長做好準備。絕大部分現金、資本支出和人力資源都投入到巨大的成長機會中，而分配給現有業務成長的資源則相對較少。

The approach allows us to match resources to opportunities that are close in time and have better returns. This may mean investing now for revenue in future quarters, but the return on the investment in the mid-term justifies the business initiatives. In all, we are well positioned to execute on our growth plan.

這種方法使我們能夠將資源與時間相近且回報更高的機會相匹配。這可能意味著現在需要投資以期在未來幾季獲得收入，但中期投資回報將證明這些商業措施的合理性。總而言之，我們已做好充分準備來執行我們的成長計劃。

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

接下來，請薩姆作總結發言。

Thanks. A few short closing remarks and then Q&A. So thanks again for everyone to join us.

謝謝。最後作幾句簡短的總結發言，然後是問答環節。再次感謝大家的參與。

We are now in an execution mode. The deepest transformation is largely behind us. We've moved from component to system, leveraging our proprietary material and other technologies, and have built a vertically integrated platform aligned with where the defense procurement is heading. The results this quarter reflects that shift. Revenue up 120%, gross margins at 37%, backlog around $100 million, 2/3 of which is higher margin systems and subsystems.

我們現在處於執行階段。最深刻的改變已經基本過去。我們已經從組件轉向系統，利用我們專有的材料和其他技術，建立了一個垂直整合的平台，與國防採購的發展方向保持一致。本季的業績反映了這種轉變。營收成長 120%，毛利率為 37%，積壓訂單約 1 億美元，其中 2/3 為高利潤率的系統和子系統。

Our near-term priorities are clear. Deliver on schedule at quality. Expand our germanium alternative product variants across the G5 portfolio. And convert backlog to revenue while protecting margins. Capital raise gives us the resources to add capacity and personnel as needed, as well as evaluate potential strategic M&A. Between border surveillance, Counter UAS, Naval programs like SPEIR, and the missile programs we have with Lockheed or plural missiles programs, we have multiple paths to material revenue growth over the next several years. All supported by a technology and supply chain position that competitors cannot easily replicate.

我們近期的優先事項很明確。按時保質交付。擴大我們在 G5 產品組合中的鍺替代產品種類。在確保利潤率的前提下，將積壓訂單轉化為收入。籌集資金使我們能夠根據需要增加產能和人員，並評估潛在的策略併購。未來幾年，我們在邊境監視、反無人機系統、海軍項目（如SPEIR）以及我們與洛克希德公司合作的導彈項目或多個導彈項目方面，都有多種途徑實現實質性的收入增長。這一切都歸功於競爭對手難以複製的技術和供應鏈優勢。

With that, I'll turn the call over to begin the Q&A. Operator?

接下來，我將把通話交給對方，開始問答環節。操作員？

(Operator Instructions)

（操作說明）

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Great quarter. So just my first question here. I was just looking at the 10-Q and sales to Europe were significantly greater this quarter. Is that due to one specific customer? Is that due to NATO spending in your facility in Latvia and is that specifically camera products like the G5?

很棒的季度。這是我的第一個問題。我剛剛看了 10-Q 報告，本季對歐洲的銷售額顯著成長。這是因為某個特定的客戶嗎？這是因為北約在你們位於拉脫維亞的工廠投入資金嗎？具體是指像G5這樣的相機產品嗎？

So it's the latter. It's NATO spending in defense in Europe and Israel, by the way, which we couple under Europe here. These are not yet camera systems. So we currently are not selling the camera systems out of Europe. Or unless, Al, this does include G5 shipments to Europe? Sorry.

所以答案是後者。順便一提，這是北約在歐洲和以色列的國防開支，我們在這裡將兩者統稱為歐洲。這些還不是攝影系統。所以目前我們沒有在歐洲以外地區銷售這些攝影系統。或者，除非，Al，這其中也包括G5向歐洲的出貨？對不起。

Yes, so some of it does come back to the US. We lose trail of it. So it does go to the UK. It does go through the European market, but some of it comes back to the US and unfortunately, we don't have that see-through data for the cameras that are coming back into the US.

