LightPath Technologies Inc (LPTH) 2026 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to LightPath Technologies third quarter 2026 earnings conference call. (Operator Instructions) This conference is being recorded today, May 7, 2026, and the earnings press release accompanying this conference call was issued after the market closed today.

各位女士、先生們，下午好。感謝各位耐心等候。歡迎參加 LightPath Technologies 2026 會計年度第三季財報電話會議。(接線員指示) 本次會議於 2026 年 5 月 7 日錄音存檔，且本次電話會議所對應的財報新聞稿已於今日收盤後發布。

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 and involve various risks and uncertainties as discussed in its periodic SEC filings.

提醒各位，在本次電話會議期間，公司將發表若干前瞻性陳述，該等陳述係基於目前的預期，並涉及公司於定期向美國證券交易委員會（SEC）申報文件中所討論的各項風險與不確定性。

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

儘管公司相信這些陳述所依據的假設屬合理，但其中任何一項都可能被證明不正確，且無法保證所預期的結果一定能夠實現。

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

此外，本次會議可能會提及若干不符合一般公認會計原則（GAAP）的財務衡量指標。我們會提及這些非 GAAP 財務衡量指標。請參閱我們的 SEC 報告以及新聞稿中的相關段落，其中包含非 GAAP 財務衡量指標的調節表與相關免責聲明。

CEO, Sam Rubin, will begin today's call with a strategic overview of the businesses 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 將以公司業務策略概覽及近期發展作為今日電話會議的開場，隨後財務長 Al Miranda 將回顧本季財務結果。在預先準備的發言結束後，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.

現在我想把電話會議交給執行長 Sam Rubin。Sam，請開始。

Thank you, operator. Good afternoon to everyone, and welcome to LightPath Technologies Fiscal Third Quarter 2026 Financial Results Conference Call. We report today our latest quarterly results with continued momentum of strong top line growth, continued buildup of our backlog with a strong book-to-bill ratio and improvements in our EBITDA and overall financial performance. All of this is a result of a strategic shift we put in place and have been working to execute on over the last few years.

謝謝接線員。各位下午好，歡迎參加 LightPath Technologies 2026 會計年度第三季財務結果電話會議。今天我們公布最新季度成果：營收持續強勁成長、在強勁的接單出貨比（book-to-bill ratio）帶動下在手訂單（backlog）持續累積，且 EBITDA 與整體財務表現皆有所改善。這一切都源自於我們在過去幾年所推動並持續落實的策略轉型。

A strategy that leverages our core technologies, coupled with carefully curated acquisitions that allowed us to shift to a vertically integrated provider of high-value infrared optics and camera systems, a shift built around higher revenue and higher gross margins.

該策略係運用我們的核心技術，並搭配精心挑選的併購，使我們轉型為高價值紅外線光學與相機系統的垂直整合供應商；此一轉型以更高營收與更高毛利率為核心。

The third quarter carried that momentum with record revenue, broader customer adoption, a deeper system backlog and just as importantly, stronger margins and cash flow. The LightPath of today looks very little like the component supplier we were a few years ago. We now cover the full stack, proprietary materials, optical assemblies and complete imaging systems.

第三季延續了這股動能，創下營收新高、客戶採用更為廣泛、系統在手訂單更為深厚，而同樣重要的是，毛利率與現金流也更強勁。今日的 LightPath 與幾年前的零組件供應商樣貌已大不相同。我們現在涵蓋完整堆疊：專有材料、光學組件，以及完整成像系統。

In a moment, I'll touch on that shift, then walk through the programs driving the backlog, the Amorphous acquisition and where growth goes from here. First, BlackDiamond, our proprietary chalcogenide glasses, including those licensed from US Naval Research Laboratories.

稍後我會談到這項轉型，接著說明推動在手訂單的各項專案、Amorphous 併購案，以及未來的成長方向。首先是 BlackDiamond，我們的專有硫系（chalcogenide）玻璃，包括自美國海軍研究實驗室授權的配方。

Those anchor the platform as a domestic supply chain secured infrared glass that is both an alternative to germanium and offer significant advantages in overall system performance. This aligns with the fiscal 2026 NDAA, National Defense Authorization Act, which requires US defense programs to move off of glass and optical components sourced from China, Russia and other covered nations no later than January 1, 2030.

這些產品作為平台的基石，提供一條受保障的國內供應鏈紅外線玻璃，不僅可作為鍺（germanium）的替代方案，並能在整體系統效能上帶來顯著優勢。這也符合 2026 會計年度《國防授權法案》（NDAA, National Defense Authorization Act）的要求：美國國防專案必須最遲於 2030 年 1 月 1 日前，停止使用來自中國、俄羅斯及其他受涵蓋國家所供應的玻璃與光學元件。

Since acquisition cycles starting now, many of our assemblies, cameras and imaging systems are already engineered to those requirements, positioning us as a natural supplier of choice and well ahead of the rest of the market that is just starting to plan their alternatives to Chinese-made materials and optics.

由於採購週期已自現在開始，我們的許多組件、相機與成像系統早已依照上述要求完成工程設計，使我們成為自然而然的首選供應商，並大幅領先仍在開始規劃以替代中國製材料與光學元件的其他市場參與者。

It has been roughly a year since we acquired G5 Infrared, the maker of the industry's leading long-range infrared cameras for surveillance and Counter-UAS. G5 is a clear example of what our model can offer. Pair a strong stand-alone business with one of our unique differentiators, in this case, the in-house produced germanium alternative glass and a secured vertically integrated supply chain and the acquired company can execute at a level competitors simply cannot match.

距離我們收購 G5 Infrared（業界領先的長距離紅外線監視與反無人機系統 Counter-UAS 相機製造商）大約已過一年。G5 清楚展現了我們模式所能帶來的價值。將一家本身就很強的獨立業務，與我們的獨特差異化優勢結合——在此案例中，是自製的鍺替代玻璃與受保障的垂直整合供應鏈——被收購公司便能以競爭對手根本無法匹敵的水準執行。

In the last year, G5 has booked more than $100 million of new orders, helped by border patrol and Counter-UAS tailwinds. We've publicly announced we are redesigning the cameras to use our BlackDiamond glass. And even before we have completed those redesigns, we already saw an influx of orders for those redesigned cameras.

