創力 (LTRX) 2024 Q1 法說會逐字稿

Good day and welcome to the Lantronix, Inc. first-quarter 2024 results conference call. (Operator Instructions)

美好的一天，歡迎參加 Lantronix, Inc. 2024 年第一季業績電話會議。 （操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

And now I would like to turn the conference over to Robert Adams. Please go ahead.

現在我想把會議交給羅伯特·亞當斯。請繼續。

Good afternoon, and thank you for joining the first-quarter fiscal 2024 conference call. Joining us on the call today are Jeremy Whitaker, Interim CEO and Chief Financial Officer; and Jacques Issa, Vice President of Marketing.

下午好，感謝您參加 2024 財年第一季電話會議。今天加入我們電話會議的還有臨時執行長兼財務長 Jeremy Whitaker；以及行銷副總裁 Jacques Issa。

A live and archived webcast of today's call will be available on the company's website. In addition, you can find the call-in details for the phone replay in today's earnings release.

今天電話會議的現場和存檔網路廣播將在公司網站上提供。此外，您還可以在今天的財報中找到電話重播的來電詳細資訊。

During this call, management may make forward-looking statements which involve risks and uncertainties that could cause our results to differ materially from management's current expectations. We encourage you to review the cautionary statements and risk factors contained in the earnings release, which was furnished to the SEC today and is available on our website as well as the company's SEC filings, such as its 10-K and 10-Qs.

在本次電話會議中，管理階層可能會做出前瞻性聲明，其中涉及風險和不確定性，可能導致我們的結果與管理階層目前的預期有重大差異。我們鼓勵您查看今天向 SEC 提供的收益報告中包含的警示性陳述和風險因素，該報告可在我們的網站上以及該公司向 SEC 提交的文件（例如 10-K 和 10-Q）中獲取。

Lantronix undertakes no obligation to revise or update publicly any forward-looking statements to reflect future events or circumstances. Please refer to the news release and the financial information in the Investor Relations section of our website for additional details that will supplement management's commentary.

Lantronix 不承擔公開修改或更新任何前瞻性陳述以反映未來事件或情況的義務。請參閱我們網站投資者關係部分的新聞稿和財務信息，以了解補充管理層評論的更多詳細資訊。

Furthermore, during the call, the company will discuss some non-GAAP financial measures. Today's earnings release, which is posted in the Investor Relations section of our website, describes the differences between our non-GAAP and GAAP reporting and presents reconciliations for the non-GAAP financial measures that we use.

此外，在電話會議期間，該公司將討論一些非公認會計準則財務措施。今天的收益發佈發佈在我們網站的投資者關係部分，描述了我們的非 GAAP 和 GAAP 報告之間的差異，並提供了我們使用的非 GAAP 財務指標的調整表。

With that, I'll now turn the call over to Jeremy Whitaker, our Interim CEO and Chief Financial Officer.

現在，我將把電話轉給我們的臨時執行長兼財務長 Jeremy Whitaker。

Thank you, Rob, and welcome to everyone joining us for this afternoon's call. First, I'd like to acknowledge the passing of our Chairman, Paul Folino, and thank him for the many years of leadership and service he provided to the Lantronix team. Paul will be missed by all.

謝謝你，羅布，歡迎大家參加今天下午的電話會議。首先，我要對我們的董事長 Paul Folino 的去世表示感謝，並感謝他多年來為 Lantronix 團隊提供的領導和服務。所有人都會懷念保羅。

Now I'll provide the financial results and some business highlights for our first quarter of fiscal 2024 before commenting on our financial targets for the full fiscal year. For FQ1 2024, we reported revenue of $33 million, which was higher than our initial expectations for the quarter.

現在，我將提供 2024 財年第一季的財務表現和一些業務亮點，然後再評論我們整個財年的財務目標。對於 2024 年第一季度，我們報告的收入為 3300 萬美元，高於我們對該季度的最初預期。

Sequentially, revenue was down 5% and up 4% from the year-ago period. System solutions increased significantly, driven by record revenues from our outbound deployments, strong sales to federal customers, and revenue recognition for the remaining QED pilot production units for Gridspertise.

隨後，營收較去年同期下降 5% 和成長 4%。系統解決方案顯著成長，這得益於我們的出站部署創紀錄的收入、對聯邦客戶的強勁銷售以及 Gridspertise 剩餘 QED 試點生產單元的收入確認。

We see continuing strength from our IoT system solutions, driven by contributions from our out-of-band, the coming production ramp of the QED, and initial shipment of telematics asset tracking solutions to a Tier 1 telecom carrier.

