創力 (LTRX) 2026 Q1 法說會逐字稿

Good day, and welcome to the Lantronix, Inc. 2026 first-quarter results conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Brent Stringham, CFO. Please go ahead.

大家好，歡迎參加 Lantronix 公司 2026 年第一季業績電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給財務長布倫特·斯特林漢姆。請繼續。

Good afternoon, and thank you for joining our fiscal first quarter 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，感謝各位參加我們第一財季的業績電話會議。今天與我一同出席的還有我們的總裁兼執行長薩利爾·阿瓦薩雷。今天電話會議的現場直播和錄播影片將在公司網站上提供。此外，您可以在今天的財報中找到電話重播的撥入詳情。

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，管理階層可能會發表前瞻性聲明，這些聲明涉及風險和不確定性，可能導致我們的業績與管理階層目前的預期有重大差異。我們建議您仔細閱讀今天提交給美國證券交易委員會的盈利報告中的警示性聲明和風險因素，該報告可在我們的網站和公司提交給美國證券交易委員會的文件（如 10-K 和 10-Q 表格）中找到。Lantronix不承擔任何義務公開修訂或更新任何前瞻性聲明以反映未來事件或情況。有關管理層評論的更多補充細節，請參閱我們網站投資者關係部分的新聞稿和財務資訊。

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

此外，在電話會議期間，公司還將討論非GAAP財務指標。今天發布的收益報告已在網站的投資者關係部分發布，其中描述了我們的非GAAP和GAAP報告之間的差異，並提供了我們使用的非GAAP財務指標的調節表。接下來，我將把電話交給薩利爾。

Thanks, Brent, and thank you, everyone, for joining today's call. We entered fiscal 2026 from a position of strength, and our first-quarter results reflect that momentum. We delivered revenue of $29.8 million and non-GAAP EPS of $0.04, both at the high end of our guidance range. Revenues grew 3% sequentially and 3% year over year, excluding Gridspertise, underscoring the progress we have made in positioning Lantronix for profitable growth. Importantly, non-GAAP EPS improved from $0.01 in Q4 to $0.04 in Q1, driven by gross margin expansion and the operating leverage created by last year's cost optimization initiatives.

謝謝布倫特，也謝謝各位參加今天的電話會議。2026 財年伊始，我們正處於強勁的發展勢頭，第一季的業績也反映了這一發展勢頭。我們實現了 2980 萬美元的收入和非 GAAP 每股收益 0.04 美元，均處於我們預期範圍的高端。不計 Gridspertise，營收季增 3%，年增 3%，這凸顯了我們在使 Lantronix 實現獲利成長方面取得的進展。值得注意的是，非GAAP每股盈餘從第四季的0.01美元提高到第一季的0.04美元，這主要得益於毛利率的擴張以及去年成本優化措施帶來的營運槓桿效應。

Turning to the overall market environment. Industry dynamics remain favorable for Lantronix. We continue to see record defense funding and supportive regulatory momentum driving long-term opportunities across our 3 verticals. At the same time, demand for networking and connectivity solutions remain strong, creating continued tailwinds for our network infrastructure business and reinforcing our role as a trusted partner in government and smart city applications.

接下來談談整體市場環境。產業動態依然對 Lantronix 有利。我們看到，國防資金持續創紀錄，監管政策也給予支持，為我們三大垂直領域帶來了長期機會。同時，對網路和連接解決方案的需求仍然強勁，為我們的網路基礎設施業務帶來了持續的順風，並鞏固了我們作為政府和智慧城市應用領域值得信賴的合作夥伴的地位。

Starting with unmanned aerial systems, commonly known as drones, we are benefiting from broad-based demand across multiple customers. The AUSA event in Washington, D.C. was highly productive as we met with several strong existing and new partners, further strengthening our position in the market. We made good progress in fiscal Q1 as we expanded our presence and scale production with Red Cat's teal drones, where we've already secured meaningful follow-on orders, a clear sign of customer confidence in our capabilities.

從無人機系統（俗稱無人駕駛飛行器）開始，我們受益於眾多客戶的廣泛需求。在華盛頓特區舉行的 AUSA 活動成果豐碩，我們與幾位實力雄厚的現有合作夥伴和新合作夥伴會面，進一步鞏固了我們在市場上的地位。在第一財季，我們取得了良好的進展，擴大了我們在 Red Cat 青色無人機領域的業務，並擴大了生產規模。我們已經獲得了重要的後續訂單，這清楚地表明了客戶對我們能力的信心。

We are also partnering with Red Cat on next-generation platforms designed to further enhance the drones performance and mission readiness. At the end of Q1, our OEM engagements grew from 10 last quarter to 17 today, highlighting accelerating customer adoption and market momentum. This activity is supported by a few recent developments.

