創力 (LTRX) 2026 Q3 法說會逐字稿

Welcome to the Lantronix Q3 2026 earnings call. (Operator Instructions) Please note this event is being recorded. I'd like to turn the conference over now to Mr. Brent Stringham, Chief Financial Officer. Thank you, and over to you.

歡迎參加 Lantronix 2026 會計年度第三季（Q3）財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給財務長 Brent Stringham 先生。謝謝，交給您。

Good afternoon, everyone, and thank you for joining our fiscal third 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.

各位下午好，感謝各位參加我們會計年度第三季財報電話會議。今天與我一同出席的是我們的總裁兼執行長 Saleel Awsare。今日電話會議的即時與存檔網路直播將可在公司網站上收看。此外，您也可在今日的財報新聞稿中找到電話重播的撥入資訊。在本次電話會議中，我們可能會作出前瞻性陳述，其中包含風險與不確定性，可能導致我們的實際結果與目前預期有重大差異。

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-Qs. Lantronix undertakes no obligation to revise or update publicly any forward-looking statements to reflect future events or circumstances.

我們鼓勵您查閱今日財報新聞稿中所載的警示性聲明與風險因素；該新聞稿已提交給美國證券交易委員會（SEC），並可在我們的網站以及其他 SEC 申報文件（例如 10-K 與 10-Q）中取得。Lantronix 不承擔任何義務公開修訂或更新任何前瞻性陳述，以反映未來事件或情況。

Additionally, during the call, we 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，在本次電話會議中，我們將討論非 GAAP 財務衡量指標。今日的財報新聞稿已張貼於我們網站的投資人關係（Investor Relations）專區，其中說明了我們非 GAAP 與 GAAP 報導之間的差異，並提供我們所使用之非 GAAP 財務衡量指標的調節表。接下來，我將把電話會議交給 Saleel。

Thanks, Brent, and thank you, everyone, for joining today's call. We delivered revenue of $30.2 million and non-GAAP EPS of $0.04, both within our guidance range. Our Embedded IoT Solutions portfolio delivered extremely robust growth of 22% year-over-year, driving overall sequential and year-over-year revenue growth for the company.

謝謝你，Brent，也感謝各位參加今天的電話會議。我們實現營收 3,020 萬美元、非 GAAP 每股盈餘（EPS）0.04 美元，兩者皆落在我們的財測區間內。我們的嵌入式 IoT 解決方案（Embedded IoT Solutions）產品組合年增 22%，成為推動公司整體營收季增與年增的主要動能。

This performance reinforces our position as a critical onboard edge compute platform for unmanned systems, an increasingly important contributor to our business. Gross margin also remained strong at above 43%, supported by a richer mix of higher margin products and recurring revenue across the portfolio.

這項表現進一步鞏固我們作為無人系統機載邊緣運算關鍵平台的地位，而無人系統正日益成為我們業務的重要貢獻來源。毛利率亦維持強勁，超過 43%，主要受惠於較高毛利產品占比提升，以及產品組合中經常性收入的增加。

Overall, these results reflect a disciplined execution and continued momentum across the business. Turning to our results. We continue to see strong demand for unmanned systems or drones, supported by favorable industry and military tailwinds that position Lantronix for sustained growth.

整體而言，這些成果反映出我們嚴謹的執行力，以及業務各面向持續的動能。接著談我們的業績表現。我們持續看到無人系統或無人機的強勁需求，在有利的產業與軍事趨勢推動下，Lantronix 具備持續成長的良好條件。

Our customer list in unmanned systems continues to expand, reflecting both the effectiveness of our drone strategy and the increasing need for reliable, real-time computing solutions. Drones are physical AI in action, and we deliver that capability to our customers by enabling autonomy, edge compute and real-time decision-making, further increasing the value of our technology.

我們在無人系統領域的客戶名單持續擴大，反映出我們無人機策略的有效性，以及市場對可靠、即時運算解決方案日益增加的需求。無人機是「實體 AI」的實際應用；我們透過提供自主性、邊緣運算與即時決策能力，將這項能力交付給客戶，進一步提升我們技術的價值。

The FCC's December 2025 action, which bars DJI and other foreign drone makers on the covered list from obtaining approval for new drone models in the US has meaningfully improved the outlook for domestic and trusted supplier platforms. This environment strengthens our competitive moat as a US partner that is both NDAA and TAA compliant, providing trusted and secured AI-enabled edge compute platform solutions for the Group 1 and 2 drone ecosystems. Further, we are expanding both our capabilities and the number of active engagements.

FCC 於 2025 年 12 月採取的行動，禁止列入涵蓋清單（covered list）的 DJI 與其他外國無人機製造商在美國取得新機型核准，已顯著改善本土與可信供應商平台的前景。此一環境強化了我們的競爭護城河：作為同時符合 NDAA 與 TAA 規範的美國合作夥伴，我們為第 1 與第 2 類無人機生態系提供可信且安全、具 AI 能力的邊緣運算平台解決方案。此外，我們也在擴大自身能力並增加進行中的合作案數量。

Our SoMs, or System-on-Modules, provide the onboard edge compute foundation for greater autonomy, which is becoming increasingly critical as mission complexity rises and the market pushes beyond what human operators alone can support. In aerospace and defense, scale will require more intelligence, more autonomy and Lantronix is helping enable that shift.

我們的 SoM（System-on-Modules，系統模組）為更高程度的自主性提供機載邊緣運算基礎；隨著任務複雜度提升、且市場需求已超出僅靠人類操作員所能支撐的範圍，這一點變得愈發關鍵。在航太與國防領域，要達到規模化將需要更多智慧、更高自主性，而 Lantronix 正在協助促成這項轉變。

As a result, we are moving up the tech stack, evolving from supporting the camera to enabling full intelligent drone and counter drone systems. In parallel, growing interest in swarming and coordinated autonomy is driving demand for larger fleets requiring more advanced Edge AI and machine learning-based compute solutions to support increasingly complex missions.

因此，我們正往更高層的技術堆疊邁進，從支援相機，演進到支援完整的智慧無人機與反無人機系統。同時，市場對蜂群與協同自主性的興趣日增，帶動對更大規模機隊的需求；這些機隊需要更先進的邊緣 AI 與以機器學習為基礎的運算解決方案，以支援日益複雜的任務。

Beyond the drone itself, we are expanding our role into counter-UAS and spectrum dominance applications. These markets require high-performance, low-power compute to process sensor data and enable real-time decision-making in contested environments. As systems become more intelligent, connected and electronically aware, we expect our SoMs and broader technology to play an increasingly central role across more of the mission stack.

