創力 (LTRX) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加 2025 財年第二季業績電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給財務長布倫特·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直播將在公司網站上提供。此外，您還可以在今天的收益報告中找到電話重播的通話詳情。

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.

在本次電話會議中，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聲明和風險因素，該報告已於今日提交給美國證券交易委員會 (SEC)，並可在我們的網站和公司的 SEC 文件（例如 10-K 和 10-Q）中查閱。

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聲明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，以獲取補充管理層評論的更多詳細信息。

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，在電話會議中，公司將討論非公認會計準則財務指標。今天的收益報告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 財務指標的對帳。

With that, I'll now turn the call over to Saleel.

說完這些，我現在將電話轉給 Saleel。

Thanks, Brent, and thank you, everyone for joining us on the call today. We reported revenue of $31.2 million for the second quarter of fiscal 2025 and our non-GAAP EPS was $0.04. Both metrics were solidly within the guidance range. Brent Stringham, our newly appointed CFO, will be providing more details on the second-quarter financial results, shortly. On the call, today, I would like to cover four topics, briefly, with you.

謝謝，布倫特，也謝謝大家今天參加我們的電話會議。我們報告稱，2025財年第二季營收為3,120萬美元，非公認會計準則每股收益為0.04美元。兩項指標均穩定在預期範圍內。我們新任命的財務長布倫特·斯特林漢姆 (Brent Stringham) 將很快提供有關第二季度財務業績的更多詳細資訊。今天在電話會議上，我想和大家簡要地討論四個主題。

An update of our NetComm acquisition, which closed in late December. Expected growth of the Edge AI market and comments from CES in Las Vegas, our strengthening relationship and AI development with Qualcomm. And an update of our internal cost-saving initiatives.

以下是我們於 12 月底完成的 NetComm 收購的最新進展。邊緣人工智慧市場的預期成長以及拉斯維加斯 CES 的評論、我們與高通之間關係的加強和人工智慧的發展。以及我們內部成本節約措施的更新。

First, we are pleased with the strategic acquisition of NetComm for $6.5 million, which expands our Connect business with 4G and 5G gateways. The integration process is going well and we are working closely with our supply chain partners to fill orders for their blue-chip customers.

首先，我們很高興以 650 萬美元的價格策略性地收購了 NetComm，這將透過 4G 和 5G 網關擴展我們的 Connect 業務。整合過程進展順利，我們正在與供應鏈合作夥伴密切合作，為他們的藍籌客戶完成訂單。

We recently met with several key customers at CES, including Vodafone, NetComm's largest customer. We believe we are off to a good start and are excited about the growth prospects for the business.

我們最近在 CES 上會見了幾位重要客戶，其中包括 NetComm 最大的客戶沃達豐。我們相信我們已經有了良好的開端，並對業務的成長前景感到興奮。

Australia and New Zealand present green-field opportunities for us and we're exploring new cross-selling opportunities for Lantronix. To help us grow our Connect product offerings and integrate NetComm's gateway line, we hired Daniel Quant to head up our Industrial IoT group. Daniel will play a pivotal role in integrating AI into our new IoT devices and gateways for industrial and enterprise customers. With over 20 years of experience in industrial IoT and wireless communications, including his most recent role as Vice President and General Manager at Multi-Tech Systems in Minnesota, we are delighted to have him join the team.

澳洲和紐西蘭為我們提供了新的發展機遇，我們正在為 Lantronix 探索新的交叉銷售機會。為了幫助我們擴大 Connect 產品供應並整合 NetComm 的網關產品線，我們聘請了 Daniel Quant 來領導我們的工業物聯網小組。Daniel 將在將 AI 整合到我們面向工業和企業客戶的新物聯網設備和網關中發揮關鍵作用。他在工業物聯網和無線通訊領域擁有超過 20 年的經驗，包括最近擔任明尼蘇達州 Multi-Tech Systems 的副總裁兼總經理，我們很高興他能加入團隊。

Second, a recent Gartner report highlights a significant shift towards edge computing. By 2025, 70%-odd of data is expected to be captured at the edge of the network, up from 25% in 2018. Additionally, more than 50% of enterprise-generated data will be processed outside traditional data centers by 2028, as compared to only 25% in 2018. This trend represents a substantial market opportunity with Edge AI and machine learning, projected to be a $76 billion market by 2031.

其次，Gartner 最近的一份報告強調了向邊緣運算的重大轉變。到 2025 年，預計 70% 左右的數據將在網路邊緣捕獲，高於 2018 年的 25%。此外，到 2028 年，超過 50% 的企業產生的資料將在傳統資料中心之外處理，而 2018 年這一比例僅為 25%。這一趨勢代表著邊緣人工智慧和機器學習的巨大市場機遇，預計到 2031 年市場規模將達到 760 億美元。

Lantronix is strategically positioning itself to capitalize on this megatrend by focusing on compute and connect and edge. Through both organic growth and strategic acquisitions, Lantronix aims to be the picks-and-shovels of the Edge AI buildout.