我們也與 Red Cat 合作開發下一代平台，旨在進一步提升無人機的性能和任務準備能力。第一季末，我們的 OEM 合作項目從上季的 10 個增加到目前的 17 個，這凸顯了客戶接受度的加速和市場動能的增強。這項活動得到了近期一些發展的支持。

We introduced our Edge AI drone solution, which integrates payloads from Gremsy and Teledyne FLIR. Working with these partners, we completed a reference design that validates the solution performance and simplifies integration for OEM customers. The solution enables longer flight times, real-time edge data processing and up to 80% faster integration for developers. Just as important, it meets stringent NDAA and TAA requirements for defense and government programs.

我們推出了 Edge AI 無人機解決方案，整合了 Gremsy 和 Teledyne FLIR 的有效載荷。我們與這些合作夥伴共同完成了一個參考設計，該設計驗證了解決方案的性能，並簡化了 OEM 客戶的整合。此解決方案可延長飛行時間，實現即時邊緣資料處理，並為開發人員提供高達 80% 的整合速度提升。同樣重要的是，它符合國防授權法案 (NDAA) 和貿易授權法案 (TAA) 對國防和政府項目的嚴格要求。

More recently, Sightline Intelligence selected our Edge AI technology for integration into its new high-performance video processing solution for defense and commercial drone applications, further expanding our reach within the UAS ecosystem.

最近，Sightline Intelligence 選擇將我們的 Edge AI 技術整合到其用於國防和商用無人機應用的新型高性能視訊處理解決方案中，進一步擴大了我們在無人機系統生態系統中的影響力。

Together, these advancements underscore our ability to deliver secure AI-enabled flight systems at scale. While still early in the fiscal year, we are encouraged by our momentum in our drone business. This is a growing contributor to Lantronix and positions us for potential upside to our initial expectations as these programs scale through the remainder of fiscal 2026.

這些進步共同凸顯了我們大規模交付安全可靠的人工智慧飛行系統的能力。雖然本財年才剛開始，但我們對無人機業務的發展勢頭感到鼓舞。這筆資金正不斷增長，為 Lantronix 帶來收益，隨著這些項目在 2026 財年剩餘時間內規模擴大，我們有望獲得超出最初預期的潛在收益。

Building on this momentum, we recently introduced EdgeFabric.ai, our new visual orchestration platform for Edge AI deployment, which debuted at Qualcomm's Imagine Conference in September. Purpose-built for our Open-Q System on Module or SOM solutions, EdgeFabric.ai enables customers to design and deploy AI application in minutes instead of months without needing a team of AI experts. Whether configuring smart cameras, industrial IoT monitors or other Edge AI-enabled devices, customers can now visually design their AI workflows and deploy them instantly. All without writing a single line of code.

乘著這股勢頭，我們最近推出了 EdgeFabric.ai，這是我們用於邊緣 AI 部署的全新可視化編排平台，該平台於 9 月在高通 Imagine 大會上首次亮相。EdgeFabric.ai 專為我們的 Open-Q 系統模組 (SOM) 解決方案而設計，使客戶能夠在幾分鐘內設計和部署 AI 應用程序，而無需 AI 專家團隊，也無需花費數月時間。無論是配置智慧攝影機、工業物聯網監視器或其他邊緣人工智慧設備，客戶現在都可以直覺地設計人工智慧工作流程並立即部署。這一切都無需編寫一行程式碼。

By simplifying development and automating deployment, EdgeFabric.ai strengthens customer engagement, accelerates time to market and creates a foundation for recurring software and services revenue over time. In asset monitoring, a key long-term component of our industrial IoT strategy, we partnered with Vodafone IoT to launch Kompress.ai by Lantronix, a subscription-based SaaS platform targeting the $27 billion global industrial air compressor market. While still in the early stages, we view this as a significant long-term opportunity, one that expands our reach, enhances our edge-to-cloud capabilities and creates incremental high-margin recurring revenue potential over time.

EdgeFabric.ai 透過簡化開發和自動化部署，增強了客戶參與度，加快了產品上市速度，並為軟體和服務的持續收入奠定了基礎。在資產監控領域，作為我們工業物聯網策略的關鍵長期組成部分，我們與 Vodafone IoT 合作推出了 Kompress.ai by Lantronix，這是一個基於訂閱的 SaaS 平台，目標市場是價值 270 億美元的全球工業空氣壓縮機市場。雖然仍處於早期階段，但我們認為這是一個重要的長期機遇，它擴大了我們的業務範圍，增強了我們從邊緣到雲端的能力，並隨著時間的推移創造了不斷增長的高利潤經常性收入潛力。

Together with our progress in drones and EdgeFabric.ai, Kompress.ai reinforces our execution of the long-term strategy to build scalable platforms that expand recurring revenue and strengthen our diversified model. Our strategy is clear: scale high-growth verticals, expand software-enabled recurring revenue and drive operating leverage from a leaner cost structure.

