創力 (LTRX) 2025 Q3 法說會逐字稿

Good day, and welcome to the Lantronix 2025 Q3 results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Lantronix 2025 年第三季業績電話會議。（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 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。今天與我一起出席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. 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.

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 不承擔修改或公開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 will now turn the call over to Saleel.

說完這些，我現在將電話轉給薩利爾。

Thanks, Brent, and thank you, everyone, for joining today's call. We reported revenue of $28.5 million for the third quarter of fiscal 2025, and our non-GAAP EPS was $0.03. Both metrics were well within our quarterly guidance range. Brent Stringham, our CFO, will be providing more details on the third quarter financial results shortly.

謝謝布倫特，也謝謝大家參加今天的電話會議。我們報告稱，2025財年第三季營收為2,850萬美元，非公認會計準則每股收益為0.03美元。這兩項指標均遠低於我們的季度預期。我們的財務長布倫特·斯特林漢姆 (Brent Stringham) 將很快提供有關第三季度財務業績的更多詳細資訊。

On the call today, I would like to cover four topics with you. First, I will speak briefly to the current operating environment and how we've moved quickly with our own task force on tariffs while remaining focused on executing our business and controlling costs. Second, I'd like to talk about how we are expanding our distribution network in the European Union and Asia Pacific.

在今天的電話會議上，我想和大家討論四個主題。首先，我將簡要介紹當前的營運環境，以及我們如何在專注於開展業務和控製成本的同時，透過自己的關稅工作小組迅速採取行動。其次，我想談談我們如何擴大在歐盟和亞太地區的分銷網絡。

Third, I would like to highlight some recent customer wins and mention products we've launched. Lastly, I want to highlight our solid operational execution and strengthening financial position, which Brent will speak to in more detail in his prepared remarks.

第三，我想強調最近贏得的一些客戶，並提及我們推出的產品。最後，我想強調我們穩健的營運執行力和不斷增強的財務狀況，布倫特將在他的準備好的演講中更詳細地談論這一點。

So first off, we're carefully monitoring the current operating environment, and we are working very closely with our customers, suppliers, and contract manufacturers. In anticipation of the tariffs, we established an internal task force to identify our top priorities and devised a 90-day action plan. We are currently implementing this plan and closely managing expenses due to the uncertainty surrounding tariffs and any disruptions to the supply chain.

首先，我們正在密切監控當前的營運環境，並與我們的客戶、供應商和合約製造商密切合作。為了應對關稅，我們成立了一個內部工作小組來確定我們的首要任務，並制定了為期 90 天的行動計劃。由於關稅的不確定性以及供應鏈中斷，我們目前正在實施該計劃並密切管理費用。

Regarding pricing, we are working on a customer-by-customer basis with goal of minimizing the impact to Lantronix. And we are in discussion with our largest partners and contract manufacturers to manage and reduce cost. In this operating environment, we will continue to analyze, adjust, and execute our action plan.

關於定價，我們正在根據每位客戶的具體情況進行製定，以盡量減少對 Lantronix 的影響。我們正在與最大的合作夥伴和合約製造商討論如何管理和降低成本。在這樣的經營環境下，我們將繼續分析、調整並執行我們的行動計畫。

Second, regarding our effort to grow our channel distribution, we announced this past quarter that we are expanding our partnership with TD SYNNEX, our major distributor in North America. They are now distributing throughout Europe focused on out-of-band management, network infrastructure, and industrial IoT solutions, bringing expanded support to our customers and partners in the European Union.

第二，關於我們擴大通路分銷的努力，我們在上個季度宣布，我們正在擴大與北美主要經銷商 TD SYNNEX 的合作夥伴關係。他們現在分佈在整個歐洲，專注於帶外管理、網路基礎設施和工業物聯網解決方案，為我們在歐盟的客戶和合作夥伴提供更廣泛的支援。

And we are also leveraging the acquired channel network from NetComm to expand the distribution in Asia Pacific, Australia, and New Zealand. Overall, the integration of NetComm products into our business has gone very well, and I'm pleased with the level of customer engagement and new cross-selling opportunities that we are seeing.