我們看到我們的物聯網系統解決方案持續強勁，這得益於我們的帶外貢獻、即將到來的 QED 產量提升以及向一級電信運營商首次發貨的遠程信息處理資產跟踪解決方案。

As expected, we experienced a sequential decline in embedded systems as a result of a couple of large shipments in the prior quarter that did not repeat this quarter. Looking forward, we see improving results from this product group, driven by our EV customers across multiple geographies for both hardware and design services.

正如預期的那樣，由於上一季的幾次大出貨量在本季度沒有重複，我們經歷了嵌入式系統的連續下降。展望未來，在多個地區的電動車客戶硬體和設計服務的推動下，我們看到該產品組的表現不斷改善。

We also expect to begin ramping production of an AI-powered video conferencing product for a large enterprise customer that should contribute meaningfully throughout the remainder of fiscal 2024. In FQ1 2024, software and services, revenues were up sequentially, a function of increased design services revenue, and we expect similar activity in the upcoming quarter.

我們也預計將開始為大型企業客戶增加人工智慧視訊會議產品的生產，該產品應在2024 財年剩餘時間內做出有意義的貢獻。2024 年第一季度，軟體和服務收入連續成長，這是設計服務增加的結果收入，我們預期下一季會有類似的活動。

GAAP gross margin was 42.7% for FQ1 2024 compared to 39.5% in the prior quarter and 44.1% in the year-ago quarter. The improvement in gross margin was primarily a function of a change in product mix from the prior quarter as a result of the record quarter and out-of-band sales during FQ1 2024. For F Q2 2024, we expect a similar product margin as a percentage of revenue.

2024 年第一季的 GAAP 毛利率為 42.7%，上一季為 39.5%，去年同期為 44.1%。毛利率的改善主要是由於 2024 年第一季創紀錄的季度和帶外銷售導致產品組合較上一季度發生變化。對於 2024 年第二季度，我們預期產品利潤率與收入的百分比。

GAAP SG&A expenses for FQ1 2024 were $9.2 million compared with $9.2 million in the year-ago quarter and $8 million in the prior quarter. The sequential increase in GAAP SG&A was primarily due to lower than normal share-based compensation expense during Q4 2023.

2024 年第一季的 GAAP SG&A 費用為 920 萬美元，去年同期為 920 萬美元，上一季為 800 萬美元。 GAAP SG&A 環比成長主要是由於 2023 年第四季的股權激勵費用低於正常水準。

GAAP R&D expenses for FQ1 2024 were $5.1 million compared with $4.5 million in the year-ago quarter and relatively flat with the prior quarter. GAAP net loss was $1.9 million or $0.05 per share during FQ1 2024 compared to GAAP net loss of $1.7 million or $0.05 per share in the year-ago quarter.

2024 年第一季的 GAAP 研發費用為 510 萬美元，去年同期為 450 萬美元，與上一季持平。 2024 年第一季的 GAAP 淨虧損為 190 萬美元，即每股 0.05 美元，而去年同期的 GAAP 淨虧損為 170 萬美元，即每股 0.05 美元。

Non-GAAP net income was $2.5 million or $0.07 per share during FQ1 2024 compared to non-GAAP net income of $2.7 million or $0.07 per share in the year-ago quarter.

2024 年第一季的非 GAAP 淨利潤為 250 萬美元，即每股 0.07 美元，而去年同期的非 GAAP 淨利潤為 270 萬美元，即每股 0.07 美元。

Now turning to the balance sheet, we ended FQ1 2024 with cash and cash equivalents of $19.5 million, an increase of $6 million from the prior quarter. Working capital was $50.2 million as of FQ1 2024 and remained steady with the prior quarter. Net inventories were $45.8 million as of FQ1 2024, a decrease of $3.9 million from the prior quarter.

現在轉向資產負債表，2024 年第一季結束時，我們的現金和現金等價物為 1,950 萬美元，比上一季增加了 600 萬美元。截至 2024 年第一季度，營運資本為 5,020 萬美元，與上一季保持穩定。截至 2024 年第一季度，淨庫存為 4,580 萬美元，比上一季減少 390 萬美元。

Now turning to the upcoming second-quarter and fiscal year 2024. We expect that revenue in the second quarter will be up sequentially as QED ramps into volume production. We have commissioned the production lines and the customer has approved the firmware to begin manufacturing.