結合我們在無人機和 EdgeFabric.ai 方面取得的進展，Kompress.ai 加強了我們長期策略的執行，即建立可擴展的平台，以擴大經常性收入並加強我們多元化的商業模式。我們的策略很明確：擴大高成長垂直領域的規模，擴大軟體驅動的經常性收入，並透過更精簡的成本結構來提高營運槓桿。

This quarter marked another important step forward with increased engagement with aerospace and defense customers, the launch of EdgeFabric.ai and continued expansion in targeted platforms. At the same time, our core network infrastructure business delivered solid growth and margins in focus areas, demonstrating consistent execution and strengthening our diversified model. I'll now pass it on to Brent to cover the financial results. Brent?

本季標誌著公司在與航空航太和國防客戶的互動方面又邁出了重要一步，推出了 EdgeFabric.ai，並在目標平台上繼續擴張。同時，我們的核心網路基礎設施業務在重點領域實現了穩健成長和利潤率，展現了持續的執行力，並加強了我們多元化的商業模式。現在我將把這項工作交給布倫特，讓他來介紹財務表現。布倫特？

Thanks, Saleel. With the business off to a strong start in fiscal 2026, I'll walk through our first-quarter financial results, discuss the key drivers behind our performance and then provide our outlook for the second quarter. As Saleel mentioned, in the first quarter, we delivered revenue of $29.8 million, an increase of 3% from the prior quarter and approximately 3% higher than the same period last year when excluding the impact od Gridspertise. Sequential growth was primarily driven by strength in some of our network infrastructure products, continuing to highlight our diversified revenue base.

謝謝你，薩利爾。公司在 2026 財年開局強勁，接下來我將介紹我們第一季的財務業績，討論我們業績背後的關鍵驅動因素，並展望第二季度。正如Saleel所提到的，第一季度，我們的營收為2,980萬美元，比上一季成長了3%，如果排除Gridspertise的影響，比去年同期成長了約3%。環比成長主要得益於我們部分網路基礎設施產品的強勁表現，這繼續凸顯了我們多元化的收入基礎。

Turning to margins. In the first quarter, GAAP gross margin was 44.8%, up from 40% last quarter and 42.1% a year ago. On a non-GAAP basis, gross margin was 45.3%, an improvement from 40.6% in Q4 and 42.6% in the prior year quarter. The increase reflects a more favorable product mix, lower inventory charges and benefits from certain royalties. We're encouraged by the continued strength in our underlying margin performance, supported by a higher mix of premium products and disciplined cost management.

轉向邊際效應。第一季度，GAAP毛利率為44.8%，高於上一季的40%和去年同期的42.1%。以非GAAP準則計算，毛利率為45.3%，較第四季的40.6%和去年同期的42.6%有所提高。成長反映了更有利的產品組合、更低的庫存費用以及某些特許權使用費的好處。我們對基礎利潤率的持續強勁表現感到鼓舞，這得益於高端產品比例的提高和嚴格的成本管理。

Looking ahead, we expect gross margin to remain healthy and generally consistent with first half fiscal 2025 levels. We continue to proactively manage our global footprint in a dynamic trade environment, and we are closely monitoring evolving tariff and trade developments. We're also working closely with customers to help them adapt to changing cross-border requirements.

展望未來，我們預計毛利率將維持健康水平，並與 2025 財年上半年的水平基本保持一致。我們將繼續在瞬息萬變的貿易環境中積極管理我們的全球業務，並密切關注不斷變化的關稅和貿易動態。我們也與客戶緊密合作，幫助他們適應不斷變化的跨境要求。

Turning to expenses and profitability. GAAP operating expenses in the first quarter of fiscal 2026 were $14.9 million, up less than 2% from the prior quarter and down 10% from $16.6 million in the year ago period. GAAP net loss for the first quarter of fiscal 2026 was $1.4 million or $0.04 per share compared to GAAP net loss of $2.5 million or $0.07 per share in the year ago quarter. On a non-GAAP basis, we reported net income of $1.5 million or $0.04 per share compared to non-GAAP net income of $400,000 or $0.01 per share in the prior quarter.

接下來談談費用和獲利能力。2026 財年第一季 GAAP 營運費用為 1,490 萬美元，較上一季成長不到 2%，比去年同期的 1,660 萬美元下降 10%。2026 財年第一季 GAAP 淨虧損為 140 萬美元，即每股虧損 0.04 美元，而去年同期 GAAP 淨虧損為 250 萬美元，即每股虧損 0.07 美元。以非GAAP準則計算，我們報告淨收入為150萬美元，即每股0.04美元，而上一季的非GAAP淨收入為40萬美元，即每股0.01美元。

Turning to the balance sheet. Net inventories were $26.7 million as of September 30, 2025, compared to $26.4 million in the prior quarter and $29.5 million in the year ago quarter. We ended the quarter with cash and cash equivalents of $22.2 million, an increase of over $2 million from the prior quarter. During the first quarter, we also generated positive operating cash flow of approximately $3.6 million.

