創力 (LTRX) 2025 Q1 法說會逐字稿

Good evening and welcome to the Lantronix first-quarter fiscal 2025 results conference call. (Operator Instructions) Please note, this event is being recorded.

晚上好，歡迎參加 Lantronix 2025 財年第一季業績電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Brent Stringham, Chief Accounting Officer and Interim Chief Financial Officer. Please go ahead.

我現在想將會議交給首席會計官兼臨時首席財務官布倫特·斯特林漢姆 (Brent Stringham)。請繼續。

Good afternoon and thank you for joining our quarterly earnings call. Joining me on the call today is our President and Chief Executive Officer, Saleel Awsare. 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.

下午好，感謝您參加我們的季度財報電話會議。今天與我一起參加電話會議的是我們的總裁兼執行長 Saleel Awsare。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 and in the company's SEC filings, such as its 10-K and 10-Qs. Lantronix undertakes no obligation to revise or update publicly any forward-looking statements to reflect future events or circumstances.

在這次電話會議中，管理階層可能會做出前瞻性陳述，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。我們鼓勵您查看收益報告中包含的警示性陳述和風險因素，該報告已於今天提交給SEC，並可在我們的網站和公司向SEC 提交的文件（例如10-K 和10-Q）中找到。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。

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.

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 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 Saleel.

現在，我將把電話轉給 Saleel。

Thanks, Brent, and thank you, everyone, for joining us on the call today. We reported revenue of $34.4 million for the first quarter of fiscal 2025, which was up 4% compared to the same quarter last year. Non-GAAP EPS in fiscal year Q1 was $0.06. Brent Stringham, our Interim CFO, will provide more details on the first quarter financial results shortly.

謝謝布倫特，也謝謝大家今天加入我們的電話會議。我們報告 2025 財年第一季的營收為 3,440 萬美元，比去年同期成長 4%。第一財年第一季的非 GAAP 每股收益為 0.06 美元。我們的臨時財務長 Brent Stringham 很快就會提供有關第一季財務業績的更多詳細資訊。

On the call today, I would like to highlight 3 topics with you. Our recently announced acquisition of NetComm's IoT product line, the progress we are making in our collaboration with Qualcomm in Edge AI, and our strategic focus on investing in areas where we can differentiate and demonstrate IoT leadership while continuing to emphasize operational efficiency and cost savings.

在今天的電話會議上，我想與大家重點討論三個主題。我們最近宣布收購NetComm 的物聯網產品線，我們與高通在Edge AI 領域的合作取得的進展，以及我們的戰略重點是投資於能夠差異化和展示物聯網領導力的領域，同時繼續強調營運效率和成本節約。

First, our purchase of NetComm's IoT product line for $6.5 million in cash fits very well with our Compute & Connect strategy. It strengthens our Connect offerings by providing our customers with leading-edge IoT solutions.

首先，我們以 650 萬美元現金購買 NetComm 的物聯網產品線，非常符合我們的計算和連接策略。它透過為我們的客戶提供領先的物聯網解決方案來增強我們的 Connect 產品。

The acquisition expands our portfolio in Gateway, Routers and Modems including the latest 5G products, enhancing our Edge Compute solutions. It also adds new blue-chip enterprise customers for additional cross-selling opportunities and opens target-rich unserved geographic markets for our products, such as Australia and New Zealand.

此次收購擴大了我們在網關、路由器和數據機方面的產品組合，包括最新的 5G 產品，從而增強了我們的邊緣運算解決方案。它還增加了新的藍籌企業客戶以獲得額外的交叉銷售機會，並為我們的產品打開了目標豐富的未服務地理市場，例如澳洲和紐西蘭。

In calendar year 2024, the NetComm products are expected to generate approximately $6 million to $7 million in revenue and the acquisition is expected to be immediately accretive to EPS.

到 2024 年，NetComm 產品預計將產生約 600 萬至 700 萬美元的收入，此次收購預計將立即增加每股收益。

In summary, this transaction improves our competitive position in the cellular gateway market, reduces our R&D requirements for the development of 5G IoT gateway and router line, and contributes additional revenue to our Enterprise business. The deal is expected to close in November, subject to customary closing conditions.

