創力 (LTRX) 2026 Q2 法說會逐字稿

Good day and welcome to the Lantronix Inc. 2026 second-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, Chief Financial Officer. Please go ahead.

大家好，歡迎參加 Lantronix 公司 2026 年第二季業績電話會議。（操作員說明）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 second-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. During this call, we may make forward-looking statements which involve risks and uncertainties that could cause our results to differ materially from current expectations.

下午好，感謝各位參加我們第二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。在本次電話會議中，我們可能會發表一些前瞻性聲明，這些聲明涉及風險和不確定性，可能導致我們的實際結果與目前的預期有重大差異。

We encourage you to review the cautionary statements and risk factors contained in today's earnings release, which was furnished to the SEC and is available on our website and other SEC filings such as our 10-k and 10-Q's. Lantronix undertakes no obligation to revise or update publicly any forward-looking statements to reflect future events or circumstances. Additionally, during the call, we will discuss non-GAAP financial measures.

我們建議您仔細閱讀今天發布的盈利報告中的警示性聲明和風險因素，該報告已提交給美國證券交易委員會，並可在我們的網站以及其他提交給美國證券交易委員會的文件（如我們的 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。此外，在電話會議期間，我們將討論非GAAP財務指標。

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.

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 continued our momentum into the second quarter through discipline execution, delivering revenue of $29.8 million and non-GAAP EPS of $0.04, both well within our guidance range. As expected, we experienced double-digit growth year over year when excluding our MER smart grid customer Gridspertise.

謝謝布倫特，也謝謝各位參加今天的電話會議。我們憑藉嚴謹的執行力，將成長勢頭延續到了第二季度，實現了 2,980 萬美元的收入和非 GAAP 每股收益 0.04 美元，均遠超我們的預期範圍。正如預期的那樣，如果排除我們的 MER 智慧電網客戶 Gridspertise，我們實現了兩位數的同比增長。

Profitability remains strong, driven by continued year over year gross margin expansion and the operating leverage created by last year's cost optimization initiatives. Overall, Q2 was another step forward in aligning financial execution with our long-term Edge AI strategy.

獲利能力依然強勁，這得益於毛利率逐年成長以及去年成本優化措施帶來的營運槓桿效應。總體而言，第二季度在將財務執行與我們的長期邊緣人工智慧策略保持一致方面又向前邁進了一步。

More importantly, we are now seeing that strategy translates into tangible customer adoption across multiple end markets as several customer engagements are moving from development and pilots into broader deployment. As we discuss our end markets, it's worth noting that the government shutdown last quarter created a short-term slowdown in purchasing activity from certain federal agency customers.

更重要的是，我們現在看到該策略正在轉化為多個終端市場中切實的客戶採納，因為一些客戶合作專案正在從開發和試點階段過渡到更廣泛的部署階段。在討論我們的終端市場時，值得注意的是，上個季度的政府停擺導致某些聯邦機構客戶的採購活動出現短期放緩。

Despite this disruption, our teams executed well and delivered solid results. Diving into the markets we operate in beginning with drones and unmanned systems, Calendar 2026 is widely expected to mark the start of an unmanned aerial systems super cycle, reflecting accelerating adoption of autonomous platforms across defense and commercial applications.

儘管受到了乾擾，但我們的團隊表現出色，並取得了可靠的成果。從無人機和無人系統開始，深入探討我們所處的市場，預計 2026 年將標誌著無人機系統超級週期的開始，反映出國防和商業應用領域對自主平台的採用正在加速。

This view is increasingly supported by the broader defense funding environment. The signed fiscal 2026 US defense budget already includes over $13 billion in enacted funding allocated across unmanned systems, autonomy, ISR and counter UAS programs, including reconnaissance drone initiatives across the full range of mission profiles.

更廣泛的國防資金環境越來越支持這種觀點。已簽署的 2026 財政年度美國國防預算已包括超過 130 億美元的撥款，用於無人系統、自主系統、情報、監視與偵察 (ISR) 和反無人機系統 (UAS) 項目，其中包括涵蓋所有任務類型的偵察無人機計劃。

While portions of this funding have yet to be released, the scale and breadth of these allocations suggest meaningful capacity to support more advanced, unmanned platforms as programs move from development into execution. Looking ahead, we believe unmanned autonomous and AI enabled platforms are well positioned to capture a growing share of future defense modernization spending.

雖然部分資金尚未發放，但這些撥款的規模和範圍表明，隨著專案從研發階段過渡到執行階段，有能力為更先進的無人平台提供支援。展望未來，我們認為無人自主和人工智慧平台將在未來國防現代化支出中佔據越來越大的份額。

We're also seeing a broader shift in how the Department of War engages with domestic drone supply chain with a more commercial and partnership-oriented mindset focused on accelerating readiness and scaling production across trusted suppliers. Against this backdrop, our evolution within unmanned systems positions Lantronix squarely in the value creation layer of the ecosystem.

我們也看到，美國戰爭部與國內無人機供應鏈的合作方式正在發生更廣泛的轉變，其思維方式更加註重商業化和夥伴關係，重點是加快戰備速度，並在值得信賴的供應商中擴大生產規模。在此背景下，我們在無人系統領域的演進使 Lantronix 穩居生態系統的價值創造層。

Since entering this market, we've moved up the stack from initially providing general purpose compute modules to delivering intelligent imaging platforms and now to enabling integrated system level workflows that combine sensing, processing, and secure connectivity.

自從進入這個市場以來，我們已經從最初提供通用運算模組，發展到提供智慧成像平台，現在又發展到實現結合感測、處理和安全連接的整合系統級工作流程。

In many deployments, our AI-Edge compute modules serve as the brains of the drone enabling autonomous operation and real-time decision making independent of a network connection. As a result, Latronics operates at the intersection of payload, compute, and connectivity. Three of the highest value and least easily substituted layers in modern unmanned systems, where we believe value creation and customer relationships compound over time.