現在轉向即將到來的第二季和 2024 財年。我們預計，隨著 QED 投入量產，第二季的營收將持續成長。我們已調試生產線，客戶已批准韌體開始製造。

Based upon these factors, we expect to begin volume shipments in the next several weeks. As such, we maintain our prior guidance for the QED revenue ramp, expecting approximately $5 million in December 2023, double that in our March 2024 quarter, with the remainder of the shipments falling in our fourth quarter ending June 2024.

基於這些因素，我們預計將在未來幾週內開始大量出貨。因此，我們維持先前對QED 收入成長的指導，預計2023 年12 月營收約為500 萬美元，是2024 年3 月季度的兩倍，其餘出貨量將在截至2024 年6 月的第四季度下降。

In a cautious, but relatively stable demand environment, we remain optimistic about the fiscal year ahead of us and expect to deliver the fiscal 2024 guidance that we provided during our previous earnings call. We are therefore reiterating our guidance with revenue in a range of $175 million to $185 million and non-GAAP EPS in a range of $0.50 to $0.60 per share.

在謹慎但相對穩定的需求環境下，我們對未來的財年保持樂觀，並預計將實現我們在上次財報電話會議中提供的 2024 財年指引。因此，我們重申我們的指導，收入在 1.75 億美元至 1.85 億美元之間，非 GAAP 每股收益在 0.50 美元至 0.60 美元之間。

Finally, for those who may not have seen it, I'm excited to report that Lantronix has selected Saleel Awsare as its next President and CEO. Saleel comes to Lantronix from Synaptics where he was SVP and GM of the company's mobile and enterprise division, the largest business unit within the company.

最後，對於那些可能還沒有看到的人，我很高興地報告 Lantronix 已選擇 Saleel Awsare 作為下一任總裁兼執行長。 Saleel 在加入 Lantronix 之前曾在 Synaptics 擔任高級副總裁兼該公司行動和企業部門（該公司最大的業務部門）的總經理。

Saleel was instrumental in the company's pivot from mobile market and IoT and enterprise application and drove a multifold increase in market cap for the company shareholders. Saleel will officially join Lantronix on November 20, and I look forward to introducing him to you on our next earnings call.

Saleel 在公司從行動市場、物聯網和企業應用轉向的過程中發揮了重要作用，並推動公司股東的市值倍增。 Saleel 將於 11 月 20 日正式加入 Lantronix，我期待在下一次財報電話會議上向您介紹他。

That completes our prepared remarks for today. So I'll now turn it over to the operator to conduct our Q&A session.

我們今天準備好的演講到此結束。現在我將把它交給操作員來進行我們的問答環節。

(Operator Instructions)

（操作員說明）

Mike Walkley, Canaccord Genuity.

麥克沃克利 (Mike Walkley)，Canaccord Genuity。

Great. Thanks. Congratulations on the strong quarter and reiterating guidance for the year despite the tough macro. I guess to start my question, just on the IoT Solutions business, it was down, as you highlighted before. But just wondering how maybe that pipeline is growing. Qualcomm had its recent Snapdragon, some of the exciting new announcements that seem like it could help drive your business. Can you maybe update us on how that pipeline generation is coming for that section of your business?

偉大的。謝謝。儘管宏觀形勢嚴峻，但祝賀季度表現強勁，並重申了今年的指引。我想首先就物聯網解決方案業務而言，它已經下降了，正如您之前強調的那樣。但只是想知道這條管道是如何成長的。高通最近發布了 Snapdragon，其中一些令人興奮的新公告似乎可以幫助推動您的業務。您能否向我們介紹一下您業務的該部分的管道生成的最新情況？

Yeah. The second half of the year, we do have a number of design wins that are expected to go into production. And so we are expecting to see the embedded compute business to improve over the next several quarters. That business has tended to be a little bit lumpy because we tend to have a few larger customers driving some of that growth. As one design win potential goes away, we have some others coming in. But the timing of those don't always overlap, just how we'd like them.

是的。今年下半年，我們確實獲得了一些設計成果，預計將投入生產。因此，我們預計嵌入式運算業務將在未來幾季得到改善。這項業務往往有點不穩定，因為我們往往有一些較大的客戶推動部分成長。隨著一項設計獲勝的潛力消失，我們將有其他一些設計進入。但這些設計的時間並不總是重疊，只是我們希望它們如何重疊。

As for some of the new products with Qualcomm, we do have some new modules that we are working on and expect to be delivering. So as those products do come to market, typically what we'll see as an increase in our kit sales and design services. And then that typically then translates into design wins if they're customer successful on the design services.