在過去一年，G5 在邊境巡防與反無人機系統需求順風（tailwinds）的帶動下，新增接單超過 1 億美元。我們也已公開宣布，正將相機重新設計為採用我們的 BlackDiamond 玻璃。甚至在完成這些重新設計之前，我們就已看到對這些重新設計相機的訂單湧入。

In fact, we are at a point that before we started any real production of the new redesigned cameras, we already know we will need to add more capacity to serve an even stronger demand in the near future. The capacity theme is something we're seeing across the entire business, and I will expand on that some more. It is actually a good segue into other parts of the business.

事實上，我們已經到了這樣的階段：在新款重新設計相機尚未真正開始量產之前，我們就已確定，為了因應近期更強勁的需求，必須增加更多產能。「產能」這個主題正貫穿整個業務，我稍後會再多加說明。這也正好銜接到業務的其他部分。

So before I get back into the camera products and then other programs, I will talk about the acquisition we did that we announced last quarter of Amorphous Materials in Texas. Amorphous is a 50-plus year-old manufacturer with complementary technology for glass smelting of chalcogenide, particularly for large diameter optics.

因此，在我回到相機產品以及其他專案之前，我先談談我們在上季宣布完成的併購：位於德州的 Amorphous Materials。Amorphous 是一家擁有 50 多年歷史的製造商，具備互補性的硫系玻璃熔煉技術，特別適用於大口徑光學元件。

Amorphous was founded by one of the pioneers of commercializing this kind of material. I've mentioned it during the last call, but just to reiterate the importance of the technology, I will remind everyone that in optics, the further you want to see the larger the optics needs to be. Until now, with our existing or prior glass melting technology, we've been able to provide BlackDiamond optics up to 5 inches in diameter. Amorphous now unlocks the ability to do larger sizes up to as much as 10 inches and more later on.

Amorphous 由商業化此類材料的先驅之一所創立。我在上次電話會議中提過，但為了再次強調這項技術的重要性，我想提醒各位：在光學領域，你想看得越遠，就需要越大的光學口徑。在此之前，憑藉我們既有或先前的玻璃熔煉技術，我們能提供直徑最大 5 吋的 BlackDiamond 光學元件。Amorphous 現在讓我們得以製作更大尺寸，最高可達 10 吋，未來還可再更大。

This has opened the market to large diameter systems, which we need for G5, but also critical in other long-range imaging systems and in particular, satellites for missile detection and tracking. But back to capacity. Acquiring Amorphous gave us an immediate boost to glass production capacity.

這使我們得以切入大口徑系統市場；這不僅是 G5 所需，也對其他長距離成像系統至關重要，尤其是用於飛彈偵測與追蹤的衛星。不過回到產能。收購 Amorphous 讓我們的玻璃產能立即獲得提升。

So between what we have been doing internally and the Amorphous acquisition, we pretty much doubled our glass capacity, and it is nowhere near enough. As we will discuss again and again here, we are investing in capacity in critical areas, and glass is definitely one of those.

因此，結合我們內部所做的擴充與 Amorphous 併購案，我們幾乎將玻璃產能提高了一倍，但仍遠遠不夠。正如我們在此將一再討論的，我們正在關鍵領域投資擴產，而玻璃絕對是其中之一。

Having now two separate locations to make glass in, one in Orlando and one in Dallas, Texas, definitely affords more flexibility and expansion as well as good contingency planning. To that extent, we plan to move Amorphous into a larger building nearby our Visimid uncooled camera operation in the coming months.

目前我們在兩個不同地點生產玻璃——奧蘭多與德州達拉斯——這確實帶來更高的彈性與擴充空間，也有助於完善備援規劃。為此，我們計畫在未來幾個月內，將 Amorphous 搬遷至鄰近我們 Visimid 非制冷（uncooled）相機營運據點的一棟更大建築。

This is important because not only is demand for glass outstripping supply right now, even after doubling the capacity, but indicators are that this growth trend will continue, and we will need to continue to add capacity in the next few years.

這點很重要，因為目前玻璃需求已超過供給，即使產能加倍亦然；而各項指標顯示此一成長趨勢將持續，我們在未來幾年仍需持續增加產能。

To that extent, in Orlando, too, we have been adding more glass melting capacity as well as capacity and capabilities in other parts of the process downstream, that is after the glass melting. This capacity and those capabilities updates is happening across the entire organization in manufacturing locations in the US and Latvia.

同樣地，在奧蘭多，我們也一直在增加玻璃熔煉產能，並在製程下游（也就是玻璃熔煉之後）擴充產能與能力。這些產能與能力的更新正在整個組織推進，涵蓋美國與拉脫維亞的製造據點。

And then, of course, the cameras and assemblies business. This quarter that we're reporting in, they represent 44% of the revenue. But more importantly, they represent more than $75 million of our backlog. The assemblies and cameras are actually internal customers for our vertical integration, hence, driving much, if not most, of this explosive growth in demand for glass and optics.

然後，當然還有相機與組裝件業務。在我們本次報告的這一季中，它們占營收的44%。但更重要的是，它們占我們未交訂單（backlog）超過7,500萬美元。組裝件與相機實際上是我們垂直整合的內部客戶，因此推動了（即使不是大部分，也至少是很大一部分）玻璃與光學元件需求的爆發式成長。

But this is just the case for the products that use BlackDiamond. As of today, while all of our assemblies use BlackDiamond, only two of the G5 cameras are based on BlackDiamond glass. The remaining G5 cameras were still using germanium.

但這僅適用於使用BlackDiamond的產品。截至今天，雖然我們所有的組裝件都使用BlackDiamond，但G5相機中只有兩款是以BlackDiamond玻璃為基礎。其餘的G5相機仍在使用鍺（germanium）。

The acquisition of Amorphous was a missing piece in order to complete the redesign of those G5 cameras. Amorphous technology of melting our glass in larger size was needed in order to use BlackDiamond in G5's bigger cameras, which is really the majority of their revenue by dollars.

收購Amorphous是完成這些G5相機重新設計所缺少的一塊拼圖。Amorphous將我們的玻璃以更大尺寸熔融的技術，是在G5較大型相機上使用BlackDiamond所必需的；而這些大型相機按美元計其實占了他們營收的大多數。

The same applies for larger assemblies. Our optical assemblies business, which has been growing like crazy for the last few quarters, just like the G5 was limited by the size of the glass we could make. Amorphous' large diameter melting now is unlocking a significant business growth in both those areas of the business, assemblies and complete camera systems.