Lantronix 正在策略性地定位自己，透過專注於運算、連接和邊緣來利用這一大趨勢。透過有機成長和策略收購，Lantronix 旨在成為 Edge AI 建設的支柱。

We provide the necessary hardware, software, and services to enable Edge AI applications helping customers deploy IoT edge solutions more efficiently. We showcased our Edge-intelligence technology to our key customers and partners at the CES and received enthusiastic feedback.

我們提供必要的硬體、軟體和服務來支援 Edge AI 應用程序，幫助客戶更有效率地部署物聯網邊緣解決方案。我們在 CES 上向我們的主要客戶和合作夥伴展示了我們的邊緣智慧技術，並獲得了熱烈的回饋。

Third, we continue to strengthen our strong collaboration with Qualcomm and Edge Intelligence and some broader AI initiatives. For example, we are integrating Qualcomm's advanced AI framework into our Lantronix Edge AI systems to enhance modeling and real-time analytics. We are positioned as one of Qualcomm's key partners for Edge AI, supporting their AI hub program and their expansion into mid-tier and enterprise customers.

第三，我們持續加強與高通、Edge Intelligence 以及一些更廣泛的人工智慧計畫的密切合作。例如，我們正在將高通的先進 AI 框架整合到我們的 Lantronix Edge AI 系統中，以增強建模和即時分析。我們是高通邊緣人工智慧 (Edge AI) 領域的關鍵合作夥伴之一，支援其人工智慧中心計畫及其向中階和企業客戶的擴張。

For example, new opportunities include working on prototype solutions for banking institutions to test customer traffic analytics, working with an electronics manufacturer for quality control and predictive maintenance, and working with a large agriculture customer to explore real-time monitoring and maintenance for advanced farming footprint. While we invest in Edge AI solutions, we remain very focused on securing new customers and designments.

例如，新的機會包括為銀行機構開發原型解決方案以測試客戶流量分析，與電子產品製造商合作進行品質控制和預測性維護，以及與大型農業客戶合作探索先進農業足跡的即時監控和維護。在我們投資 Edge AI 解決方案的同時，我們仍然非常注重爭取新客戶和設計。

Several of note to share are, in out-of-band management is shipping to a large enterprise-ready AI data center, business that is deploying our top-of-rack solution, including hardware, software, and services that enable out-of-band management for remote configuration, fast recovery, and maintenance of the customers' AI cloud server. This is critical for maintaining access to their assets at all times.

值得分享的幾點是，帶外管理正在運送到大型企業級 AI 資料中心，該企業正在部署我們的架頂式解決方案，包括硬體、軟體和服務，可實現帶外管理，以進行遠端配置、快速恢復和維護客戶的 AI 雲端伺服器。這對於始終保持對其資產的存取至關重要。

In Compute, we recently secured a design win with a US-based drone manufacturer. We are providing a production-ready computing modules that are embedded in the drones for short-range reconnaissance by the military. The system is TAA compliant.

在計算領域，我們最近與一家美國無人機製造商贏得了設計合作。我們提供可嵌入無人機的生產級運算模組，供軍方進行短程偵察。該系統符合 TAA 標準。

In Connect, we are building on our strong relationship with the leading telecom provider to deliver gateway and routers to manufacturers of critical infrastructure assets, such as generators and power plants. Our intelligent gateway allows customers to increase the operational readiness, reducing operating costs and improving alerts and reporting.

在 Connect 中，我們正在與領先的電信供應商建立牢固的關係，為發電機和發電廠等關鍵基礎設施資產製造商提供網關和路由器。我們的智慧網關可以幫助客戶提高營運準備、降低營運成本並改善警報和報告。

Finally, regarding the cost-reduction initiatives we spoke about last quarter. I'm pleased to report that we are on track and made good progress in the fiscal second quarter.

最後，關於我們上個季度談到的削減成本措施。我很高興地報告，我們的工作進展順利，並在第二財季取得了良好的進展。

These initiatives are now substantially complete. Our process of consolidating our seven geographic locations down to four Centers of Excellence is progressing with Taipei for operations and hardware, Hyderabad, for software and firmware, Vancouver for software and Qualcomm initiatives, Minneapolis for operations and United States-certified warehousing.

