創力 (LTRX) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Lantronix 第四季和 2025 年全年業績電話會議。（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 fiscal fourth quarter and full year 2025 earnings call. Joining me today is our President and Chief Executive Officer, Saleel Awsare.

下午好，感謝您參加我們的 2025 財年第四季和全年財報電話會議。今天與我一起出席的是我們的總裁兼執行長 Saleel Awsare。

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.

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。

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.

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 財務指標的對帳表。

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. Fiscal 2025 marked a turning point for Lantronix, a year of disciplined execution, meaningful transformation and building the foundation for sustainable long-term growth.

謝謝布倫特，也謝謝大家參加今天的電話會議。2025 財年是 Lantronix 的轉捩點，這一年公司將嚴格執行、進行有意義的轉型，並為長期永續成長奠定基礎。

The progress was evident in our fourth quarter results with revenue of $28.8 million and a non-GAAP EPS of $0.01, both well within our quarterly guidance range. These results reflect a return to growth in our core revenue base, excluding the impact of Gridspertise, our EMEA smart grid customer.

我們的第四季度業績明顯取得了進展，營收為 2880 萬美元，非 GAAP 每股收益為 0.01 美元，均在我們的季度指導範圍內。這些結果反映了我們核心收入基礎的恢復成長，不包括 EMEA 智慧電網客戶 Gridspertise 的影響。

As we enter the new fiscal year, we see powerful industry dynamics creating significant opportunities for Lantronix. We believe we are entering a multiyear growth cycle for unmanned aerial systems, supported by record defense funding and favorable regulatory momentum.

隨著我們進入新的財政年度，我們看到強大的行業動態為 Lantronix 創造了重大機會。我們相信，在創紀錄的國防資金和有利的監管勢頭的支持下，我們正在進入無人機系統的多年增長週期。

According to the US Department of Defense, more than $13 billion is earmarked for unmanned platforms in 2026. We that increased focus on secure US-made technologies, we believe the demand environment for our solutions has never been stronger.

據美國國防部稱，2026年將為無人平台撥款超過130億美元。我們更加關注美國製造技術的安全，我們相信對我們的解決方案的需求環境從未如此強烈。

Against this backdrop of growing demand, we are beginning to see meaningful traction in the market, highlighted by our most recent win with Red Cat's Teal drones, which we formally announced last week. We've been collaborating with their team for some time, and our TAA and NBAA compliant solution now powers Teal's Black Widow drones for the US Army's short-range reconnaissance program.

在需求不斷增長的背景下，我們開始看到市場出現有意義的成長勢頭，上週我們正式宣布贏得 Red Cat 的 Teal 無人機訂單就是一個例證。我們已經與他們的團隊合作了一段時間，我們符合 TAA 和 NBAA 的解決方案現在為美國陸軍短程偵察計劃的 Teal 黑寡婦無人機提供動力。

As a Blue UAS approved platform, this program highlights both the rigor of qualification process and the mission-critical role of our technology. We began shipments in the June quarter, generating initial revenue and strengthening visibility into fiscal 2026.

作為 Blue UAS 認可的平台，該計劃強調了資格認證過程的嚴謹性和我們技術的關鍵任務作用。我們在六月季度開始發貨，產生了初始收入並增強了 2026 財年的可預見性。

We believe our competitive edge lies in our deep camera expertise. Military and other high-performance drone requirements include advanced camera tuning, sensor fusion and complex software integration capabilities we have refined over many years.

我們相信，我們的競爭優勢在於我們深厚的相機專業知識。軍事和其他高性能無人機的要求包括我們多年來不斷完善的先進攝影機調節、感測器融合和複雜的軟體整合功能。

Equally important, being North America-based and fully compliant with NDAA and TAA regulations further positions us as a trusted supplier to OEMs and defense contractors engaged in US government programs. Red Cat's Teal drones exemplifies our secure edge compute solutions, drive long-term growth opportunities in the drone market.

同樣重要的是，由於我們立足於北美並完全遵守 NDAA 和 TAA 法規，因此我們進一步成為參與美國政府專案的 OEM 和國防承包商值得信賴的供應商。Red Cat 的 Teal 無人機體現了我們安全的邊緣運算解決方案，推動了無人機市場的長期成長機會。

Beyond defense, our partnership with Aerora highlights our ability to deliver high-performance Edge AI solutions for commercial drone applications. By combining our compute module, the Teledyne FLIR's thermal camera and PRISM AI software, we enable more intelligent, real-time decision-making for applications like autonomous flight, surveillance and industrial inspection.

除了國防之外，我們與 Aerora 的合作凸顯了我們為商用無人機應用提供高性能 Edge AI 解決方案的能力。透過結合我們的計算模組、Teledyne FLIR 的熱像儀和 PRISM AI 軟體，我們可以為自主飛行、監視和工業檢查等應用實現更智慧、即時的決策。

Early market feedback has been very positive, and we expect revenue contribution from these solutions to begin in fiscal 2026. Looking ahead, we see broader industry trends including government investment and rising demand for US-based suppliers, creating a strong runway for both defense and commercial growth.

早期市場回饋非常積極，我們預計這些解決方案將從 2026 財年開始貢獻收入。展望未來，我們看到更廣泛的行業趨勢，包括政府投資和對美國供應商不斷增長的需求，為國防和商業成長創造了強勁的跑道。

Moving to our next win. We recently signed a multiyear agreement with a major US mobile carrier to provide devices and services as they modernize over 50,000 backup power systems at wireless cell sites nationwide.