是的，所以其中一部分會流回美國。我們失去了它的蹤跡。所以它確實會運往英國。雖然它確實會銷往歐洲市場，但其中一部分會回到美國，不幸的是，我們沒有關於這些回到美國的攝影機的透明數據。

Okay. And just as a follow-up. So you talked a little bit about the opportunity to make up to 17-inch diameter Black Diamond lenses and going after Golden Dome and military ISR. Are you also looking at building the lenses for optical inter-satellite links?

好的。作為後續補充。所以你稍微談到了製造直徑達 17 英寸的黑鑽鏡片的機會，以及進軍金穹頂和軍事 ISR 領域的計劃。你們是否也在考慮建造用於衛星間光學鏈路的透鏡？

Yes, we do that already. We have quite a good business of free space optical communication between satellites. I think a pretty dominant position in that market. And that actually continues to grow. It's -- I think we're right in discussion with the customer about increasing capacity for that quite a bit. It's a different type of lenses. Those are much smaller lenses and it's more our classical molded optics business.

是的，我們已經這樣做了。我們在衛星間自由空間光通訊領域擁有相當不錯的業務。我認為我們在該市場中佔據了相當主導的地位。而且這種趨勢實際上還在持續成長。我認為我們正在與客戶討論大幅提高這方面的產能，我們的想法是正確的。這是不同類型的鏡頭。這些都是尺寸小得多的鏡片，這更符合我們傳統的模壓光學元件業務範疇。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Congratulations on your great progress here recently. Apologies here, I am on the road today and got onto the call late. But Sam, the first question is really what I heard part of as I was jumping in the line here and you're talking about a 3-year window.

恭喜你最近在這裡的巨大進步。抱歉，我今天在路上，所以很晚才接到電話。但山姆，第一個問題其實是我在排隊的時候聽到的，你談到了一個三年的窗口期。

I'm going to have to ask you to repeat that. I want to hear the whole story and I'm sure I'll have a follow-on to this. But seems like a fairly important dynamic of what you're building towards here. So if you can go into that, that'd be great, please.

我得請你再說一次。我想聽聽事情的全貌，而且我肯定還會有後續報道。但這似乎是你正在建立的目標中一個相當重要的動態因素。如果你能詳細說說這方面的內容，那就太好了。

Yes. I mean, one needs to assume that differentiators hardly ever last forever. And so in my view, differentiators is something we need to continue to add on and innovate and acquire or develop. But the current differentiator, we have a window of opportunity where everyone is struggling with germanium. We have our solutions and right now puts us at an incredible place.

是的。我的意思是，我們必須認識到，差異化因素幾乎不可能永遠存在。因此，我認為差異化優勢是我們需要不斷增加、創新、獲取或開發的東西。但目前最大的不同之處在於，我們正處於一個機會窗口期，因為大家都在為鍺材料而苦苦掙扎。我們已經找到了解決方案，這讓我們處於一個非常有利的位置。

I am sure no one -- people aren't sitting back and just accepting it. And there's some work elsewhere to either develop other materials or develop other supply chains for germanium. And while our materials still outperform germanium in many of the cases, there are going to be some customers that will be more competitive with us once they have supply of Germanium. And I expect that to be no earlier than 3 years, probably 5 years. So to be on the cautious side, I'm saying a 3-year window in which we really have the runway to go out and capture significant market.