較大型的組裝件也是同樣道理。我們的光學組裝件業務在過去幾個季度成長非常迅猛，但就像G5一樣，受限於我們能製造的玻璃尺寸。Amorphous的大直徑熔融能力如今正在釋放這兩個業務領域（組裝件與完整相機系統）的顯著成長。

How does this tie into the capacity discussion? When we look at our current cameras and assemblies business, and we say it is around $75 million of new orders booked, that is all before we completed the redesign and the new products that are now utilizing the large diameter BlackDiamond.

這與產能的討論如何連結？當我們看目前的相機與組裝件業務，並說大約有7,500萬美元的新訂單已入帳時，那些都發生在我們完成重新設計，以及新產品開始採用大直徑BlackDiamond之前。

So with the risk of stating the obvious, we expect that over the next few months, we will see another step function in growth in demand for our cameras and assemblies as we redesign them or design new ones utilizing this new capability of large diameter.

所以冒著說顯而易見之事的風險，我們預期在接下來幾個月，隨著我們重新設計或設計採用這項大直徑新能力的新產品，我們的相機與組裝件需求將再出現一次階躍式成長。

This will, therefore, require us to prepare more capacity, which is what we're doing now. This includes not only additional capacity in glass and downstream process, but also growing our assemblies capacity, adding shifts and in some places, adding space to be ready for that additional growth. All of that is happening now across all of our facilities in the US and Europe.

因此，這將要求我們準備更多產能，而這正是我們現在正在做的。這不僅包括玻璃及下游製程的額外產能，也包括擴增我們的組裝產能、增加班次，並在某些地點增加空間，以因應額外的成長。這些工作目前正在我們位於美國與歐洲的所有設施同步進行。

Additionally, to support this growth and better position LightPath, we recently announced two senior additions to the leadership team. Doug Schoen joined us as Senior Vice President of Global Sales; and Ryan Workman joined us as Vice President of Business Development and Product Management, both effective in early April.

此外，為了支持這項成長並讓LightPath處於更有利的位置，我們近期宣布在領導團隊新增兩位資深主管。Doug Schoen於4月初起加入擔任全球銷售資深副總裁；Ryan Workman也於4月初起加入擔任業務發展與產品管理副總裁。

Doug is a retired US Navy captain with over 25 years in aerospace and defense, having led global sales organization at Elbit Systems of America, Honeywell and Collins Aerospace, managing portfolios north of $1 billion. His background in international defense sales and foreign military sales programs is exactly what we need as we scale globally.

Doug是退役的美國海軍上校，在航太與國防領域擁有超過25年經驗，曾在Elbit Systems of America、Honeywell與Collins Aerospace領導全球銷售組織，管理超過10億美元的產品組合。他在國際國防銷售與對外軍售（FMS）計畫方面的背景，正是我們全球擴張所需要的。

Ryan brings with him over 15 years in the defense and federal law enforcement sectors and has a particularly relevant track record at Silent Sentinel, which was later acquired by Motorola Solutions, our largest customer.

Ryan在國防與聯邦執法領域擁有超過15年經驗，並在Silent Sentinel有特別相關的實績；該公司後來被我們最大的客戶Motorola Solutions收購。

Ryan is the one that grew the US business of this customer of G5 Infrared to what it is today, including securing significant Counter-UAS and DHS border surveillance contracts. That direct experience in our end markets, combined with Doug's enterprise-level relationships gives us commercial horsepower to convert our growing backlog and strong technology position into sustained scalable revenue growth. Okay.

Ryan正是把G5 Infrared這位客戶在美國的業務拓展到今天規模的人，包括拿下重要的反無人機（Counter-UAS）與國土安全部（DHS）邊境監控合約。他在我們終端市場的直接經驗，加上Doug在企業層級的人脈關係，讓我們具備商業動能，能把不斷成長的未交訂單與強勁的技術地位，轉化為可持續、可擴張的營收成長。好。

Before I move on to financials, I will give a quick overview on the major programs, but also point out that on many of those, there are specific line items in the US defense budget, which was released a couple of weeks ago and is available to the public to research online. Starting with the NGSRI that as you will see in the budget, is fully financed and even accelerated some of the program.

在我轉到財務數字之前，我會先快速概述主要計畫；同時也指出，其中許多計畫在兩週前公布、可供大眾線上查詢的美國國防預算中，都有特定的預算科目。先從NGSRI開始；如你們在預算中所見，該計畫已獲全額資金支持，甚至部分進度有所加速。

We are very pleased with our progress so far and continue to deliver everything according to plan and even better. However, as I described earlier in previous few times, the only updates we can share in detail about the programs or any updates that are shared by our customer, Lockheed Martin or their customer, the US Army, which as of now has not had any major updates, so we can't really update too much.

我們對目前的進展非常滿意，並持續依計畫交付，甚至表現更佳。然而，正如我先前幾次所說，我們能夠詳細分享的計畫更新，僅限於客戶洛克希德馬丁（Lockheed Martin）或其客戶美國陸軍所對外分享的內容；截至目前並沒有重大更新，因此我們也無法提供太多更新。

Navy SPEIR is on schedule, and we expect some new orders with the new federal budget now being released. Border tower, we were expecting already some significant orders to be released, but it seems DHS has not released the funding yet.

海軍SPEIR計畫進度如期，我們預期隨著新的聯邦預算公布，將會有一些新訂單。至於邊境塔（Border tower），我們原本預期已會釋出一些重大訂單，但看起來國土安全部（DHS）尚未釋出資金。

So that is not an indication in any way of anything changing to the worse or to the better in any way, simply has not moved forward. Some of the smaller programs, such as them that I haven't really indicated by name, so Counter-UAS, this is primarily the Air Force C-UAS programs for which we received multiple new orders.

因此，這並不代表任何情況有變差或變好；只是單純尚未往前推進。一些較小的計畫，例如我沒有特別點名的反無人機（Counter-UAS），主要是空軍的C-UAS計畫，我們已收到多筆新訂單。

Currently, around $30 million of our backlog is Counter-UAS, again, primarily Air Force SUADS programs. A new airborne system that we previously mentioned and that uses our BlackDiamond material to replace an existing system with far better performance now.

目前，我們約有3,000萬美元的未交訂單屬於反無人機（Counter-UAS），同樣主要是空軍SUADS計畫。還有一套我們先前提過的新型機載系統，使用我們的BlackDiamond材料來取代既有系統，現在性能大幅提升。

This program continues to move quickly. We completed the qualification, an extremely important step and are now preparing for an award towards the end of the summer or early autumn. Space programs, we have a few of those in the work.