接下來看一下資產負債表。截至 2025 年 9 月 30 日，淨庫存為 2,670 萬美元，而上一季為 2,640 萬美元，去年同期為 2,950 萬美元。本季末，我們持有現金及現金等價物2,220萬美元，比上一季增加了200多萬美元。第一季度，我們也產生了約 360 萬美元的正向經營現金流。

As we noted on our last call, in August, we refinanced our term debt into an asset-backed line of credit with the same lender. During the quarter, we paid down another $1 million of our outstanding debt, leaving a remaining balance of approximately $10.7 million as of September 30, 2025, and a corresponding net cash position of $11.5 million.

正如我們在上次電話會議中提到的，8 月份，我們透過同一貸款機構將定期債務重新融資為資產抵押信貸額度。本季度，我們償還了 100 萬美元的未償債務，截至 2025 年 9 月 30 日，剩餘餘額約為 1,070 萬美元，相應的淨現金部位為 1,150 萬美元。

Now turning to our outlook for the second quarter of fiscal 2026, which ends December 31, 2025. We expect revenue to be in the range of $28 million to $32 million. Non-GAAP EPS is expected to be in the range of $0.02 to $0.04 per share. With that, I'll turn the call back to Salil for closing remarks.

現在讓我們展望一下 2026 財年第二季（截至 2025 年 12 月 31 日）的業績。我們預計營收將在 2,800 萬美元至 3,200 萬美元之間。非GAAP每股盈餘預計在0.02美元至0.04美元之間。接下來，我將把電話轉回給薩利爾，請他作總結發言。

Thanks, Brent. To close, fiscal 2026 is off to a strong start, and we remain confident in the trajectory ahead. At the midpoint, our Q2 guidance implies sequential revenue growth and nearly 20% year-over-year growth, excluding Gridspertise, together with another quarter of solid profitability. This outlook reflects the operating leverage and cost discipline we established last year while enabling continued investment in our highest growth opportunities.

謝謝你，布倫特。總而言之，2026 財年開局強勁，我們對未來的發展軌跡仍然充滿信心。根據我們第二季業績指引的中點，這意味著營收將環比成長，年成長近 20%（不包括 Gridspertise），同時獲利能力也將保持穩健成長。這一前景反映了我們去年建立的營運槓桿和成本控制，同時使我們能夠繼續投資於我們最具成長潛力的機會。

We are encouraged by the sustained momentum across our drone and asset monitoring platforms, driven by new customer programs and growing adoption of our integrated AI solutions. At the same time, our core network infrastructure business is performing well with steady demand in out-of-band management and strong contribution from switches and device service, supported by healthy enterprise and industrial connectivity demand as we approach the calendar year-end.

受新客戶計畫和整合人工智慧解決方案日益普及的推動，我們的無人機和資產監控平台持續保持成長勢頭，這令我們倍感鼓舞。同時，隨著年底臨近，企業和工業連接需求旺盛，我們的核心網路基礎設施業務表現良好，帶外管理需求穩定，交換機和設備服務貢獻強勁，這為其提供了有力支撐。

With robust industry tailwinds, a strong balance sheet and disciplined execution, we believe we are well positioned to deliver growth and profitability in fiscal 2026 and beyond. With that, we'll now open the call for questions. Thank you.

憑藉著強勁的行業利多因素、穩健的資產負債表和嚴謹的執行力，我們相信我們有能力在 2026 財年及以後實現成長和獲利。接下來，我們將開始接受提問。謝謝。

(Operator Instructions) Ryan Koontz, Needham & Co.

（操作說明）Ryan Koontz，Needham & Co.

Nice quarter, guys. With regards to the drone opportunities, Saleel, can you maybe outline like where we are in this adoption period? You talked about some wins, these -- when you count a win, you count that as a design win? And what gives you confidence that it's yours? And what's the competitive landscape like for you there?

夥計們，這季度不錯。關於無人機的應用機遇，Saleel，你能否概述一下我們目前處於無人機應用推廣的哪個階段？你提到了一些成功案例，這些——當你把這些算作成功案例時，你把它們算作設計上的成功嗎？是什麼讓你確信它是你的？你們那裡的競爭格局如何？

Ryan, thank you for your question. As I spoke in my prepared remarks, we are now working with 17 OEMs. A few of them have already gone into design-in, design win and some of them into shipping. So we're seeing accelerating momentum in the drone business and very proud of the progress that we've made. Our outlook definitely has improved over the last 90 days.