除了無人機本體之外，我們也正將角色擴展至反無人機系統（counter-UAS）與頻譜優勢（spectrum dominance）應用。這些市場需要高效能、低功耗的運算能力，以處理感測器資料並在對抗環境中實現即時決策。隨著系統變得更智慧、更互聯且具備電子感知能力，我們預期 SoM 與更廣泛的技術將在更多任務堆疊環節中扮演日益核心的角色。

Given the growth opportunity ahead, we are investing to scale. We are expanding our technical R&D talent to deepen our capabilities and capture more opportunities across the drone ecosystem, while also expanding our dedicated drone sales effort. As the unmanned aerial systems market continues to heat up, new entrants will emerge.

鑑於前方的成長機會，我們正在投資以擴大規模。我們正擴充技術研發（R&D）人才，以深化能力並掌握無人機生態系中的更多機會，同時也擴大專責的無人機銷售團隊。隨著無人航空系統市場持續升溫，將會出現新的參與者。

However, our first-mover advantage positions to become the go-to provider for unmanned systems compute, and these investments are designed to strengthen the moat around our business as a critical platform partner to the unmanned ecosystem.

然而，我們的先行者優勢使我們具備成為無人系統運算首選供應商的定位；這些投資旨在強化我們業務的護城河，作為無人系統生態系的關鍵平台合作夥伴。

In parallel with those investments, we are also advancing the product and technology initiatives that will support our next phase of growth.

在進行上述投資的同時，我們也在推進產品與技術計畫，以支援下一階段的成長。

During the quarter, we announced the advancement of our multi-silicon strategy with MediaTek's Genio family of system-on-chip or SoC platforms, strengthening our ability to serve a wide range of Edge AI and industrial IoT applications. MediaTek's SoCs delivered strong AI performance with processing power comparable to our Qualcomm platforms, while offering a feature set highly optimized for industrial and commercial use cases.

本季我們宣布，透過採用聯發科（MediaTek）Genio 系列系統單晶片（SoC）平台，推進我們的多晶片（multi-silicon）策略，強化我們服務各類邊緣 AI 與工業物聯網（Industrial IoT）應用的能力。聯發科的 SoC 具備強勁的 AI 效能，處理能力可與我們的高通（Qualcomm）平台相當，同時提供高度針對工業與商用情境最佳化的功能組合。

By adding MediaTek, we are filling important use case coverage in our portfolio. Both MediaTek and Qualcomm are highly capable Edge AI compute solutions and together allow Lantronix to serve a broader set of customers and end markets with architectures tuned to their specific requirements.

納入聯發科後，我們補足了產品組合中若干重要應用情境的覆蓋。聯發科與高通皆為能力強大的邊緣 AI 運算解決方案；兩者結合使 Lantronix 能以符合特定需求的架構，服務更廣泛的客戶與終端市場。

Diving deeper, we continue to build momentum during the quarter. We significantly expanded the number of OEMs we engaged with and now have shipped product to over a dozen of these partners. Importantly, we recently converted one of these engagements into a design win, another drone as a first responder program with one of the largest US based body camera makers.

進一步來看，我們在本季持續累積動能。我們大幅增加了接觸的 OEM 數量，目前已向十多家合作夥伴出貨產品。更重要的是，我們近期將其中一項合作轉化為設計導入（design win）——與美國最大的隨身攝影機（body camera）製造商之一合作的「第一線應變者無人機」（drone as a first responder, DFR）計畫。

This adds a new DFR customer and further validates our position as a leading compute and connectivity provider across the UAS ecosystem. We also secured a new customer win with a payload that identifies hostile drone operators, marking our expansion into counter drones.

這為我們新增一位 DFR 客戶，並進一步驗證我們作為 UAS 生態系中領先的運算與連線供應商之地位。我們也取得一項新客戶案，其載荷可識別敵對無人機操作員，標誌著我們向反無人機領域的擴張。

This new win reinforces our role as a trusted partner in mission-critical applications, underscoring our expanding relevance into counter unmanned systems, where FPV drones are used to detect, track, identify and mitigate hostile systems in contested environments.

這項新案再次強化我們在任務關鍵型應用中作為可信合作夥伴的角色，凸顯我們在反無人系統領域的相關性持續提升；在對抗環境中，FPV 無人機被用於偵測、追蹤、識別並抑制敵對系統。

More broadly, it demonstrates our Edge AI drone solutions support the full UAS ecosystem, including counter drone use cases. In addition to expanding capabilities and applications, we have been growing beyond the US market into international markets, as we are now supporting global expansion with Red Cat as they enter NATO and across the Asia Pacific.

更廣泛而言，這也顯示我們的邊緣 AI 無人機解決方案可支援完整的 UAS 生態系，包括反無人機的使用情境。除了擴展能力與應用之外，我們也正從美國市場走向國際市場；目前我們正支援 Red Cat 的全球擴張，協助其進入北約（NATO）以及亞太地區。

We also made our first shipment to Evolve Dynamics, a UK based developer of unmanned aerial systems serving the defense, emergency response and critical infrastructure markets. Expanding our unmanned OEM customer base internationally is an important part of our growth strategy, and this shipment marks another step in expanding our reach across the global autonomous system ecosystem.

我們也首次向 Evolve Dynamics 出貨；該公司為英國無人航空系統開發商，服務國防、緊急應變與關鍵基礎設施市場。在國際市場擴大我們的無人系統 OEM 客戶基礎，是我們成長策略的重要一環；此次出貨也標誌著我們在全球自主系統生態系中擴大觸及範圍的又一步。

Additionally, we recently engaged with multiple Ukraine drone makers. Ukraine is becoming one of the most leading edge and fastest evolving market for unmanned systems globally, and its domestic drone companies have demonstrated a remarkable real-world performance. As the United States Department of War continues to increase its investments in unmanned systems, collaborating with leading Ukrainian innovators provide us with critical insights and validation opportunities for our technology in highly demanding real-world environments.

此外，我們近期也與多家烏克蘭無人機製造商進行交流。烏克蘭正成為全球無人系統最前沿且演進最快的市場之一，其本土無人機公司已展現出卓越的實戰表現。隨著美國戰爭部持續加大對無人系統的投資，與領先的烏克蘭創新者合作，能為我們在高度嚴苛的真實環境中提供關鍵洞見與技術驗證機會。

We are seeing a broader shift towards trusted platforms with customers increasingly moving away from Chinese components towards NDAA-compliant solutions. This transition is creating meaningful opportunities for Lantronix, particularly as customers evaluate our products such as our Drone Reference Platform, which helps shorten development cycles and accelerates evaluation to deployment.