我相信沒有人──人們不會袖手旁觀，任由事態發展。還有一些工作要做，要么開發其他材料，要么開發其他鍺供應鏈。雖然我們的材料在許多情況下仍然優於鍺，但一旦一些客戶獲得鍺的供應，他們就會在競爭力上超過我們。我預計最快也要3年，可能要5年。所以，為了謹慎起見，我認為我們有 3 年的時間窗口，可以在這段時間內走出去，佔領重要的市場份額。

Now the beautiful thing about defense is once you're in, you're in. So in this 3 years programs we win, we're going to be in them for the lifetime of programs. And once people start using and seeing the differentiation and the quality of our material, they're not going to go back to germanium as easily. But no advantage is forever. So we need to be aware of that and just prepare accordingly.

防守的妙處就在於，一旦你進入防守狀態，你就穩操勝券了。所以，在這三年的專案中，如果我們獲勝，我們將終身參與這些專案。一旦人們開始使用並看到我們材料的差異化和質量，他們就不會輕易地再回到鍺材料了。但優勢並非永恆。所以我們需要意識到這一點，並做好相應的準備。

Okay. Well, that's a very helpful way to understand and couch that. Maybe taking that understanding here and also using some wording that Al used about directing your resources here. Obviously, you have -- that's creating a level of urgency, which I'm sure was already there anyway, but trying to make sure that you capture all these opportunities while you have the advantage.

好的。嗯，這是一種非常有助於理解和表達的方式。或許可以藉鏡這種理解，並藉鏡 Al 關於將資源投入此處的一些措辭。顯然，這造成了一種緊迫感，我相信這種緊迫感本來就已經存在了，但你要努力確保在擁有優勢的時候抓住所有這些機會。

Where are you pointing these resources? Where do you have most constraints, both in materials systems in terms of manufacturing capacity, partnerships, head count, whatever. Where are you most worried? What's your greatest focus? What's your longest term, your longest poles in the tent you're working rapidly towards solving?

你們打算把這些資源投入到哪裡？在材料系統、生產能力、夥伴關係、人員數量等方面，你們最大的限制因素是什麼？你最擔心的是什麼？你最關注的是什麼？你正在努力快速解決的長期目標是什麼？或者說，你面臨的最棘手、最關鍵的問題是什麼？

I would say capacity and product development. So product development is a certain type of investment that obviously is a bit more impactful on the P&L than it is on the balance sheet and such. And is more of a acceleration to try and capture as much as we can in terms of products. So G5 has a great position in the long-range imaging. We want to capture more than that. It's probably down the road.

我認為是產能和產品開發。因此，產品開發是一種特殊的投資，它對損益表的影響顯然比對資產負債表的影響更大。更像是加速推進，力求在產品方面盡可能取得市場佔有率。因此，G5 在遠端成像領域佔據著非常有利的地位。我們想捕捉的遠不止這些。可能還要過一段時間。

And in terms of capacity, it's pretty much across the board. But glass has been a constraint and we've been adding a lot as we've been saying. And through the acquisition, it lets us add more. And will continue to add. And then assembly and fabrication, different areas, but those, it's more of a one-time sort of catch up I think rather than big spending over the years.

就容量而言，情況基本一致。但玻璃一直是個限制因素，正如我們一直所說，我們一直在增加玻璃用量。透過此次收購，我們可以增加更多資產。並將繼續增加。然後是組裝和製造，這是不同的領域，但我認為這些更像是一次性的追趕，而不是多年來的巨額支出。

Al, anything to add to that?

Al，還有什麼要補充的嗎？

I would just say we knew this was coming and we're as prepared as we can be for it.

我只想說，我們早就預料到這種情況會發生，我們也已經盡我們所能做好了準備。

Okay. Fair enough. Maybe my last question, I'll jump out of line here. And I don't know if you addressed this before I got on the call here, but obviously you've been moving towards converting all of your relevant cameras and subsystems and whatever to Black Diamond. And I know you talked about your first camera in the G5 portfolio last quarter here.