目前這些舉措已基本完成。我們將七個地理位置整合為四個卓越中心，其中台北負責運營和硬件，海得拉巴負責軟體和固件，溫哥華負責軟體和高通計劃，明尼阿波利斯負責運營和美國認證倉儲。

We are making these changes to better serve our customers, help our future growth initiatives, and streamline operations. In addition to the four Centers of Excellence, we are retaining a small administrative head office in Irvine.

我們進行這些改變是為了更好地服務我們的客戶，幫助我們未來的成長計劃，並簡化營運。除了四個卓越中心外，我們還在爾灣保留了一個小型行政總部。

With that, I will now turn the call over to Brent to provide you with the quarterly financial review.

現在，我將把電話轉給布倫特，讓他向您提供季度財務回顧。

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

謝謝你，Saleel。在評論 2025 財年第三季的財務展望之前，我將回顧 2025 財年第二季的財務表現和一些業務亮點。

For FQ2 2025, we reported revenue of $31.2 million, which was near the mid-point of our guidance range. This did not include any revenue from the acquisition of the NetComm IoT products, as the transaction closed right at the end of the quarter.

對於 2025 財年第二季度，我們報告的收入為 3,120 萬美元，接近我們指導範圍的中點。這不包括收購 NetComm IoT 產品的任何收入，因為交易在本季結束時就完成了。

As expected, revenue was down sequentially from the prior quarter, principally due to lower volume from our largest automotive customer and slightly lower activity in our enterprise vertical market. On a year-over-year basis revenue in FQ2 2025 was down approximately $5.9 million or 16%, as we saw lower activity in some of our out-of-band management and switch products.

正如預期的那樣，收入環比下降，主要是因為我們最大的汽車客戶的銷售下降以及企業垂直市場的活動略有減少。與去年同期相比，2025 財年第二季的營收下降了約 590 萬美元，即 16%，因為我們發現一些帶外管理和交換產品的活動減少。

GAAP gross margin was 42.6% in FQ2 2025 compared to 42.1% in the prior quarter and 40.6% in the year ago quarter. Non-GAAP gross margin was 43.2% in FQ2 2025 compared to 42.6% in the prior quarter and 41.6% in the year ago quarter. The sequential improvement in gross margin reflects favorable product mix toward higher-margin system solution products.

2025 財年第二季的 GAAP 毛利率為 42.6%，上一季為 42.1%，去年同期為 40.6%。2025 財年第二季非公認會計準則毛利率為 43.2%，上一季為 42.6%，去年同期為 41.6%。毛利率的連續提高反映了產品組合向利潤率更高的系統解決方案產品傾斜的趨勢。

GAAP operating expenses for FQ2 2025 were $15.4 million compared to $16.8 million in the year ago quarter and $16.6 million in the prior quarter. Similarly, our non-GAAP OpEx for FQ2 2025 was down by approximately $700,000 compared to the year ago quarter and down approximately $600,000 sequentially, reflecting the progress we're making on cost reductions, which I will speak more about, in a moment.

2025 財年第二季的 GAAP 營運費用為 1,540 萬美元，去年同期為 1,680 萬美元，上一季為 1,660 萬美元。同樣，我們 2025 年第二季的非 GAAP 營運支出與去年同期相比下降了約 70 萬美元，比上一季下降了約 60 萬美元，這反映了我們在降低成本方面取得的進展，稍後我將詳細討論這一點。

GAAP net loss was $2.4 million or $0.06 per share during FQ2 2025 compared to GAAP net loss of $2.6 million or $0.07 per share in the year ago quarter. Non-GAAP net income was $1.8 million or $0.04 per share during FQ2 2025 compared to non-GAAP net income of $3 million or $0.08 per share in the year ago quarter.

2025 財年第二季度，GAAP 淨虧損為 240 萬美元或每股 0.06 美元，去年同期 GAAP 淨虧損為 260 萬美元或每股 0.07 美元。2025 財年第二季非 GAAP 淨收入為 180 萬美元或每股 0.04 美元，去年同期非 GAAP 淨收入為 300 萬美元或每股 0.08 美元。

Further to Saleel's comments regarding our cost-reduction initiatives, activities to reduce our operating costs have been substantially completed, as of last month in January. We reported in the prior quarter that we expected these initiatives to result in quarterly non-GAAP OpEx in the range of $11.25 million to 11.75 million and on a full-year basis, reduce fiscal 2025 OpEx by $4.5 million compared to fiscal 2024. With the initiatives implemented to date, we are on track to deliver these cost reductions.

繼 Saleel 就我們的成本削減措施所做的評論之後，截至上個月 1 月，我們降低營運成本的活動已基本完成。我們在上一季報告稱，預計這些舉措將使季度非 GAAP 營運支出在 1,125 萬美元至 1,175 萬美元之間，而全年來看，與 2024 財年相比，2025 財年的營運支出將減少 450 萬美元。透過迄今為止實施的舉措，我們正在實現這些成本削減目標。

Note this quarterly OpEx estimate did not include incremental costs attributable to the acquisition of the NetComm IoT products, which we currently expect to add approximately $300,000 to $400,000 per quarter.