我們看到市場正更廣泛地轉向可信賴的平台，客戶也日益從中國零組件轉向符合 NDAA 的解決方案。此一轉變為 Lantronix 帶來實質機會，尤其在客戶評估我們的產品（例如無人機參考平台）時；該平台可縮短開發週期，並加速從評估到部署的進程。

Further, in March, we formed a strategic collaboration with Unusual Machines to support the next generation of unmanned platforms. This partnership combines Lantronix's edge compute and integrated connectivity solution with UMAC's flight components to help accelerate deployment timelines, enhance ISR and autonomous capabilities across aerial systems. Together, this enables both companies to pursue emerging opportunities tied to the Department of War's drone dominance program, and we believe we are well positioned to capitalize on this near-term growth opportunity.

此外，在 3 月，我們與 Unusual Machines 建立策略合作，以支援下一代無人平台。此合作結合 Lantronix 的邊緣運算與整合式連線解決方案，以及 UMAC 的飛行組件，以協助加速部署時程，並提升空中系統的 ISR 與自主能力。雙方合作也使兩家公司得以追求與戰爭部無人機制霸計畫相關的新興機會，我們相信自己已具備良好定位，可把握這項近期成長機會。

We are encouraged by the early progress made during the collaboration so far, and we'll release additional updates as appropriate. We are making a concerted effort to strengthen our position in the unmanned ecosystem by scaling the platform and introducing new capabilities that support faster, easier and more effective deployments. As we expand the platform, we are building an ecosystem around it, one that enables customers and partners to adapt, integrate and scale solutions more seamlessly.

我們對迄今合作所取得的初步進展感到鼓舞，並將在適當時機發布更多更新。我們正全力強化在無人化生態系中的地位，透過擴大平台規模並導入新能力，以支援更快速、更容易且更有效的部署。隨著平台擴展，我們也在其周邊建立一個生態系，使客戶與合作夥伴能更無縫地調整、整合並擴充解決方案。

We are encouraged by the momentum we've built in unmanned systems since entering the market just over a year ago. And we are once again increasing our fiscal 2026 drone outlook now to a range of $10 million to $14 million. Our team is executing with urgency, and we continue to see a clear path for unmanned systems to represent 15% to 20% of overall revenue in fiscal 2027. Moving to software and services.

自我們在一年多前進入無人系統市場以來，所建立的動能令我們備受鼓舞。我們也再次上調 2026 會計年度無人機業務展望至 1,000 萬至 1,400 萬美元區間。我們的團隊以緊迫感推進執行，並持續看到明確路徑，使無人系統在 2027 會計年度占整體營收的 15% 至 20%。接下來談軟體與服務。

We remain excited about the expanding ARR we are seeing. Over the last two quarters, we have expanded our software and services mix from 5% to 6% to 8% to 9% of total revenue, and we see a clear path of sustainably reaching double-digits over the midterm. This confidence is driven by our ability to layer high-value software and services onto a growing installed base of hardware already in the field. As we integrate capabilities such as device management, analytics, AI orchestration, we are not only expanding recurring revenue streams, but are also improving overall mix and increasing the lifetime value of each deployment.

我們對持續擴大的 ARR（年度經常性收入）仍感到振奮。過去兩個季度，我們的軟體與服務占總營收比重已由 5% 至 6% 提升至 8% 至 9%，且我們清楚看到在中期可持續達到雙位數占比的路徑。這份信心來自於我們能在既有、已部署於現場且持續成長的硬體裝機基礎之上，疊加高價值的軟體與服務。隨著我們整合如裝置管理、分析、AI 編排等能力，我們不僅擴大經常性收入來源，也改善整體產品組合，並提升每次部署的終身價值。

Over time, we believe this will drive greater revenue visibility, stronger margins and a higher quality business model overall.

隨著時間推進，我們相信這將帶來更高的營收可視性、更強的毛利率，以及整體更高品質的商業模式。

On IoT system solutions, we continue to experience slower federal spending and extended procurement cycles, particularly with our core enterprise and networking products, which includes media converters and out-of-band management.

在 IoT 系統解決方案方面，我們仍持續面臨聯邦支出放緩與採購週期拉長的情況，尤其是在我們的核心企業與網路產品上，包括媒體轉換器與帶外管理。

Federal customers are moving more cautiously and continued government shutdowns have resulted in slower ordering patterns and a more measured pace of conversion. That said, these are timing dynamics, not demand issues. Importantly, enterprise and networking continue to deliver margins well above our corporate average and provides strong cash generation, giving us the ability to reallocate resources into near higher growth opportunities such as unmanned aerial systems and critical infrastructure monitoring.

聯邦客戶採取更審慎的態度，而政府持續關門也導致下單模式放緩、轉換節奏更為保守。不過，這些屬於時點因素，而非需求問題。重要的是，企業與網路業務仍能提供顯著高於公司平均的毛利率，並帶來強勁的現金創造能力，使我們得以將資源重新配置至近期更高成長的機會，例如無人航空系統與關鍵基礎設施監測。

In summary, I'm encouraged by our third quarter performance and the discipline of our execution as we continue to deliver strong margins and profitability. We are hyper-focused on growing the business, and we are putting the right team and capabilities in place to capture the growing opportunities we are seeing.

總結而言，我對第三季的表現以及我們在維持強勁毛利與獲利能力下的執行紀律感到鼓舞。我們高度聚焦於業務成長，並正配置合適的團隊與能力，以掌握我們所看到的日益增加的機會。

Before passing the call over to Brent, I want to highlight a couple of important developments, starting with a key leadership addition for our next phase of growth. In March, we appointed Sano Marsiano as our new Vice President of Operations, bringing years of leadership experience across global operations, manufacturing and quality.

在把電話會議交給 Brent 之前，我想先強調幾項重要進展，首先是為我們下一階段成長所新增的一位關鍵領導人。在 3 月，我們任命 Sano Marsiano 擔任新任營運副總裁，帶來多年在全球營運、製造與品質領域的領導經驗。

Also in March, we participated in ISC West 2026, where we showcased SmartSwitch.ai, SmartEDGE Gateway and our Edge AI solutions for autonomous systems. We saw strong interest in both our Drone Reference Platform and SmartSwitch, particularly from security and surveillance customers evaluating next-generation perimeter monitoring and agentic edge network configuration monitoring and proactive maintenance.