好的。很公平。也許這是我最後一個問題了，我得冒昧地問一句。我不知道在我接聽電話之前你是否提到過這一點，但顯然你一直在努力將所有相關的相機、子系統等等都轉換為 Black Diamond 的產品。我知道你上個季度在這裡談到了G5產品組合中的第一款相機。

You have any more conversions you've talked about and what's kind of the plan here or kind of the time frame by which you can convert all of the relevant cameras over to this -- over to Black Diamond? How long is that going to take you to do that?

您還有其他關於轉換的計劃嗎？您打算在什麼時間內將所有相關的相機轉換到 Black Diamond 系統？做這件事需要多長時間？

I think within this calendar year for sure. We're targeting much sooner than that, but let's say by the autumn is our goal or end of the autumn.

我認為肯定在今年內。我們的目標是比那早得多，但假設秋季或秋末是我們的目標。

Jaeson Schmidt, Lake Street Capital Markets.

傑森‧施密特，湖街資本市場。

Looking at the Amorphous acquisition, just curious if you could discuss some of the programs they were in and then how you're thinking about the ability to kind of scale that $3 million run rate that they had?

關於對 Amorphous 的收購，我很好奇您能否談談他們參與的一些項目，以及您如何看待他們之前 300 萬美元的營運規模？

Yes. So Amorphous has really one main customer, a large defense prime that accounts to, I can't remember exactly, probably 80% of their revenue give or take. And that is with two major airborne platforms that they're on. I don't want to speak out of line, but I think that on the Amorphous website, which is still up and running, there's some references to which programs so someone can go there and just find it so, I don't give away information I'm not supposed to give.

是的。所以 Amorphous 實際上只有一個主要客戶，一個大型國防承包商，其收入佔 Amorphous 的 80% 左右（我記不太清楚了）。而且他們還使用了兩大主要空中平台。我不想說些不合時宜的話，但我認為在 Amorphous 網站上（該網站仍在運行），有一些關於哪些程序的參考信息，所以有人可以去那裡找到它，因此，我不會洩露我不應該透露的信息。

But Amorphous has always only provided material. Brilliant people, incredible team which we love and enjoy working with, and incredible capabilities in the material science, but it sort of stops there. So you take those and you add the -- all the value adds that LightPath have. So we can fabricate components from it. We can mold lenses. So chalcogenide, one of the advantages of these materials is they can be molded.

但Amorphous公司一直以來只提供資料。公司擁有才華洋溢的人才，我們熱愛並樂於與之共事的出色團隊，以及在材料科學領域令人難以置信的能力，但也就僅此而已了。所以，你把這些加上 LightPath 的所有增值功能。因此我們可以用它來製造零件。我們可以製作鏡片。因此，硫屬化物材料的優點之一是它們可以成型。

But no one has been molding the Amorphous AMTIR materials. So we can mold them. We can coat them. We can use them in assemblies. So we're sort of opening up the range of offerings by Amorphous to their customers significantly more. And there will also be some situation in which we might use some Amorphous materials in our systems, but that is less likely. We -- the Black Diamond tends to be a better fit for us.

但是還沒有人對非晶態 AMTIR 材料進行成型。所以我們可以塑造它們。我們可以為它們塗上塗層。我們可以在程式集中使用它們。因此，我們正在大幅擴展 Amorphous 向其客戶提供的產品範圍。在某些情況下，我們可能會在我們的系統中使用一些非晶態材料，但這不太可能。我們──黑鑽似乎更適合我們。

Okay. That's helpful. And then just looking at gross margin, understanding the dynamics on the strength in December, how should we be thinking about the March quarter here?

好的。那很有幫助。然後，僅從毛利率來看，了解 12 月強勁的市場動態，我們該如何看待 3 月的季度業績？

So we had some favorable events. The engineering contract was a very high margin contract and so that was favorable and unusual. I look at it this way, Jaeson. On a year-to-date basis, we're at 33%. We've been signaling and I even said it that 35% is our goal. So I think if we stay there, we're pretty safe.