邁向我們的下一場勝利。我們最近與美國一家大型行動營運商簽署了一項多年期協議，為他們在全國範圍內的無線基地台對超過 50,000 個備用電源系統進行現代化改造提供設備和服務。

This win is a strong validation of our edge infrastructure strategy, enabling resilient network uptime, improved life cycle management and real-time operational visibility across thousands of distributed locations. So far, we booked nearly all the initial units and have begun shipping in the June quarter.

此次獲獎有力地驗證了我們的邊緣基礎設施策略，實現了彈性網路正常運行時間、改進的生命週期管理和跨數千個分佈式位置的即時營運可視性。到目前為止，我們幾乎預訂了所有初始單位，並已於六月季度開始發貨。

With additional orders expected as the rollout continues, we believe this is a long-term opportunity with this customer and expect additional volume beyond this initial deployment reflecting the depth of our relationship and the strategic nature of the program.

隨著計劃的繼續實施，我們預計還會有更多訂單，我們相信這是與該客戶建立長期合作關係的機會，並且預計在初始部署之後還會有更多的訂單，這反映了我們之間關係的深度和該計劃的戰略性質。

In addition to the sizable hardware deployment, this design win also incorporates our perception platform, enabling remote monitoring and ongoing management of connected assets. As these devices are brought online, we expect they will contribute our growing base of high-margin annual recurring revenue.

除了大規模的硬體部署外，此次設計勝利還融入了我們的感知平台，實現了連接資產的遠端監控和持續管理。隨著這些設備上線，我們預計它們將為我們不斷增長的高利潤年度經常性收入基礎做出貢獻。

This win also opens the door to broader collaboration with the carrier over time, including additional software-enabled services and potential expansion across their larger network footprint. These types of wins highlight our transition from a traditional hardware supplier to a strategic platform partner helping customers accelerate intelligence at the edge.

這場勝利也為今後與該運營商更廣泛的合作打開了大門，包括提供更多軟體支援服務以及在其更大網路覆蓋範圍內的潛在擴展。這些勝利凸顯了我們從傳統硬體供應商轉向策略平台合作夥伴的轉變，幫助客戶加速邊緣智慧化。

This evolution positions us to capture a larger share of customer wallet, deepened long-term relationships and embed our solutions more directly in their critical operations. By moving up the value chain, we are not only expanding revenue opportunities but also creating stickier, high-margin business over time.

這一轉變使我們能夠贏得更大的客戶份額，加深長期關係，並將我們的解決方案更直接地嵌入他們的關鍵營運中。透過提升價值鏈，我們不僅擴大了收入機會，而且隨著時間的推移，還創造了更具黏性、高利潤的業務。

Turning to our growth outlook. As we turn the corner into a new fiscal year, we are seeing growing momentum fueled by recent design wins that are expanding our customer base and enhancing the predictability of our business.

談到我們的成長前景。隨著我們進入新的財政年度，我們看到最近的設計勝利所推動的成長勢頭正在擴大我們的客戶群並增強我們業務的可預測性。

This diversification marks an important step forward as we move past the impact of Gridspertise and underscores the underlying strength of our core platform. Q1 is off to a strong start.

這種多元化標誌著我們擺脫 Gridspertise 的影響力邁出了重要一步，並凸顯了我們核心平台的潛在實力。Q1 開局強勁。

With healthy engagement from both new and existing customers across multiple verticals, our core business has stabilized and is now positioned to deliver growth over the longer term. At the same time, we are beginning to see encouraging traction in our Edge AI strategy.

透過多個垂直領域新舊客戶的積極參與，我們的核心業務已經穩定下來，並有望實現長期成長。同時，我們開始看到邊緣人工智慧策略取得令人鼓舞的進展。

Looking ahead, our visibility in fiscal 2026 has improved, supported by momentum across the two strategic pillars of our platform, Edge IoT, compute and connectivity and network infrastructure encompassing out-of-band management and networking solution.

展望未來，在我們平台的兩大戰略支柱——邊緣物聯網、運算和連接以及涵蓋帶外管理和網路解決方案的網路基礎設施——的強勁發展勢頭的支持下，我們對 2026 財年的可見性有所提高。

The momentum is driven by recent design wins in Edge IOT and out-of-band, continued investment in product innovation and expanding relationships across our distribution and technology partner ecosystems.

這一勢頭的推動因素包括最近在 Edge IOT 和帶外設計方面的勝利、對產品創新的持續投資以及我們分銷和技術合作夥伴生態系統之間關係的不斷擴大。

Together, these initiatives reinforce our ability to scale profitably and capture long-term opportunities at the Intelligent Edge. With that, I turn the call over to Brent to provide more detail on our financial performance. Brent?

總之，這些舉措增強了我們在智慧邊緣擴大獲利規模和抓住長期機會的能力。說完這些，我將電話轉給布倫特，讓他提供更多關於我們財務表現的細節。布倫特？

Thanks, Saleel. Building on that strategic context, I'll now walk through our fourth quarter and fiscal 2025 financial results, highlight the key drivers behind our performance and provide our outlook for the first quarter of fiscal 2026.

謝謝，Saleel。基於這個策略背景，我現在將介紹我們第四季和 2025 財年的財務業績，強調我們業績背後的關鍵驅動因素，並提供我們對 2026 財年第一季的展望。

Looking back on fiscal 2025, we delivered revenue of $123 million, reflecting the transition from a record fiscal 2024 to a more normalized revenue base. As we've noted before, fiscal 2024 included a significant contribution from Gridspertise, which accounted for roughly 25% of revenue that year.

回顧 2025 財年，我們實現了 1.23 億美元的收入，反映了從創紀錄的 2024 財年到更正常化的收入基礎的過渡。正如我們先前所指出的，2024 財年包括來自 Gridspertise 的重大貢獻，約佔當年收入的 25%。

In fiscal 2025, we recognized just over $11 million from Gridspertise in the first half with minimal revenue contribution in the second half of the year as the customer continued to work through its prior deployments.