同樣在 3 月，我們參與了 ISC West 2026，並展示 SmartSwitch.ai、SmartEDGE Gateway，以及我們用於自主系統的 Edge AI 解決方案。我們看到市場對無人機參考平台與 SmartSwitch 皆有強烈興趣，尤其是來自安防與監控客戶；他們正在評估下一代周界監測，以及具代理式（agentic）的邊緣網路組態監控與主動式維護。

A consistent theme was a growing shift towards drone-based surveillance for large compounds, complementing or in some cases, reducing reliance on fixed parameter camera infrastructure, an area where we are uniquely positioned.

一個一致的主題是，市場正日益轉向以無人機為基礎的大型園區監控，用以補充，或在某些情況下降低對固定式周界攝影機基礎設施的依賴；在此領域，我們具備獨特的定位。

We offer an integrated full stack solution that spans switches and drones, offering customers a single differentiated partner for autonomous perimeter security, nobody else in the market can deliver the breadth we provide. With that, I'll turn the call back to Brent to cover financial results. Brent?

我們提供涵蓋交換器與無人機的整合式全堆疊解決方案，為客戶提供單一且具差異化的合作夥伴以實現自主周界安防；市場上沒有其他業者能提供我們這樣的廣度。接下來，我把電話會議交回 Brent，請他說明財務結果。Brent？

Thank you, Saleel. I'll first start with our fiscal third quarter financial results and some of the key drivers behind our performance, after which I'll provide our outlook for the fourth quarter ending June 30, 2026. As previously discussed, our current quarter revenue was $30.2 million.

謝謝你，Saleel。我將先說明我們 2026 會計年度第三季的財務結果，以及推動我們表現的幾項關鍵因素，之後我會提供截至 2026 年 6 月 30 日止第四季的展望。如先前所述，本季營收為 3,020 萬美元。

We saw sequential and year-over-year growth driven by strength in embedded compute products, including our A&D and drone programs and continuing momentum in software and services revenues. Federal customers are moving cautiously, resulting in slower ordering patterns for our core enterprise and networking products.

我們的營收在季比與年比皆呈現成長，主要由嵌入式運算產品的強勁表現所帶動，包括我們的 A&D 與無人機專案，以及軟體與服務營收的持續動能。聯邦客戶採取審慎態度，導致我們核心企業與網路產品的下單模式較為緩慢。

However, like Saleel mentioned, we believe these are primarily timing dynamics, not demand issues, and we should benefit once this market normalizes. Turning to our gross margins. In the third quarter, GAAP gross margin was 43.1%, roughly flat compared to a year ago. On a non-GAAP basis, gross margin was 43.6%, slightly down compared to a year ago. Our current quarter margins reflect the revenue mix we have spoken to with embedded IoT solutions, particularly our compute products, driving our growth.

然而，如 Saleel 所提到，我們認為這主要是時點因素，而非需求問題；一旦市場回歸正常，我們應可受惠。接著談毛利率。第三季 GAAP 毛利率為 43.1%，與去年同期大致持平。以非 GAAP 基礎計算，毛利率為 43.6%，較去年同期略為下降。本季毛利率反映了我們先前談到的營收組合：嵌入式 IoT 解決方案，特別是我們的運算產品，正驅動成長。

We continue to remain focused on disciplined cost management that has driven our execution over the last year, which we expect to contribute to sustaining our gross margins near current levels.

我們仍持續聚焦於嚴謹的成本管理；這在過去一年推動了我們的執行表現，我們預期也將有助於使毛利率維持在接近目前水準。

Looking at expenses and profitability. GAAP operating expenses in the third quarter of fiscal 2026 were $14.1 million, nearly flat with the prior quarter and down approximately 12% from $16 million in the year ago period. We continue to observe the leverage in our OpEx model based on the actions we took last year and the ongoing cost discipline that we are executing on. GAAP net loss for the third quarter of fiscal 2026 improved to $1.2 million or $0.03 per share compared to GAAP net loss of $3.9 million or $0.10 per share in the year ago quarter.

再來看費用與獲利能力。2026 會計年度第三季 GAAP 營業費用為 1,410 萬美元，與前一季幾乎持平，並較去年同期的 1,600 萬美元下降約 12%。基於我們去年採取的行動以及目前持續執行的成本紀律，我們持續觀察到營業費用（OpEx）模型的槓桿效益。2026 會計年度第三季 GAAP 淨損改善至 120 萬美元（每股 0.03 美元），相較去年同期 GAAP 淨損 390 萬美元（每股 0.10 美元）。

On a non-GAAP basis, net income of $1.5 million or $0.04 per share was consistent with the prior quarter and an improvement from the $0.03 per share in the year ago quarter.

以非 GAAP 基礎計算，淨利為 150 萬美元或每股 0.04 美元，與上一季持平，並較去年同期每股 0.03 美元有所改善。

Moving to the balance sheet. We ended the quarter with cash and cash equivalents of $23.5 million, an increase of approximately $500,000 from the prior quarter and $3.5 million from the year ago period.

接著看資產負債表。本季結束時，我們的現金及約當現金為 2,350 萬美元，較上一季增加約 50 萬美元，較去年同期增加 350 萬美元。

During the current quarter and fiscal year-to-date periods, we generated positive operating cash flow of nearly $2.2 million and $7.9 million, respectively. Net inventories were $26.4 million as of March 31, 2026, compared to $27.1 million last quarter and $28.2 million in the year ago quarter.

在本季及本會計年度截至目前期間，我們分別產生了接近 220 萬美元與 790 萬美元的正向營運現金流。截至 2026 年 3 月 31 日，淨存貨為 2,640 萬美元，相較上一季為 2,710 萬美元、去年同期為 2,820 萬美元。

Our current debt balance is $8.7 million after having paid down about another $1 million during the current quarter. In the last 12 months, we have lowered our debt balance by nearly $4 million. Our net cash position on March 31, 2026, was approximately $14.8 million.

在本季再償還約 100 萬美元後，我們目前的債務餘額為 870 萬美元。過去 12 個月，我們已將債務餘額降低近 400 萬美元。截至 2026 年 3 月 31 日，我們的淨現金部位約為 1,480 萬美元。

Lastly, our outlook for the fourth quarter of fiscal 2026 ending June 30, 2026, is as follows: we expect revenue to be in the range of $29 million to $33 million. Non-GAAP EPS is expected to be in the range of $0.03 to $0.05 per share. Now back to Saleel for some closing remarks.