綜上所述，本次交易提高了我們在蜂窩網關市場的競爭地位，降低了我們開發5G物聯網閘道器和路由器產品線的研發需求，並為我們的企業業務貢獻了額外的收入。該交易預計將於 11 月完成，具體取決於慣例成交條件。

Second, on the topic of Edge AI. I'm very pleased to report the last 4 months have been very productive in our engagement and strategic collaboration with Qualcomm for AI and Machine Learning. We delivered on three milestones recently, including: First, we are thrilled to announce the signing of a development agreement with Qualcomm to advance their Graphical Composer Tool to accelerate new Edge AI applications.

第二，關於邊緣AI的話題。我很高興地向大家報告，過去 4 個月我們與高通在人工智慧和機器學習方面的接觸和策略合作非常有成效。我們最近實現了三個里程碑，包括：首先，我們很高興宣布與高通簽署開發協議，以推進其圖形編輯器工具，以加速新的邊緣人工智慧應用。

What we are doing is optimizing Qualcomm's AI hub toolkit to manage complex AI workflows, making it easier for end users to do AI modeling. The collaboration with Qualcomm demonstrates our ability to deliver scalable, high-performance AI solutions for our partners, customers and the AI ecosystem.

我們正在做的是優化高通的AI hub工具包來管理複雜的AI工作流程，讓最終用戶更輕鬆地進行AI建模。與高通的合作展示了我們為合作夥伴、客戶和人工智慧生態系統提供可擴展、高效能人工智慧解決方案的能力。

Second, we are expanding our offerings in the Smart City vertical by successfully launching the first AI-enabled Edge Compute gateway called SmartLV in collaboration with Qualcomm. Our SmartLV Gateway, which deploys the IQ-615 processor was designed specifically for low-voltage substations and in next-generation smart grids, utilities and other industrial applications. SmartLV provides operators with real-time management of their networks, enabling them to deliver energy-on-demand while ensuring network stability during periods of peak loading.

其次，我們與高通合作，成功推出了首款名為 SmartLV 的人工智慧邊緣運算網關，從而擴展了我們在智慧城市垂直領域的產品。我們的 SmartLV 網關部署了 IQ-615 處理器，專為低壓變電站以及下一代智慧電網、公用事業和其他工業應用而設計。SmartLV為營運商提供網路即時管理，使他們能夠按需提供能源，同時確保高峰負載期間的網路穩定性。

And third, earlier this month, we announced 5 new system in package solutions based on the latest Qualcomm processes. These new SiPs and SOM solutions work at the edge of the network and help to accelerate the development of AI applications in the enterprise and industrial markets such as video surveillance, robotics and industrial automation.

第三，本月早些時候，我們宣布了 5 個基於最新高通製程的新系統級封裝解決方案。這些新的 SiP 和 SOM 解決方案工作在網路邊緣，有助於加速企業和工業市場中人工智慧應用的開發，例如視訊監控、機器人和工業自動化。

As AI moves to the Edge, we are positioning ourselves to lead not only with Qualcomm based system in package solutions but also our gateway hardware and software solutions. We have differentiated IP, development capabilities, and we are a Western-based supplier. While this will take time, we expect to see momentum in this area in 2026 and beyond.

隨著人工智慧向邊緣發展，我們的定位不僅是基於高通的系統級封裝解決方案，而且是我們的網關硬體和軟體解決方案。我們擁有差異化的IP、開發能力，而且我們是一家西方供應商。雖然這需要時間，但我們預計 2026 年及以後該領域將出現勢頭。

Together, these achievements with Qualcomm allow us to lay the foundation for our long-term strategy to become a key player in the Edge AI ecosystem, driving innovation and delivering end-to-end solutions that address the evolving needs of industries transitioning to an AI-powered edge-centric architecture.

與高通的這些成就共同為我們的長期策略奠定了基礎，成為邊緣人工智慧生態系統的關鍵參與者，推動創新並提供端到端解決方案，以滿足向人工智慧轉型的行業不斷變化的需求- 驅動的以邊緣為中心的架構。

And finally, we are implementing initiatives to drive business focus, improve operating efficiency and enhance future profitability. Specifically, we are in the process of streamlining our product portfolio. Going forward, we will not be making future investments in some noncore products, such as our WiFi and GNSS modules.