在 2025 財年，上半年我們從 Gridspertise 獲得了略高於 1,100 萬美元的收入，而下半年的收入貢獻極小，因為客戶仍在繼續其先前的部署。

Excluding this customer, our core revenue base stabilized in the second half of the year and the operational discipline we've driven over the last 12 months positions us for more sustainable and diversified growth in fiscal 2026.

除該客戶外，我們的核心收入基礎在下半年趨於穩定，並且我們在過去 12 個月中推行的營運紀律使我們在 2026 財年實現更可持續和多樣化的增長。

In the fourth quarter of fiscal 2025, we delivered revenue of $28.8 million a sequential increase from $28.5 million in the prior quarter and approximately 4% higher than fiscal Q4 2024 when excluding the impact of Gridspertise. This growth, driven by continued momentum in our Edge IoT products underscores the strength of our core platform and the benefits of a more diversified revenue base.

在 2025 財年第四季，我們的營收為 2,880 萬美元，較上一季的 2,850 萬美元環比成長，若不包括 Gridspertise 的影響，則比 2024 財年第四季高出約 4%。這一成長得益於我們邊緣物聯網產品的持續成長，凸顯了我們核心平台的實力以及更多元化的收入基礎帶來的好處。

Turning to margins. In the fourth quarter, GAAP gross margin was 40% compared to 43.5% in the prior quarter and 38.1% in the year-ago period. On a non-GAAP basis, gross margin was 40.6% versus 44.1% last quarter and 38.8% in the year-ago quarter.

轉向利潤。第四季，GAAP 毛利率為 40%，而上一季為 43.5%，去年同期為 38.1%。以非公認會計準則計算，毛利率為 40.6%，而上一季為 44.1%，去年同期為 38.8%。

The sequential decline primarily reflects inventory charges for aged inventory and higher duties and tariffs incurred in the quarter. Despite these temporary impacts, margins remain above the year ago period, reflecting benefits from our ongoing cost and supply chain initiatives as well as a favorable product mix.

環比下降主要反映了本季老化庫存的庫存費用以及更高的關稅。儘管有這些暫時影響，利潤率仍高於去年同期，這反映了我們正在進行的成本和供應鏈措施以及有利的產品組合帶來的好處。

As we continue to carefully manage our inventories and the impact of tariffs, we expect gross margins to recover to the levels we achieved in the first half of fiscal 2025. We've made strong progress on our 90-day plan to further improve our cost structure and supply chain efficiency.

隨著我們繼續謹慎管理庫存和關稅的影響，我們預計毛利率將恢復到 2025 財年上半年的水平。我們在進一步改善成本結構和供應鏈效率的 90 天計劃上取得了重大進展。

As of today, the vast majority of US-bound products are now manufactured outside of China reducing costs and minimizing potential tariff exposure going forward.

截至目前，絕大多數輸美產品均在中國境外生產，降低了成本並最大程度地減少了未來潛在的關稅風險。

Turning to expenses and profitability. GAAP operating expenses in the fourth quarter of fiscal 2025 were $14.7 million down from $16 million in the prior quarter and $18.2 million in the year ago period.

轉向費用和盈利能力。2025 財年第四季的 GAAP 營運費用為 1,470 萬美元，低於上一季的 1,600 萬美元和去年同期的 1,820 萬美元。

GAAP net loss for the fourth quarter of fiscal 2025 was $2.6 million or $0.07 per share compared to GAAP net income of $400,000 or $0.01 per share in the year ago quarter.

2025 財年第四季的 GAAP 淨虧損為 260 萬美元或每股 0.07 美元，而去年同期的 GAAP 淨收入為 40 萬美元或每股 0.01 美元。

GAAP results for both the fiscal fourth quarter and full year include restructuring charges of $900,000 and $3.5 million, respectively, related to the cost reduction initiatives we executed during the year.

第四財季和全年的 GAAP 業績分別包括 90 萬美元和 350 萬美元的重組費用，這些費用與我們今年實施的成本削減措施有關。

On a non-GAAP basis, we reported net income of just under $400,000 or $0.01 per share compared to non-GAAP net income of $1.1 million or $0.03 per share in the prior quarter.

根據非公認會計準則 (Non-GAAP)，我們報告的淨收入略低於 40 萬美元或每股 0.01 美元，而上一季的非公認會計準則淨收入為 110 萬美元或每股 0.03 美元。

Cost reductions that we have discussed in recent quarters continue to benefit our P&L with non-GAAP operating expenses down by just under $200,000 from the prior quarter and approximately $1.9 million compared to the year ago quarter.

我們最近幾季討論過的成本削減繼續使我們的損益表受益，非 GAAP 營運費用比上一季下降了近 20 萬美元，與去年同期相比下降了約 190 萬美元。

Importantly, the proactive steps we took have reduced just over $4 million of costs relative to fiscal 2024, and the implemented efficiency measures have created a leaner operating structure and meaningful leverage in our model.

重要的是，我們採取的主動措施相對於 2024 財年減少了 400 多萬美元的成本，並且實施的效率措施為我們的模型創造了更精簡的營運結構和有意義的槓桿。

We streamlined our operations, optimized our supply chain and reduced operating expenses while continuing to invest into strategic growth initiatives. These actions allowed us to maintain profitability on a non-GAAP basis despite the year-over-year revenue decline.