最後，我們對截至 2026 年 6 月 30 日的 2026 會計年度第四季展望如下：我們預期營收將介於 2,900 萬至 3,300 萬美元。非 GAAP 每股盈餘（EPS）預期介於每股 0.03 至 0.05 美元。接下來交回給 Saleel 做一些結語。

Thanks, Brent. Before turning to Q&A, I want to leave you with a few key takeaways as we approach the end of fiscal 2026. We remain highly confident in the opportunity ahead in unmanned systems. This market is scaling rapidly, supported by strong customer engagement, favorable regulatory dynamics and an expanding base of OEMs and end market relationships. We continue to broaden our customer roster, win new programs and deepen our role with existing partners.

謝謝你，Brent。在進入問答之前，隨著我們接近 2026 會計年度尾聲，我想先分享幾個關鍵重點。我們對無人系統的未來機會仍然非常有信心。在強勁的客戶互動、有利的法規動態，以及 OEM 與終端市場關係基礎持續擴大之支持下，這個市場正快速擴張。我們持續擴大客戶名單、贏得新專案，並深化與既有合作夥伴的合作角色。

At the same time, we are moving up the technology stack beyond cameras, adding more intelligence, secure connectivity and system-level capabilities, further positioning Lantronix as a more strategic and valuable partner over time.

同時，我們也正從相機之上往更高的技術堆疊邁進，加入更多智慧化能力、安全連線與系統層級能力，進一步讓 Lantronix 隨時間推進成為更具策略性、也更有價值的合作夥伴。

At the midpoint of our raised drone outlook, we are targeting $12 million in revenue this fiscal year. We recently had one of the largest funding catalysts yet with the fiscal 2027 Department of War budget release and a record $75 billion proposed for unmanned and autonomous systems through the Defense Autonomous Warfare Group, or DAWG, reinforcing our view that the super cycle is accelerating across the ecosystem. Looking ahead, we continue to expect drone revenue to roughly double in fiscal 2027 and represent approximately 15% to 20% of the total revenue.

以我們上調後無人機展望的中位數來看，我們本會計年度的目標是達成 1,200 萬美元營收。近期我們迎來迄今最大的資金催化因素之一：2027 會計年度國防部戰爭預算發布，並透過國防自主作戰小組（Defense Autonomous Warfare Group，簡稱 DAWG）提出對無人與自主系統高達 750 億美元的創紀錄提案，強化了我們對於整個生態系超級循環正在加速的看法。展望未來，我們仍預期 2027 會計年度無人機營收將大致倍增，並約占總營收的 15% 至 20%。

Just over nine months ago, drones contributed minimal revenue. Today, they are becoming a meaningful growth driver and helping propel our next phase of growth. As Brent mentioned, our Q4 outlook points to a strong finish to fiscal 2026. We believe we are operating from a position of strength and have greater confidence in our growth trajectory today than at any point since beginning the transformation.

就在九個多月前，無人機帶來的營收仍然很少。如今，它們正成為重要的成長驅動力，並協助推動我們下一階段的成長。如 Brent 所提到，我們對第四季的展望顯示 2026 會計年度將強勁收官。我們相信目前正以優勢態勢運作，且對成長軌跡的信心，比自轉型開始以來任何時點都更高。

In Embedded IoT, revenue grew by over 20% year-over-year, driven by strong traction in unmanned systems. We have raised our drone expectations once again, supported by a growing number of shipments, new customer engagements, expanding use cases across drone and counter drone applications.

在嵌入式 IoT 方面，營收年增超過 20%，主要由無人系統的強勁動能所帶動。在出貨量增加、新客戶互動、以及無人機與反無人機應用情境持續擴大之支持下，我們再次上調了無人機的預期。

We are also broadening our geographic reach with new international customers, further validating Lantronix's role as a trusted Edge AI compute partner for the unmanned systems ecosystem. In critical infrastructure monitoring, we completed deployment of our Tier 1 MNO customer and are adding ARR to the business, which we expect will support higher margins and greater revenue visibility over time.

我們也透過新增國際客戶擴大地理覆蓋，進一步驗證 Lantronix 在無人系統生態系中作為值得信賴的邊緣 AI 運算合作夥伴之角色。在關鍵基礎設施監控方面，我們已完成 Tier 1 行動網路營運商（MNO）客戶的部署，並為業務增加經常性收入（ARR），我們預期這將隨時間推進支撐更高毛利與更佳的營收能見度。

We also see additional land and expand opportunities in adjacent high-value cell tower applications, including power banks and rectifiers, while Kompress.ai continues to gain traction in the industrial compressor market. The progress we made repositioning Lantronix towards a higher growth vertical is becoming increasingly evident in our results.

我們也在相鄰的高價值基地台應用中看到更多「既有客戶加購與擴張」（land and expand）機會，包括行動電源與整流器，同時 Kompress.ai 也持續在工業壓縮機市場獲得更多採用。我們將 Lantronix 重新定位至更高成長垂直領域所取得的進展，正愈來愈清楚地反映在我們的業績表現上。

And we believe the momentum we built will carry into next year. Based on what we are seeing today, we expect to deliver double-digit revenue growth in fiscal 2027, marking an important next step in Lantronix's evolution towards a more focused, faster-growing, higher quality and more profitable business. With that, operator, we will now open the call for questions.

我們相信所建立的動能將延續到明年。根據我們目前所見，我們預期在 2027 會計年度實現兩位數營收成長，這將是 Lantronix 朝向更聚焦、更快速成長、更高品質且更具獲利能力的企業演進過程中的重要下一步。接下來，接線員，我們現在開放提問。

(Operator Instructions)

(接線員指示)

Scott Searle, ROTH Capital.

ROTH Capital 的 Scott Searle。

Thanks for taking my questions. Hey, Saleel, maybe just to jump in on the drone front, it's a big range of $10 million to $14 million, which implies a wide variance in the June quarter. I'm wondering if you could just give us an idea of why you're seeing such a wide range in the existing June quarter?

謝謝讓我提問。嗨，Saleel，先從無人機這塊切入，你們給的區間是 1,000 萬到 1,400 萬美元，範圍很大，這意味著 6 月季度可能有很大的波動。我想請你們說明一下，為什麼在目前這個 6 月季度會看到這麼大的區間？

And then as we're looking out to fiscal '27, it looks like you're expecting the business to nearly double, somewhere in the ballpark of $20 million to $30 million. I'm wondering if you could talk a little bit about some of the levers in either direction there, be it, is dollar content increasing for you? Do you have to acquire some additional technologies to continue to drive the presence there?