瑞恩，謝謝你的提問。正如我在事先準備好的演講稿中所說，我們目前正在與 17 家原始設備製造商 (OEM) 合作。其中一些已經進入設計導入、設計中標階段，還有一些已經進入產品交付階段。因此，我們看到無人機業務發展勢頭加速，並為我們所取得的進展感到非常自豪。過去90天裡，我們的前景確實有所改善。

And while it's still early, we expect demand to accelerate throughout the fiscal year, presenting potential upside to what my current expectations are. And longer term, as I said, we expect this opportunity could be 10% to 15% of the company's revenue. So good progress in all areas for the drone area and feeling good as we sit here today.

雖然現在下結論還為時過早，但我們預計本財年需求將加速成長，這可能比我目前的預期更有上行空間。正如我所說，從長遠來看，我們預計這一機會可以占到公司收入的 10% 到 15%。無人機領域各方面都取得了良好進展，我們今天坐在這裡感覺很好。

Got it. Great. And I know you had a generator win with a major service provider. Any update there as far as how that business is progressing?

知道了。偉大的。我知道你從一家大型服務供應商贏得了一台發電機。那項業務進展如何？有什麼最新進展嗎？

Yes. Thanks for that question. So as we had mentioned earlier, we have the generator win with a large MNO, if you remember. That is progressing well, and we are now moving beyond the diesel generator to other equipment that needs to get tracked. So it's a growing business for us for asset tracking.

是的。謝謝你的提問。正如我們之前提到的，我們與一家大型行動網路營運商達成了發電機協議，如果你還記得的話。這項工作進展順利，我們現在正從柴油發電機轉向其他需要追蹤的設備。因此，資產追蹤對我們來說是一項不斷成長的業務。

Additionally, we announced Kompress.ai, which is focused more on the compressor space, but based on the same theme, which builds on our successes of the Tier 1 MNO and expands our recurring revenue model and supports our critical infrastructure strategy. So it's going as per plan, and the deployment for the MNO is also continuing nicely.

此外，我們還推出了 Kompress.ai，它更專注於壓縮器領域，但基於相同的理念，建立在我們一級行動網路營運商的成功經驗之上，擴展了我們的經常性收入模式，並支援了我們的關鍵基礎設施策略。所以一切都在按計畫進行，行動網路營運商的部署工作也在順利進行中。

Great. Maybe just a follow-up there. You talked about a new product here with this Kompress.ai. What's the sales and fulfillment model there you have with Vodafone IoT?

偉大的。或許需要後續跟進一下。您剛才提到了 Kompress.ai 這個新產品。你們與 Vodafone IoT 合作的銷售和交付模式是怎麼樣的？

Yes. Kompress.ai is an AI-powered SaaS solution designed really to generate long-term high-margin recurring revenue while addressing urgent market needs with compressors who have really no tracking in there. So we -- Vodafone has partnered with us. They will provide the connectivity for it, Ryan, while we provide both the hardware and the SaaS deployment and the revenue for that longer term.

是的。Kompress.ai 是一款由人工智慧驅動的 SaaS 解決方案，旨在為那些沒有追蹤功能的壓縮機解決迫切的市場需求，從而真正創造長期高利潤的經常性收入。所以，沃達豐已經與我們建立了合作關係。Ryan，他們將提供網路連接，而我們將提供硬體、SaaS部署以及長期的收入。

So it's early days, but we expect this in the next 24 months to start providing revenue into the model as we think about it. But more and more ARR. So it builds on what we did with the Tier 1 MNO and now it builds on that and more ARR revenue as I think about the future.

現在還處於早期階段，但我們預計，在未來 24 個月內，它將開始為該模式帶來收入。但 ARR 卻越來越多。所以，它是在我們與一級行動網路營運商合作的基礎上發展起來的，現在，隨著我對未來的思考，它也將在此基礎上增加年度經常性收入。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Nice job on the quarter. Saleel, maybe just to dive right in, you had a couple of comments about out-of-band management, but I'm wondering if you could provide a little bit of color there in terms of strength, weaknesses? How you're feeling about growth on that front?

這季度表現不錯。Saleel，我們不妨直接切入正題。你之前對帶外管理發表了一些看法，但我想知道你能否從優勢和劣勢方面再詳細闡述一下？你對這方面的發展有何感想？

And then to go back to drones for a second, with the government shutdown ongoing, is there any impact on that? Or because you're basically dealing with various primes and vendors that the design activity continues, but there just might be some delays in terms of how shipping and revenue ramps up? And if that changes your expected time line to get to 10% to 15% of sales? And then I had a follow-up.