請注意，本季營運支出估算不包括因收購 NetComm IoT 產品而產生的增量成本，我們目前預計該成本每季將增加約 30 萬至 40 萬美元。

Turning to the balance sheet, we ended FQ2 2025 with cash and cash equivalents of $19.2 million, which includes the disbursement of $6.5 million in late December for the acquisition of the NetComm IoT products. For the six-month period ended December 31, 2024 we generated positive operating cash flow of $3 million. Net inventories decreased slightly to $29.1 million, as of FQ2 2025, as compared to $29.5 million in the prior quarter.

談到資產負債表，截至 2025 財年第二季度，我們的現金和現金等價物為 1,920 萬美元，其中包括 12 月底為收購 NetComm IoT 產品而支付的 650 萬美元。截至 2024 年 12 月 31 日的六個月期間，我們產生了 300 萬美元的正經營現金流。截至 2025 財年第二季度，淨庫存略為下降至 2,910 萬美元，而上一季為 2,950 萬美元。

Now, for the outlook. For the third quarter of fiscal 2025, we expect revenue to be in the range of $27 million to $31 million. We're expecting sequentially lower revenue in FQ3, primarily reflecting a slower than anticipated rollout by our large smart grid customer in Europe.

現在，談談展望。對於 2025 財年第三季度，我們預計營收將在 2,700 萬美元至 3,100 萬美元之間。我們預計第三季的營收將環比下降，這主要反映了我們在歐洲的大型智慧電網客戶的推出速度低於預期。

We anticipate resuming shipments once the initial deployment is complete. The revenue impact in FQ3 is partially offset by expected organic growth in gateways, routers, and out-of-band management. As a result, we're expecting non-GAAP EPS in the range of $0.01 to $0.05 per share in FQ3.

我們預計初始部署完成後將恢復出貨。FQ3 的收入影響被網關、路由器和帶外管理的預期有機成長部分抵消。因此，我們預計第三季非 GAAP 每股盈餘將在 0.01 美元至 0.05 美元之間。

On a general housekeeping note, when filing our Form 10-Q for the current quarter, we also intend to file a Form S-3 registration statement, which renews our existing shelf registration that recently expired. This is consistent with the company's longstanding practice.

在一般管理說明中，在提交本季度的 10-Q 表時，我們還打算提交 S-3 表註冊聲明，以更新我們最近到期的現有擱置註冊。這與公司長期以來的做法一致。

Thanks, Brent. In conclusion, I believe Lantronix has the key asset of compute and connect to drive edge intelligence. We will continue to focus on three key verticals: enterprise, smart cities, which includes critical infrastructure and transportation.

謝謝，布倫特。總之，我相信 Lantronix 擁有運算和連接的關鍵資產來推動邊緣智慧。我們將繼續關註三個關鍵垂直領域：企業、智慧城市（包括關鍵基礎設施和交通運輸）。

And as new reports indicate, more and more data traffic will be generated at the edge of the network, with a higher percentage of processing happening there because it's secure and it makes a fast and efficient decision making rather than, doing data back-and-forth to the cloud.

而且，正如新報告所指出的，越來越多的資料流量將在網路邊緣產生，更高比例的處理將發生在那裡，因為它是安全的，並且可以快速有效地做出決策，而不是在雲端來回傳輸資料。

We are very well positioned for this megatrend. While we have experienced the effects of customer concentration, we set our corporate strategy, focus the business, execute it well, operationally, while delivering consistent profitability.

我們已經為這一大趨勢做好了充分的準備。雖然我們經歷了客戶集中的影響，但我們制定了公司策略，集中了業務，並在營運上很好地執行了策略，同時實現了持續的盈利。

We're driving ahead with AI solutions, securing new designments, integrating the newly-acquired assets from NetComm, and positioning the company for exciting future growth.

我們正在推動人工智慧解決方案的發展，確保新的設計，整合從 NetComm 新收購的資產，並為公司未來的令人興奮的成長做好準備。

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

至此，我們今天的發言準備完畢。現在我將把時間交給接線員來進行我們的問答環節。謝謝。

(Operator Instructions)

（操作員指示）

Jaeson Schmidt, Lake Street.

傑森‧施密特 (Jaeson Schmidt)，湖街。

Hey guys, thanks for taking my questions. I just want to focus on your smart grid customer. I know fiscal '25 was always going to be that transition year but just based on your commentary on how the March quarter is shaking out, have your thoughts changed about potential follow-on orders from this customer later this calendar year?