這個計畫持續快速推進。我們已完成資格認證（qualification）——這是極其重要的一步——目前正準備在夏末或初秋前後獲得授標（award）。太空計畫方面，我們也有幾個正在進行中。

Most of them are early stages in design and unfortunately, very confidential, so very limited in what we can share. And lastly is the Apache program, which we do not have any new developments there, and there is some uncertainty around it as we're waiting for to see the funding allocated to it. Okay. So specific programs. Of course, as we continue to grow, just like with our press releases, it will become fairly noisy and overly detailed if we go into details about every multimillion dollar program.

其中大多數仍處於設計早期階段，且不幸的是非常機密，因此我們能分享的內容非常有限。最後是Apache計畫，我們目前沒有任何新進展；由於仍在等待資金撥付，該計畫存在一些不確定性。好。所以就具體計畫而言。當然，隨著我們持續成長，就像我們的新聞稿一樣，如果我們對每一個數百萬美元規模的計畫都逐一詳述，內容會變得相當嘈雜且過度細節化。

So we're likely going to focus on the large ones going forward with some updates on others as we can. To close Phase 1 of the transformation, we've moved from components to systems and from commoditized supply to strategic technology leadership.

因此，接下來我們可能會把重點放在大型計畫上，並在可行時對其他計畫提供一些更新。為了完成轉型的第一階段，我們已從零組件走向系統，並從商品化供應轉向策略性技術領導。

We continue to swap constrained China-linked materials for domestic scalable proprietary alternatives, and we are converting that edge into program wins, large contracts and long-term relationships with top-tier defense and industrial customers.

我們持續以國內可擴產的專有替代方案，取代受限且與中國相關的材料，並將這項優勢轉化為計畫得標、大型合約，以及與頂級國防與工業客戶的長期合作關係。

The next phase, rapid scaling over the next three years, backed by our strong war chest of cash is now beginning and is aimed at capturing meaningful market share. Now I'd like to turn the call over to our CFO, Al Miranda, to talk about the actual numbers.

下一階段是在未來三年快速擴張，並以我們充裕的現金戰備資金作為後盾；現在已經開始，目標是取得具意義的市場份額。現在我想把電話會議交給我們的財務長Al Miranda，請他談談實際數字。

Al Miranda?

Al Miranda？

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 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. Revenue for the third quarter of fiscal 2026 increased 109% to $19.1 million as compared to $9.2 million in the same year ago quarter.

謝謝你，Sam。我將把本季的回顧聚焦在財務重點的精簡摘要。提醒各位，我們在本次電話會議中討論的多數資訊，也已包含在我們今天稍早發布的新聞稿中，並將納入本期的10-Q。我鼓勵各位造訪我們的投資人關係網站以取得這些文件。2026會計年度第三季營收較去年同期成長109%，達1,910萬美元，相較於去年同期的920萬美元。

Sales of infrared components were $6.1 million, or 32% of the company consolidated revenue. Revenue from visible components was $4 million, or 21% of the consolidated revenue. Revenue from assemblies and modules were $8.4 million or 44% of the consolidated revenue.

紅外元件銷售額為610萬美元，占公司合併營收的32%。可見光元件營收為400萬美元，占合併營收的21%。組件與模組營收為840萬美元，占合併營收的44%。

Revenue from engineering services was $0.6 million, or 3% of consolidated revenue. Gross profit increased 161% to $7 million, or 36% of total revenues in the third quarter of 2026, as compared to $2.7 million, or 29% of total revenues in the same year ago quarter.

工程服務營收為60萬美元，占合併營收的3%。2026會計年度第三季毛利增加161%至700萬美元，占總營收的36%；相較之下，去年同期毛利為270萬美元，占總營收的29%。

The increase in gross margin as a percentage of revenue is primarily driven by the increase in revenue from assemblies and modules, which generally have a higher margin. In addition, gross margins for infrared components have improved due to a more favorable mix and the resolution of certain manufacturing yield issues that negatively impacted the prior fiscal year.

毛利率（占營收百分比）的提升主要由組件與模組營收增加所帶動，該類產品通常具有較高毛利率。此外，紅外元件的毛利率亦因產品組合更有利，以及解決了若干先前會計年度中對製造良率造成負面影響的問題而有所改善。

Operating expenses for the third quarter of fiscal 2026 included a fair value adjustment of $3.4 million related to the G5 earn-out liability, which will continue to be adjusted through the operating expenses until it is fully paid out. Excluding this amount, operating expenses increased $1.8 million, or 30% to $7.8 million for the third quarter of fiscal 2026 as compared to $6 million in the same year ago quarter.

2026會計年度第三季的營業費用包含與G5或有對價（earn-out）負債相關的340萬美元公允價值調整；在其全數支付完成前，該項目將持續透過營業費用進行調整。扣除此金額後，2026會計年度第三季營業費用較去年同期的600萬美元增加180萬美元（增幅30%）至780萬美元。

The increase was primarily driven by the integration of G5 Infrared and AML, increased sales and marketing spend, higher information technology spend to meet customer security requirements and increased SG&A personnel costs associated with filling executive roles, as Sam mentioned, our salespeople and incentive compensation accruals.

增加主要來自G5 Infrared與AML的整合、銷售與行銷支出增加、為符合客戶資安要求而提高的資訊科技支出，以及如Sam所提到，因補足高階主管職位而增加的SG&A人員成本、我們的業務人員與獎酬提列。

Net loss in the third quarter of fiscal 2026 totaled $4.1 million, or $0.07 per basic and diluted share, as compared to a net loss of $3.6 million, or $0.09 per basic and diluted share in the year ago quarter. The year-over-year change in net loss was primarily attributed to the change in fair value of acquisition liabilities for the earn-out related to the acquisition of G5 Infrared.

2026會計年度第三季淨損為410萬美元，基本及稀釋每股淨損0.07美元；相較之下，去年同期淨損為360萬美元，基本及稀釋每股淨損0.09美元。淨損的年對年變動主要歸因於與收購G5 Infrared相關之或有對價（earn-out）收購負債公允價值的變動。

Adjusted EBITDA for the third quarter of fiscal 2026 was $1.1 million positive, compared to an adjusted EBITDA loss of $1.6 million for the same year ago quarter. This represents our third consecutive quarter of positive adjusted EBITDA and was primarily attributable to the increase in gross profit driven by higher sales, partially offset by increased SG&A and new product development costs. Although not perfect, we believe that adjusted EBITDA is a better indicator of core operating performance by excluding noncore and noncash items.