然後，我們再回到無人機的話題，鑑於政府停擺仍在繼續，這會對無人機發展產生什麼影響嗎？或者，因為你基本上是在與各種主要承包商和供應商打交道，所以設計活動仍在繼續，但在發貨和收入增長方面可能會出現一些延誤？如果這改變了你預期達到 10% 到 15% 銷售目標的時間線呢？然後我還有後續跟進。

Thank you for that question, Scott. Let me start with the second question first because it's current. Most of the defense drone in UAS are funded through multiyear contracts. So we are seeing minimal to no disruptions to our existing work. So as I sit today, we are full on with the customers.

謝謝你的提問，斯科特。讓我先回答第二個問題，因為它比較貼近現實。無人機系統中大部分的國防無人機都是透過多年期合約獲得資金支持。因此，我們目前的工作幾乎沒有受到任何干擾。所以，我今天坐在這裡的時候，我們正忙著接待客戶。

We are shipping to them. So no -- I don't anticipate any issues or concerns with that. Does that give you a perspective, a clear idea of what I'm thinking about the drones prospectively on this?

我們正在向他們發貨。所以，不——我預計不會有任何問題或擔憂。這樣是否能讓你對我未來使用無人機的想法有一個清晰的認知？

Yes.

是的。

Going on to the out-of-band one, we are seeing growth in out-of-band from last -- from the June quarter to the September quarter, and we are anticipating as we go into the December quarter to see -- again, we don't call it out specifically. It's part of our IoT business, but we are definitely seeing growth in that space as more deployments are happening.

接下來是帶外交易，我們看到帶外交易從上一季（6 月季度）到 9 月季度有所增長，我們預計進入 12 月季度後——同樣，我們不具體指出——也會有所增長。這是我們物聯網業務的一部分，但隨著更多部署的進行，我們確實看到了該領域的成長。

And we'll be able to do some announcements probably later this year, early next year on some big win that we've done in that space. So feel confident around out-of-band as we go through the fiscal year. More importantly, we are going to be introducing a brand-new out-of-band product late this year to go after some new markets. But stay tuned for that. We'll get into it more in our next call with you, Scott.

我們可能會在今年稍後或明年年初宣布我們在該領域取得的一些重大勝利。所以，在整個財政年度中，請對帶外交易充滿信心。更重要的是，我們將在今年稍後推出一款全新的帶外產品，以開拓一些新的市場。敬請期待。史考特，我們下次通話時再詳細討論這個問題。

Got you. And then on the ARR front, you've got a couple of different ways that you're attacking the market with the sell-side monitoring, with Kompress, attacking the compressor market. Two things. I guess I'm wondering how big of an opportunity can that be as you look out 12, 18, 24 months in terms of the recurring revenue stream?

抓到你了。在 ARR 方面，你可以透過幾種不同的方式進入市場，例如賣方監控、Kompress 以及壓縮機市場。兩件事。我想知道，從未來 12、18、24 個月的經常性收入來看，這究竟是多大的機會？

And then as I think about other adjacent opportunities, particularly once you start to bring in your video performance and video AI capabilities that you're using in the drone market, are there other adjacencies that you could see expanding into over the next couple of quarters?

然後，當我思考其他相關機會時，特別是當您開始引入您在無人機市場中使用的視訊效能和視訊人工智慧能力時，您是否看到未來幾個季度可以擴展到其他相關領域？

So again, I'll take your second question first because we are very good with cameras, and we've been good with cameras, and that's why we are winning in drones. We supply what you call. We are in the payload. And if you think about it, that's the most important part of the drone. So what's the next adjacency, which we are definitely looking at.

所以，我先回答你的第二個問題，因為我們非常擅長相機，而且我們一直都很擅長相機，這就是我們在無人機領域取得成功的原因。我們提供您所需的一切。我們位於有效載荷中。仔細想想，這才是無人機最重要的部分。那麼，下一個鄰接關係是什麼呢？我們肯定會關注這個問題。

I won't be going to details this time around is robotics. Human-eyed Robots are going to happen, what do they need? They need a good camera. Second one is security and surveillance, an area that we are doing well in with some customers. So again, good adjacent opportunities, same basic IP and technology and a solution that we provide to.

這次我不會詳細介紹機器人技術。擁有人眼的機器人終將成為現實，它們需要什麼？他們需要一台好相機。第二點是保全和監控，我們在這個領域與一些客戶合作得很好。所以，再次強調，這是很好的鄰近機遇，相同的基本智慧財產權和技術，以及我們提供的解決方案。

Going to your first question about ARR, as I said, our first foray into ARR has happened with the MNO opportunity, as we said, with the sell side. And it's a small portion of the revenue. Software and services is 5% to 7%, and Brent can correct me if I'm wrong. I expect that to keep on chugging along to 7% to 9% and 10% in the future as you aggregate all of that as a bucket that we call out, Scott.