最後，我們正在實施措施來推動業務重點、提高營運效率並增強未來獲利能力。具體來說，我們正在簡化我們的產品組合。展望未來，我們將不會對某些非核心產品進行投資，例如我們的 WiFi 和 GNSS 模組。

These lines are smaller contributors to our top line, and we want to direct our development resources on core growth areas where we provide differentiation and leadership. We are in the process of moving from seven sites globally to four centers of excellence, providing scale and efficiency.

這些業務對我們的收入貢獻較小，我們希望將我們的開發資源用於提供差異化和領導力的核心成長領域。我們正在從全球七個站點遷移到四個卓越中心，以提供規模和效率。

With these initiatives and others already identified, we expect to reduce our fiscal year '25 operating expenses by approximately $4.5 million relative to fiscal year '24, and we expect these initiatives to be fully implemented by the end of March 2025.

透過這些舉措和其他已經確定的舉措，我們預計 25 財年的營運費用將比 24 財年減少約 450 萬美元，並且我們預計這些舉措將在 2025 年 3 月底之前全面實施。

In conclusion, we remain focused on the mega trend of enabling Edge intelligence with our Compute and Connect solutions, allowing our customers to improve their real-time decision making while increasing their operational efficiency.

總而言之，我們仍然專注於透過我們的運算和連接解決方案實現邊緣智慧的大趨勢，使我們的客戶能夠改善他們的即時決策，同時提高他們的營運效率。

And we are continuing to focus on profitable growth, cash generation and making the right investments that help scale the business into fiscal year 2026 and beyond. We will continue to look for acquisitions that complement our core strategy as demonstrated by our pending NetComm acquisition.

我們將繼續專注於獲利成長、現金產生以及進行正確的投資，以協助將業務擴展到 2026 財年及以後。我們將繼續尋找能夠補充我們核心策略的收購，正如我們即將進行的 NetComm 收購所證明的那樣。

Overall, I'm very pleased with our accomplishments this quarter, including the acquisition of NetComm's IoT product line, our progress with Qualcomm in Edge AI, and are focusing on our product portfolio and improving our operating efficiency.

總的來說，我對我們本季的成就感到非常滿意，包括收購NetComm 的物聯網產品線、我們與高通在Edge AI 方面取得的進展，以及專注於我們的產品組合和提高我們的營運效率。

With that, I will now turn the call over to Brent Stringham, our Interim CFO.

現在，我將把電話轉給我們的臨時財務長布倫特‧斯特林漢姆 (Brent Stringham)。

Thank you, Saleel. I will review the financial results and some business highlights for our first quarter of fiscal year 2025 before commenting on our financial outlook for the second quarter of fiscal 2025.

謝謝你，薩利爾。在評論 2025 財年第二季的財務前景之前，我將回顧 2025 財年第一季的財務表現和一些業務亮點。

For FQ1 2025, we reported revenue of $34.4 million, which was at the lower end of our guidance range. As expected, sequentially, revenue was down from the record revenues we reported last quarter, which included relatively high shipments to our Smart Grid customer to support its initial deployments. On a year-over-year basis, FQ1 2025 revenue was up 4%.

對於 2025 年第一季度，我們報告的收入為 3,440 萬美元，處於我們指導範圍的下限。正如預期的那樣，收入比我們上季度報告的創紀錄收入有所下降，其中包括向我們的智慧電網客戶提供相對較高的出貨量以支援其初始部署。2025 年第一季營收年增 4%。

Embedded IoT Solutions revenue increased by 18% from both the sequential and year-ago periods. Sequentially, the increase was primarily driven by growth from a large enterprise video conferencing customer.

嵌入式物聯網解決方案營收季增 18%。其次，這一成長主要是由大型企業視訊會議客戶的成長所推動的。

IoT System Solutions decreased by 47% and 1% from the sequential and year-ago periods, respectively. The sequential decrease was largely driven by the expected reduction of approximately $16 million in shipments to our large smart grid customer and a large federal government agency order, which did not materialize as originally expected. We expect this to be fulfilled incrementally in the coming quarters. Software and services were up 8% sequentially and lower by 13% from the year ago quarter as products have moved into production.