2026會計年度第三季調整後EBITDA為正110萬美元，相較去年同期調整後EBITDA虧損160萬美元。這是我們連續第三季呈現正的調整後EBITDA，主要歸因於銷售增加帶動毛利提升，但部分被SG&A增加及新產品開發成本上升所抵銷。雖非完美，我們認為調整後EBITDA透過排除非核心及非現金項目，更能反映核心營運表現。

Cash and cash equivalents as of March 31, 2026, totaled $55.2 million as compared to $4.9 million as of June 30, 2025. Since the raise in December, we used $7 million for AML acquisition and $7.3 million went toward the year one earnout for the G5 acquisition.

截至2026年3月31日，現金及約當現金合計5,520萬美元，相較於截至2025年6月30日的490萬美元。自12月募資以來，我們使用700萬美元用於收購AML，另有730萬美元用於支付收購G5第一年的或有對價（earn-out）。

I want to point out that a portion of this earnout payment was required to be recorded in operating cash flows in accordance with GAAP. The operating cash flow looks noisier than reality because of G5 outperforming the earnouts, which GAAP requires to be classified as operating cash activity. If you set aside the GAAP reporting quirk related to the earnout, then operating cash outflow year-to-date would have been $1.3 million.

我想指出，依據GAAP規定，該筆或有對價付款中的一部分必須列入營業活動現金流量。由於G5的表現超出或有對價門檻，GAAP要求將其分類為營業活動現金流，使得營業現金流看起來比實際情況更為「雜訊化」。若先撇除與或有對價相關的GAAP呈報特性，則本年度截至目前的營業現金流出將為130萬美元。

That modest outflow is attributed to working capital, specifically prepaying suppliers for long lead materials to support that growing backlog that Sam spoke of and that's partially offset by customer prepayments. The $55 million cash balance on hand gives us plenty of runway to keep executing on our growth strategy and fund the CapEx and working capital needed to deliver to the growing backlog.

這筆小幅流出主要來自營運資金，特別是為支援Sam所提到、持續成長的在手訂單（backlog）而預付供應商長交期材料款項，並部分由客戶預收款所抵銷。手上約5,500萬美元的現金餘額，讓我們有充足的資金跑道持續執行成長策略，並支應交付日益增加在手訂單所需的資本支出（CapEx）與營運資金。

Total backlog as of March 31, 2026, was approximately $110.6 million, an increase of 196%, compared to $37.4 million as of June 30, 2025. I'd like to take a step back and give some perspective. Since Q3 last year, on a year-to-date basis, we doubled our revenue from $25 million year-to-date last year to $50 million year-to-date this year.

截至2026年3月31日，在手訂單總額約為1.106億美元，較截至2025年6月30日的3,740萬美元增加196%。我想先退一步提供一些觀點。自去年第三季以來，以年初至今（year-to-date）計算，我們的營收從去年同期的2,500萬美元倍增至今年同期的5,000萬美元。

Our backlog is $110 million and continues to grow. This is a substantial amount of growth for a company our size, and I'd like to thank everyone in the organization for a great effort on delivering more and more to our customers every day.

我們的在手訂單為1.10億美元，且仍持續成長。對於我們這樣規模的公司而言，這是相當可觀的成長；我也要感謝組織內每一位同仁，大家每天都在努力為客戶交付更多成果。

To our investors, we are well positioned to continue to grow substantially. We have the resources and cash in place to deliver. Our internal efforts are all about execution to the plan of delivering on the backlog and the growth in the backlog.

對投資人而言，我們已具備持續大幅成長的良好條件。我們擁有交付所需的資源與現金。我們內部的努力重點在於依計畫執行：交付在手訂單，以及推動在手訂單的成長。

Our focus for fiscal year 2026 and beyond 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, current year and future investments in manufacturing are and will continue to bear fruit in terms of quality and on-time delivery. And as a result, in the coming quarters, I expect we'll see margin expansion.

我們對2026會計年度及之後的聚焦，將支援Sam所描述的商機。我們已制定並投入資金支持一套詳細的市場進入（go-to-market）策略，以鎖定關鍵高成長領域。我們在前一年度、本年度及未來對製造的投資，已並將持續在品質與準時交付方面開花結果。因此，在接下來幾個季度，我預期將看到毛利率擴張。

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

接下來，我把電話交回給Sam。

Thank you. Thank you, everyone, for joining us today. From here, the work shifts to execution. We've built a vertically integrated platform around our own materials technology, one that sits squarely where the defense procurement is heading. The numbers make the point.

謝謝。謝謝各位今天加入我們。從現在開始，工作重心轉向執行。我們以自有材料技術打造了一個垂直整合的平台，正好位於國防採購發展方向的核心位置。數字已說明一切。

Over the last 12 months, our revenue has more than doubled and backlog indicates a continued trend. The doubling the size of our manufacturing business in 12 months is a big task and undertaking. Doing it again, continuing to grow at such rate is a monumental task.

在過去12個月，我們的營收已超過倍增，而在手訂單顯示此趨勢仍將延續。在12個月內將我們的製造業務規模翻倍，是一項重大任務與工程。再做一次、並以如此速度持續成長，更是一項艱鉅的任務。

So with that in mind, I would like to echo what Al just said and take a moment to acknowledge the hard work, dedication and commitment of the entire LightPath team. You, my team, have been doing an incredible job getting us here and are continuing to do a great job preparing us for this continued growth. Thank you for everyone involved in this.

因此，基於這點，我想呼應Al剛才所說，花點時間肯定整個LightPath團隊的辛勤付出、投入與承諾。你們，我的團隊，為我們走到今天做得非常出色，也持續在為這波成長做好準備方面表現優異。感謝所有參與其中的每一位。

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

接下來，我把電話交給接線員，開始問答環節。接線員？

(Operator Instructions)

（接線員指示）

Jaeson Schmidt, Lake Street.

Jaeson Schmidt，Lake Street。

Hi, guys. Thank you for taking my questions. Sam, I just want to start with your comments on the expectation for the step function in demand over the next few months here. Do you envision that being pretty broad-based? Or is that really coming from -- or concentrated in a couple of programs?