我們也利用從 NetComm 收購的通路網路擴大亞太地區、澳洲和紐西蘭的分銷範圍。總體而言，NetComm 產品與我們業務的整合進展非常順利，我對我們所看到的客戶參與度和新的交叉銷售機會感到滿意。

Third, regarding new customer wins, we recently announced a new AI-powered camera solution that uses our high-performance System on Module paired with thermal infrared camera module from Teledyne FLIR. In this solution, our Open-Q System on Module provides advanced processing for AI-driven situational awareness, advanced thermal imaging, and real-time decision-making. This integration accelerates the next-gen AI camera solutions for drones, surveillance, and robotics.

第三，關於贏得新客戶，我們最近宣布了新的人工智慧攝影機解決方案，該解決方案使用我們的高性能模組系統與 Teledyne FLIR 的熱紅外線攝影機模組配對。在此解決方案中，我們的 Open-Q 模組系統為 AI 驅動的態勢感知、高階熱成像和即時決策提供了先進的處理。這種整合加速了無人機、監控和機器人的下一代人工智慧攝影機解決方案。

I'm also pleased that we announced our latest System on Module using Qualcomm's Dragonwing 8550 processor that's uniquely designed for higher AI and ML applications such as video transcoding, camera applications, and edge gateway integration.

我也很高興我們宣布推出最新的模組系統，它採用了高通 Dragonwing 8550 處理器，專為更高級的 AI 和 ML 應用而設計，例如視訊轉碼、相機應用和邊緣網關整合。

As I have said previously, we are very focused on edge AI solutions because of the benefits of low latency, better security, and low-power requirements at the edge of the network. And we are seeing more customers moving to hybrid architectures that are leveraging both cloud computing for heavy computational processing as well as edge computing for intelligent real-time inferencing.

正如我之前所說，我們非常關注邊緣 AI 解決方案，因為它具有低延遲、更好的安全性以及網路邊緣的低功耗要求等優勢。我們看到越來越多的客戶轉向混合架構，利用雲端運算進行繁重的運算處理，並利用邊緣運算進行智慧即時推理。

And finally, we continue to manage our cost structure tightly, and I'm pleased to report our cash position increased sequentially in fiscal Q3 compared to the prior quarter. We also took the prudent step to pay down some debt, helping us reduce our interest expense.

最後，我們繼續嚴格管理我們的成本結構，我很高興地報告，與上一季相比，我們的現金狀況在第三財季環比有所增長。我們也採取了謹慎的措施來償還部分債務，從而幫助我們減少利息支出。

Brent will be covering that in more detail in his script. Brent, over to you.

布倫特將在他的劇本中更詳細地介紹這一點。布倫特，交給你了。

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

謝謝你，Saleel。在評論 2025 財年第四季的財務展望之前，我將回顧 2025 財年第三季的財務表現和一些業務亮點。

For the third quarter of fiscal 2025 or FQ3, we reported revenue of $28.5 million. As we expected, revenue was down both sequentially and on a year-over-year basis with no shipments in the current quarter to our large smart grid customer in Europe as they work through their initial deployments. The revenue impact was partially offset by sequential organic growth in our embedded connectivity and switch products, along with growth in our gateways and routers, led by products from the acquisition of NetComm last December.

2025 財年第三季或 FQ3，我們報告的營收為 2,850 萬美元。正如我們預期的那樣，由於本季度我們在歐洲的大型智慧電網客戶正在進行初始部署，因此收入環比和同比均出現下降，因為他們正在進行初始部署工作，因此沒有向該客戶發貨。收入影響被我們嵌入式連接和交換器產品的連續有機成長以及網關和路由器的成長部分抵消，其中以去年 12 月收購 NetComm 的產品為主導。

As expected and discussed on last quarter's call, we saw sequential and year-over-year increases in our GAAP and non-GAAP gross margins. GAAP gross margin was 43.5% in FQ3 2025 compared to 42.6% in the prior quarter and 40.1% in the year-ago quarter. Our non-GAAP gross margin was 44.1% in FQ3 2025 compared to 43.2% in the prior quarter and 41% in the year-ago quarter.

正如上個季度電話會議上所預期和討論的那樣，我們的 GAAP 和非 GAAP 毛利率均實現了連續和同比增長。2025 財年第三季的 GAAP 毛利率為 43.5%，上一季為 42.6%，去年同期為 40.1%。2025 財年第三季度，我們的非 GAAP 毛利率為 44.1%，上一季為 43.2%，去年同期為 41%。

GAAP operating expenses for FQ3 2025 were $16 million compared to $16.6 million in the year-ago quarter and $15.4 million in the prior quarter. We reduced our non-GAAP OpEx for FQ3 2025 by approximately $1.2 million compared to the year-ago quarter and by about $200,000, sequentially. We continue to realize the impact of the various cost reductions we have spoken to in recent quarters.