物聯網系統解決方案較上一季和去年同期分別下降 47% 和 1%。環比下降主要是由於我們的大型智慧電網客戶的出貨量預期減少約 1,600 萬美元以及聯邦政府機構的大型訂單，但該訂單並未按最初預期實現。我們預計這一目標將在未來幾季逐步實現。隨著產品投入生產，軟體和服務較上季成長 8%，較去年同期下降 13%。

GAAP gross margin was 42.1% for FQ1 2025 compared to 38.1% in the prior quarter and 42.7% in the year ago quarter. Non-GAAP gross margin was 42.6% for FQ1 2025 compared to 38.8% in the prior quarter and 44% in the year ago quarter. As expected, gross margin improved sequentially as we did not experience similar inventory-related charges as in the previous quarter. We expect gross margin percent to remain in the low 40s range.

2025 年第一季的 GAAP 毛利率為 42.1%，上一季為 38.1%，去年同期為 42.7%。2025 年第一季的非 GAAP 毛利率為 42.6%，上一季為 38.8%，去年同期為 44%。正如預期的那樣，毛利率連續改善，因為我們沒有遇到與上一季類似的庫存相關費用。我們預計毛利率將維持在 40 左右的範圍內。

GAAP SG&A expenses for FQ1 2025 were $9.5 million compared with $9.2 million in the year-ago quarter and $11.1 million in the prior quarter. The sequential decrease was largely due to lower variable and share-based compensation owing to lower revenue levels.

2025 年第一季的 GAAP SG&A 費用為 950 萬美元，去年同期為 920 萬美元，上一季為 1,110 萬美元。環比下降主要是由於收入水準下降導致可變薪酬和股份薪酬下降。

GAAP R&D expenses for FQ1 2025 were $5 million compared with $5.1 million in the year ago quarter and $5.3 million in the prior quarter. GAAP net loss was $2.5 million or $0.07 per share during FQ1 2025, compared to GAAP net loss of $1.9 million or $0.05 per share in the year ago quarter.

2025 年第一季的 GAAP 研發費用為 500 萬美元，去年同期為 510 萬美元，上一季為 530 萬美元。2025 年第一季的 GAAP 淨虧損為 250 萬美元，即每股 0.07 美元，而去年同期的 GAAP 淨虧損為 190 萬美元，即每股 0.05 美元。

Non-GAAP net income was $2.3 million or $0.06 per share during FQ1 2025, compared to non-GAAP net income of $2.5 million or $0.07 per share in the year ago quarter. As Saleel mentioned earlier, the streamlining of our product portfolio and site consolidation is allowing us to reduce our operating costs.

2025 年第一季度，非 GAAP 淨利潤為 230 萬美元，即每股 0.06 美元，而去年同期非 GAAP 淨利潤為 250 萬美元，即每股 0.07 美元。正如 Saleel 之前提到的，我們產品組合的精簡和站點整合使我們能夠降低營運成本。

These activities are underway, and we expect will result in quarterly non-GAAP OpEx in the range of $11.25 million to $11.75 million for the balance of the fiscal year. For the full year, we expect to reduce our non-GAAP operating expenses by approximately $4.5 million relative to fiscal 2024.

這些活動正在進行中，我們預計本財年剩餘季度非 GAAP 營運支出將在 1,125 萬美元至 1,175 萬美元之間。與 2024 財年相比，我們預計全年非 GAAP 營運費用將減少約 450 萬美元。

Now turning to the balance sheet. We ended FQ1 2025 with cash and cash equivalents of $26.4 million, relatively flat with the prior quarter, and we generated positive operating cash flow of $2.7 million. Net inventories increased slightly to $29.5 million as of FQ1 2025 as compared to $27.7 million in the prior quarter.