嘿夥計們，謝謝你們回答我的問題。我只想關注您的智慧電網客戶。我知道 25 財年一直都是過渡年，但僅根據您對 3 月份季度表現的評論，您對今年晚些時候該客戶的潛在後續訂單的想法是否發生了變化？

Hi Jaeson, it's Saleel, thanks for that question. Our thoughts haven't changed around the smart grid customer. As you know, we ship to Gridspertise. You've said that in the past -- they then work with an ENEL on the rollout. And we need to just work around with them on the rollout. So we are sole-sourced. We are continuing to work with them closely. And I'm going to be visiting them, shortly, in Europe. So not a lot of change on the future. They've been committing to us. That longer term, they know what the size of the opportunities. And I believe we've spoken to that in the past. But, right now, it's a matter of getting the rollout done.

你好，Jaeson，我是 Saleel，謝謝你的提問。我們對智慧電網客戶的想法沒有改變。如您所知，我們運送至 Gridspertise。您過去曾說過—他們隨後與 ENEL 合作推出這項服務。我們只需要與他們合作推出產品即可。所以我們是單一來源。我們將繼續與他們密切合作。我很快就要去歐洲拜訪他們。因此未來不會發生太大的變化。他們一直對我們做出承諾。從長遠來看，他們知道機會有多大。我相信我們過去已經討論過這個問題。但現在的問題是完成推廣。

Okay. That makes sense. And any update on the opportunity here in North America?

好的。這很有道理。北美這邊的機會有什麼更新嗎？

Up to my recent discussions with them, they have two pilots going on. One in the Carolinas and one in the Northeast.

根據我最近與他們的討論，他們正在進行兩項試點。一個在卡羅來納州，一個在東北部。

Perfect. And then, just the last one from me and I'll jump back into queue. How should we think about gross margin trending the remaining fiscal '25 here?

完美的。然後，只剩下我最後一個發言了，我就會重新回到隊列中。我們該如何看待 25 財年剩餘時間的毛利率趨勢？

Hi, Jaeson. This is Brent. Thanks for the question. As you know, margins are pretty heavily dependent on our product mix. And we expect, at least, the next quarters non-GAAP gross margin to come in slightly higher than what we saw here, in FQ2.

你好，Jaeson。這是布倫特。謝謝你的提問。如您所知，利潤率很大程度上取決於我們的產品組合。我們預計，至少下一季的非 GAAP 毛利率將略高於第二季的水平。

Okay. Perfect. Thanks a lot, guys.

好的。完美的。非常感謝大家。

Thanks, Jaeson. Thank you for the questions.

謝謝，Jaeson。謝謝您的提問。

George Gianarikas, Canaccord Genuity.

Canaccord Genuity 的 George Gianarikas。

Thank you for taking my questions. Good afternoon. I was wondering, first, if you can talk a little bit more about what's happening in your out-of-band business. Any color? And how you expect that to proceed into the March quarter? Thank you.

感謝您回答我的問題。午安.首先，我想知道您是否可以再多談談您的帶外業務的情況。任何顏色？您預計這一情況將如何發展到三月季度？謝謝。

Thanks for the question, George. I spoke about out-of-band. Let me give you, like, a specific case that I said my prepared remarks. We got a design win and we're shipping to an AI Edge data center, where our box sits at the top of the rack. So that's good, as you see the data center buildout happen. And without getting into the specifics, we expect it to grow from Q2 fiscal, which ended in December, to Q3 fiscal, which is going to be ending in March.

謝謝你的提問，喬治。我談到了帶外。讓我給你舉一個我準備好的發言的具體案例。我們的設計獲得了勝利，我們正在運送到 AI Edge 資料中心，我們的箱子位於機架頂部。這很好，正如您所看到的資料中心正在建設中。無需贅述具體細節，我們預計它將從 12 月結束的第二財季增長到 3 月結束的第三財季。

Right But in the December quarter, what did you see? I think you mentioned on the call, there was some weakness in out-of-band. Can you just talk a little bit about what happened there? And any vertical, specifically, that were impacted?

對，但是在 12 月季度，您看到了什麼？我想您在電話中提到過，帶外存在一些弱點。你能簡單講一下那裡發生的事嗎？具體來說，有哪些垂直產業受到了影響？

The weakness is primarily with some -- one government-related entity.

弱點主要在於某些與政府相關的實體。

Thank you. And then moving, maybe, to auto. Can you just talk about a little bit about your progress with TOG and also, whether you have been able to leverage that into additional conversations with other OEMs?