2025 財年第三季的 GAAP 營運費用為 1,600 萬美元，去年同期為 1,660 萬美元，上一季為 1,540 萬美元。與去年同期相比，我們將 2025 財年第三季的非 GAAP 營運支出減少了約 120 萬美元，與上一季相比減少了約 20 萬美元。我們繼續認識到最近幾個季度中談到的各種成本削減的影響。

We note in the March quarter that non-GAAP OpEx, including costs related to NetComm, was within our previously stated quarterly target range of $11.25 million to $11.75 million, which did not originally contemplate NetComm operating costs.

我們注意到，在三月季度中，非 GAAP 營運支出（包括與 NetComm 相關的成本）處於我們先前所述的季度目標範圍 1,125 萬美元至 1,175 萬美元之內，該範圍最初並未考慮 NetComm 營運成本。

GAAP net loss was $3.9 million, or $0.10 per share during FQ3 2025, compared to GAAP net loss of $400,000, or $0.01 per share in the year-ago quarter. The current quarter GAAP net loss includes a restructuring charge of approximately $1.6 million related to the cost reduction initiatives that we undertook and completed in January. Non-GAAP net income was $1.1 million, or $0.03 per share during FQ3 2025, compared to non-GAAP net income of $4.2 million, or $0.11 per share in the year-ago quarter.

2025 財年第三季度，GAAP 淨虧損為 390 萬美元，即每股 0.10 美元，而去年同期 GAAP 淨虧損為 40 萬美元，即每股 0.01 美元。本季 GAAP 淨虧損包括與我們 1 月實施並完成的成本削減措施相關的約 160 萬美元的重組費用。2025 財年第三季度，非 GAAP 淨收入為 110 萬美元，即每股 0.03 美元，而去年同期的非 GAAP 淨收入為 420 萬美元，即每股 0.11 美元。

Turning to the balance sheet. Cash and cash equivalents at the end of the March quarter totaled $20 million, slightly up from the prior quarter. For the three- and nine-month periods ended March 31, 2025, we generated positive operating cash flow of $3.2 million and $6.2 million, respectively. Net inventories decreased to $28.2 million as of March 31, 2025, as compared to $29.1 million in the prior quarter.

轉向資產負債表。3 月底的現金和現金等價物總額為 2,000 萬美元，略高於上一季。截至 2025 年 3 月 31 日的三個月和九個月期間，我們分別產生了 320 萬美元和 620 萬美元的正經營現金流。截至 2025 年 3 月 31 日，淨庫存量減少至 2,820 萬美元，而上一季為 2,910 萬美元。

Given our recent margin expansion and cost reductions, the positive cash flow from operations allowed us to improve our balance sheet during the current quarter by paying down about $2 million, or 15% of our existing term debt. As Saleel previously mentioned, this will help improve savings on interest costs. As of March 31, 2025, our remaining debt balance approximates $12.5 million, giving us net cash of $7.5 million.

鑑於我們最近的利潤率擴大和成本削減，經營活動產生的正現金流使我們能夠在本季度償還約 200 萬美元（佔現有定期債務的 15%），從而改善我們的資產負債表。正如 Saleel 之前提到的，這將有助於節省利息成本。截至 2025 年 3 月 31 日，我們的剩餘債務餘額約為 1,250 萬美元，淨現金為 750 萬美元。

Now for the outlook. For the fourth quarter of fiscal 2025, we expect revenue to be in the range of $26.5 million to $30.5 million. Given the current environment, we are expecting some pressure on gross margins in FQ4 compared to our recent near-record gross margins in FQ3. Accordingly, non-GAAP EPS for FQ4 is expected to be in the range of $0.00 to $0.02 per share.

現在談談展望。對於 2025 財年第四季度，我們預計營收將在 2,650 萬美元至 3,050 萬美元之間。鑑於當前環境，與第三季接近歷史最高水平的毛利率相比，我們預計第四季的毛利率將面臨一些壓力。因此，預計第四季度非 GAAP 每股收益將在 0.00 美元至 0.02 美元之間。

Thanks, Brent. As we consider our outlook for the June quarter, we have been cautious given the macro uncertainty. We are executing well in the current operating environment and managing our expenses closely.