現在轉向資產負債表。截至 2025 年第一季度，我們的現金和現金等價物為 2,640 萬美元，與上一季相對持平，我們產生了 270 萬美元的正營運現金流。截至 2025 年第一季度，淨庫存小幅增加至 2,950 萬美元，而上一季為 2,770 萬美元。

Now turning to our outlook. For the second quarter of fiscal 2025, we expect revenue to be in the range of $29 million to $33 million. We're expecting sequentially lower revenue in FQ2, primarily due to lower volume from our largest automotive customer in Turkey and slightly lower activity in our enterprise vertical market.

現在轉向我們的展望。2025 財年第二季度，我們預計營收將在 2,900 萬美元至 3,300 萬美元之間。我們預計第二季的營收將環比下降，這主要是由於我們在土耳其最大的汽車客戶的銷量下降以及我們的企業垂直市場的活動略有下降。

As a result, we're expecting non-GAAP EPS in a range of $0.01 to $0.05 per share in FQ2. This guidance for FQ2 does not include any contribution from the purchase of NetComm's IoT product line as we have not yet closed the acquisition.

因此，我們預計第二季非 GAAP 每股盈餘將在 0.01 美元至 0.05 美元之間。FQ2 的本指南不包括購買 NetComm 物聯網產品線的任何貢獻，因為我們尚未完成收購。

With that, we complete our prepared remarks for today. So I'll now turn it over to the operator to conduct our Q&A session.

至此，我們完成了今天準備好的發言。現在我將把它交給操作員來進行我們的問答環節。

(Operator Instructions) Christian Schwab, Craig Hallum.

（操作員說明）Christian Schwab、Craig Hallum。

Hey, guys. this is Tyler on for Christian. Thanks for letting us ask a couple of questions here. So maybe first off, some push-outs in some federal projects in Q1, and it sounds like some potential headwinds from your large auto customer in Q2, sounds like some of that should hopefully come back in the second half. I guess, any help just maybe bracketing what type of growth or recovery or pickup we could potentially be thinking about in the second half of the fiscal year?

嘿，夥計們。這是泰勒為克里斯蒂安配音的節目。感謝您讓我們在這裡問幾個問題。因此，也許首先，第一季一些聯邦計畫的一些退出，聽起來像是第二季度來自大型汽車客戶的一些潛在阻力，聽起來其中一些應該有望在下半年捲土重來。我想，有什麼幫助可以概括我們在本財年下半年可能考慮的成長或復甦或回升類型嗎？

Tyler, Saleel here. Thanks for the question. For this quarter, as we guided specifically, we are seeing slowdown in our largest automotive customer. And they're in Turkey and there's some slowdown in the consumer spending and rebates and a little bit of enterprise vertical market slowdown, but that's slight. So as I think about the rest of the fiscal year, we've got a number out for next quarter.

泰勒、薩利爾在這裡。謝謝你的提問。在本季度，正如我們特別指導的那樣，我們看到我們最大的汽車客戶的成長放緩。他們在土耳其，消費者支出和回扣放緩，企業垂直市場也略有放緩，但幅度很小。因此，當我考慮本財年剩餘時間時，我們已經得出了下個季度的數據。

We don't guide the rest of the year, but we start to see improvements sequentially as we go through the rest of this fiscal year, Tyler.

我們不會指導今年剩餘時間，但隨著我們度過本財年剩餘時間，我們開始看到連續的改進，泰勒。

All right. That's great. Maybe then the Smart Grid opportunity, it's normalized here from your large customer. And I think in the past, we talked about that opportunity you have in the long tail on it, but also having some additional other smart grid opportunities, I think, potentially in the United States or other places, I guess, any update on those opportunities on how those are tracking?

好的。那太棒了。也許智慧電網的機會，它是從你的大客戶那裡標準化的。我認為在過去，我們談到了長尾機會，但也有一些其他智慧電網機會，我認為，可能在美國或其他地方，我想，關於這些的任何更新那些機會是如何追蹤的？

Yes, sure, Tyler. Saleel here again. So I was just in Europe about 4 weeks back, met with the leadership of our largest partner company there. The deployments in Italy are ongoing. And as we said, this calendar year, we shipped quite a lot of products. So they're going to deploy them. So that's moving along as expected.