關於您提出的第一個關於 ARR 的問題，正如我所說，我們第一次涉足 ARR 領域是透過 MNO 機會，正如我們所說，是從賣方角度出發的。而且這只是收入的一小部分。軟體和服務佔 5% 到 7%，如果我說錯了，布倫特可以糾正我。史考特，我預計未來這一比例會繼續穩定地上升到 7% 到 9%，甚至 10%，因為你把所有這些都歸類為我們所定義的那個類別。

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Congrats on a good quarter. I guess it wasn't clear to me the 17 OEM potential on the drone side of the business, when would you anticipate being that being 10% to 15% of revenue? Is that something that could happen as soon as fiscal year 2027?

恭喜你本季業績出色。我之前不太清楚無人機業務方面有 17 家 OEM 廠商，您預計這部分收入何時能達到 10% 到 15%？這件事最快可能在2027財年發生嗎？

Yes. As I sit here today, it's definitely on my radar for a fiscal year 2027 possibility of 10% to 15% of revenue.

是的。就我目前的情況來看，2027 財年，這絕對在我的考慮範圍之內，有可能占到收入的 10% 到 15%。

Okay. And then last quarter, you highlighted a Tier 1 telecom service provider. I think it was on the backup power systems, but it was an $8 million to $10 million win. Did you recognize any revenue in the quarter? And what is your outlook on that for the next few quarters?

好的。然後上個季度，你們重點介紹了一家一級電信服務供應商。我認為是備用電源系統的問題，但中標金額在 800 萬到 1000 萬美元之間。本季是否確認了任何收入？那麼您對未來幾季的前景有何看法？

Yes, we recognized revenue in the September quarter, and we intend to recognize revenue in the December quarter. So it's going well and as planned. No surprises here. Last quarter, it's progressing nicely is all I was trying to say, Christian.

是的，我們在9月份的季度確認了收入，我們打算在12月份的季度確認收入。一切進展順利，按計劃進行。這並不令人意外。克里斯蒂安，我只是想說，上個季度進展順利。

Okay. And then a follow-up on that. When would you anticipate follow-on orders from that customer?

好的。然後還有後續報道。您預計何時會收到該客戶的後續訂單？

So we get quarterly orders from them. So maybe the way to think about it is it's a run rating business now. We had talked about the 50,000 piece opportunity, and we have purchase orders from them for that whole opportunity in place. We haven't shipped it all. We'll continue to ship it as the year progresses.

所以我們每季都會收到他們的訂單。所以或許應該這樣理解：現在這是一個以得分效率為導向的行業。我們之前討論過 5 萬件的訂單機會，而且我們已經收到了他們針對這全部訂單的採購訂單。我們還沒有全部出貨。我們會隨著時間的推移繼續發貨。

Beyond that, we are expecting probably sometime in calendar '26 to get follow-on orders for additional -- not necessarily for the diesel generator that we talked about, but additional equipment that they want to have tracked.

除此之外，我們預計在 2026 年某個時候可能會收到後續訂單，這些訂單不一定是我們之前提到的柴油發電機，而是他們希望追蹤的其他設備。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Just two quick follow-ups on the financial front. Just first, I wanted to clarify the gross margin outlook. I think you said in line with fiscal first half of '25. So in the low 40s, 42%, 43% to think about that the next couple of quarters. And then, Saleel, just in terms of an early shot at fiscal '26 in terms of how you're thinking about growth that this is, in fact, a growth year, and we should continue to expect sequential progression of the revenue stream over the next couple of quarters?

關於財務方面，還有兩點需要補充說明。首先，我想澄清一下毛利率前景。我想你說過，這與2025財年上半年的情況一致。所以，在接下來的幾個季度裡，40%、42%、43%的機率需要考慮一下。那麼，Saleel，就你對 2026 財年成長的看法而言，你認為這實際上是一個成長年，我們應該繼續預期未來幾個季度營收將持續成長嗎？

Yes, Scott, thanks. On the gross margin, you're right. We -- last quarter, we talked about returning from a down quarter, low -- we're right around 40%, I think, last quarter and talked about returning to 43%, 44%, which is what we saw a year ago. And so we think modeling at that level going forward in the near term is appropriate.

是的，斯科特，謝謝。關於毛利率，你說得對。上個季度，我們談到要從低迷的季度中恢復過來——我認為，上個季度我們的成長率在 40% 左右——並談到要恢復到 43%、44%，也就是一年前的水平。因此，我們認為在近期內採用這種程度的建模是合適的。

Yes, Scott, to add more color, the September quarter, we did a non-GAAP gross margin of 45.3%. It's the highest gross margin that the company has had in the last few years that I have been here and beyond that. So it's turned nicely as we are focused on cost controls, working with our CMs, all good things. What was your second question, Scott?