我們簡化了運營，優化了供應鏈，降低了營運費用，同時繼續投資於策略性成長計畫。儘管收入年減，這些措施仍使我們在非公認會計準則下保持獲利。

Turning to the balance sheet. Net inventories decreased to $26.4 million as of June 30, 2025, compared to $28.2 million in the prior quarter and $27.7 million at the end of fiscal 2024. We ended the June quarter with cash and cash equivalents of $20.1 million, up from the prior quarter.

轉向資產負債表。截至 2025 年 6 月 30 日，淨庫存減少至 2,640 萬美元，而上一季為 2,820 萬美元，2024 財年末為 2,770 萬美元。截至六月季度，我們的現金和現金等價物為 2,010 萬美元，高於上一季。

For the quarter, we generated positive operating cash flow bringing our full year fiscal 2025 operating cash flow to $7.3 million. During the year, we paid down approximately $4.5 million of term debt or 28% of our outstanding balance.

本季度，我們產生了正的經營現金流，使我們的 2025 財年全年經營現金流達到 730 萬美元。本年度，我們償還了約 450 萬美元的定期債務，佔未償餘額的 28%。

As of June 30, 2025, our remaining debt was approximately $11.8 million, resulting in a net cash position of $8.3 million, providing us with a stronger balance sheet entering fiscal 2026. We also recently refinanced this term debt into an asset-backed line of credit with the same lending partner.

截至 2025 年 6 月 30 日，我們的剩餘債務約為 1,180 萬美元，淨現金狀況為 830 萬美元，為我們進入 2026 財年提供了更強勁的資產負債表。我們最近也與同一貸款合作夥伴將這筆定期債務再融資為資產支持信貸額度。

This refinancing reduces interest expense, provides greater flexibility on principal repayments and extends the maturity to August 2028. Together with our debt reduction efforts, these actions strengthen liquidity and improve the efficiency of our capital structure.

此次再融資減少了利息支出，為本金償還提供了更大的靈活性，並將期限延長至 2028 年 8 月。這些措施與我們的減債努力相結合，增強了流動性並提高了我們的資本結構效率。

Now turning to our outlook for the first quarter of fiscal 2026, which ends September 30, 2025. We expect revenue to be in the range of $28.5 million to $30.5 million. Non-GAAP EPS is expected to be in the range of $0.02 to $0.04 per share.

現在來談談我們對 2026 財年第一季（截至 2025 年 9 月 30 日）的展望。我們預計營收將在2850萬美元至3050萬美元之間。非公認會計準則每股收益預計每股收益在 0.02 美元至 0.04 美元之間。

With that, I'll turn the call back to Saleel for closing remarks.

說完這些，我將把電話轉回給薩利爾，請他作最後發言。

Thanks, Brent. To close, fiscal 2025 was a year of transformation for Lantronix, one in which we built a strong foundation for profitable growth and position the company to capitalize on high-value opportunities and Edge AI and infrastructure modernization.

謝謝，布倫特。總而言之，2025 財年是 Lantronix 的轉型之年，在這一年中，我們為獲利成長奠定了堅實的基礎，並使公司能夠利用高價值機會以及邊緣 AI 和基礎設施現代化。

We reshaped our global operations, established four centers of excellence, streamlined our cost structure and strengthened our balance sheet. We successfully integrated the NetComm IoT acquisition and deepened our strategic partnership with Qualcomm, expanding our capabilities in Edge IoT and AI-driven innovation.

我們重塑了全球運營，建立了四個卓越中心，精簡了成本結構並加強了資產負債表。我們成功整合了對 NetComm IoT 的收購，並深化了與高通的策略合作夥伴關係，擴展了我們在邊緣 IoT 和人工智慧驅動創新方面的能力。

On top of this, we proactively mitigated tariff exposure and realigned our supply chain actions that reduce risk and support improved gross margin performance going forward.

除此之外，我們也積極降低關稅風險，並重新調整供應鏈行動，以降低風險並支持未來提高毛利率。

Collectively, these initiatives have focused our resources on the highest impact opportunities, embedded meaningful operating leverage into our model. And strategically, we position Lantronix to scale with sustained profitability as we enter fiscal 2026.

總的來說，這些舉措將我們的資源集中在最具影響力的機會上，並將有意義的經營槓桿嵌入到我們的模型中。從策略上講，隨著我們進入 2026 財年，我們將 Lantronix 定位為能夠擴大規模並保持獲利。

With that, we now open the call for your questions.

現在，我們開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Jaeson Schmidt, Lake Street.

傑森‧施密特 (Jaeson Schmidt)，湖街。

I just want to start with the drone opportunity. Obviously, a massive market and you guys are seeing some really nice traction here out of the gate. How should we think about the potential for you guys here in the near term, both with Red Cat and what you potentially have in the pipeline?

我只是想從無人機機會開始。顯然，這是一個巨大的市場，你們已經看到了一些非常好的吸引力。我們該如何看待你們在短期內的潛力，包括 Red Cat 以及你們可能正在籌備的項目？

Jaeson, Saleel, thank you for that question. We are extremely excited about the drone market and the drone opportunity. Just to give you a frame of reference, we announced Red Cat about a week ago.

Jaeson、Saleel，謝謝你們的提問。我們對無人機市場和無人機機會感到非常興奮。為了給您參考，我們大約在一周前宣布了 Red Cat。

But as of this quarter, we have over 10 different drone makers that we're working on, mainly military or industrial applications. We see this market growing really nicely into fiscal '26, representing a meaningful portion of our business longer term.

但截至本季度，我們已與 10 多家不同的無人機製造商合作，主要針對軍事或工業應用。我們看到這個市場在 26 財年將會有非常好的成長，從長遠來看，它將佔據我們業務的重要組成部分。

And again, it's fueled by programs like the SRR with Red Cat and as more funding comes, we are well suited there. And I think the key is our competitive edge is our expertise in cameras.