另外，展望 2027 會計年度，看起來你們預期業務幾乎倍增，大概在 2,000 萬到 3,000 萬美元的區間。我想請你談談可能影響上下變動的一些槓桿因素，例如：你們的單機（或單案）美元含量是否在提高？你們是否需要併購一些額外技術，才能持續推動在該領域的布局？

Or is it just unit growth and more customers that you're engaged with going into commercial production?

或者主要只是出貨量成長，以及你們所接觸的更多客戶正進入商業量產？

Scott, thank you for the question. I guess, you're right. We put the range because we've always done a $2 million range. We are confident about our midpoint about $12 million. Remember, the midpoint last quarter was $10 million.

Scott，謝謝你的提問。我想你說得沒錯。我們給出這個區間，是因為我們一向採用 200 萬美元的區間幅度。我們對中位數約 1,200 萬美元很有信心。請記得，上季的中位數是 1,000 萬美元。

And a few quarters back, we had said around $5 million to $7 million range. So we are confident about the $12 million midpoint. I hope I answered your first part of your question. The second one, the growth, we are seeing across the whole spectrum of drone business or unmanned systems. It's going beyond drones now into counter drones with spectrum dominance and things like that we have invested in, and we are seeing growth.

再往前幾季，我們曾提到大約 500 萬到 700 萬美元的區間。因此，我們對 1,200 萬美元的中位數很有信心。希望我回答了你問題的第一部分。第二部分關於成長，我們在無人機業務或整體無人系統的各個面向都看到成長。現在已不僅是無人機，還延伸到反無人機，包括我們已投入的頻譜主導等能力，我們也看到成長。

We're also seeing early shoots on unmanned on the ground and in the sea. So all those areas, we do that. And to your point, we expect to grow the business -- double the business into fiscal '27, sitting where we are at today with the list of customers we are working with, the programs that we have aligned. And it's now, as I've mentioned, beyond just aerospace and defense, we're getting drone as a first responder, we're getting into commercial areas. So really a very positive picture as I look forward for the next 12 months.

我們也看到地面與海上無人系統的早期萌芽。所以這些領域我們都有布局。而如你所說，以我們目前所處位置、正在合作的客戶名單，以及已對齊的專案來看，我們預期在 2027 會計年度將把這項業務做大——大致倍增。而且如我提到的，現在已不僅限於航太與國防，我們也看到無人機作為第一線應變（first responder）的應用，並進入商業領域。因此，展望未來 12 個月，我看到的是非常正向的圖景。

Great. Very helpful. And if I could just follow-up then. The MediaTek relationship is interesting in terms of diversifying your silicon base, but they also have a pre-existing strong channel into areas such as robotics. I wonder if you could just give us some updated thoughts on that and when we might expect a first design win on that front?

很好。非常有幫助。如果我可以再追問一下。MediaTek 的合作關係在分散你們的矽晶來源方面很有意思，而且他們在機器人等領域也已經有很強的既有通路。想請你分享一下最新看法，以及我們大概何時能期待在那方面拿到第一個設計導入/設計得標？

And then for Brent, real quickly, just can you help calibrate us in terms of the IoT system solutions business, the mix of federal business on that front?

另外很快問一下 Brent，你能否幫我們校準一下 IoT 系統解決方案業務這邊，聯邦政府業務在其中的占比大概是多少？

Yes. So let me do the MediaTek real quick, and then I'll pass it to Brent. MediaTek, to your point, we announced it at embedded world mainly because anything with vision, they're in the robotics space. Robotics are strong in Asia. They are a big partner for us.

好的。我先很快回答 MediaTek 的部分，然後再交給 Brent。MediaTek，如你所說，我們主要是在 embedded world 上宣布，因為凡是跟視覺相關的，他們都在機器人領域。機器人在亞洲很強。他們是我們的重要合作夥伴。

And additionally, it's going to go into Europe and Asia, which is the focus now. And they felt the capabilities Lantronix brings with what we have done in our edge compute and Edge AI solutions, they thought it was a good partner for us. So I expect design-ins and design wins coming up this calendar year. Brent, go ahead.

此外，這也會拓展到歐洲與亞洲，這是我們目前的重點。他們認為 Lantronix 在邊緣運算與 Edge AI 解決方案上所建立的能力，讓我們成為很好的合作夥伴。所以我預期在今年曆年內會看到設計導入與設計得標。Brent，你接著說。

Yes. And then, Scott, I think you're asking about the kind of the mix of federal and our IoT systems business. It does fluctuate from quarter-to-quarter, but right around 15% to 20% is kind of where we've traditionally seen that mix of business as a percentage of that segment that we disclosed.

好的。Scott，我想你問的是聯邦業務與我們 IoT 系統業務的組合占比。這個比例會隨季度波動，但傳統上我們看到的占比大約在 15% 到 20% 左右，作為我們所揭露該事業部門營收中的一個比例。

Thanks so much. I'll get back in the queue.

非常感謝。我回到排隊序列。

Austin Bohlig, Needham.

Needham 的 Austin Bohlig。

Congrats on the great unmanned system results. Just wanted to piggyback off the 2027 question. And now that you guys are expanding, it sounds like internationally nicely, what can we assume of this kind of double guide for 2027 of what's US versus international?

恭喜無人系統的成果非常亮眼。我想延續剛才關於 2027 年的問題。既然你們看起來正在很不錯地擴展到國際市場，我們對於你們 2027 年「翻倍指引」中，美國與國際的占比可以怎麼假設？

Thanks for the question, Austin. Right now, a huge majority of our revenue is domestic. Our first international design win -- and we shipped to Evolve Dynamics out of UK, they won a UK defense contract, so we are involved with that. What I'm uber excited about is what's happening in Ukraine.

謝謝你的問題，Austin。目前我們的營收絕大多數來自美國國內。我們第一個國際設計得標——我們已出貨給英國的 Evolve Dynamics，他們拿到英國國防合約，所以我們也參與其中。我最興奮的是烏克蘭正在發生的事情。

And you're familiar with that. As the Ukrainian supply chains pivot away from China to NDAA and TAA certified, we are now seeing early engagements. I'm going to be at XPONENTIAL next week, which is a big drone show, I have a bunch of meetings with some of the senior executives who are -- got companies out of Ukraine. And the ability and capabilities they're going to bring is also going to be phenomenal. So autonomy is key and edge compute is key, and we enable both of that.