至於與高通合作的一些新產品，我們確實有一些正在開發並預計將交付的新模組。因此，當這些產品確實進入市場時，我們通常會看到我們的套件銷售和設計服務的增加。如果他們在設計服務上獲得了客戶的成功，那麼這通常會轉化為設計勝利。

So we do expect to continue to see strong growth coming from the compute business, both on the embedded side and also on the system solutions, more specifically, as it relates to the Gridspertise design win, which is also based upon a Qualcomm process.

因此，我們確實預期計算業務將繼續強勁成長，無論是在嵌入式方面還是在系統解決方案方面，更具體地說，因為它與同樣基於高通流程的 Gridspertise 設計勝利相關。

That's helpful. I guess, Jeremy, just building on that on a big picture. You've shared in the past 40-plus deals with over $150 million. How is that pipeline holding up given the challenging macro out there?

這很有幫助。我想，傑里米，只是在大局的基礎上進行構建。您在過去 40 多筆交易中分享了超過 1.5 億美元的資金。考慮到宏觀環境充滿挑戰，該管道的運作情況如何？

Yeah. We're still seeing good progress in pipeline and opportunities. I think we've provided an update on that maybe about six weeks ago on our year-end call and haven't seen any significant change in that outlook or pipeline. But we do continue to see a lot of really good opportunities in the markets that we're playing in. So we're pretty optimistic about the remainder of fiscal '24 and fiscal '25 based upon the opportunity pipeline.

是的。我們仍然看到管道和機會方面取得了良好進展。我認為我們可能在大約六週前的年終電話會議上提供了相關更新，但沒有看到前景或管道有任何重大變化。但我們確實繼續在我們正在參與的市場中看到很多非常好的機會。因此，根據機會管道，我們對 24 財年和 25 財年的剩餘時間感到非常樂觀。

Right. Last question from me; I'll pass the line. Just on the telematics deal with the Tier 1 carrier, anything you can share on just the size and the opportunity or timing of ramp or what you're doing for that carrier?

正確的。我的最後一個問題；我會過線。就與一級運營商的遠端資訊處理交易而言，您是否可以分享有關升級的規模、機會或時間，或者您為該運營商所做的事情？

Yeah. This is something we've been working on with them over several quarters. We did receive our first large order from them, a little bit less than $1 million order. I believe most of that would be shipped in the next couple of quarters.

是的。這是我們幾個季度以來一直與他們合作的事情。我們確實收到了他們的第一筆大訂單，訂單金額不到 100 萬美元。我相信其中大部分將在接下來的幾個季度內發貨。

We do expect it to be a multimillion dollar annual opportunity with this carrier. And it is in an application where it's helping them monitor -- I'm blanking on the application -- to monitor power generators and towers -- or at towers.

我們確實預計這家航空公司每年將提供數百萬美元的機會。它在一個應用程式中幫助他們監控——我在該應用程式上空白——監控發電機和塔——或者在塔上。

Got it. Those are my questions. I'll pass the line.

知道了。這些都是我的問題。我會過線。

Jaeson Schmidt, Lake Street.

傑森‧施密特，湖街。

Hey, guys. Thanks for taking my questions. Just following up on Mike's question on the telematics deal. Do you anticipate any potential follow-on orders eventually from this customer?

大家好。感謝您回答我的問題。只是跟進邁克關於遠程信息處理交易的問題。您預計該客戶最終會收到任何潛在的後續訂單嗎？

Yeah. We are expecting this to be a longer-term engagement. And so our expectation is this is just the initial order from them and likely to be a multiyear rollout.

是的。我們預計這將是一項長期合作。因此，我們的預期是，這只是他們的初始訂單，並且可能會持續多年的推出。

Got it. And then what are you seeing as far as inventory levels in the distributor channel?

知道了。那麼您對經銷商通路的庫存水準有何看法？

Yeah. Our distributor inventories have remained relatively consistent. If anything, they're down a little bit from the prior quarter. I don't -- we didn't see, I would say, an unusual increase in our distributor inventories over the last several quarters as I've heard other companies indicate. So they're remaining relatively consistent, and if anything, down a little bit.

是的。我們的經銷商庫存保持相對穩定。如果有什麼不同的話，那就是它們比上一季略有下降。我沒有——我想說，我們的經銷商庫存在過去幾個季度中沒有異常增長，正如我聽到其他公司所說的那樣。因此，它們保持相對穩定，如果有的話，那就是下降了一點。

Okay. That's good to hear. And then just the last one for me and I'll jump back in the queue. Can you just give us an update on Togg and any change in expectations there?