所以，我們遇到了一些有利的事情。這份工程合約利潤率非常高，所以這筆交易既有利又不尋常。傑森，我是這麼看的。今年迄今為止，我們已達到 33%。我們一直在發出信號，我什至說過，35%是我們的目標。所以我覺得如果我們待在那裡，應該挺安全的。

Okay. That's helpful. And then the last one for me and I'll jump back in the queue. Obviously really impressive top line in December. Were you at all impacted by the government shutdown though?

好的。那很有幫助。然後我就要排最後一個了，排完後我就重新排隊。12月的營收數據確實非常亮眼。政府停擺是否對你造成了影響？

No. No. Yes. I don't think so.

不。不。是的。我不這麼認為。

Jon Hickman, Ladenburg Thalmann.

喬恩希克曼，拉登堡塔爾曼。

My question's basically been answered, except I was wondering if you could give us some kind of sense of what the cost difference is to a customer of a 5 millimeter Black Diamond lens versus a 15. So if I'm a customer --

我的問題基本上已經得到了解答，只是我還想知道，對於客戶來說，5 毫米黑鑽鏡片和 15 毫米黑鑽鏡片之間的成本差異是多少。所以如果我是顧客--

So a cost difference to the --

因此，成本差異在於--

Yes, for the lens what do I have to -- what's the cost differential to that?

是的，鏡頭方面我需要什麼──價格差異是多少？

I don't know the numbers off the top of my head, but it's sort of, obviously there's a material difference cost. But what comes into play when you go from something like 5 to 15 in diameter is how many lenses can fit in a coating chamber. So a coating chamber is a fixed cost and it costs, say, $5,000 to run a coating. And so, if you have 5 millimeter lenses, you have a boatload of them inside the chamber. If you have 15 millimeter lenses, you have far less, a 1/3 of the amount. And so you have the cost of the coating go up.

我記不清具體數字了，但很明顯，成本上有實質差異。但是，當直徑從 5 英吋增加到 15 英吋時，就會出現一個問題：鍍膜室可以容納多少個透鏡？所以，塗佈室的成本是固定的，比如說，一次塗佈的成本是 5000 美元。所以，如果你有 5 毫米的鏡頭，那麼你的鏡頭艙裡就會有很多這樣的鏡頭。如果你用的是 15 毫米鏡頭，那麼你的數量就少很多，只有原來的三分之一。因此，塗層的成本就會上升。

Okay. That's helpful. Congratulations on the quarter.

好的。那很有幫助。恭喜你本季取得佳績。

This concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Sam Rubin for his closing remarks.

我們的問答環節到此結束。現在我把電話交還給薩姆·魯賓先生，請他作總結發言。

Okay. I guess my second closing remarks. Yes, so to summarize where we stand, we have completed transformation from component to vertically integrated system companies. Yet another record backlog and a record revenue quarter, keep breaking the records, which is nice. We have a well-capitalized balance sheet now, strong technology position, very good positioning in terms of the NDAA deadline and the FCC ruling. And really now it's about execution. So shipping products on time, converting backlog to revenue, expanding margin and improving bottom line.

好的。我想這是我的第二個總結發言。是的，總而言之，我們已經完成了從零件公司到垂直整合系統公司的轉型。又一個創紀錄的積壓訂單和創紀錄的季度營收，不斷打破紀錄，這很好。我們現在擁有充足的資金，強大的技術實力，在NDAA截止日期和FCC裁決方面處於非常有利的地位。現在真正的關鍵在於執行。因此，按時交付產品、將積壓訂單轉化為收入、擴大利潤率並提高獲利能力至關重要。

So thank you everybody, looking forward to speaking to you next quarter or for those that will be joining us on our virtual investor day call in 2 weeks' time. Thank you and good night.

所以，謝謝大家，期待下個季度與大家交流，或是期待兩週後參加我們線上投資者日電話會議的各位。謝謝，晚安。

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

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。