謝謝，布倫特。當我們考慮六月季度的前景時，考慮到宏觀不確定性，我們一直保持謹慎。我們在當前的營運環境中表現良好，並密切管理我們的費用。

We are generating positive cash flow. Our balance sheet is strong. Our customer design activity is growing very nicely. In addition to solid business execution, we remain very focused on developing edge intelligence solutions with compute and connect for our customers.

我們正在產生正現金流。我們的資產負債表強勁。我們的客戶設計活動發展非常順利。除了穩健的業務執行之外，我們還非常注重為客戶開發具有運算和連接功能的邊緣智慧解決方案。

With that, I'd like to ask the operator to open the call for Q&A. Thank you.

現在，我想請接線生開啟問答環節。謝謝。

(Operator Instructions) Jaeson Schmidt, Lake Street.

（操作員指示）Jaeson Schmidt，Lake Street。

Just curious what the NetComm contribution was in the March quarter. And I know you noted that you've been pleased with sort of customer engagement on that. But how should we think about potential growth of that business going forward?

只是好奇 NetComm 在三月季度的貢獻是多少。我知道您已經表示過，您對客戶在這方面的參與感到滿意。但我們該如何看待該業務未來的潛在成長？

Jaeson, it's Saleel here. Thank you for that question. As we mentioned when we did the acquisition that we expect the revenue to be $6 million to $7 million on an annualized basis. We are tracking to exceed that run rate. And if you remember, I've spoken, we should expect to be 15% to 20% higher than that run rate, if you think about it on an annualized basis.

Jaeson，我是 Saleel。謝謝你的提問。正如我們在收購時提到的那樣，我們預計年收入將達到 600 萬至 700 萬美元。我們正在努力超越這一運行率。如果您還記得的話，我曾說過，如果按年率計算，我們預計的運行率應比這一水平高出 15% 到 20%。

The second part is how are the customers tracking? The majority -- the two big customers are Vodafone and Coca-Cola. I've spoken to them before, and they seem to be very well engaged with us. But what has happened is some of the other customers that we were working with are also opportunities for some of our other products like out-of-band and some of our other industrial IoT products that we have.

第二部分是客戶如何追蹤？大多－兩大客戶是沃達豐和可口可樂。我之前曾與他們交談過，他們似乎與我們合作得很好。但實際情況是，我們正在合作的一些其他客戶也為我們的其他一些產品（如帶外產品和我們的一些其他工業物聯網產品）帶來了機會。

So in the mid- to long term, this is going to be very good as we put it all together with the Lantronix products and the NetComm-acquired products. And one key aspect that we really like the business for was with the 5G, and we got that 5G product, and it's already sampling.

因此，從中期到長期來看，當我們將其與 Lantronix 產品和 NetComm 收購的產品整合在一起時，這將非常好。我們真正喜歡這項業務的一個關鍵方面是 5G，我們已經獲得了 5G 產品，並且已經開始提供樣品。

Okay. That's really helpful. And then just given the current macro, curious what you're seeing from sort of a quoting activity and order pattern perspective so far here in Q4?

好的。這真的很有幫助。然後，僅考慮當前的宏觀因素，您是否好奇到目前為止，從第四季度的報價活動和訂單模式角度來看，您看到了什麼？

Great question with the macro. And the organization is ready. We've been handling the changes that are ongoing, and we feel really confident where we're at.

關於宏的很好的問題。並且組織已經做好準備。我們一直在應對正在發生的變化，我們對目前的狀況充滿信心。

So a few points. We're not seeing any cancellations, pushouts or any unnatural behavior from our customers. The design activity is continuing to be just fine. And in the prepared remarks, maybe we talked about how we are managing it and adding a little bit more color to this, we will be pretty much out of our China manufacturing by early FQ1 '26.

有幾點。我們沒有看到客戶有任何取消、延遲或任何不自然的行為。設計活動繼續順利進行。在準備好的演講中，我們可能談到了我們如何管理它，並對此添加一些色彩，到 2026 年第一財季初，我們將基本上退出中國製造業。

Maybe you want to add to that a little bit, Brent.

布倫特，也許你想補充一點。

Yes. This has been an ongoing process for the last few quarters already before all these tariffs were announced. So we're seeing the last remnants of some of the NetComm acquired manufacturing playing out over the next quarter or so.