是的，當然，泰勒。薩利爾又來了。大約 4 週前，我在歐洲，會見了我們那裡最大的合作夥伴公司的領導階層。在義大利的部署正在進行中。正如我們所說，今年我們發貨了相當多的產品。所以他們要部署它們。所以一切都如預期進行。

Now the thing that excites me for the longer term is we've got now -- we said a POC in North America. There's another 1 I've been told that's going to be starting in the state of Massachusetts. So that's the second one. Then we are also seeing them going into the Latin American market. So there is some traction and also getting into other areas in Europe.

從長遠來看，令我興奮的是我們現在已經實現了——我們說在北美有一個 POC。據我所知，還有另外一個項目將從馬薩諸塞州開始。這是第二個。然後我們也看到他們進入拉丁美洲市場。因此，有一些吸引力並且也進入了歐洲其他地區。

Now these take some time. But the good news is the device is ready, and it's been shown at all the shows, you might -- Enlit Europe. It was shown there. The Gridspertise folks showed that. In addition, we even showed our own SmartLV product, that is the lower -- for the low voltage grid in collaboration with Qualcomm at the same show.

現在這些需要一些時間。但好消息是該設備已經準備就緒，並且已經在所有展會上展示過，您可能會這樣——Enlit Europe。它在那裡被展示了。Gridspertise 的人們證明了這一點。此外，我們還在同一個展會上與高通合作展示了我們自己的SmartLV產品，即lower——用於低壓電網。

So we believe this is a long-term area that we are going to invest in and see good growth in the longer term.

因此，我們相信這是一個我們將投資的長期領域，並且從長遠來看會看到良好的成長。

Great. And then maybe last one here. Good to hear some of the progress you're making right with your Edge AI, partnership with Qualcomm. Just wondering any of these signed development agreements with them or any of these things have any monetary connection to them? And if so, if you could, I guess, quantify those to any degree? Or how we should think about those going forward?

偉大的。然後也許是這裡的最後一個。很高興聽到您與高通合作在 Edge AI 方面取得的一些進展。只是想知道與他們簽署的這些開發協議中的任何一個或其中任何一個與他們有任何金錢聯繫嗎？如果是這樣，我想你是否可以對這些進行任何程度的量化？或者我們該如何思考未來的事？

Yes. So -- and we put three specific things that we did with Qualcomm. We don't talk about specific dollar amounts on this -- any development agreement that we have signed with them. But be rest assured, we're going to -- it's collaborative with them, and we're not sharing a dollar amount, but yes, we are providing services that enable us to improve upon their AI hub that they have developed -- allowing end customers to develop products faster. So we're doing a small portion of their whole AI hub, but we are uniquely doing that for them.

是的。因此，我們列出了我們與高通所做的三件具體事情。我們不會談論具體的金額——我們與他們簽署的任何開發協議。但請放心，我們將與他們合作，我們不會分享一美元金額，但是，我們正在提供服務，使我們能夠改進他們開發的人工智慧中心——允許最終客戶更快地開發產品。因此，我們只負責他們整個人工智慧中心的一小部分，但我們是為他們做的，這是獨一無二的。

Sounds great. All right, that's all for us. Appreciate it, guys.

聽起來很棒。好吧，我們就這些了。非常感謝，夥計們。

Thanks, Tyler.

謝謝，泰勒。

Ryan Koontz, Needham.

瑞安·孔茨，李約瑟。

Hi. Thanks for the question. When I ask about your acquired NetComm business here, what do you see as the synergies with what you're already doing in terms of your Qualcomm partnership? And how do you think about the channel relationships that come with that? Are they additive? Are they synergistic? And can you walk me through both the the product structure and the business structure of how you think about that folding into your business? Thank you.

你好。謝謝你的提問。當我在這裡詢問您收購的 NetComm 業務時，您認為與您在高通合作夥伴關係方面已經開展的業務有何協同效應？您如何看待隨之而來的通路關係？它們是添加劑嗎？它們有協同作用嗎？您能否向我介紹產品結構和業務結構，以及您如何考慮將其納入您的業務？謝謝。

Hey, Ryan, great question, and thank you for asking that. So we believe we really bought well. The acquisition adds brand-new 5G IoT gateways and routers to our portfolio. And in addition, it complements what we've had. So that's a great add to us, and it gives us 5G ready to go now.