再次，它受到像 SRR 與 Red Cat 這樣的項目的推動，隨著更多資金的到位，我們非常適合那裡。我認為關鍵在於我們的競爭優勢在於我們在相機方面的專業知識。

We've been working around cameras for a long time, and that's really what a drone requires, the camera tuning, the fusion, the software integration and then us being North American-based NDAA and TAA certified really allows us to win these contracts.

我們長期致力於攝影機的研究，而這正是無人機所需要的，攝影機的調整、融合、軟體集成，以及我們獲得北美 NDAA 和 TAA 認證，才真正讓我們贏得了這些合約。

So we have shipped, as I said, last quarter, I mean, in the June quarter, we have visibility into fiscal '26 with a few of the 10 drone makers. And as we get into early 2016 calendar, we'll be seeing more of these companies going into production. So we are feeling really good, as I sit here today.

正如我所說，上個季度，也就是 6 月這個季度，我們已經與 10 家無人機製造商中的幾家達成了 26 財年的合作。隨著 2016 年初的到來，我們將看到更多這類公司投入生產。所以，當我今天坐在這裡時，我們感覺非常好。

Okay. That's really helpful. And then just as a follow-up, if you could comment on sort of what you're seeing from a bookings or order perspective so far here in September. If I look back at the past few years, usually, September is sequentially down.

好的。這真的很有幫助。然後作為後續問題，您是否可以評論一下截至目前九月的預訂或訂單情況？如果回顧過去幾年，通常九月的銷售量會持續下降。

But obviously, the midpoint of your guidance for September here is for growth sequentially. Just curious if you could provide some additional color around the dynamics driving that growth.

但顯然，您對 9 月的指導中點是環比增長。我只是好奇您是否可以提供一些有關推動這一增長的動力的更多信息。

Yeah. Jaeson, another great question. You're right. In the past, maybe last year or the year before, we were down sequentially. We are seeing momentum in our business.

是的。Jaeson，又一個好問題。你說得對。過去，可能是去年或前年，我們的業績連續下滑。我們的業務正在蓬勃發展。

We are seeing new customers that we've acquired and the momentum is really broad-based throughout our core business, including our Edge IoT, some of it is new and then even our networking business. And out-of-band also is growing nicely into this quarter. So builds a lot of confidence as you think about fiscal '26.

我們看到我們已經獲得了新客戶，而且這種勢頭在我們的核心業務中非常廣泛，包括我們的邊緣物聯網，其中一些是新的，甚至我們的網路業務。本季帶外業務也成長良好。因此，當你考慮 26 財年時，你會建立很大的信心。

Ryan Koontz, Needham & Company.

瑞安·孔茨（Ryan Koontz），Needham & Company。

You had some real interesting comments there on gross margin. I just want to make sure I'm not losing the forest through the trees here, so to speak. Can you maybe unpack that, Saleel, in terms of how you think about gross margins evolving over the next 12 months?

您對毛利率有一些非常有趣的評論。我只是想確保我不會只見樹木不見森林，可以這麼說。Saleel，您能否解釋一下您對未來 12 個月毛利率變化的看法？

Yeah. Ryan, great question. I know in the June quarter, we had some one-off gross margin-related items like tariffs and some inventory. But moving forward, it's going to be closer to 44%, 45% for the fiscal year. But I'll pass the mic to Brent to add a little bit more color to that.

是的。Ryan，這個問題問得好。我知道在六月季度，我們有一些一次性的與毛利率相關的項目，例如關稅和一些庫存。但展望未來，本財政年度的比例將更接近 44% 或 45%。但我會把麥克風交給布倫特，讓他為此增添一些色彩。

Yeah. I think, Ryan, as we talked about in the prepared remarks, we're seeing gross margins for the upcoming quarters here in fiscal '26 returning to what we saw a year ago in the -- Saleel mentioned 44%, we're trending in that direction going forward.

是的。我認為，Ryan，正如我們在準備好的發言中談到的那樣，我們看到 26 財年接下來幾個季度的毛利率將恢復到一年前 Saleel 提到的 44% 的水平，我們未來的趨勢是朝著這個方向發展。

Great. Super. And then maybe all these opportunities in the drone market around defense and unmanned vehicles, can you talk a bit about -- is that a new channel for you? Are you working direct? Are you working through integrators?

偉大的。極好的。那麼也許無人機市場在國防和無人駕駛汽車方面存在所有這些機會，您能否談談——這對您來說是一個新的管道嗎？您是直接工作嗎？您是透過整合商來工作的嗎？

I mean maybe walk through some of the commercial side of these drone opportunities? Are they very similar to your business in the past? Or is it somewhat new kind of market motion?

我的意思是也許可以介紹一下這些無人機機會的一些商業方面？它們與您過去的業務非常相似嗎？還是這是一種新型的市場動向？

Yeah. Ryan, another great question. And you know I've spoken before. We kind of started on this journey of unmanned UAS or drones in calendar '24. And into that, we've kind of worked with Teledyne FLIR, which was a very important announcement that we did.

是的。Ryan，又一個好問題。你知道我之前已經說過了。我們是在 24 年開始踏上無人駕駛 UAS 或無人機之旅的。在此方面，我們與 Teledyne FLIR 進行了合作，這是我們所做的一項非常重要的聲明。

They are the leader in thermal imaging cameras, which is this market is all about. They gave us, hey, we are a great partner for them. So that helped us and we work with them on major designs.