在許多部署中，我們的 AI 邊緣運算模組充當無人機的大腦，使無人機能夠獨立於網路連接進行自主操作和即時決策。因此，Latronics 的業務涵蓋有效載荷、計算和連接三個方面。在現代無人系統中，價值最高且最難取代的三層，我們認為價值創造和客戶關係會隨著時間的推移而不斷增長。

Currently focus on Group 1 and Group 2 short-range reconnaissance drones, which aligns well with where a significant portion of current unmanned funding is directed. These programs typically represent multi-year engagement with strong lifetime value, supporting applications ranging from surveillance to advanced payloads.

目前重點關注第 1 組和第 2 組短程偵察無人機，這與目前大部分無人機資金的流向非常吻合。這些專案通常代表著多年合作，具有很高的生命週期價值，支援從監視到先進有效載荷等各種應用。

Today we're working with over 15 OEM's and these customers are increasingly looking to deepen their engagement with us. In response to customer demand, we introduced our drone reference kit at CES last month. Designed to accelerate time to market for defense and commercial UAB developers.

目前我們與超過 15 家原始設備製造商 (OEM) 合作，這些客戶越來越希望加深與我們的合作。為了響應客戶需求，我們上個月在CES上推出了無人機參考套件。旨在加快國防和商業無人機系統開發商的產品上市速度。

This platform reinforces our strategic shift from a component supplier to a platform partner by reducing integration complexity and development risk in regulated environments. Red Cap with their teal drones continues to expand their work with us beyond hardware into software and next generation platform development. As their production needs increase, we are expanding our support, accordingly, including higher volume bills for the Teal platform and follow on commitments that reinforce Red Cap's confidence in our capabilities.

該平台透過降低受監管環境下的整合複雜性和開發風險，強化了我們從組件供應商轉向平台合作夥伴的策略。Red Cap 公司及其青色無人機不斷拓展與我們的合作，從硬體領域擴展到軟體和下一代平台開發領域。隨著他們的生產需求增加，我們也相應地擴大了支援範圍，包括為 Teal 平台增加訂單量，以及後續承諾，這增強了 Red Cap 對我們能力的信心。

We're also partnering in the next generation drone platform, strengthening our position as a long-term partner. Additionally, we were selected by FlightWave, a Red Cap company, to incorporate our Open-Q™ System on Module into their new drone, another example of the deepening trust in our technology across the ecosystem.

我們也在下一代無人機平台方面合作，鞏固了我們作為長期合作夥伴的地位。此外，我們也被 Red Cap 旗下的 FlightWave 公司選中，將我們的 Open-Q™ 系統模組整合到他們的新型無人機中，這再次表明整個生態系統對我們的技術越來越信任。

Importantly, these engagements are not limited to designs or early development. We have demonstrated the operational capability to support high volume production today, and we believe we are well positioned to scale alongside our customers as the United States and allied governments accelerate deployment of unmanned system.

重要的是，這些合作並不局限於設計或早期開發。我們已經證明了我們有能力支持目前的大規模生產，我們相信，隨著美國及其盟國政府加速部署無人系統，我們能夠與客戶共同擴大規模。

In December, our Edge AI solution was selected by Trillium Engineering to power gimbaled imaging systems deployed across ISR infrastructure inspection and Wi-Fi operations, validating the performance, security, and reliability of our Edge AI architecture for mission critical deployments.

去年 12 月，我們的 Edge AI 解決方案被 Trillium Engineering 選中，用於支援部署在 ISR 基礎設施檢查和 Wi-Fi 作業中的雲台成像系統，驗證了我們的 Edge AI 架構在關鍵任務部署中的效能、安全性和可靠性。

We also recently secured our first design win with flock Safety in the drone as first responder or DFR category. Extending our AI capabilities into public safety applications. While early, this win represents growing interest beyond defense in real time, AI enables situational awareness at the edge.

我們最近也與 flock Safety 合作，在無人機作為第一個響應者 (DFR) 類別中獲得了我們的第一個設計訂單。將我們的人工智慧能力擴展到公共安全應用領域。雖然還處於早期階段，但這場勝利顯示人們對即時技術的興趣日益濃厚，人工智慧能夠實現邊緣態勢感知，而不僅限於國防領域。

Lastly, we expanded our engagement into AI enabled threat detection through a new collaboration with Safe Pro Group. Together we are helping to build an integrated edge intelligence ecosystem by combining Safe Pro's object threat detection models with our compute modules to enable real-time on device detection of landmines and other ground hazards without the reliance on cloud connectivity.

最後，我們透過與 Safe Pro Group 的新合作，擴大了我們在人工智慧威脅偵測領域的參與度。我們正在共同努力，透過將 Safe Pro 的物件威脅偵測模型與我們的運算模組結合，建構一個整合的邊緣智慧生態系統，從而實現對地雷和其他地面危險的即時設備檢測，而無需依賴雲端連接。

By allowing drones and autonomous platforms to identify threats that endanger soldiers, vehicles, and civilians on the ground, this collaboration meaningfully strengthens our role at the center of a growing network of defense and autonomous systems standardizing on AI compute technology.

透過使無人機和自主平台能夠識別危及地面士兵、車輛和平民的威脅，這種合作顯著加強了我們在日益壯大的國防和自主系統網路中的核心地位，該網路正在以人工智慧計算技術為標準。

We are seeing clear and accelerating momentum in our drone business through the first half of fiscal 2026. Drone revenues grow meaningfully from Q1 to Q2, driven by deeper customer engagement and the early benefits of our platform-led approach, positioning us to realize operating leverage as programs scale over time.

我們看到，到 2026 財年上半年，我們的無人機業務將呈現清晰且加速的發展動能。無人機收入從第一季到第二季實現了顯著成長，這得益於更深入的客戶互動以及我們以平台為主導的方法帶來的早期效益，使我們能夠隨著專案規模的擴大而實現營運槓桿效應。

As customer programs expand and move further into execution, we are seeing continued growth through the remainder of the fiscal year and into fiscal 2027. Reflecting the strength and the pace of our momentum since entering the drone market approximately a year ago, we are raising our expectation to a range of $8 million to $12 million in drone revenue this fiscal year.