你也很熟悉那邊的情況。隨著烏克蘭供應鏈從中國轉向符合 NDAA 與 TAA 認證的供應商，我們現在看到一些早期接觸。我下週會去參加 XPONENTIAL，那是一個大型無人機展，我和一些高階主管安排了很多會議，他們——有些公司來自烏克蘭。他們將帶來的能力與技術也會非常驚人。所以自主化是關鍵、邊緣運算也是關鍵，而我們同時能支援這兩者。

So I don't have a specific number for how much international is going to be for fiscal '27, but that's definitely a big growth vector for us.

因此我沒有一個具體數字能說明 2027 財年國際占比會是多少，但那絕對是我們一個很重要的成長向量。

Got you. And then I guess kind of a follow-up based on that. So like with the wins that you currently have in this double guide, what -- is this just baking in of what you have kind of with your customer wins today, meaning any kind of new wins could be potential upside to this number?

了解。那我想基於這點再追問一下。就你們目前在這個翻倍指引裡的既有得標來看——這是否只是把你們今天已經拿到的客戶得標能見度納入，也就是說任何新的得標都可能成為這個數字的上行空間？

Yes. As I said, Austin, in my prepared remarks, the number doubling from where we are at today is based on the visibility that we have with the customers that we are working with. As you are well aware, it's a dynamic market and changing pretty quickly. So as we go through the year, we'll keep on updating you as we see that. But definitely, there is an opportunity to go up from here.

是的。如我在事先準備的發言中提到，從我們目前水準翻倍的數字，是基於我們與正在合作的客戶所掌握的能見度。你也很清楚，這是一個動態市場，變化相當快。所以我們在今年推進的過程中，會隨著看到的情況持續更新。但確實，從這裡往上還有上行機會。

Okay. And then I guess just one last one. The counter UAS market, super exciting. How should we be thinking about kind of like the split between kind of counter and just maybe traditional UAS business?

好的。最後一個問題。反無人機（counter UAS）市場非常令人興奮。我們應該如何看待反無人機與傳統 UAS 業務之間的大概分拆？

I think counter UAS is becoming a very important piece for the future. I had the great opportunity to meet with a few customers just within the last two weeks, and we've got our first design win there and shipments there, as I mentioned, for spectrum dominance and just in a GPS-denied environment.

我認為反無人機正成為未來非常重要的一部分。在過去兩週內我有機會和幾位客戶會面，我們也在那裡拿到第一個設計得標並開始出貨，如我提到的，主要用於頻譜優勢（spectrum dominance）以及在 GPS 受限/無 GPS 的環境中運作。

And that, Austin, makes the need for edge compute because you need autonomy and you need to be able to do counter UAS functionality when you're in a very GPS-denied environment. So our solution, the ability to run models and AI on it is very important. For us, it's an early start.

而這一點，Austin，會帶動對邊緣運算的需求，因為在 GPS 受限的環境下，你需要自主化，也需要能執行反無人機功能。因此我們的解決方案、以及在其上運行模型與 AI 的能力非常重要。對我們而言，這才剛起步。

So we've got ways to go from winning customers, but our solution is working out really well. So that's another big vector of growth for us.

所以在贏得更多客戶方面我們還有一段路要走，但我們的解決方案運作得非常好。因此這也是我們另一個重要的成長向量。

All right. Well, keep up the great work, guys. Thanks for taking my questions.

好。各位繼續保持出色表現。謝謝回答我的問題。

Thank you, Austin.

謝謝你，Austin。

(Operator Instructions)

(接線員指示)

Austin Moeller, Canaccord.

Canaccord 的 Austin Moeller。

Hi, good afternoon. First, could we discuss some of the involvement with the Drone Dominance vendors? And how might the IBAS Defense Industrial Base investments benefit your capacity as some of these programs ramp into production?

嗨，午安。首先，我們能否談談你們與「Drone Dominance」供應商的一些合作參與？以及隨著其中一些計畫逐步進入量產，IBAS（國防工業基礎投資）將如何有助於提升你們的產能？

Yes. So 12 vendors got picked in the first tranche of DDP. We know who they are. We are working with some of them. There's another -- I believe it's in the May -- sorry, in the September time frame, Austin, if I'm not mistaken, the second tranche, and we are kind of -- we are engaged with a bunch of customers in that space, all requiring the need of edge compute and autonomy.

可以。DDP 第一批選了 12 家供應商。我們知道是哪些。我們正與其中一些合作。另外還有一批——我相信是在 5 月——抱歉，Austin，如果我沒記錯，是在 9 月左右的時間點會有第二批；而我們也正與該領域的多家客戶接洽，大家都需要邊緣運算與自主化能力。

So our device and our module is going to be well suited for that. As for the IBAS program, which is going to -- so first of all, we're also going to be having our first Blue UAS solution ready this quarter. So that's another big plus we've got in the works. So we'll be one of the first ones with the Blue UAS compute module for this market. So we are getting ourselves more and more integrated with the Department of War and its suppliers as they move forward.

因此我們的裝置與模組會非常適合。至於 IBAS 計畫，將會——首先，我們也會在本季推出第一個 Blue UAS 解決方案。這是我們正在推進的另一個重大利多。因此在這個市場上，我們將成為最早推出 Blue UAS 運算模組的廠商之一。隨著國防部及其供應商持續推進，我們也讓自己與其整合得越來越深。

Great. And if we look at the fiscal year '27 budget request, how does the $54.6 billion front-end funding request for the Defense Autonomous Warfare Group, how should we think about backlog expansion for Lantronix over the next 12 to 24 months if that is passed by Congress over the summer?

很好。如果我們看 2027 財年的預算請求，國防自主作戰小組（Defense Autonomous Warfare Group）提出的 546 億美元前端資金請求，若在夏季獲國會通過，未來 12 到 24 個月我們應如何看待 Lantronix 的在手訂單擴張？

Yes. Austin, the number is so large, and that's what I'm so excited about. So from your perspective, this could -- it's a game-changing amounts of dollars that are going into autonomy or autonomous unmanned systems, and we are the leader in the space. We have invested in it, and we are the compute solution, the go-to compute solution for this. And all of these solutions are going to need a compute platform, and we are right there.