他們是熱成像攝影機領域的領導者，而這正是這個市場的精髓所在。他們給了我們，嘿，我們是他們很好的合作夥伴。這對我們很有幫助，我們與他們合作進行主要設計。

And then just having this camera expertise working with some of the integrators that are out there, and we've increased our understanding of the market, what we can do for the market, and that's how we've really gotten to winning somebody like Red Cat on one of their big programs.

然後，憑藉我們在相機方面的專業知識，我們與一些整合商合作，加深了對市場的了解，了解我們能為市場做些什麼，這就是我們如何真正贏得像 Red Cat 這樣的公司的青睞，獲得他們的一個大型項目。

And this one, we pretty much got done in eight months from beginning to end. So it was really all systems go, all hands on deck to get them ready. So we are very proud of what we've done there.

而這一次，我們從頭到尾幾乎只花了八個月的時間就完成了。因此，一切真的都準備就緒，一切準備就緒。因此，我們對在那裡所做的事情感到非常自豪。

That's great. So Teledyne, it sounds like to some degree they're pulling you into some of these deals in a kind of a partner ecosystem?

那太棒了。那麼，Teledyne，聽起來他們在某種程度上是在以某種合作夥伴生態系統的形式將你們拉入這些交易中？

Yeah. Teledyne first pulling us into quite a few and they're a big company with a lot of access. So it's been very helpful.

是的。Teledyne 首先將我們拉入了許多公司，他們是一家擁有許多存取權限的大公司。所以這非常有幫助。

Yeah. That's great. Maybe one last one if I can squeeze it in. You talked about this backup generator for sell-side opportunities. Great to finally get that deal closed.

是的。那太棒了。如果我能擠出時間的話，也許這是最後一個。您談到了賣方機會的備用產生器。很高興最終達成了這筆交易。

Any more you can tell us about that? And are there other opportunities similar to that in the pipeline that you can address?

您還能告訴我們更多有關此事的資訊嗎？有其他類似的機會可以讓您探討嗎？

Yeah. Thanks, Ryan. Another great question, right? We announced a big Tier 1 mobile win with about 50,000 of our gateways, our FOX gateways in that. And we anticipate, longer term, this should be at least 3 times what it is as we progress over the next couple of years.

是的。謝謝，瑞安。又一個好問題，對吧？我們宣佈在 Tier 1 行動領域取得了重大勝利，我們的網關數量約為 50,000 個，其中包括 FOX 網關。我們預計，從長遠來看，隨著未來幾年的發展，這個數字至少會是現在的三倍。

So the good news is we booked most of the order. We started to ship in the June quarter, which we did, and we'll continue to ship throughout this fiscal year.

好消息是我們已經預訂了大部分訂單。我們從六月季度開始發貨，並且我們將在整個財年繼續發貨。

I do want to make one point of clarification, Ryan, which is, I think, very important. Not only are we selling a hardware, but we are also incorporating our Percepxion platform enabling remote monitoring and device management.

瑞安，我確實想澄清一點，我認為這非常重要。我們不僅銷售硬件，而且還整合了我們的 Percepxion 平台，實現遠端監控和設備管理。

And as these devices come online, we are starting to get our first real ARR or annual recurring revenue. So that's another great thing. So that's going to start -- is not starting at any big number, but as the more and more devices come online, it's going to do that.

隨著這些設備上線，我們開始獲得第一筆真正的 ARR 或年度經常性收入。這是另一件很棒的事。所以這將開始——不是從任何大數字開始，但隨著越來越多的設備上線，它就會這樣做。

So it shows the investments that we were making in the last 18 months in these areas, where giving a platform, giving a solution has enabled us to be successful. So I'm optimistic, just with this vendor, it could get bigger and there are more that we're working on.

這表明我們在過去 18 個月中在這些領域所做的投資，提供的平台和解決方案使我們獲得了成功。所以我很樂觀，只要有了這個供應商，它就可以變得更大，而且我們正在進行更多的工作。

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 (Christian Schwab)。

Just as it relates to the drone opportunity, can you give us an idea of what your average dollar content would be per device, not specifically to Red Cat itself, but the entire 10 customers you're dealing with just kind of to give us either an idea of what your dollar content is, please?

就像它與無人機機會相關一樣，您能否告訴我們每台設備的平均美元內容是多少，不只是針對 Red Cat 本身，而是針對您正在處理的全部 10 個客戶，請讓我們了解一下您的美元內容是多少，好嗎？

Yeah. Great, great question, Christian. It's approximately around $500. So it's pretty very good from an ASP perspective. So as you know, if the volumes get into many thousands or tens of thousands, this is meaningful revenue for the company as you think about moving forward.

是的。非常好的問題，克里斯蒂安。大約是500美元左右。因此從 ASP 角度來看，它非常好。所以，如你所知，如果交易量達到數千或數萬，這對公司未來發展來說就是一筆有意義的收入。

Great. And then in your prepared comments, you talked about a meaningful revenue opportunity I assume some customers, of course, have different volumes that they would be planning on shipping over a multiyear time frame.

偉大的。然後在您準備好的評論中，您談到了一個有意義的收入機會，我假設一些客戶當然有不同的數量，他們計劃在多年的時間範圍內運送這些數量。

When you think of that market, could you give us a broad range of revenue? Is this a $5 million business in two years? Is this a $20 million business that some guidepost for us to be thinking about?

當您想到那個市場時，您能給我們一個大致的收入範圍嗎？這是一項兩年內價值 500 萬美元的生意嗎？這是一項價值 2000 萬美元的生意，值得我們思考嗎？

Yeah. Great question, again, Christian. I would say the opportunity per customer, and again, some are going to be bigger, some are going to be smaller. The customer size could be $4 million to $5 million annualized each customer.