隨著客戶專案的擴展和執行的深入，我們預計本財年剩餘時間和 2027 財年將持續成長。鑑於我們自大約一年前進入無人機市場以來所取得的強勁勢頭和發展速度，我們將本財年無人機收入預期提高至 800 萬至 1200 萬美元。

An increase from the previous range of $5 million to $10 million with drones becoming an increasingly meaningful contributor as programs scale. Now turning to critical infrastructure monitoring, an important long-term pillar of our industrial ID strategy, where our intelligent hardware, secure connectivity, and perception software come together to deliver end to end solutions.

隨著專案規模的擴大，無人機發揮的作用越來越重要，因此預算比之前的 500 萬至 1,000 萬美元有所增加。現在轉向關鍵基礎設施監控，這是我們工業 ID 策略的一個重要長期支柱，我們的智慧硬體、安全連接和感知軟體結合在一起，提供端到端的解決方案。

Moving to our tier one US mobile network operator. The rollout continues to progress as expected. We recognized revenue over the last two quarters and this deployment remains an important foundation of our recurring revenue strategy. Looking ahead, our focus is on expanding beyond monitoring generators into additional high value applications within the tower, including backup power banks and rectifiers.

遷移到我們的一級美國行動網路營運商。推廣工作正如預期繼續進行。在過去的兩個季度中，我們確認了收入，而這項部署仍然是我們經常性收入策略的重要基礎。展望未來，我們的重點是將監控發電機擴展到塔內的其他高價值應用，包括備用電源組和整流器。

Each cell tower includes these systems and the opportunities compatible in size to the generated deployment we support today. This program represents a step forward in building the recurring revenue and scaling into a repeatable multi-year deployment model.

每個基地台都包含這些系統，並且具備與我們今天支援的部署規模相符的機會。該計劃標誌著在建立經常性收入和擴展為可重複的多年部署模式方面邁出了重要一步。

Over the last 12 months, software and services are accounted for approximately 6% of total revenue. Which we view as the early innings. As we replicate this model across additional sites and applications, we see a clear and achievable path to more than doubling that mix over the midterm by layering software, analytics, and AI pipeline orchestration into hardware deployments already in the field.

在過去 12 個月中，軟體和服務收入約佔總收入的 6%。我們認為這只是比賽的早期階段。隨著我們在其他網站和應用程式中複製此模型，我們看到了一條清晰且可行的路徑，即透過將軟體、分析和 AI 管道編排疊加到已部署的硬體中，在中期內將該組合增加一倍以上。

At CES, we dubbed SmartEdge.ai™ and SmartSwitch.ai™, our new Edge AI gateway and AI powered fiber switch. Together, these solutions create a unified platform for real-time video analytics, intelligent connectivity, and multi-camera orchestration across enterprise and industrial environments. A key advantage of this platform is its ability to upgrade existing infrastructure.

在 CES 上，我們推出了 SmartEdge.ai™ 和 SmartSwitch.ai™，分別是我們的新 Edge AI 閘道和 AI 光纖交換器。這些解決方案共同打造了一個統一的平台，可在企業和工業環境中實現即時視訊分析、智慧連接和多攝影機編排。該平台的一大優勢在於其能夠升級現有基礎設施。

There are millions of deployed non-intelligent cameras and devices already in the field and our solutions enable customers to bring AI capabilities to these environments without requiring hardware replacement. This significantly expands our addressable market and supports scalable brownfield upgrade opportunities across surveillance, smart buildings, and critical infrastructure.

目前已有數百萬台非智慧攝影機和設備部署在現場，我們的解決方案能夠讓客戶在無需更換硬體的情況下，將人工智慧功能引入這些環境。這將顯著擴大我們的目標市場，並為監控、智慧建築和關鍵基礎設施等領域的可擴展的棕地升級改造機會提供支援。

In summary, I'm encouraged by our performance to the first half of fiscal' 26. We're executing with discipline as we scale high growth verticals, expand software enabled recurring revenue, and deliver continued operating leverage from a leaner cost structure. What's most compelling is that our diversified growth vectors, unmanned systems, critical infrastructure monitoring, and enterprise connectivity are increasingly converging around a common Edge AI platform.

總而言之，我對我們2026財年上半年的業績感到鼓舞。我們正在以嚴謹的態度執行各項工作，擴大高成長垂直領域的規模，拓展軟體驅動的經常性收入，並透過更精簡的成本結構實現持續的營運槓桿。最引人注目的是，我們多元化的成長方向、無人系統、關鍵基礎設施監控和企業連接正日益圍繞著一個共同的邊緣人工智慧平台融合在一起。

This convergence enables efficient scaling, deeper customer relationships, and positions Lantronix to capture long-term secular trail winds across aerospace, defense and intelligent infrastructure. With that, I'll turn the call back to Brent to cover the financial results.

這種融合能夠實現高效擴展、加深客戶關係，並使 Lantronix 能夠抓住航空航太、國防和智慧基礎設施領域的長期發展趨勢。接下來，我將把電話轉回給布倫特，讓他來介紹財務表現。

Thank you, Saleel. Let me begin by going through the financial results for our fiscal Second-quarter, including some of the key drivers behind our performance. I'll then provide our outlook for the Third-quarter ending March 31, 2026.

謝謝你，薩利爾。首先，讓我來介紹一下我們第二財季的財務業績，包括我們業績背後的一些關鍵驅動因素。接下來，我將提供我們對截至 2026 年 3 月 31 日的第三季的展望。

As Saleel noted, in the current quarter, we delivered revenue of $29.8 million, excluding Gridspertise, we experienced year over year growth driven by strength and embedded compute, including our A&D and drone programs, along with solid contributions from our network infrastructure switch products.

正如Saleel指出的那樣，在本季度，我們實現了2980萬美元的收入（不包括Gridspertise），在嵌入式計算（包括我們的航空航天和國防以及無人機項目）以及網路基礎設施交換機產品的穩健貢獻的推動下，我們實現了同比增長。

We also deliver higher SaaS-based ARR supported by the ongoing ramp of our critical infrastructure monitoring deployment with the Tier one M&O we've discussed. Turning to gross margins in the second-quarter, GAAP gross margin was 43.6% compared to over a three-year high of 44.8% last quarter and was up from 42.6% a year ago. On a non-GAAP basis, gross margin was 44% compared to 45.3% last quarter and 43.2% in the prior year quarter.