好的。聽起來還不錯。然後我就跳回隊列中的最後一個。您能給我們介紹一下托格的最新情況以及對那裡的期望有什麼變化嗎？

Yeah. We're continuing to ship to Togg on under the purchase order that we that we received last quarter or the quarter before. As I mentioned on the previous call, we received an order for about $13 million from them. Most of that within the fiscal year and at a run rate that was about 2x from what we were doing before.

是的。我們將繼續根據上個季度或前一個季度收到的採購訂單向 Togg 發貨。正如我在上次電話會議中提到的，我們收到了來自他們的約 1300 萬美元的訂單。其中大部分是在本財年內完成的，運行速度約為我們之前的兩倍。

So no change to our current forecast. That was already baked into the numbers that we previously provided to everybody on the last call. And it continues to progress well and we're shipping against the contract.

因此，我們目前的預測沒有改變。這已經被納入我們之前在上次電話會議中向每個人提供的數字中。它繼續進展順利，我們正在按照合約發貨。

Sounds good. Thanks for the color.

聽起來不錯。謝謝你的顏色。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Christian Schwab, Craig-Hallum Capital.

克里斯蒂安·施瓦布，克雷格·哈勒姆資本。

Hey, guys, this is Tyler on behalf of Christian. Thanks for letting us ask a couple of questions here. So I guess, on Gridspertise, great to hear that the production shipments are ramping this quarter and this year as expected. I guess, any update there with conversations and negotiations on follow-on orders from that customer?

嘿，夥計們，這是代表克里斯蒂安的泰勒。感謝您讓我們在這裡問幾個問題。因此，我想，在 Gridspertise 上，很高興聽到本季和今年的生產出貨量按預期增加。我想，關於該客戶後續訂單的對話和談判有任何更新嗎？

Yeah. We've been, over the last several months, negotiating a follow-on contract with Gridspertise. So that is still in progress. We are expecting that Gridspertise will remain a partner and customer of ours for several years.

是的。在過去的幾個月裡，我們一直在與 Gridspertise 就後續合約進行談判。所以這件事仍在進行中。我們預計 Gridspertise 將在未來幾年內繼續成為我們的合作夥伴和客戶。

I think probably as soon as we begin volume shipments and they can begin their production rollout, that those negotiations will probably remain somewhat stalled until we can -- they actually start delivering to their customers. But still feel good about fiscal '25 and continuing with them as a significant customer going forward.

我認為，一旦我們開始大量發貨，他們就可以開始生產，這些談判可能會保持某種程度的停滯，直到我們能夠——他們實際上開始向客戶交付產品。但仍對 25 財年感到滿意，並繼續作為重要客戶繼續與他們合作。

Great. That sounds great. Yes, I think all the rest of my questions have been answered, so I'll pass on. Thanks, guys.

偉大的。聽起來不錯。是的，我想我剩下的所有問題都已經得到解答，所以我會繼續下去。多謝你們。

Thank you.

謝謝。

Scott Searle, Roth MKM.

斯科特·塞爾，羅斯·MKM。

Good afternoon. Thanks for taking my questions. Hey, Jeremy, just to follow up on the Enel prior question. As you're starting to contemplate what that follow-on looks like, do you see it as being a similar magnitude or otherwise? Your comment about growth in fiscal '25 implies that it's still relatively sizable. So I'm kind of wondering about how you think of the magnitude and size as we get beyond these initial deployments.

午安.感謝您回答我的問題。嘿，傑里米，我想跟進 Enel 之前的問題。當你開始思考後續事件會是什麼樣子時，你認為它的大小是相似的還是其他的？您對 25 財年增長的評論表明增長仍然相對較大。所以我想知道當我們超越這些初始部署時，您如何看待我們的規模和規模。

Yeah. From what they've indicated to us as it relates to the size of this business for them, the total business is at a magnitude that's much greater than what we're doing with them in fiscal '24. They have indicated that they may want to dual source the business going forward.

是的。從他們向我們表示的與他們的業務規模有關的情況來看，總業務的規模遠大於我們在 24 財年與他們合作的規模。他們表示，他們可能希望未來的業務實行雙重來源。

And then as the business grows, there will be more price pressure on the delivery as well. So I think it has the potential to be greater than what we've seen in fiscal '24, the entire business. What portion we get of that is still being discussed and negotiated.