是的。在所有這些關稅宣布之前，這一進程已經持續了幾個季度。因此，我們將看到 NetComm 收購的部分製造業的最後殘餘部分在接下來的一個季度左右發揮作用。

And really, from a metric standpoint, we have less than 5% of our products that are manufactured in China are destined for the US. And as Saleel said, we're in the process of fully decommitting from China in the next 90 days or so.

事實上，從指標角度來看，我們在中國生產的產品中只有不到 5% 銷往美國。正如薩利爾所說，我們將在未來 90 天左右全面停止對中國的承諾。

Got you. And then just the last one for me, and I'll jump back in the queue. Just following up on some of those comments. Has the macro changed how you're thinking about Gridspertise in fiscal '26?

明白了。然後就只剩下最後一個了，然後我會回到佇列。只是跟進一些評論。宏觀因素是否改變了您對 26 財年 Gridspertise 的看法？

They continue to do their deployment. We continue to remain engaged with them. There is nothing new for me to add other than the fact that we are in good conversations with Gridspertise. Their deployment is ongoing, and we are engaged, and we are still single sourced. That's the clarity that I have for you on specifically Gridspertise.

他們繼續進行部署。我們將繼續與他們保持聯繫。除了我們與 Gridspertise 的對話良好之外，我沒有什麼新消息可以補充。他們的部署仍在進行中，我們也參與其中，我們仍然是單一來源。這就是我為您特別提供的有關 Gridspertise 的清晰資訊。

Scott Searle, ROTH Capital.

斯科特·塞爾（Scott Searle），羅仕資本（ROTH Capital）。

Saleel, maybe just to jump in on the edge compute side of the equation. A lot going on from a product development standpoint, starting at CES, I think continuing at Mobile World Congress. I wonder if you could give us some updated thoughts in terms of what that engagement and design activity pipeline looks like.

Saleel，也許只是為了進入等式的邊緣運算方面。從產品開發的角度來看，有很多事情正在發生，從 CES 開始，我想會繼續在世界行動通訊大會上進行。我想知道您是否可以就參與和設計活動流程方面給我們一些最新的想法。

When we should start to see some revenues? How quickly does that ramp up in fiscal '26 and kind of framing the opportunity?

我們什麼時候才能開始看到一些收入？在 26 財年，這成長速度有多快？這將帶來怎樣的機會？

Great question, Scott, and thank you for that question. Our Edge AI initiatives and focus is starting to pay off. First one was we announced with Teledyne FLIR, a cooperation where our product is in their new thermal imaging camera and it's going to go into production shortly, I believe. So we're working with them on that.

史考特，這個問題問得好，謝謝你提出這個問題。我們的 Edge AI 計劃和重點開始獲得回報。首先，我們宣布與 Teledyne FLIR 達成合作，我們的產品將安裝在他們的新型熱成像相機中，我相信很快就會投入生產。因此我們正在與他們合作。

Specifically, three areas where we were focused on. One was drones, robotics and security and surveillance. I'm very pleased to report our first drone customer, if all the trials complete well, will go into production in the June quarter, small amounts. But as we then go into the fiscal '26, it's going to start to pick up speed.

具體來說，我們專注於三個領域。一是無人機、機器人以及安全與監視。我很高興地報告，如果所有試驗順利完成，我們的第一位無人機客戶將在 6 月季度投入小批量生產。但隨著我們進入26財年，這一成長速度將開始加快。

On the surveillance side, we are engaged with two companies where they are looking at our technology to put into their new, I would call it, AI-enabled camera Scott. So in '26, we do see revenue from the AI activities that we are doing, specifically around cameras.

在監控方面，我們與兩家公司合作，他們正在考慮將我們的技術應用到他們的新產品中，我稱之為人工智慧攝影機 Scott。因此，在 26 年，我們確實看到了我們正在進行的人工智慧活動的收入，特別是圍繞相機的收入。

From a market size, as you've seen the numbers, Grand View, all of these folks are talking about markets in the billions of dollars longer term. We do believe that we will be able to grow nicely with some of the engagements. And we've really been laser-focused enabling cameras with Edge AI, and that's what we do really well.

從市場規模來看，正如您所看到的數字，Grand View，所有這些人都在談論長期數十億美元的市場。我們確實相信，透過一些合作，我們將能夠順利成長​​。我們一直專注於透過 Edge AI 實現相機功能，這也是我們做得非常好的。

So I'm happy to report that we have our first design in and hopefully first volume shipments in this quarter. It's a start, but it will pay off in fiscal '26.