我們還透過不斷擴大關鍵基礎設施監控部署規模，以及我們之前討論過的一級 M&O 服務，實現了更高的基於 SaaS 的 ARR。在第二季毛利率方面，GAAP毛利率為43.6%，高於上季創下的三年多來的最高紀錄44.8%，也高於一年前的42.6%。以非GAAP準則計算，毛利率為44%，而上一季為45.3%，上一季為43.2%。

As we mentioned previously, the prior quarter's margin partially benefited from certain inventory recoveries and royalty benefits that came in slightly above plan. Overall, our continued underlying margin performance is supported by a higher mix of premium products and the discipline cost management that we've been speaking to. Turning to expenses and profitability GAAP operating expenses in the Second-quarter of fiscal 2026 were $14 million down just under 6% from the prior quarter and also down approximately 9% from $15.4 million in the year ago period as our P&L continues to benefit from the actions we took last year.

正如我們之前提到的，上一季的利潤率部分受益於某些庫存回收和略高於計劃的特許權使用費收益。總體而言，我們持續的基本利潤率表現得益於高端產品組合的增加以及我們一直強調的成本管理紀律。再來看費用和獲利能力，2026 財年第二季的 GAAP 營運費用為 1,400 萬美元，比上一季下降了不到 6%，也比去年同期的 1,540 萬美元下降了約 9%，因為我們的損益表繼續受益於我們去年採取的措施。

GAAP net loss for the second quarter of fiscal 2026 improved to $1.3 million or $0.03 per share, compared to GAAP net loss of $2.4 million or $0.06 per share in the year ago quarter. On a non-GAAP basis, net income improved to $1.6 million or $0.04 per share compared to non-GAAP net income of $1.5 million or $0.04 per share in the prior quarter.

2026 財年第二季 GAAP 淨虧損改善至 130 萬美元，即每股虧損 0.03 美元，而去年同期 GAAP 淨虧損為 240 萬美元，即每股虧損 0.06 美元。以非GAAP準則計算，淨利增加至160萬美元，即每股0.04美元，而上一季的非GAAP淨利為150萬美元，即每股0.04美元。

Turning to the balance sheet net inventories were $27.1 million as of December 30, 2025, compared to $26.8 million in the prior quarter and $29.1 million in the year ago quarter. We ended the quarter with cash and cash equivalents of $23 million, an increase of approximately $800 thousand from the prior quarter.

從資產負債表來看，截至 2025 年 12 月 30 日，淨存貨為 2,710 萬美元，而上一季為 2,680 萬美元，去年同期為 2,910 萬美元。本季末，我們持有現金及現金等價物2,300萬美元，比上一季增加了約80萬美元。

During the second quarter, we also generated positive operating cash flow of nearly $2.2 million. During the quarter we paid down about another $1 million of our outstanding debt, leaving a remaining balance of approximately $9.7 million as of December 31, 2025, which compares to $14.7 million a year ago. Our corresponding net cash position currently is approximately $13.3 million.

第二季度，我們也產生了近 220 萬美元的正向經營現金流。本季我們償還了約 100 萬美元的未償債務，截至 2025 年 12 月 31 日，剩餘債務餘額約為 970 萬美元，而一年前為 1,470 萬美元。我們目前的淨現金部位約為1,330萬美元。

Now moving to our outlook for the third quarter of fiscal 2026, which ends March 31, 2026. We expect revenue to be in the range of $28.5 million to $32.5 million. Non-GAAP EPS is expected to be in the range of $0.03 to $0.06 per share. I'll now turn the call back to Saleel for closing remarks.

現在讓我們來看看 2026 財年第三季（截至 2026 年 3 月 31 日）的展望。我們預計營收將在 2,850 萬美元至 3,250 萬美元之間。非 GAAP 每股收益預計每股價格在 0.03 美元至 0.06 美元之間。現在我將把電話轉回給薩利爾，請他作總結發言。

Thanks, Brent. As we move to the second half of fiscal' 26, I'm energized by the momentum across our business and the clarity we have around our path forward. Our AI strategy is driving real adoption across our growth vectors, and we're increasingly operating from a position of strength.

謝謝你，布倫特。隨著我們進入 2026 財年下半年，我對我們業務的良好發展勢頭以及我們對未來發展方向的清晰認識感到振奮。我們的人工智慧策略正在推動各個成長領域的真正應用，我們正日益從優勢地位出發開展業務。

There are three key takeaways I want to leave you with today. First, drones are scaling faster than we initially expected. We are seeing strong execution. Expanding customer engagement and clear momentum as programs move into broader deployment. Reflecting this progress, we increased our fiscal 2026 drone revenue outlook to $8 million to $12 million a meaningful step up from our prior expectations.

今天想跟大家分享三個關鍵要點。首先，無人機的發展速度比我們最初預期的還要快。我們看到了出色的執行力。隨著專案進入更廣泛的部署階段，客戶參與度不斷提高，發展動能也越來越強勁。鑑於這一進展，我們將 2026 財年無人機收入預期上調至 800 萬至 1,200 萬美元，較我們先前的預期有了顯著提高。

Second, We See drones becoming a material contributor to our business as we look ahead. Based on the trajectory of current programs and customer demand, we expect drone revenue to represent approximately 15% to 20% of the total revenue in fiscal' 27. Reinforcing our confidence in the durability and scale of this opportunity.

其次，展望未來，我們認為無人機將成為我們業務的重要貢獻者。根據目前專案的進度和客戶需求，我們預計無人機收入將在 2027 財年佔總收入的 15% 至 20%。增強我們對這機會的持久性和規模的信心。

Third, our platform-led approach is creating leverage. We're combining Edge AI. Embedded compute and connectivity across drones, critical infrastructure and enterprise markets. While maintaining a disciplined cost structure and expanding recurring revenue. This positions us to scale efficiently as demand accelerates.