隨著業務的成長，交貨的價格壓力也會更大。因此，我認為它有可能比我們在 24 財年看到的整個業務更大。我們從中得到什麼部分仍在討論和談判中。

Got you. Maybe the follow-up to that, I believe the design that you're done with Enel is applicable into other markets, geographies, and customers. Is that correct? Or is there interest building beyond just Gridspertise in the Italian market?

明白你了。也許後續，我相信您與 Enel 完成的設計適用於其他市場、地區和客戶。那是對的嗎？或者，除了 Gridspertise 之外，義大利市場是否還有其他興趣？

So there is opportunity in other markets for this type of solution and other solutions that were -- have the ability to plan. This specific design is Gridspertise design. So us taking that into other markets unless we're working with them would not be allowable. That said, this is still a big market and we do have a number of other products and designs that can work within it.

因此，這種類型的解決方案和其他具有規劃能力的解決方案在其他市場上存在機會。這種具體的設計就是Gridspertise設計。因此，除非我們與其他市場合作，否則我們不允許將其引入其他市場。也就是說，這仍然是一個很大的市場，我們確實有許多其他產品和設計可以在其中發揮作用。

Got you. And couple of other things quickly. Gross margins, as we progress over the course of the fiscal year, now as we start to see the Enel contract ramping up, how should we be thinking about that trajectory. And as well, I was just wondering if you could quickly comment on the EV market in general, I know there's a lot of design activity.

明白你了。很快還有其他幾件事。毛利率，隨著我們在本財年的進展，現在當我們開始看到 Enel 合約增加時，我們應該如何考慮這一軌跡。另外，我想知道您是否可以快速評論電動車市場的整體情況，我知道有很多設計活動。

And I think in terms of your $150 million-plus pipeline or some EV design wins in there, I'm just wondering how the visibility on that has progressed. There have been some headwinds on that front. Thanks.

我認為，就你們超過 1.5 億美元的管道或其中的一些電動車設計勝利而言，我只是想知道這方面的可見性進展如何。這方面存在一些阻力。謝謝。

Yes. On the margin front, we're still expecting gross margins in slightly below the mid-40s, consistent with what we've been seeing on average over the last several quarters. And even with Gridspertise coming in, we do pick up -- although some of that is at a margin that's slightly lower than our corporate average, we do get more leverage in the operations model. So we do make up for some of that by absorbing more of our fixed overhead costs.

是的。在利潤率方面，我們仍然預計毛利率將略低於 40 多美元，與我們過去幾季的平均值一致。即使 Gridspertise 進來，我們也確實有所成長——儘管其中一些利潤率略低於我們公司的平均水平，但我們確實在營運模式中獲得了更多的槓桿作用。因此，我們確實透過吸收更多的固定管理費用來彌補其中的一部分。

On the EV front, we're working a number of different opportunities. They're all in various stages. A few of those are design service contracts that are currently in play. Expectation is some of those design services contracts will then roll into production agreements.

在電動車方面，我們正在尋找許多不同的機會。他們都處於不同的階段。其中一些是目前正在生效的設計服務合約。預計其中一些設計服務合約將轉入生產協議。

And then we're also continuing to -- some of the work that we did for Togg, we do have some shared IP around that. And we're looking at how we commercialize that work we've done and take that into the EV market as well. So we have a couple of different areas that we're progressing on as it relates to EV. And this current fiscal year, I would expect we'll see continued good growth or continued growth from Togg.

然後我們還將繼續——我們為 Togg 所做的一些工作，我們確實有一些共享的 IP。我們正在研究如何將我們所做的工作商業化，並將其帶入電動車市場。因此，我們正在幾個與電動車相關的不同領域取得進展。在本財年，我預計我們將看到 Togg 的持續良好成長或持續成長。

And then we -- and also as it relates to some of the other service contracts that are in play. And then those service contracts, to the extent they become production contracts, would most likely benefit us in fiscal '25.

然後我們 - 也因為它涉及到其他一些正在發揮作用的服務合約。然後，這些服務合約（在某種程度上成為生產合約）最有可能在 25 財年使我們受益。

Great. Thanks so much. Nice job on the quarter.

偉大的。非常感謝。本季工作做得很好。

Thank you.

謝謝。

Thank you very much. And this will conclude our question-and-answer session as well as the conference. We thank you very much for attending today's presentation. You may now disconnect.

非常感謝。我們的問答環節和會議到此結束。我們非常感謝您參加今天的演講。您現在可以斷開連線。