嗨，各位。謝謝讓我提問。Sam，我想先從你提到未來幾個月需求將出現「跳升」的預期談起。你認為這會是相當廣泛的需求提升嗎？還是其實主要來自——或集中在少數幾個專案？

What I see is that right now, I'll talk first about cameras and about assemblies. The cameras where we've been having this enormous backlog is mostly existing customers. So these are customers that have integrated our cameras already a while ago into their pan tilt systems or gimbals such and are growing with the orders from them have been growing as those customers grow, in particular, Motorola, which we very much value the relationship and the business there. But it's really existing business that is growing linearly.

我看到的是，目前我先談相機與組件。我們相機端一直有非常龐大的在手訂單，主要來自既有客戶。也就是說，這些客戶早在一段時間前就已將我們的相機整合到他們的雲台（pan tilt）系統或穩定吊艙（gimbals）等產品中；隨著這些客戶成長，他們對我們的訂單也在增加，尤其是Motorola，我們非常重視與其的合作關係與相關業務。但這基本上是既有業務在以線性方式成長。

As we now start switching over to the BlackDiamond and unlocking both more types of camera, but more specifically, really unlocking our availability and I'm not even sure what the next limit will be, but it's not going to be limited by material as everyone else is.

隨著我們現在開始切換到 BlackDiamond，並解鎖更多種類的相機，更具體地說，真正解鎖我們的供應可得性；我甚至不確定下一個限制會是什麼，但它不會像其他人一樣受材料所限制。

I expect many other customers to switch over to our cameras. And the step function there will be from taking a larger market share of the same type of product we've been doing until now, but simply that we are positioned in a way that we're the only ones that really can produce as many cameras as anyone wants.

我預期會有許多其他客戶轉向採用我們的相機。而那裡的「階躍式」成長，將來自於我們在迄今一直在做的同類型產品上取得更大的市占；但更重要的是，我們的定位使得我們幾乎是唯一真正能夠按需求量產相機的供應商。

In the assemblies, it's a bit different. In the assemblies, we've been focused on a subset of the whole assemblies industry, if you would, or assembly available market because we were limited by the size of glass we could do. So we could not make long-range assemblies or zoom lenses, if you would, that get bought by some of our competitors and many of our customers.

在光學組件（assemblies）方面，情況有點不同。在組件領域，我們一直聚焦於整個組件產業中的一個子集合，或者說可服務市場的一部分，因為我們受限於可製作的玻璃尺寸。因此我們無法製作長距離組件或變焦鏡頭（如果你這麼稱呼的話），而這些是我們的一些競爭對手以及許多客戶會採購的。

With this now capability and with some of the new materials we've been already commercializing over the last few months and haven't talked really about too much, we can now design and are designing a lot more new assemblies that are going to take market share of areas we haven't played. So two step functions, both enabled by the same thing, but for different reasons.

有了現在這項能力，再加上我們在過去幾個月已經開始商業化、但其實沒有談太多的一些新材料，我們現在可以設計、也正在設計更多新的組件，將在我們過去未涉足的領域取得市占。所以是兩個階躍式成長，兩者都由同一件事所促成，但原因不同。

Okay. That makes sense. And then I know it's still early, like you noted, but thinking about sort of in space communication or the space programs in general. How many engagements or conversations are you having these days with customers?

好的。這很合理。接著我知道如你所說現在還早，但談到太空通訊或整體太空計畫方面。你們最近與客戶有多少項合作接觸或對話？

We have two that we are fully engaged in, meaning they're already fully designing our product delivering -- sorry, three of those, three customers that are designing. I'm not sure what programs we have that are much earlier than that.

我們有兩個是完全投入的，也就是他們已經在完整設計我們的產品並交付——抱歉，是三個，三個客戶正在設計。至於是否還有比這更早期的計畫，我不太確定。

I usually know of them when it comes to the point that they're actually engaged on technical dialogue or want to talk numbers. And those are not free space communication, just to be clear, those are all camera systems on satellites pointed down to look for missile launches and detection.

通常我會在他們真正開始進行技術對話或想談數字時才會知道。而且要說清楚，那些不是自由空間通訊（free space communication），全部都是衛星上的相機系統，朝下觀測，用於偵測飛彈發射與探測。

Got it. And final one for me, and I'll jump back in the queue. With these capacity expansion plans, how should we think about CapEx over the next 12 months?

了解。我最後一題，問完我就回到隊列。就這些產能擴張計畫而言，未來 12 個月的資本支出（CapEx）應該怎麼看？

So good question, Jaeson. We we're still -- the CapEx we're spending right now is capacity driven. It's -- so as the backlog grows, we're constantly reevaluating. That said, there are long lead times in the CapEx process. So we have to get some things moving quicker than others.

好問題，Jaeson。我們——目前的資本支出主要是由產能需求所驅動。也就是說，隨著積壓訂單（backlog）增加，我們會持續重新評估。但資本支出流程有很長的交期。所以有些事情必須比其他事情更快啟動。

I don't want to say exactly what we're going to spend in the near term. But to put it in perspective, in Q3, Sam and I approved $6 million in CapEx to be spent in order to not only meet the current backlog, but what we think is going to be beyond that.

我不想明確說短期內我們會花多少。但提供一個參考，在第三季，Sam 和我核准了 600 萬美元的資本支出，用來不僅滿足目前的積壓訂單，也滿足我們認為接下來會超出目前的需求。

Okay. Thanks a lot, guys.

好的。非常感謝，各位。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

(接線員指示)

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

Hi, good morning. Good afternoon, [Shmuel]. So do you expect like you would receive more funding through the $54.6 billion for the Drone Autonomous Working Group or from the DHS budget dollars that were appropriate in the reconciliation bill? And would the DAWG funding shift revenue mix further into assemblies and modules and raise gross margin further for drones?

嗨，早安。午安，[Shmuel]。你是否預期會從「無人機自主工作小組（Drone Autonomous Working Group）」的 546 億美元資金中獲得更多資金，或是從和解法案中編列的國土安全部（DHS）預算資金中獲得更多？另外，DAWG 的資金是否會讓營收組合進一步偏向組件與模組，並進一步提高無人機相關的毛利率？

Okay. I'll start by answering the other way around. First of all, it will be mostly assemblies and cameras, definitely. By far, we're actually -- the more assemblies and cameras business we are, the less we're taking business in optical components because we would rather use that same capacity to make assemblies and cameras, which are much, much higher margins, which answers really your second part of the question. In terms of the funding, I'd say it's all over.