第三，我們以平台為主導的方法正在創造優勢。我們正在結合邊緣人工智慧。無人機、關鍵基礎設施和企業市場的嵌入式運算和連接。在維持成本結構穩健和擴大經常性收入的同時。這使我們能夠隨著需求的加速成長而有效率地擴大規模。

We are disciplined, well positioned and entering our next phase of growth with momentum. We believe Lantronix is building a differentiated Edge AI platform with expanding end markets, increasing mix of higher value revenue and a clear runway ahead. With that, we'll now open the call for questions, operator.

我們紀律嚴明，定位明確，正以強勁勢頭進入下一個成長階段。我們相信 Lantronix 正在建立一個差異化的邊緣人工智慧平台，其終端市場不斷擴大，高價值收入佔比不斷提高，並且未來發展前景光明。接下來，我們將開始接受提問，接線生。

(Operator Instructions) Scott Searle, Roth Capital

（操作說明）斯科特·塞爾，羅斯資本

Hey, good afternoon. Thanks for taking my questions. Nice to see the drone momentum starting to accelerate a little earlier than expected, maybe quick to kick off Saleel to calibrate on IoT systems and solutions, I think it was down sequentially. Can you just provide some commentary in terms of, what happened on that front and kind of how we expect things to transition over the next couple of quarters going forward and then on drones, I'm, I wonder if you could give us an idea about.

嘿，下午好。謝謝您回答我的問題。很高興看到無人機的發展勢頭比預期提前了一些，也許是為了盡快啟動 Saleel 的物聯網系統和解決方案校準工作，我認為它之前是環比下降的。您能否就這方面的情況以及我們預計未來幾季的發展趨勢做一些評論？另外，關於無人機，我想知道您是否能給我們一些建議。

You know what the December quarter looked like in terms of contribution, and I want to clarify your comments in terms of fiscal' 27, raising the guidance for fiscal '26, but in fiscal' 27 I thought you said 15% to 20% of the mix, which gets drones over $20 million in absolute dollars in fiscal '27. I want to make sure that that's in the ballpark and then a lot of developments going on within the marketplace and specifically in the last day or so.

您知道 12 月季度的貢獻情況，我想澄清一下您關於 2027 財年的評論，您提高了 2026 財年的預期，但我認為您在 2027 財年說過無人機業務佔 15% 到 20%，這將使無人機業務在 2027 財年的絕對收入超過 2000 萬美元。我想確保這個數字大致正確，而且市場內部，尤其是最近一兩天，發生了許多變化。

I think there was, commentary around the drone dominance program starting to kick into gear with awards starting in March. I'm wondering if you could provide some commentary about your participation in that. I think there are 25 entities involved and it sounds like you're working with 15 plus and just kind of give us an idea of how well you are positioned there and how defensible the opportunity is for you. Thanks.

我認為，圍繞無人機主導計畫的評論已經開始出現，頒獎典禮也從 3 月開始。我想請您就您參與此事發表一些看法。我認為涉及的實體有 25 個，聽起來你正在與 15 個以上的實體合作，請你大致介紹一下你在那裡的地位如何，以及這個機會對你來說有多穩固。謝謝。

Go, thanks for the question. Let me start with the drone section first, because you've got a few things that let me unpack all of that for you. So let's do revenue. On the revenue side, as I said, our prior expectation was about $5 million to $10 million for fiscal' 26, which ends in June. We have now moved it up to $8 million to $12 million in fiscal' 26, so it's a meaningful increase.

謝謝你的提問。讓我先從無人機部分開始，因為這裡有一些東西可以讓我為你詳細解釋這一切。那麼，我們來談談收入吧。正如我之前所說，在收入方面，我們先前的預期是 2026 財年（截至 6 月）的收入約為 500 萬至 1,000 萬美元。我們現在已將其提高到 2026 財年的 800 萬至 1,200 萬美元，這是一個意義重大的成長。

We're seeing a lot of momentum in the business, so we feel good where we are at. Without getting into the details, Q1 to Q2, we saw a big bump up. So, we're very happy, and that's why we believe we'll continue to increase every quarter into Q3 and Q4 as I look forward.

我們看到公司業務發展勢頭良好，所以我們對目前的狀況感到滿意。不贅述細節，從第一季到第二季度，我們看到了大幅成長。所以，我們非常高興，這也是為什麼我們相信，展望未來，我們將在第三季和第四季繼續保持成長勢頭。

For fiscal' 27, you're, you, you've done the math right. It should be 15% to 20%, so it could be anywhere from, $20 million to $30 million range, give or take. So that's how, big part of our company's revenue it will become, the other question you had is about, the differentiation, and how we're winning.

對於 2027 財年，你，你，你算對了。應該是 15% 到 20%，所以金額可能在 2000 萬到 3000 萬美元之間，上下浮動一些。所以，這就是它將成為我們公司收入很大一部分的原因。你提出的另一個問題是關於差異化以及我們如何獲勝。

Let me get a, spend some time on that's really a very important point and let's spend a few minutes on it. So first our differentiation starts when we operate in the drone stack. We have the intersection of payload integration with our edge compute and secure connectivity, so it all goes hand in hand.

讓我花點時間，這確實是一個非常重要的點，我們花幾分鐘時間討論一下。因此，我們的差異化首先體現在我們營運無人機技術堆疊上。我們將有效載荷整合與邊緣運算和安全連接相結合，因此它們密不可分。

Second is our long-term relationship with Qualcomm, which is a real advantage because we are able to, meet the requirements which is known as swap size, weight, power compared to what's in the market right now so we're winning using that solution making a system on module.

其次，我們與高通建立了長期合作關係，這是一個真正的優勢，因為我們能夠滿足目前市場上所謂的交換尺寸、重量和功耗等要求，所以我們利用該解決方案製造系統級模組，從而獲得成功。

At CES, as we announced a drone platform in anticipation of the drone dominance program, and I'll come back to that in a minute. So, we announced that we started providing a full solution and a kit, so we're providing a system solution as opposed to just a module, and I've said this in the past, we win because.