是的，史考特，為了更詳細說明情況，9 月的季度，我們的非 GAAP 毛利率為 45.3%。這是我加入公司以來，公司近幾年甚至更長時間以來最高的毛利率。所以情況好轉了，因為我們專注於成本控制，與我們的合約經理合作，都是好事。史考特，你的第二個問題是什麼？

The growth rate for fiscal '26, how you're expecting the sequential progression just conceptually over the next couple of quarters and if you're, in fact, still expecting growth overall for the year?

2026 財年的成長率是多少？您預計未來幾季的連續成長情況如何？您是否仍預期全年整體成長？

Yes. Again, we do quarterly guidance. So put it in perspective, YoY without Gridspertise, we are growing close to 20%, Scott. That's darn good. So I expect sitting here today, we expect to staircase up. Again, we don't give annual guidance, but nothing has changed in my mind. We feel good today, sitting here today.

是的。我們同樣會發布季度業績指引。所以從這個角度來看，即使不計入 Gridspertise，我們的年增長率也接近 20%，Scott。真不錯。所以，我預計今天坐在這裡，我們會沿著樓梯往上走。再次聲明，我們不提供年度業績指引，但我的想法沒有改變。今天坐在這裡，我們感覺很好。

Jaeson Schmidt, Lake Street.

傑森‧施密特，湖街。

Just looking at that wireless operator opportunity or just that market in general, can you talk about any discussions or engagements you're having beyond that customer you've already won? And how are you looking at that opportunity longer term?

僅就無線營運商市場或整個市場而言，除了您已經贏得的客戶之外，您能否談談您正在進行的任何討論或合作？那麼，從長遠來看，您如何看待這個機會？

Yes. Jaeson, thank you for that question. So with that MNO, the opportunity, as we've said in the past, could be 3x the size. So we could grow that business nicely just with them. With the introduction of Kompress.ai, we've opened a new market right?

是的。傑森，謝謝你的提問。因此，有了這家行動網路營運商，正如我們之前所說，機會規模可能會擴大3倍。所以，只要和他們合作，我們就能好好發展這項業務。Kompress.ai 的推出，是否代表我們開拓了一個新市場？

And we were at the compressor show a few weeks back, and we feel good about that. It's early days. But then you've got another MNO who's working with us. We haven't named the first one, but this one we named and they were very happy to do a joint announcement with us, which is Vodafone IoT.

幾週前我們參加了壓縮機展，我們對此感覺很好。現在下結論還為時過早。但是，還有另一家行動網路營運商正在與我們合作。第一個項目我們還沒有命名，但這個項目我們已經命名了，他們非常樂意與我們聯合發佈公告，這就是 Vodafone IoT。

So this is a part of one of the key verticals, asset tracking, asset management, just preventive maintenance, all of that is what we did. So moving forward, this is a focus area in addition to all the drones that we talked about, and we should see growth moving forward with this.

所以這是我們重點關注的垂直領域之一，即資產追蹤、資產管理、預防性維護等等，這些都是我們所做的。因此，展望未來，除了我們之前討論的所有無人機之外，這也是一個重點領域，我們應該會看到這個領域在未來成長。

Okay. Perfect. And then just a follow-up for me. Looking at that drone opportunity, to your point, kind of 10% to 15% potential in fiscal '27, as drones become a bigger portion of the pie, does that significantly alter what gross margin ultimately will settle out to be?

好的。完美的。然後我還有一個後續問題。考慮到無人機帶來的機遇，如您所說，在 2027 財年，無人機業務的潛力可能達到 10% 到 15%。隨著無人機業務在市場中所佔份額越來越大，這是否會顯著改變最終的毛利率？

I'll let Brent opine on it a little bit after I'm done. The good news with the drone opportunity right now, it's a decent gross margin for us right now. So we are uber focused on gross margin. So I expect to continue where we are at right now, but Brent can add to it.

我做完之後，我會請布倫特發表意見。目前無人機業務的好消息是，它能為我們帶來不錯的毛利率。所以我們非常重視毛利率。所以我希望我們能繼續保持目前的狀態，但布倫特可以為此做出貢獻。

Yes, I think that's generally accurate, Jaeson. I mean, with the wide breadth of products we have, we're still forecasting that margin profile into the near and middle term that I mentioned previously.

是的，傑森，我認為這基本上準確。我的意思是，憑藉我們廣泛的產品線，我們仍然預測在近期和中期內，利潤率將保持我之前提到的水平。

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

我們的問答環節到此結束。現在我把會議交還給各位，請大家作總結發言。

Thank you very much for everyone for joining the call. We will be at the Craig-Hallum and the ROTH conferences in New York in a couple of weeks. Thank you so much.

非常感謝各位參加本次電話會議。幾週後，我們將參加在紐約舉行的 Craig-Hallum 和 ROTH 會議。太感謝了。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。