好的。我先從相反的方向回答。首先，它主要會是組件和相機，確定如此。事實上，我們的組件與相機業務占比越高，我們在光學元件（optical components）上接的業務就越少，因為我們寧可用同樣的產能去做組件和相機，那些毛利率高非常非常多——這也就回答了你問題的第二部分。至於資金來源，我會說分布很廣。

So drone -- from the drone dominance, we are receiving already orders. We have a few million dollars of orders of optical assemblies that go into drones. I'll try next time to break that out and give a bit more color to it, but we're starting to receive volume orders of optical assemblies that get coupled to cameras that go into drones, and we're probably the lead supplier in the US for that by far, I'd say. From other areas from the NDAA and such or which part of funding, I think it depends.

就無人機——從無人機主導（drone dominance）相關來看，我們已經開始收到訂單。我們有數百萬美元的光學組件訂單會用在無人機上。下次我會嘗試把這部分拆出來並提供更多細節；但我們已開始收到光學組件的量產訂單，這些組件會與相機耦合後用在無人機上，而我們很可能是美國在這方面的領先供應商，遠遠領先，我會這麼說。至於 NDAA 等其他領域或是哪一部分資金，我認為要看情況。

existing programs, they all come the programs of record, they come from the NDAA funding and such. DHS comes from the Big Beautiful Bill mostly and so on. But in addition to all of that, what we're also working on and is a different type of funding that is funding to support expansion of capacity.

既有計畫——所有這些列入正式計畫（programs of record）的項目，資金都來自 NDAA 等。DHS 的資金多半來自「Big Beautiful Bill」等等。但除此之外，我們也在推進另一種不同類型的資金，也就是用來支持產能擴張的資金。

And we are working -- it is very early stage, but we're working with different parts of the government, Office of Strategic Capital and so on to secure some of that. It will not be in the near future, but it's definitely something we're looking at for next fiscal year to support some of the expansion.

我們正在推進——目前還非常早期——但我們正與政府不同部門合作，例如戰略資本辦公室（Office of Strategic Capital）等，以爭取其中一部分。這不會在近期發生，但確實是我們在看、用於下一個會計年度支持部分擴張的方向。

Okay. And in some of our conversations with primes, it sounds like there's already an active effort where they're replacing smaller diameter lenses with BlackDiamond glass. So what factors might keep them from swapping out larger diameter germanium lenses with BlackDiamond? Is it just a matter of time? Or is there technical considerations?

好的。在我們與主承包商（primes）的一些對話中，聽起來他們已經在積極把較小口徑的鏡頭改用 BlackDiamond 玻璃。那麼，哪些因素可能會讓他們不把較大口徑的鍺（germanium）鏡頭換成 BlackDiamond？只是時間問題嗎？還是有技術上的考量？

So first of all, not everyone knows that it's possible. This is completely new. And even last week, I met a customer at the trade show that still didn't know about that, even though we've been shouting it from the top of our lungs. So there's quite a bit of education to be done. However, chalcogenide glass, BlackDiamond altogether is a softer material.

首先，不是每個人都知道這是可行的。這是全新的。甚至上週我在展會遇到一位客戶，他仍然不知道這件事，儘管我們一直大聲宣傳。所以還需要做相當多的教育。不過，硫系玻璃（chalcogenide glass），也就是 BlackDiamond 整體而言，是較軟的材料。

So design aspects of it are different. It's not that it cannot be used for larger diameter lenses or larger diameter optics. You need to take different mechanics assumptions into account when you're doing that design, which is why we work very, very closely with the customers on those designs. We leverage our experience with the material to help educate them to make sure that their design is sustainable mechanically afterwards. Simply, it's a different strength of material compared to germanium.

因此它的設計面考量不同。並不是它不能用於大口徑鏡頭或大口徑光學件。你在做設計時需要把不同的機械假設納入考量，這也是為什麼我們會與客戶在這些設計上非常非常緊密合作。我們會運用我們對該材料的經驗來協助教育他們，確保他們的設計在後續機械結構上是可長期維持的。簡單說，與鍺相比，它的材料強度不同。

That said, there's nothing inherently that prevents it from completely replacing or using it in all these same dimensions and uses. And in many of them, it's actually much better because the coefficient of thermal expansion of our glass is very, very similar to that of aluminum or aluminum depends which country you're in and makes it much, much easier to mount it in terms of gluing it and hard mounting it into systems. So it's mostly education of the customers is the short answer.

話雖如此，並沒有任何本質上的因素會阻止它在相同尺寸與用途上全面取代或被使用。而且在許多情況下它其實更好，因為我們玻璃的熱膨脹係數與鋁非常非常接近——或鋁（aluminum／aluminium）取決於你在哪個國家——這讓它在安裝上容易得多，例如黏著固定或硬式固定到系統中。所以簡短答案是：主要是客戶教育。

That's very helpful. Thank you. I'll pass it back there. Nice quarter.

這非常有幫助。謝謝你。我會把這個回覆轉達回去。本季表現不錯。

Richard Shannon, Craig-Hallum.

Richard Shannon，Craig-Hallum。

Great. Thanks Sam and [Albert] for taking my questions, and congrats on another good quarter here. I guess one way I wanted to talk about the capacity limitations you were having and you're trying to relieve with more investment here. But how do we think about at a high level here, what your revenue ceiling is now? And where can this go in the next, I don't know, two to four to six quarters as you're adding more capacity?

很好。謝謝 Sam 和 [Albert] 回答我的問題，也恭喜你們又交出一個不錯的季度。我想先從你們目前遇到的產能限制談起，以及你們正透過更多投資來緩解這些限制。但從較高層次來看，我們該如何思考你們目前的營收上限？而在你們增加更多產能的情況下，未來我不確定是兩到四到六個季度內，這個上限可以提升到哪裡？

Okay. I get this one. I would say that everything we have booked and we have in our backlog, we can deliver. There's no risk there that we can't deliver it. What we're planning towards is more the second half of the next fiscal year and increased expansion then. So our backlog is mostly for the next 12 months, the next fiscal year, but not completely. However, it's probably heavier towards the second half where we do need to add some capacity.