在 CES 展會上，我們發布了一款無人機平台，迎接無人機主導計畫的到來，我稍後會再談到這一點。因此，我們宣布開始提供完整的解決方案和套件，我們提供的是系統解決方案，而不僅僅是一個模組。我以前說過，我們之所以能成功，是因為…

Embedding cameras into systems is in our DNA. We've done that for a long time, and this is probably one of the more complex ones where they have 6 to 8 cameras on each drone. We know how to integrate that into a solution that the customer can use and go to market. The other thing is the market is up and coming and new and us making it easier for our customers to get to market fast is really a big differentiator now as we're able to go out and work with a lot of customers and.

將相機嵌入系統是我們與生俱來的天賦。我們已經做了很長時間了，而這可能是比較複雜的項目之一，因為每架無人機上都有 6 到 8 個攝影機。我們知道如何將其整合到客戶可以使用並推向市場的解決方案中。另一方面，市場正在蓬勃發展，我們能夠幫助客戶快速進入市場，這確實是一個很大的差異化優勢，因為我們能夠走出去與許多客戶合作。

Over time, I believe this creates a lot of stickiness, all the things that I talked about, and the margins are going to improve. Out of the 25 customers, 25 folks who won the vendors who won the drone dominance, this is the first one, by the way, it's going to be a multi, quarter program, and then it's going to be a total of, I believe 300,000 drones over the lifetime, over the next 18 months, so they only did.

我相信隨著時間的推移，這將產生很強的黏性，我剛才提到的所有因素都會得到改善，利潤率也會提高。在贏得無人機市場主導地位的 25 位客戶中，25 位供應商贏得了無人機市場主導地位，這是第一個，順便說一下，這將是一個多季度的項目，然後我相信在接下來的 18 個月內，總共將生產 30 萬架無人機，所以他們只做了這些。

30k in the program which is a start we are working with a sizable amount of them either directly or through some of our partners where we are in the gimbals, so the list was very exciting to see the list I happen to know a lot of the folks on the list.

該計劃目前有 3 萬人參與，這是一個好的開始。我們正在與他們中的相當一部分人直接合作，或者透過我們的一些合作夥伴與他們合作，我們在雲台領域也處於領先地位。因此，看到這份名單令人非常興奮，我碰巧認識名單上的許多人。

So, I hope I covered all the drone's questions. I'm going to have, Brent take the IoT systems, a little bit into detail but just want to remind everybody we did have a bit of a shutdown last quarter where some of our IoT system products get sold. With that, Brent, go ahead.

所以，我希望我已經解答了無人機的所有問題。接下來，我將讓布倫特詳細介紹物聯網系統，但我想提醒大家，上個季度我們確實遇到了一些停產情況，導致我們的一些物聯網系統產品無法銷售。布倫特，你開始吧。

Yeah, Scott, to build on that real quick on the, on some of our, IOT box products, the quarter ending September, so our prior quarter, is traditionally a heavier quarter with some of the Fed customers in the Fed buying season in that summer quarter ending in September.

是的，斯科特，關於我們的一些物聯網設備產品，我想快速補充一下，截至 9 月的季度，也就是我們之前的季度，通常是業務量較大的季度，因為美聯儲的一些客戶會在 9 月結束的夏季季度進行採購。

So, some of that was expected, in terms of, sequential decline. And you know we also saw a pretty meaningful ramp in our tier one, M&O customer from the prior two quarters as we shipped and deployed, a big number of those boxes to them and so here in the December quarter we, we're still shipping, but the program is nearing, it's end point on the rollout. So, I think those two things are kind of contributing to the, to that category being down quarter over quarter.

所以，從連續下降的角度來看，其中一部分是可以預期的。而且，我們也看到，與前兩個季度相比，我們的一級維護和營運客戶的訂單量有了相當大的成長，因為我們向他們發貨並部署了大量的箱子。因此，在 12 月的這個季度，我們仍在發貨，但該計劃的推廣工作已接近尾聲。所以，我認為這兩個因素都導致了該類別環比下降。

Great, thanks so much. Very exciting news about the drones. I'll get back in the queue. Thank you.

太好了，非常感謝。關於無人機的消息非常令人振奮。我重新排隊。謝謝。

Thank you, Scott.

謝謝你，斯科特。

(Operator Instructions) Christian Schwab, Craig-Hallum

（操作說明）克里斯蒂安·施瓦布，克雷格-哈勒姆

Yeah, congrats on the acceleration of the drone business. Can you explain or give us a little bit of color on, what the ASE, uptake would be moving from just providing modules to an entire system.

是的，祝賀無人機產業發展迅速。您能否解釋一下或簡要介紹一下，ASE 的普及程度將從僅僅提供模組發展到提供整個系統。

Yeah, so, thank you for that question, Christian. So, as we stated pretty clearly, our ASP is in the 4 to 500 range today and this is mainly in the class group 2 drones that we are in as we go to a full turnkey kind of solution, it'll move up, quite nicely, as we do more integration in the $100 thousands more and if we go and our plan is then also to go after the FPV drones which will have a bit of a lower ASP.

是的，謝謝你的提問，克里斯蒂安。正如我們之前明確指出的，我們目前的平均售價在 400 到 500 美元之間，這主要針對我們目前所處的 2 類無人機。隨著我們轉向全套交鑰匙解決方案，價格會穩定上漲，整合度也會提高約 10 萬美元。如果我們繼續發展，我們的計畫是進軍 FPV 無人機市場，這類無人機的平均售價會略低。

So, it's going beyond 11 kind of price point where we're now having a portfolio that we're going after so it's going to vary but it's a healthy ASP that we're seeing and good margins in the business.

所以，它的價格已經超過了 11 美元左右，我們現在正在打造一個產品組合，所以價格會有所不同，但我們目前看到的平均售價很健康，而且業務利潤率也不錯。

Great. And then if we look, we kind of in essence gave guidance for what we think the drone business, can be in fiscal year' 27, what type of growth rate do you think we should assume for the core business or the non-drone business, in fiscal year' 27 and what would be the potential puts it takes, to that.

偉大的。然後，如果我們仔細觀察，我們實際上已經對無人機業務在 2027 財年的發展前景給出了指導意見，那麼對於核心業務或非無人機業務，我們預計在 2027 財年應該達到怎樣的增長率，以及實現這一目標可能需要付出怎樣的努力。

Christian, we do, quarterly guidance as we've said in the past, we see, let me the drone business, I think is new and exciting, and you can see double-digit high double-digit growth rates in that, which is great. Also, the December quarter Lantronix grew 17% (YOY) when you remove (Gridspertise).