因此我很高興地報告，我們已經完成了第一份設計，並預計在本季度實現第一批出貨。這是一個開始，但它將在 26 財年獲得回報。

Great. It's good to see some of the traction momentum building on that front. And in terms of the guidance for the June quarter, I'm wondering at this point, a couple of things. Like what visibility do you have to that range at the current time? What are kind of the swing factors on that front to the upside and the downside? Is Gridspertise part of the equation at all in the June quarter?

偉大的。很高興看到這方面的一些發展勢頭正在增強。關於 6 月季度的指引，我現在想知道幾件事。例如，您目前對該範圍的可見度如何？這方面影響上行和下行的因素有哪些？Gridspertise 在六月季度是否是其中的一部分？

And then I know it's early, but I'm wondering if you could give us your initial thoughts in terms of growth into fiscal '26. It looks like the decks are cleared here with Gridspertise now largely out of the numbers. What are the early thoughts in terms of how that's starting to shape up? I know it's outside of the near-term tariff window, but I'd love to get your initial thoughts.

我知道現在還為時過早，但我想知道您是否可以就 26 財年的成長情況給我們提供初步想法。看起來這裡的局面已經平息，Gridspertise 的人數已經基本不足。對於這一進程如何開始，您早期的想法是什麼？我知道這超出了近期關稅窗口，但我很想聽聽您的初步想法。

Yes, yes. Thanks for that, and let me try to take one at a time. For the June quarter, we have no Gridspertise revenue, similar to what it was for the March quarter. So as you can see, our base business is starting to grow. I'm very pleased to tell you that.

是的，是的。謝謝你，讓我試著一次解決一個問題。6 月季度，我們沒有 Gridspertise 收入，與 3 月季度的情況類似。正如您所看到的，我們的基礎業務開始成長。我很高興地告訴你這一點。

As I think about where we are sitting today, without getting into the details, our bookings were good last quarter. Our bookings continue to be good this quarter. So as I said in my prepared remarks, Scott, I was very prudent and cautious with the number that we put out there. So sitting today, we feel fine about the number we put out there for you guys.

當我思考我們今天的處境時，不必多說細節，我們上個季度的預訂情況很好。本季我們的預訂情況持續良好。因此，正如我在準備好的發言中所說的那樣，斯科特，我對我們公佈的數字非常謹慎和小心。所以今天坐在這裡，我們對我們為你們提供的數字感到滿意。

And we were cautious though as we thought about it. So we did not go over our skis by any means. And as I think about the future for '26, from the run rate business that we are at now from this quarter or last quarter, we should definitely grow double digits. And we have the design momentum and customers that we're working with that will allow us to show that.

然而，當我們思考這個問題時，我們還是保持謹慎。所以我們根本沒有用任何方法檢查我們的滑雪板。當我思考 26 年的未來時，從本季或上季的運行率來看，我們肯定會實現兩位數的成長。我們擁有設計動力，與客戶合作可以讓我們展示這一點。

Very helpful. And lastly, just on the out-of-band side of the equation, I'm just wondering some updated thoughts on that front. It's tended to be a little, I think, volatile over several quarter periods. But are you starting to get some stability and, I'll call it, recurring customers in terms of their buying patterns there?

非常有幫助。最後，就帶外方面而言，我只是想知道這方面的一些最新想法。我認為，在幾個季度內，它往往會有點波動。但是，就他們的購買模式而言，你們是否開始獲得一些穩定性，並且我稱之為回頭客？

Yeah, Scott, this is Brent. Thanks for the question. Yes, as you mentioned, we've seen some lumpiness in that business. And that's largely because, as we know, it's dependent on project-based capital spending and also to a certain amount of federal spending, which there's some slowdown there.

是的，斯科特，這是布倫特。謝謝你的提問。是的，正如您所說，我們發現該業務存在一些問題。我們知道，這主要是因為，它依賴基於專案的資本支出以及一定數額的聯邦支出，而這方面的支出有所放緩。

So we're seeing good momentum with the pieces we put in place at the company resources and the like, and we feel good about the business going forward and kind of expect to get out of the slowdown we've seen over the last quarter or two going forward.

因此，我們看到我們在公司資源等方面所採取的措施呈現出良好的勢頭，我們對未來業務的發展充滿信心，並有望擺脫過去一兩個季度所經歷的經濟放緩。

And Scott, let me just add. We brought in a new general manager to run that business, and we feel really good about it. He comes out of Opengear, and I think you know those guys. So I anticipate we will start to see some good momentum in the probably second half of '26 from where we're at with some new design win activity.