是的。克里斯蒂安，你又問了個好問題。我想說的是，每個客戶的機會，有的會大，有的會小。每位客戶的年收入可能為 400 萬至 500 萬美元。

Again, as I said, the ones that we are working with today, if they are a bit smaller ones, they could be smaller. But again, they're going to come online and as they win their sockets.

再說一遍，正如我所說，我們今天處理的那些，如果它們規模小一點，那麼它們可能會更小。但再說一次，他們會上線並贏得他們的席位。

Could this be a 10% to 15% of Lantronix's revenue in fiscal '27? There's a probability it could get there. But we're working through all that and working through all the customers. But the opportunity size on some of the early ones are $3 million to $5 million each.

這會佔 Lantronix 27 財年營收的 10% 到 15% 嗎？它有可能到達那裡。但我們正在努力解決所有這些問題並為所有客戶開展工作。但一些早期專案的機會規模分別為 300 萬至 500 萬美元。

Scott Searle, Roth Capital.

羅斯資本的斯科特·塞爾。

It looks like I'll back clean up. Maybe just a quick clarification, Brent, on the inventory write-down, I'm wondering if you could quantify that. I'm not sure if I missed that. And then a couple of the segments there.

看來我要回去清理一下了。布倫特，關於庫存減記，也許我只是想快速澄清一下，我想知道你是否可以量化這一點。我不確定我是否錯過了。然後那裡有幾個片段。

I just want to clarify what are you seeing in terms of out-of-band management in terms of in the June quarter and as we're going into the back half of the calendar year here.

我只是想澄清一下，就二月季度以及我們即將進入下半年而言，您在帶外管理方面看到了什麼。

And I just want to clarify in terms of the September guidance that there's no Gridspertise in those numbers? And then I had a couple of follow-ups.

我只是想澄清一下，9 月的指導中沒有 Gridspertise 這一數字嗎？然後我又進行了幾次後續行動。

Yeah. Thanks, Scott. On the inventory, one way to maybe look at it is based on the margins that we disclosed here in the quarter, we said that tariffs were a part of that.

是的。謝謝，斯科特。關於庫存，一種可能的看待方式是根據我們在本季揭露的利潤率，我們說關稅是其中的一部分。

Tariffs probably made up about 100 basis points of the decline in margin quarter-over-quarter with a large part of the difference being some of the inventory charges that we took in the quarter. Could you repeat the second part of your question?

關稅可能造成利潤率環比下降約 100 個基點，其中很大一部分差額是我們在本季收取的部分庫存費用。您能重複問題的第二部分嗎？

Out-of-band management contribution in the quarter, what kind of growth were you seeing in June? What are you guys seeing in terms of the book and the build of business as we're looking into the second half?

本季帶外管理貢獻，您在 6 月看到了什麼樣的成長？當我們展望下半年時，你們對這本書和業務建設有何看法？

Yeah. Out-of-band quarter-over-quarter, obviously, we don't break out the details at that level, but out-of-band was up quarter-over-quarter from our third quarter, and we're seeing pretty solid momentum in that business with some of the resources and other things we have going on in that product line. And then you had asked about, what was the third part of your question?

是的。帶外業務季度環比增長，顯然，我們不會公佈這一層面的細節，但從第三季度開始，帶外業務環比增長，而且我們看到該業務發展勢頭相當強勁，這得益於我們在該產品線上投入的一些資源和其他工作。然後你問，你的問題的第三部分是什麼？

Gridspertise, yeah. Just in terms of Gridspertise in terms of the guidance.

Gridspertise，是的。僅就 Gridspertise 的指導而言。

Yeah. We don't currently have any Gridspertise estimates in our guidance.

是的。我們目前的指導中還沒有任何 Gridspertise 估計。

Scott, just to put it right, we've had no Gridspertise since January 1st of this year. right? So we've taken it out. So as I said, the core business is growing nicely.

史考特，說清楚一點，自今年 1 月 1 日以來我們就沒有 Gridspertise 了，對嗎？所以我們把它取出來了。正如我所說，核心業務正在良好成長。

Great. Now I just wanted to clarify. Now Saleel, the drone opportunity really starting to perk up for you. It seems like there's an incredible backlog of opportunities. Is there a number that you're comfortable with in fiscal '26?

偉大的。現在我只是想澄清一下。現在，Saleel，無人機機會真的開始為您帶來活力。看起來，有大量的積壓機會。您對 26 財年的數字感到滿意嗎？

You talked about fiscal 2017 maybe being 10% to 15% of revenues. What do you think that looks like in fiscal '26? And when does it start to become meaningful in terms of contribution on a quarterly basis in fiscal '20?

您談到 2017 財年的收入可能佔 10% 至 15%。您認為 26 財年的情況會如何？那麼，就 20 財年的季度貢獻而言，什麼時候開始變得有意義呢？

We don't specifically call out the details, but it's definitely going to be meaningful in this year, and it's in the millions of dollars for the fiscal year, right? It's not tens of millions this year, but in the millions of dollars.

我們沒有具體透露細節，但這肯定會在今年產生重大影響，而且對於本財政年度來說將產生數百萬美元的收入，對嗎？今年不是幾千萬，而是幾百萬。

And as I said, these guys are just starting to launch and our ASP is pretty good at around $400. It's $500 approximately, give or take. So we're feeling good about that. Does that kind of give you a goal post for this year?

正如我所說，這些傢伙才剛開始推出產品，我們的平均銷售價格相當不錯，約 400 美元。大約是 500 美元左右。所以我們對此感覺很好。這是否為你今年設定了一個目標？

Absolutely it does. Just trying to calibrate where we are in the ramp? And maybe just a little follow-up on that front. I want to make sure I understand in terms of your software content versus what FLIR brings to the equation.