克里斯蒂安，正如我們過去所說，我們確實會發布季度業績指引。讓我們來看看無人機業務，我認為這是一個新興且令人興奮的領域，你可以看到該領域實現了兩位數的高兩位數增長率，這非常棒。此外，剔除上述因素後，Lantronix 12 月季度年增 17%。（網格專家）。

And drones were a component of it, but the other businesses also at the midpoint that we have put out there, the whole business is again growing, so I see a fiscal '27 to be a good year. The numbers that the analysts have us at are what we're working through and we're not allergic to what the numbers are out there right now.

無人機是其中的一個組成部分，但我們推出的其他業務也在中期取得了進展，整個業務再次成長，所以我認為 2027 財年將是一個好年。分析師給出的數字正是我們正在研究的，我們並不排斥目前市面上的數字。

Okay, and that, that's fair, and then regarding operating expenses given, the increased growth opportunities, would you, is there anything that you're aware of that would materially change, operating expenses, on a go forward basis, or should we just assume, less than revenue, obviously.

好的，這很公平。那麼關於營運費用，考慮到成長機會的增加，您是否知道有什麼因素會對未來的營運費用產生實質影響？或者我們應該假設營運費用會低於收入？

Yeah Christian, on the, on the near-term next quarter or to, I think it's safe to assume OPEX kind of in the range of around, 11.8 to maybe 12.3 million a quarter, so kind of in the range of what we're seeing in the last couple quarters. OPEX was slightly lower than that, I believe here in this quarter, but in Q3, Q4, the range I just mentioned is probably a reasonable estimate.

是的，克里斯蒂安，就近期而言，下個季度或更短的一段時間，我認為可以合理假設營運支出在每個季度 1180 萬到 1230 萬美元左右，這與我們在過去幾個季度看到的範圍差不多。我認為本季的營運支出略低於這個數字，但在第三季和第四季度，我剛才提到的範圍可能是合理的估計。

Okay, that's fantastic. Congrats, no other questions. Thank you.

好的，太棒了。恭喜，沒有其他問題了。謝謝。

Thank you, Christian.

謝謝你，克里斯蒂安。

(Operator Instructions) Jaeson Schmidt, Lake Street.

（操作員說明）Jaeson Schmidt，湖街。

Hey guys, thanks for taking my questions. Just curious if you could quantify what the government shutdown or that impact was in the December quarter. Obviously, as you noted, it causes, cost some friction, and then relatedly if you're seeing any supply constraints today, obviously with the well-known memory shortage out there, just curious if you're seeing any other dynamics.

各位好，感謝你們回答我的問題。我只是好奇您能否量化政府停擺對12月季度造成的影響。顯然，正如你所指出的，這會造成一些摩擦，而且，如果你今天看到任何供應限制，顯然考慮到眾所周知的內存短缺，我只是好奇你是否看到了任何其他動態。

What I want to leave you with on the government shutdown, and I think Brent talked a little bit about the IoT system which is our box products which, were a bit slower than we anticipated because of the shutdown, but the team executed so well that, we were able to make up all of it, and I'm really happy with that. So, think about that from that perspective.

關於政府停擺，我想最後再補充一點。我想布倫特也稍微談到了物聯網系統，也就是我們的盒式產品。由於政府停擺，這些產品的運行速度比我們預期的要慢一些，但團隊執行得非常好，我們最終彌補了所有損失，我對此非常滿意。所以，從這個角度思考一下。

The government is starting to normalize, so we hope, I expect and hope that things will improve on that side if you think about it. On the memories, great question on the memory shortage. By the way, Jaeson, everybody's talking about it.

政府正在逐步恢復正常，所以我們希望、我期待並希望，仔細想想，這方面的情況會有所改善。關於記憶力，關於記憶力不足的問題問得很好。對了，傑森，大家都在談論這件事。

We do see a pricing, and supply pressures going on. We are proactively working with our customers to alleviate this, to ensure that we are supplying them enough product, especially in some of the new businesses like our drone stuff, so we've got a supply that we have prepared for them. They're working with us closely on that.

我們確實看到價格和供應都面臨壓力。我們正在積極與客戶合作，以緩解這種情況，確保我們向他們提供足夠的產品，尤其是在一些新業務領域，例如我們的無人機產品，所以我們已經為他們準備好了供應。他們正與我們密切合作。

And we don't see a big issue in the short-term to even the midterm and longer-term I mean we gotta think about all of that, but we'll be we're we're able to work around most of the issues that we are having and we're working with our customers very closely to ensure.There is no supply disruptions.

我們認為短期、中期甚至長期都不會出現大問題——當然，我們必須考慮所有這些因素——但我們有能力解決目前遇到的大部分問題，並且我們正在與客戶密切合作，以確保供應不會中斷。

Okay, that's really helpful. And then just as a follow-up, given the momentum and upward revision to your Drone and revenue guidance coupled with, I mean, it sounds like the software piece of the pie is going to continue to grow going forward, how should we think about the gross margin profile, or are you thinking about sort of the near term or medium term gross margin profile differently given those dynamics?

好的，這真的很有幫助。然後，作為後續問題，鑑於無人機業務和收入預期上調的勢頭，以及軟體業務似乎將繼續增長，我們應該如何看待毛利率狀況？或者，鑑於這些動態，您是否對近期或中期毛利率狀況有不同的看法？

Yeah Jason, on the margins for that business specifically and to answer your question on the near term, what I think we've said previously the margins are near our kind of our corporate average maybe slightly below those levels, but, longer-term as software services become a bigger part of what we're providing our customers we would expect the margin to slightly increase but In the near term, next quarter or two, we're not forecasting a meaningful increase in what we previously discussed.