嘿，瑞安，好問題，謝謝你提出這個問題。所以我們相信我們真的買得很好。此次收購為我們的產品組合增添了全新的 5G IoT 閘道和路由器。此外，它補充了我們已有的東西。所以這對我們來說是一個很好的補充，它讓我們現在可以使用 5G。

They have some great customers that we were not engaged with, and they are blue-chip enterprise customers. And as time goes on, we'll give you more details. So there's great opportunity there for us. Not only for the NetComm products that we acquired, but some of our other enterprise products that we could sell in there, right? So there's going to be some cross-selling.

他們有一些我們沒有接觸過的優秀客戶，他們是藍籌企業客戶。隨著時間的推移，我們將為您提供更多詳細資訊。所以這對我們來說是一個很好的機會。不僅是我們收購的NetComm產品，還有我們可以在那裡銷售的其他一些企業產品，對吧？因此，將會出現一些交叉銷售。

Giving you an example, they have a large MNO, mobile network operator. And we believe this brings us a great opportunity to sell a lot of our stuff like our out-of-band products, just to put it in perspective.

舉個例子，他們有一家大型行動網路營運商。我們相信這給我們帶來了一個很好的機會來銷售我們的許多東西，例如我們的帶外產品，只是為了正確地看待它。

Secondly, we said the revenue was in the $6 million to $7 million rate for this calendar '24. I expect this to grow 20% into calendar '25 and beyond. We see that really there.

其次，我們說本日曆 '24 的收入為 600 萬至 700 萬美元。我預計 25 年及以後該數字將成長 20%。我們確實看到了這一點。

And on the cost side, which was a great question you asked. We are absorbing a very small team since it's accretive. And once NetComm is integrated, we can leverage our own capability to support the growth. So I want to be very crisp and clear that this is not something that's not in our portfolio. We have a few product.

在成本方面，這是一個很好的問題。我們正在吸收一個非常小的團隊，因為它具有增值性。一旦 NetComm 被整合，我們就可以利用自己的能力來支援成長。所以我想非常明確地說，這不屬於我們的投資組合。我們有一些產品。

This augments it. It adds revenue. It adds customers and makes us a lot stronger in this space. Does that give you a good perspective?

這增強了它。它增加了收入。它增加了客戶，使我們在這個領域變得更強大。這會給你一個好的視角嗎？

Yes. I guess from a channel perspective, will you use your existing channels? Are they bringing their own channel relationships? What's going on there?

是的。我想從通路的角度來看，你會使用現有的管道嗎？他們有自己的通路關係嗎？那裡發生了什麼事？

Yeah, great question. So I'll add to that. They are bringing some channel relationships and we will be taking those channel relationships over. And what I didn't address is, they're also bringing Australia, which is a pretty decent market for IoT, which is underserved by us completely. So that also helps us from that perspective.

是的，很好的問題。所以我要補充一下。他們帶來了一些通路關係，我們將接管這些通路關係。我沒有提到的是，他們還帶來了澳大利亞，這是一個相當不錯的物聯網市場，但我們完全沒有提供服務。從這個角度來看，這也對我們有幫助。

So they bring channel. And then the other thing we can help there is on the cost structure, right? They're bringing in some of the suppliers. We work with them also already. So that's going to allow us to get some costs squeezed out of it.

所以他們帶來了管道。我們可以幫助的另一件事是成本結構，對吧？他們正在引進一些供應商。我們也已經與他們合作。因此，這將使我們能夠從中擠出一些成本。

Got it. And if we could click back to your Edge AI development. It sounds like this is pretty new and a longer wavelength project, so maybe not a big impact in '25, but what sorts of applications and verticals are like your low-hanging fruit here that you're looking at that can fit with your expertise.

知道了。如果我們可以點擊返回您的 Edge AI 開發。聽起來這是一個相當新的、波長更長的項目，所以可能不會對25 年產生很大的影響，但是什麼樣的應用和垂直領域就像您正在尋找的容易實現的目標，可以適合您的專業知識。

Yeah, yeah. With our strategy, it's really focused -- and you're right, it's a longer-term thing. We expected fiscal '26 and beyond, which is not really that long. But if you think about where we are at, enterprise area, videoconferencing, and you know this, Ryan, you and I have spoken before, where having a model, improving the quality, both on video and audio is a perfect example. In the grid area, again, making sure which is a part of our smart cities vertical, this goes after the low-voltage portion of it gives you that.