謝謝。然後可能轉向自動。您能否簡單談談您在 TOG 方面的進展，以及您是否能夠利用這一點與其他 OEM 進行更多對話？

Yeah, so TOG, our relationship is good. They've gone through some soft pockets but we are anticipating to be very well engaged with them. More importantly, we have started to ship a new product to them for their new upcoming car. So good work going on there.

是的，所以 TOG，我們的關係很好。他們已經經歷了一些困難時期，但我們期待與他們進行良好的合作。更重要的是，我們已經開始向他們運送用於即將推出的新車的新產品。那裡的工作進展順利。

We're also working with them on some services business, they move to the new levels of android. So we are, as I said in the past, we've been two of the cars. In Europe, as you know, we've been working with one truck manufacturer and that's ongoing. That's the update on the automotive side yard. And thank you for that.

我們還與他們在一些服務業務上進行合作，他們正在朝著 Android 的新水平邁進。所以，正如我過去所說的那樣，我們有兩輛車。在歐洲，如您所知，我們一直在與卡車製造商合作，而且合作仍在進行中。這是汽車側院的最新消息。對此我表示感謝。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

Great. Thanks for taking the question. Want to expand the question around smart grid and your opportunities there as it relates -- apart from what Gridspertise is doing, I know you've got your own product there. How do you look at that market? Where do you see opportunities? Is it a different competitive playing field than traditional scene? Maybe just high level reflections on the smart grid opportunity, particularly in the light of modernization and new power needs from AI infrastructure? Thanks.

偉大的。感謝您回答這個問題。想要擴展有關智慧電網以及您在那裡面臨的機會的問題——除了 Gridspertise 所做的事情之外，我知道您在那裡有自己的產品。您如何看待那個市場？您在哪裡看到機會？這是一個與傳統場景不同的競爭環境嗎？也許只是對智慧電網機會的高層次思考，特別是考慮到人工智慧基礎設施的現代化和新電力需求？謝謝。

Hey great question, Ryan. And this really dwells into how we think about the company, longer term and about the future growth that I talked about, which is around AI. And when I had spoken at CES and maybe, when I had even come to your conference, we talked about our smart LV box, which is a edge box, using a Qualcomm SoM that we've created, adding our firmware software really defining how the edge is managed at the edge device. So this could be sitting at a low-voltage substation or even if you go further, even at your house. But, right now, our focus is on the low-voltage substations, where you decide where the power needs to be sent, decide, 'hey, is Saleel at home or not?'

嘿，Ryan，這個問題問得好。這實際上涉及到我們如何看待公司、如何看待我談到的長期未來成長，也就是圍繞著人工智慧。當我在 CES 上發言時，甚至當我參加你們的會議時，我們談到了我們的智慧 LV 盒，這是一個邊緣盒，使用我們創建的 Qualcomm SoM，添加我們的韌體軟體，真正定義如何在邊緣設備上管理邊緣。因此，它可能位於低壓變電站，或甚至更遠，位於你的家中。但是，現在，我們的重點是低壓變電站，您要決定將電力輸送到哪裡，決定『嘿，薩利爾在家嗎？ ’

So it's kind of doing a lot of the traffic management of how the power comes. And we believe we've got POC happening in Europe, which is, we are progressing well. And then once we finish that and start going after more customers, I expect to see some results in that.

因此，它對電力的傳輸方式進行了大量流量管理。我們相信 POC 已經在歐洲出現，也就是說，我們的進展順利。一旦我們完成這項工作並開始吸引更多客戶，我希望看到一些成果。

And again, this is using Qualcomm SoM for getting after the power at the edge device. You'll be able to see this one, shortly, again at Embedded World at the Qualcomm suite.

再次強調，這是使用 Qualcomm SoM 來獲取邊緣設備的電力。您很快就能在高通套件的嵌入式世界展會上再次看到它。

That's really helpful. That's really great. And is that a different set of competitors than you typically face in the Smart grid arena? And in terms of channels, would you develop new channels for this market, folks that are more aligned with the utility business?

這真的很有幫助。這真是太棒了。這與您在智慧電網領域通常面臨的競爭對手有何不同？在通路方面，您會為這個市場開發新的通路嗎？開發更符合公用事業業務的管道嗎？

Yes. So we're looking at the channels that we want to develop in that. And specifically, we're going to focus a little bit in Europe because we've got some traction in that area and we talked about our biggest Smart grid customer. They are also interested in it because they also believe they want to go one more level from the medium-voltage substation to the low-voltage substation. It's early days but we are also engaged with them. So that would be one channel. And then, we would have some of our own channels that our sales team is working on.