是的，傑森，具體到這項業務的利潤率，以及你提出的短期問題，我認為我們之前說過，利潤率接近我們公司的平均水平，可能略低於平均水平。但是，從長遠來看，隨著軟體服務在我們為客戶提供的服務中所佔比例越來越大，我們預計利潤率會略有上升。但在短期內，也就是未來一、兩個季度，我們預期不會出現先前討論過的顯著成長。

Jaeson, let me add another point on the gross margin. You can see compared to the year ago we're up. Last quarter we were up, this quarter we're up, so the trajectory is where we want it to be, and we're working on all of this as you think about it. So, you know that that gives you an understanding that we're building a moat around our business, right? That's how the gross margins.Is improving and we got to keep working it, but I'm pleased to see the upward progress that the team has made.

傑森，關於毛利率，我再補充一點。你可以看到，與去年同期相比，我們有所成長。上個季度我們實現了成長，這個季度我們也實現了成長，所以目前的趨勢正是我們想要的，而且正如你所想，我們正在努力實現所有這些目標。所以，你應該明白，我們正在為我們的業務建構一道護城河，對吧？毛利率就是這樣提高的，我們還需要繼續努力，但我很高興看到團隊的進步。

No, gotcha. Thanks a lot, guys.

不，明白了。非常感謝各位。

(Operator Instructions) Austin Moeller, Canaccord

（操作說明）奧斯汀·莫勒，加拿大

Hi, good afternoon, nice quarter.

您好，下午好，這區域很不錯。

Thanks Austin.

謝謝你，奧斯汀。

Just my first question. So now the defense budget is passed and the FCC has banned, new Chinese drones. So how should we be thinking about how quickly we might see demand materialize into your backlog either from the 340,000 American drone dominance initiative or on the commercial side (forams)?

這是我的第一個問題。現在國防預算已經通過，聯邦通訊委員會也禁止了中國新型無人機。那麼，我們該如何看待34萬架美國無人機主導計畫或商業需求會以多快的速度轉化為你們的積壓訂單呢？（有孔蟲）？

Yeah, so, on the drone dominance and the FCC ruling on December 23rd is going to be helpful for all American manufacturers and Austin, we are working with a slew of companies now to get them enabled and into the market faster and you know I can go over the list we've got Red Cap multiple programs, multiple Red Cap companies, Trillium, which is big and it's in the large ecosystem there Sightline, Grimzy we worked with Safe Pro.

是的，關於無人機主導地位，以及 FCC 12 月 23 日的裁決，這對所有美國製造商和奧斯汀都將有所幫助。我們現在正與許多公司合作，幫助他們更快進入市場。我可以列出名單，我們有 Red Cap 的多個項目，多家 Red Cap 公司，還有規模龐大的 Trillium，它位於一個龐大的生態系統中，以及 Sightline、Grimzy，我們也與 Safe Pro 合作過。

And you know you're going to be seeing more announcements from us so we're getting geared up to support this and that's why, we increased our, expectations for next year to 15% to 20% of the company's revenue which is very meaningful. The other little thing in my prepared remarks that you might have got, we got our first win in the drone.

你們也知道，我們將發布更多公告，所以我們正在為此做好準備，因此，我們將明年的預期提高到公司收入的 15% 到 20%，這意義重大。我準備的發言稿中還有一件你可能已經注意到的小事，那就是我們在無人機比賽中取得了首勝。

As a first responder category, which is, if you would think about it as a commercial or a public safety area, now that's new and unique and because that was all held by the Chinese in the past. Now that's getting created in the United States and we want to be a part of that also. So great and exciting times ahead of us and we are ready. We are.

作為第一響應者類別，如果你把它看作是商業或公共安全領域，那麼這現在就是新的、獨特的，因為過去這些領域都被中國人佔據了。現在美國正在興起這樣的潮流，我們也想參與其中。美好的未來就在前方，我們已經準備好了。我們是。

Ready.

準備好。

Okay, and how should we think about potential M&A, that you might be eyeing to expand margins and drive ASPs beyond like the $400 to $500 range for like broader systems or subsystems.

好的，那我們該如何看待潛在的併購呢？您可能正在考慮透過併購來擴大利潤率，並將更廣泛的系統或子系統的平均售價推高到 400 至 500 美元以上。

Yeah, we are looking at M&A really in two areas as I think about the company looking at. A subsystem like, should we be now we're working with some companies that do a lot of the drone manufacturing already, so, but can we integrate more into our SOM's? Can we add a software layer around it? SPAR is a perfect example where we partnered with somebody who's putting their IP onto our SOMs.

是的，就公司目前的情況來看，我們主要從兩個方面進行併購。例如，我們現在正在與一些從事大量無人機製造的公司合作，那麼我們能否將更多子系統整合到我們的系統模組 (SOM) 中？我們能否在其周圍添加一個軟體層？SPAR 就是一個完美的例子，我們與一些公司合作，將他們的智慧財產權應用到我們的 SOM 中。

So, M&A is going to be an important feature I think about the future as we create. More of an ecosystem and a platform play Austin so you know we're talking and talking to a bunch of folks in that the other area we're also looking at M&A is around our critical infrastructure monitoring where we want ARR and software to be a larger portion of the company so we're both of those areas are areas we're going to focus on, and that'll get this company to higher gross margins, higher software revenues, higher stability as I think about it.

所以，我認為併購將是我們未來發展的重要特徵。奧斯汀更像是一個生態系統和平台，所以你知道，我們正在與很多人進行談判。我們也正在關注併購的另一個領域是關鍵基礎設施監控，我們希望年度經常性收入和軟體在公司中佔更大。這兩個領域都是我們將重點關注的領域，我認為這將使公司獲得更高的毛利率、更高的軟體收入和更高的穩定性。

That's very interesting, exciting time in the drone industry. Thanks.

這是無人機產業一個非常有趣、令人興奮的時期。謝謝。

Thank you, Austin.

謝謝你，奧斯汀。

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 for your questions and joining us today. We appreciate your continued interest in Electronics and look forward to keeping you updated as we execute our strategy. We're excited to have you with us on this journey, and we believe we are just. Beginning to take flight. With that, thank you very much.

感謝您提出問題並參與今天的節目。感謝您一直以來對電子產品的關注，我們將在執行策略的過程中及時向您報告最新進展。我們很高興能與您一起踏上這段旅程，我們相信我們是公正的。開始起飛。然後，非常感謝。

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。