是啊是啊。我們的策略非常專注——你是對的，這是一個長期的事情。我們預計 26 財年及以後的時間不會太長。但如果你想想我們所處的位置，企業領域，視訊會議，你知道這一點，Ryan，你和我之前已經談過，擁有一個模型，提高視訊和音訊的品質就是一個完美的例子。在電網區域，再次確保哪個是我們垂直智慧城市的一部分，這是在它的低壓部分之後為您提供的。

And then, frankly, robotics, drones, industrial applications, and all the applications that I mentioned, us being a Western-based supplier is also very important because we are both TAA and NDAA certified.

然後，坦白說，機器人、無人機、工業應用以及我提到的所有應用，我們作為西方供應商也非常重要，因為我們都獲得了 TAA 和 NDAA 認證。

When you say robotics, you're thinking like factory floor stuff?

當你說機器人技術時，你想到的就像是工廠車間的東西嗎？

That's right. That's right. Automation. And frankly, we have introduced a few products. I believe '26, we will start to see some green shoots on this.

這是正確的。這是正確的。自動化。坦白說，我們已經推出了一些產品。我相信 26 年，我們將開始看到這方面的一些萌芽。

So it's not too long away. But -- and we're putting a lot of effort into it. And I'm feeling really good with our work that we're doing with Qualcomm.

所以距離也不是太遠了。但是——我們為此付出了很多努力。我對我們與高通所做的工作感覺非常好。

Okay. And just a clarification, if we could, on your big smart grid customer in Europe. Did you mention what your outlook looks like for that over the next few quarters?

好的。如果可以的話，請澄清一下你們在歐洲的智慧電網大客戶。您是否提到了未來幾季的前景？

We mentioned for the first half of fiscal '25, which is as of end of December, that we would ship around $10 million, and we are on track to do that. Moving forward, we are not going to be getting into that granularity, Ryan. But -- as I answered an earlier question, they are working on other projects with the same device, and they need to finish their deployments in Italy. So this, as I said, is a long tail partnership, the way I think about it.

我們提到，截至 12 月底的 25 財年上半財年，我們將出貨約 1,000 萬美元，而且我們正在按計畫實現這一目標。展望未來，我們不會進入這個粒度，瑞安。但是，正如我回答之前的問題一樣，他們正在使用同一設備進行其他項目，並且需要完成在義大利的部署。因此，正如我所說，這是一種長尾合作關係，我是這麼認為的。

Yes. It sounds largely on track what you talked about before. Okay.

是的。聽起來基本上符合您之前談到的內容。好的。

Yes. Nothing to report there.

是的。那裡沒什麼好報告的。

Great. And you mentioned on the enterprise slowdown, that was more federal? Where you were feeling some pushouts, you said?

偉大的。您提到企業放緩，這比較是聯邦政府的事嗎？你說你在哪裡感到有些被推擠？

Yeah. It was -- I would say it's mainly around our government -- a little bit on the government side, but also some of our insurance and banking customers have been a little careful with the spend as they think about the future. But maybe that's where we saw the slowdown. The federal one was specifically for last quarter. I'm just talking about the moving forward.

是的。我想說這主要是圍繞我們的政府——政府方面有一點，但我們的一些保險和銀行客戶在考慮未來時對支出也有點謹慎。但也許這就是我們看到放緩的地方。聯邦的是專門針對上個季度的。我只是在談論前進的事情。

Yeah. Perfect. That's all I've got. Thank you very much.

是的。完美的。這就是我所擁有的一切。非常感謝。

Thank you, Ryan.

謝謝你，瑞安。

This concludes our question-and-answer session. I would like to turn the conference back over to Saleel Awsare for any closing remarks.

我們的問答環節到此結束。我想將會議轉回薩利爾·阿薩雷 (Saleel Awsare) 發表閉幕詞。

Thank you, everyone, and talk to you next quarter.

謝謝大家，下季再跟大家聊。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。