是的。因此，我們正在尋找我們想要開發的管道。具體來說，我們將重點關注歐洲，因為我們在該地區取得了一些進展，並且我們談到了我們最大的智慧電網客戶。他們也對此感興趣，因為他們也相信他們想從中壓變電站更上一層樓到低壓變電站。雖然還處於早期階段，但我們也正在與他們合作。所以這將是一個頻道。然後，我們會有一些自己的銷售團隊正在經營的管道。

Great. Super. And I guess in terms -- of your legacy business in switching and out-of-band, how do you think about that in the big picture of is that a low growth TAM at all or do you think it's going to be a headwind as far as your opportunity for your traditional products?

偉大的。極好的。我想就您在交換和帶外方面的傳統業務而言，您如何看待它的整體情況？它是否是一個低成長的 TAM？還是您認為它會對您的傳統產品機會造成阻礙？

Yeah Great question. Right. So if I think about Compute and Connect and you, specifically, talked about switching and out-of-band, I'll take out-of-band for a minute.

是的，好問題。正確的。因此，如果我考慮計算和連接，而您具體談到交換和帶外，那麼我將暫時討論帶外。

Out-of-band, we expect this to be a growing business for us. And its higher than corporate gross margins. As we've said before, we have services on ARR with it. So we like it and we believe, as the data center buildout happens, we are going to benefit from that. So that's number one.

帶外，我們預計這對我們來說將是一個不斷成長的業務。而且其毛利率高於企業。正如我們之前所說，我們在 ARR 上提供服務。所以我們喜歡它，我們相信，隨著資料中心的建設，我們將從中受益。這是第一點。

The switches, media converters, some of these other businesses that we have, I believe our market share is not large. Thus, I see an opportunity for us moving forward to grow some of that from the base that we are at. And you'd say, 'hey, why are you getting confidence around it, I'm seeing some good traction in North America primarily because we are a western supplier. That's becoming more and more important now.

交換器、媒體轉換器以及我們的其他一些業務，我認為我們的市場佔有率並不大。因此，我看到了我們向前邁進的機會，可以在現有基礎上實現一些發展。你會說，『嘿，你為什麼對此有信心，我看到北美的一些良好勢頭，主要是因為我們是西方供應商。現在這一點變得越來越重要。

Okay. That's great, Saleel. Thanks for that color. Appreciate it.

好的。太棒了，薩利爾。謝謝你這個顏色。非常感謝。

Thank you, Ryan.

謝謝你，瑞安。

Scott Searle, Roth Capital.

羅斯資本的斯科特·塞爾。

Hey. Good afternoon. Thanks for taking my questions. Maybe just to quickly follow-up on the out-of-band management opportunity. I wonder if you could frame what you think the growth rate is, going forward?

嘿。午安.感謝您回答我的問題。也許只是為了快速跟進帶外管理機會。我想知道您是否可以概括一下您認為未來的成長率是多少？

And then, on the Edge AI opportunity. I know it's very early days but it seems like there was some good traction coming out of CES. Can you just provide a little bit more color on design cycles metrics that we should be paying attention to? And how this will start to ramp up in fiscal '26?

然後，談談 Edge AI 機會。我知道現在還為時過早，但 CES 似乎已經帶來了一些積極的進展。您能否提供更多關於我們應該關注的設計週期指標的詳細資訊？26 財年這股趨勢將如何開始加速？

So let me take the Edge AI first and then, we'll go to out-of-band.

因此，讓我先討論一下 Edge AI，然後我們再討論帶外 AI。

Edge AI. Scott, we had good momentum out of CES. I spoke, specifically, about three customer programs that we are working on. One is for the banking industry and I think you saw that demo when you were at our suite of CES. The other one is around manufacturing, where they've got predictive maintenance that they're looking at the existing box that we've added some technology in. And the last one is really with farming. So in fiscal '26, we will start to see green shoots and we anticipate to have revenue in fiscal '26, in these areas.

邊緣人工智慧。斯科特，我們在 CES 上取得了良好的發展勢頭。我具體談到了我們正在進行的三個客戶計劃。一個是針對銀行業，我想您在我們的 CES 展會上看到了那個演示。另一個是關於製造業的，他們有預測性維護，他們正在研究我們在現有盒子中添加的一些技術。最後一個是與農業有關的。因此，在 26 財年，我們將開始看到復甦的跡象，我們預計 26 財年這些領域將獲得收入。

I don't know whether you saw the news that, Qualcomm also spoke about it yesterday, more and more inference is going to run on the device, making AI more accessible and customizable. And we're going to be right there with that. So expecting to see growth, and the industry is talking about a 12% growth rate. So I expect we should be in that area, if you may.