好的。這題我來回答。我會說，我們已接單以及在手訂單（backlog）中的所有項目，我們都能交付。在交付能力上沒有無法交付的風險。我們規劃的重點更偏向下一個會計年度的下半年，以及屆時更進一步的擴產。因此，我們的在手訂單主要涵蓋未來 12 個月、也就是下一個會計年度，但並非完全如此。不過，它可能更集中在下半年，而那時我們確實需要增加一些產能。

Okay. Fair enough. I want to ask about the space programs. I know, Sam, you mentioned that most of these are confidential, but just kind of at a high level here, especially some of the bigger ones that I think you're hunting here. When do you expect to have decisions on these? Will this happen this calendar year? Is it more of a next year? And any way to help us scale kind of the whole space opportunity relative to some of the other ones like Counter-UAS, border patrol, Navy programs, et cetera?

好的。合理。我想問一下太空計畫。我知道 Sam 你提到這些多數是機密，但就高層次來說，尤其是一些我認為你們正在爭取的較大型案子。你們預期何時會對這些案子做出決定？會在今年曆年內發生嗎？還是比較可能在明年？另外，有沒有辦法幫我們衡量整體太空機會的規模，相對於你提到的其他更大的領域，例如反無人機（Counter-UAS）、邊境巡防、海軍計畫等等？

Yeah. So time line, I have to admit, I am not completely confident on it because this is fairly new to us. We have not done anything of that type, meaning space programs and with the tight requirements on the assemblies and the cameras for that.

是的。就時間表而言，我必須承認我不是完全有把握，因為這對我們來說相當新。我們以前沒有做過那種類型的案子，也就是太空計畫，以及其對組裝件與相機的嚴格要求。

So there's some learnings there. I would say that the time lines I'm seeing now on prototypes and on development are such that it would be at least a year before anything meaningful in terms of knowing where the wind is blowing even is available to us. In terms of -- sorry, what was the second half of the question?

所以這裡面有一些需要學習的地方。我會說，我目前看到的原型與開發時程是：至少要一年之後，才會有任何有意義的進展，甚至才比較看得出風向往哪裡吹。至於——抱歉，問題的後半段是什麼？

Just scaling the size of the opportunity in space versus all the other bigger buckets you talked about in your potential.

就是太空領域的機會規模，相較於你提到的其他更大的潛在領域，如何衡量。

Yes. So I think actually, I don't have the numbers in front of me, but during the Investor Day that we had in February, I gave some numbers there. And I explained that typically a satellite like that is about $40 million, $50 million in total cost. 1/3 of that is the entire optical system payload. And of that, we are just doing the telescope.

是。所以我想其實我手邊沒有數字，但在我們二月的投資人日（Investor Day）上，我有提供一些數字。我也解釋過，通常那樣的一顆衛星總成本大約是 4,000 萬到 5,000 萬美元，其中三分之一是整套光學系統載荷（payload）。而在那之中，我們只做望遠鏡。

We're not trying to do the complete camera system or anything like that, just the optical assembly, which is in the millions per satellite, but let's say, below $5 million per satellite kind of thing. And the numbers are fairly well published.

我們不打算做完整的相機系統或類似的東西，只做光學組件（optical assembly）。這部分每顆衛星是數百萬美元等級，但比如說，每顆衛星低於 500 萬美元左右。而這些數字其實都有相當多公開資料可查。

Okay. Great. Thank you. Last question is for Al on the gross margins here. So obviously, adding capacity has a little depreciation and some other fixed costs here. Just wanted to know if as you're adding capacity, is there any different view kind of longer term what you think of the gross margin? I mean, you talked about getting to 40% to maybe even higher. Wanted to know how that has changed here with kind of the new scale that you're targeting.

好的。很好。謝謝。最後一個問題想問 Al，關於毛利率。顯然，增加產能會帶來一些折舊以及其他固定成本。我想了解的是，當你們增加產能時，對於較長期的毛利率看法是否有任何不同？我的意思是，你們談到要達到 40%，甚至可能更高。想知道在你們瞄準的新規模之下，這個看法有什麼改變。

Yeah. Great question. We still expect margins to grow. However, we are scaling fast. And there are some costs in the short-term associated with that. So it will slow down our ramp from where we are today, 36% to 40%, but not much. We're talking a quarter or two slip in terms of that overall plan. So from the investors' perspective, they'll just see improvement, but not enough for what we would want internally. But externally, it will walk up to -- we'll continue to walk up the margin chain.

是的。好問題。我們仍然預期毛利率會成長。不過，我們正在快速擴張規模。短期內會有一些與此相關的成本。因此，從目前的 36% 拉升到 40% 的爬坡速度會放慢一些，但不會差太多。就整體計畫而言，大概只是延後一到兩個季度。所以從投資人的角度，他們仍會看到改善，只是改善幅度不會達到我們內部希望的速度。但對外而言，毛利率會逐步上升——我們會持續沿著毛利率曲線往上走。

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.

問答環節到此結束。現在我想把電話交回給 Sam Rubin 先生，請他做結語。

Thank you. So before I leave, I'll just frame it one more time to give the complete picture. LightPath is really no longer a component supplier it used to be. We're a vertically integrated systems company, a record backlog, well-capitalized balance sheet and a technology position that's aligned with the most pressing supply chain mandates of the defense industrial base.

謝謝。在我結束之前，我再用另一種方式把整體脈絡再框一次，讓大家看到完整圖像。LightPath 其實已不再是過去那種零組件供應商。我們是一家垂直整合的系統公司，擁有創紀錄的在手訂單、資本充足的資產負債表，以及與國防工業基礎最迫切供應鏈要求相一致的技術定位。

The NDAA deadline is real. Demand for germanium alternative in infrared systems is real. At this point, so is our ability to deliver. From here, our job over the next several quarters is simple to describe execution to execute, ship on time, move backlog into profit and loss into the P&L and let margins expand as volumes built.

NDAA 的期限是真實存在的。紅外線系統對鍺替代方案的需求也是真實存在的。此時此刻，我們的交付能力同樣是真實存在的。從現在起，接下來幾個季度我們的工作很簡單：把執行做好——按時出貨，把在手訂單轉進損益表（P&L），並在出貨量提升的同時讓毛利率擴張。

With that, I'll conclude, and I'll thank everybody for their time today and look forward to speaking to you again next time.

就到這裡，我做個結束，也感謝各位今天撥冗參與，期待下次再與各位交流。

This concludes today's program. Thank you for your participation, and you may disconnect at any time.

今天的節目到此結束。感謝您的參與，您可於任何時間掛線。