史考特，請容許我補充一下。我們聘請了一位新總經理來管理這項業務，我們對此感到非常滿意。他來自 Opengear，我想你認識那些傢伙。因此，我預計，從我們現在所處的一些新的設計獲勝活動來看，我們將在 2026 年下半年開始看到一些很好的動力。

(Operator Instructions) Christian Schwab, Craig-Hallum Capital Group.

（操作員指示）Craig-Hallum Capital Group 的 Christian Schwab。

I just want to follow up on some of the commentary you just made just a few seconds ago that you're confident you can grow double digits again in 2026. Is that based on obviously, NetComm rolling in? But does that include Gridspertise coming back and large digestion of previous orders being done? Or is that just based on the core business and expansion of opportunities, partnerships with TD SYNNEX or new design wins ramping through your Qualcomm relationship? Any color there would be great.

我只是想跟進一下您幾秒鐘前發表的一些評論，您有信心在 2026 年再次實現兩位數增長。這顯然是基於 NetComm 的介入嗎？但這是否包括 Gridspertise 的回歸和大量消化之前的訂單？或者這只是基於核心業務和機會的擴展、與 TD SYNNEX 的合作或透過與高通的關係獲得的新設計勝利？任何顏色都很棒。

Christian, thank you for that question. So as I said, from the base business that we are at today, it's what, 28.5% approximately. We definitely see a growth of double digits, could be 10%, could be 12% from a couple of things, design activity, the Qualcomm relationship with new products that we're releasing, new industrial IoT products coming.

克里斯蒂安，謝謝你的提問。正如我所說，從我們今天的基礎業務來看，這個比例大約是 28.5%。我們肯定會看到兩位數的成長，可能是 10%，可能是 12%，這得益於設計活動、高通與我們即將發布的新產品的關係、即將推出的新型工業物聯網產品。

Also, with out-of-band, we're releasing a new box that's going to be coming out in probably 90 days. So all of that is in my plan and the company's plan as you think about fiscal '26 from the run rate we are at now.

此外，透過帶外技術，我們將發布一款新盒子，大約在 90 天內上市。因此，從我們目前的運作率來看，所有這些都在我的計劃和公司的計劃中。

Without getting into too much with Gridspertise, all I'll say is they need to get their deployments done. And I'm working with them closely, but I wouldn't say I'm putting in any big numbers for Gridspertise in the number. Does that kind of give you enough clarity?

我不想多談論 Gridspertise，我只想說他們需要完成他們的部署。我正在與他們密切合作，但我不會說我在數字上為 Gridspertise 投入了多少資金。這樣您能理解得夠清楚嗎？

Yes, that's great color. And then my last question is, are you still currently the only sole supplier to Gridspertise? Should they digest the inventory they have in their rollout and get back on track, would you still be the only one they would call?

是的，顏色很棒。我的最後一個問題是，您目前仍然是 Gridspertise 的唯一供應商嗎？如果他們消化所推出的庫存並回到正軌，您仍然是他們唯一會打電話的人嗎？

Yes, we are single sourced with them, and we continue to be single sourced. And as I've spoken in the past, they're doing a few POCs in the US and things like that. I'm hopeful for the longer term, but we've helped them.

是的，我們是他們的單一供應商，我們將繼續是他們的單一供應商。正如我過去所說的那樣，他們正在美國進行一些 POC 之類的工作。我對長遠發展抱有希望，但我們已經幫助了他們。

We've shipped a lot of product. We are still working with them, but I've tried to derisk the number as much as I can. So does that make sense? Like we are fully only the single source with them right now. And that I've confirmed as of a month ago.

我們已經運送了許多產品。我們仍在與他們合作，但我已盡力降低這個數字的風險。這有意義嗎？就像我們現在是他們唯一的單一來源。我已經在一個月前確認了這一點。

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

我們的問答環節到此結束。現在，我想將會議交還給薩利爾·奧薩雷 (Saleel Awsare) 並請他致閉幕詞。

Thank you, everyone, for joining the call, and we will be in Minnesota at the Craig-Hallum Conference the week after Memorial Day. Thank you so much. Bye-bye.

感謝大家參加電話會議，陣亡將士紀念日後的一周，我們將在明尼蘇達州參加克雷格-哈勒姆會議。太感謝了。再見。

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

謝謝。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。