絕對是如此。只是想校準我們在坡道上的位置？也許只是在這方面進行一些跟進。我想確保我理解您的軟體內容以及 FLIR 帶來的好處。

And then as you look at the characteristics of why you're being adopted in drones, being at low power, right, I think you're leveraging off of Qualcomm processors as well as your computer vision and AI capabilities.

然後，當您看到為什麼您在無人機中被採用的特點時，低功耗，對吧，我認為您正在利用高通處理器以及您的電腦視覺和人工智慧功能。

There are other markets related to security, surveillance, et cetera, that fit into that as well. So I'm wondering if there are, I'll call them, tethered opportunities as opposed to drones and UAV that are starting to perk up in your backlog or opportunity pipeline?

還有其他與安全、監控等相關的市場也屬於此一範疇。所以我想知道，是否存在（我稱之為）與無人機和無人駕駛飛機相反的系留機會，它們開始在您的積壓或機會管道中活躍起來？

Yeah. So a bunch of questions there, right? So FLIR is a partner, but it's not for everyone. I want to be clear about that, right? FLIR is with some of the customers that we're working with, the recent announcement we did does not use FLIR.

是的。那麼這裡有很多問題，對吧？因此，FLIR 是一個合作夥伴，但它不適合所有人。我想清楚這一點，對嗎？FLIR 與我們合作的一些客戶有關，我們最近發布的公告並未使用 FLIR。

So we had to provide some camera tuning, some of the software that we have, and they also had some software. So it was kind of a combination of both things. Remember, we did some services work for them.

因此，我們必須提供一些相機調整，一些我們擁有的軟體，他們也有一些軟體。所以這是兩種情況的結合。記住，我們為他們做了一些服務工作。

So it was kind of getting together on this. So FLIR is great. It's doing well for us, but we also are doing independent programs, Scott, on that.

所以，我們就這樣聚在一起了。所以 FLIR 非常棒。這對我們來說很好，但是我們也在做獨立的項目，斯科特。

The other area that this is going to go into is robotics, as you think about it, right, because robotics needs cameras. Those are very on the early days.

正如您所想的，這將涉及的另一個領域是機器人技術，因為機器人技術需要攝影機。這些都是早期的事情。

I think you'll see opportunities percolating probably calendar Q1, calendar Q2 that we are looking at. But right now, we are laser-focused on the drone area.

我認為，您可能會看到我們正在關注的第一季和第二季中出現的機會。但現在，我們的重點是無人機領域。

As you know, the US government is making a big push, Secretary of Defense, Hegseth, talked about two drones per platoon, the smaller ones. And you hit the key point, we have worked with our customer to make sure that they have enough range.

眾所周知，美國政府正在大力推動，國防部長赫格塞斯談到每個排配備兩架小型無人機。您說到關鍵點了，我們已經與客戶合作以確保他們擁有足夠的範圍。

And there's a whole -- and you and I can talk offline on what the range means and how that needs to be. So right now, it's all hands on deck to get these multiple guys over the hub.

還有一個整體——你和我可以離線討論這個範圍的含義以及需要如何實現。因此現在，我們必須全力以赴，讓這些傢伙通過樞紐。

Got you. And lastly, if I could, I'll just slip one in on the carrier opportunity. There's a nice recurring revenue component that goes along with it. I'm not sure if you can quantify that, I'd love to get your thoughts.

明白了。最後，如果可以的話，我會抓住這個機會。隨之而來的是一筆不錯的經常性收入。我不確定你是否可以量化這一點，我很想知道你的想法。

And then just in terms of RFP pipeline, it sounds like you think that could be 3x the size of where it is today. I'm just kind of wondering if you're actually -- those opportunities are currently percolating or with a formal RFP or if you guys are just continuing to knock on other doors.

那麼就 RFP 頻道而言，聽起來您認為它的規模可能是現在的 3 倍。我只是有點想知道你們是否真的——這些機會目前正在醞釀中，或者已經有了​​正式的 RFP，或者你們是否只是在繼續敲其他門。

So two questions. We do call out software and services. So the ARR will be a part of that. But we also have service portion of that. So it's going to be shown in that line as you think about the future.

所以有兩個問題。我們確實調用軟體和服務。因此 ARR 將成為其中的一部分。但我們也提供服務部分。因此，當你思考未來時，它就會在那一行中顯示出來。

As for the carrier one, there is one RFP that we are bidding on, and we believe we were at a good high probability of getting that.

至於營運商，我們正在競標一個 RFP，我們相信我們很有可能獲得該 RFP。

But this carrier company has now sent us to the Generac and these other guys who make these backup power generators and they've kind of told us, we are the approved vendor for that. So that also is in motion as you think about it.

但這家運輸公司現在已將我們派往 Generac 和其他製造備用發電機的公司，他們告訴我們，我們是這些發電機的認可供應商。因此，正如您所想的那樣，這也是正在進行的。

So therefore, we believe in the next few years -- next couple of years, this should be a larger portion, as I said, could be as high as 3 times of what we announced already.

因此，我們相信在未來幾年——未來幾年，這個比例應該會更大，正如我所說，可能會高達我們已經宣布的三倍。

This will conclude 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。

I want to thank everyone for you joining us. I know it's a Labor Day coming up. So please enjoy the weekend. And Lantronix will be at the Gateway Conference next week in San Francisco. Please, hopefully, you can join us there. Thank you so much.

我要感謝大家的加入我們。我知道勞動節即將到來。所以請享受週末吧。Lantronix 將於下週參加在舊金山舉行的 Gateway 會議。希望您能加入我們。太感謝了。

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。