不知道大家有沒有看到這個消息，高通昨天也談到了這一點，越來越多的推理功能將會在設備上運行，讓AI更加容易訪問和定制。我們將立即採取行動。因此預計會看到成長，業界正在談論 12% 的成長率。所以如果可以的話，我希望我們應該在那個區域。

And out-of-band management. Sorry, let me get to that. Out-of-band management should be growing more, at the rate that we talked about, 10%, 12%. The market is about $400 million to $500 million, as I've spoken in the past. And the reason we like it, high gross margins, very sticky, and it's a differentiated sale for Lantronix.

以及帶外管理。抱歉，讓我來談談這件事。帶外管理應該會以我們談論的 10%、12% 的速度進一步成長。正如我過去所說的那樣，市場規模約為 4 億至 5 億美元。我們喜歡它的原因是，它的毛利率高，黏性強，而且對於 Lantronix 來說，它是一種差異化的銷售。

Great. And if I could just to follow -up on the supply chain issues. Obviously, it's a key topic of discussion in the broader community, right now. But could you take us through some of your exposures? How the current or potential tariff environment impacts you or does it impact you? Thanks.

偉大的。我是否可以跟進供應鏈問題？顯然，這是目前更廣泛的社區討論的關鍵主題。但是您能向我們介紹一下您的一些經驗嗎？目前或潛在的關稅環境對您有何影響？或是否對您有影響？謝謝。

Great question. And thank you for asking me that, Scott. So on the tariff side of it, we have initiatives in place to address potential tariff increases. We are in the process of transitioning the majority of our manufacturing out of China in the near-term Scott. And I'm very confident this is not going to have any material impact on our business.

好問題。謝謝你問我這個問題，史考特。因此，在關稅方面，我們已經採取措施應對潛在的關稅上調。斯科特，我們近期正在將大部分製造業務轉移出中國。我非常有信心這不會對我們的業務產生任何重大影響。

Great. Thank you.

偉大的。謝謝。

Christian Schwab, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的克里斯蒂安·施瓦布 (Chris

Hey guys. Most of my questions have been answered. I just have one. You kind of ended the conference call talking about exciting growth to come and I'm just wondering if you could frame that on a multi-year basis for us? What you are expecting? It's hard to do --

嘿，大家好。我的大部分問題都已得到解答。我只有一個。您在電話會議結束時談到了未來令人興奮的成長，我只是想知道您是否可以為我們以多年為基礎來製定這項計劃？您期待什麼？這很難做到--

You got cut out at the end, Christian. But I think you were talking about the growth that we are focused on. So we anticipate -- we expect that we should be growing around the 12% rate. That's what we are planning on. And once some of these edge AI things hit, we should start growing faster than that, in the longer term.

最後你被淘汰了，克里斯蒂安。但我認為您談論的是我們所關注的成長。因此我們預計——我們的成長率應該在 12% 左右。這就是我們的計劃。一旦這些邊緣人工智慧技術取得成功，從長遠來看，我們應該開始以更快的速度成長。

Great. And then, as far as --

偉大的。然後，就--

Let me make one more add to that. I believe the NetComm asset is also going to be additive to that. Sorry, please go ahead, sir.

讓我再補充一點。我相信 NetComm 資產也會對此有補充作用。抱歉，先生，請繼續。

Yeah. No worries. So my last question is just gross margins. Would you assume gross margins stay at the level that you're guiding to March? Or do you see something more aspirational in the future?

是的。不用擔心。我的最後一個問題是毛利率。您是否認為毛利率會維持在您預測的三月水準？還是您看到了未來更有抱負的事情？

Yeah, Christian, this is Brent. We think in the near term, especially this this next quarter, Q3, we expect gross margins to be slightly higher than what we saw here in Q2. Especially given the mix that we're projecting for, for that quarter. And shortly thereafter, in the quarters to come.

是的，克里斯蒂安，這是布倫特。我們認為，短期內，尤其是下個季度，即第三季度，我們預計毛利率將略高於第二季度的水平。特別是考慮到我們對該季度的預測。此後不久，在接下來的幾個季度中。

And Christian, if you think about longer term, we anticipate the margins to keep improving closer to the 45% rate. Without giving too much color but, yes, we are really seeing that happening. We've got a laser focus on the supply chain, right now.

克里斯蒂安，如果你考慮長期的話，我們預計利潤率將繼續提高，接近 45%。我不想透露太多細節，但是，是的，我們確實看到了這種情況的發生。我們現在專注於供應鏈。

Great. No other questions. Thank you.

偉大的。沒有其他問題。謝謝。

That 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。我想將會議交還給 Saleel Awsare 並請他做最後發言。

Thank you, everyone for joining our call. We are always available for more discussions. Thank you, again. Bye-bye.

感謝大家參加我們的電話會議。我們隨時願意進行更多討論。再次感謝您。再見。

The conference is 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。