是的。Austin，這個數字非常龐大，這也是我如此興奮的原因。所以從你的角度來看，這可能——將有顛覆性的巨額資金投入到自主或自動化無人系統，而我們是這個領域的領導者。我們已經在這方面投入，而我們就是這方面的運算解決方案，是首選的運算解決方案。而所有這些解決方案都需要一個運算平台，我們就在那裡。

So I am ready as this expands, and we've got a bunch of inbounds now from customers wanting to qualify us, get our dev kits, do POCs. So as I said, the team is hustling with a sense of urgency. This is extremely exciting times at Lantronix. So I don't want to put a number out there, but it's game-changing amounts of dollars. So you can assume that.

所以隨著這個領域擴張，我已經準備好了，而且我們現在也收到一大堆客戶主動找上門，希望對我們進行資格認證、取得我們的開發套件、做POC（概念驗證）。所以如我所說，團隊正以高度緊迫感全力衝刺。這對Lantronix來說是非常令人振奮的時刻。所以我不想在這裡給出一個數字，但這是足以改變遊戲規則的巨額資金。所以你可以這麼假設。

And in the past, as we said, our ASPs are between $400 to $700. So you can back the math into $12 million. I mean it's a logarithmic change if it all goes through.

而且過去如我們所說，我們的ASP（平均銷售單價）在400到700美元之間。所以你可以倒推計算到1,200萬美元。我的意思是，如果全部都能落地，那將是指數級的變化。

Excellent. Exciting news. I'll pass it back there. Thank you.

太好了。令人振奮的消息。我把時間交回去。謝謝。

Christian Schwab, Craig-Hallum Capital Group.

Christian Schwab，Craig-Hallum Capital Group。

Hey, guys. I just have one quick question. Of the recent Drone Dominance that you referred to, are -- how many of the top 10 people on that list do you think could you tell us are current customers or prospective customers?

嗨，各位。我只有一個簡短問題。關於你提到的近期「Drone Dominance」，那份名單前10名裡，你認為有多少是現有客戶或潛在客戶，可以跟我們說？

I don't want to go into the numbers, Christian, because some of them we've got NDAs with. I'm not giving you any names. But we are well aligned with a bunch of those folks who are in the first 12, and we also know who are going for the second tranche. So I feel good about where we are at with the DDP. And by the way, the Drone Dominance Program, the Department of War has increased the ASP on it.

Christian，我不想談具體數字，因為其中一些我們簽有NDA（保密協議）。我也不會提供任何名字。但我們與前12名中的不少單位高度對接，我們也知道哪些在爭取第二批次。所以我對我們在DDP上的進展感到很有信心。順帶一提，「Drone Dominance Program」，戰爭部已提高了該計畫的ASP。

So giving more room for these guys to add additional AI, machine learning and compute in their products. So we are well situated as I look at it.

因此讓這些公司有更大的空間在其產品中加入額外的AI、機器學習與運算能力。所以就我看來，我們處於非常有利的位置。

Great. No other questions. Thank you.

很好。沒有其他問題了。謝謝。

Thank you, Christian.

謝謝你，Christian。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Hi. Yeah. Thanks for taking my question and congratulations on the great progress. I was just along the lines of what are the key factors that you need to expand your gross margins? Is it increasing the technology stack, is it the volume? What are the key factors or is there a factor to expand gross margin?

嗨。是的。謝謝讓我提問，也恭喜你們取得很大的進展。我想問的是，擴大毛利率的關鍵因素是什麼？是提高技術堆疊的比重，還是出貨量？有哪些關鍵因素，或是否有某個因素能推升毛利率？

So let's put it in perspective, Kevin, as I think about it. Literally, for Q4 of '24, our gross margins were in the high-30s, we now have been in the 43% to 45% range for the last couple of quarters, last three quarters. So we made good progress towards improving the gross margin. I'd like to start moving it above 45%. So how are we going to do it?

Kevin，讓我把它放在脈絡中來看。實際上，在2024年第四季，我們的毛利率在接近40%的高30%區間；而過去幾個季度、最近三個季度，我們已經在43%到45%的區間。所以我們在改善毛利率方面取得了不錯的進展。我希望能開始把它推到45%以上。那我們要怎麼做到？

One is software and services, which was 5% to 6% a few quarters back, is now 8% to 9% of the revenue, going up to 10% to 12%, pushes the gross margin up. As importantly or more importantly, on our drone business, which we said is going to -- we've upped the numbers to $12 million for this fiscal year at the midpoint, adding more software around it, adding more machine learning and AI models, adding a framework, moving up the tech stack.

第一是軟體與服務，幾個季度前占營收5%到6%，現在已到8%到9%，未來提升到10%到12%會推升毛利率。同樣重要、甚至更重要的是，在我們的無人機業務上——我們說過它將會——我們已把本財年中位數的數字上調到1,200萬美元；在此之上加入更多軟體、加入更多機器學習與AI模型、加入框架，往更高的技術堆疊移動。

So running more of beyond just camera integration now to flight control to other technologies. So to your point, moving up the tech stack and providing a platform for our customers.

也就是說，從不再只是相機整合，延伸到飛控以及其他技術。所以如你所說，往更高的技術堆疊移動，並為客戶提供一個平台。

Great. That's good. And maybe just as a follow-up on the MediaTek, adding MediaTek as another source. And you say it gives you a broader range. Is it geographically or is it a price performance trade-offs that you'll be able to do?

很好。這很不錯。另外追問一下關於MediaTek，把MediaTek作為另一個來源。你說這會讓你們的覆蓋範圍更廣。這是地理區域上的擴展，還是你們能做價格/效能的取捨？

Good question, Kevin. Geographically, very much so, allow us to be stronger in Asia Pac and Europe in the future. Qualcomm is a great partner of ours. We've done really well with them. So that's number one.

好問題，Kevin。在地理上，確實如此，未來能讓我們在亞太與歐洲更強。Qualcomm是我們很棒的合作夥伴。我們與他們合作得非常好。這是第一點。

And number two, you hit it on the -- allowing us to play in some of the more price-sensitive markets that we need to be. And it kind of covers both of that.

第二點，你也說到重點——讓我們能在一些我們必須參與的、對價格更敏感的市場中競爭。大致上就是涵蓋這兩方面。

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

問答環節到此結束。我想把電話會議交回Saleel Awsare作結語。

Thank you, again, for your questions and joining us today. We appreciate your continued interest in Lantronix and hope you will continue to join us on this journey. While we are encouraged by the progress we've made, we believe we are still ascending rapidly with long flight ahead and plenty of altitude still to gain before reaching cruising altitude. I'll be at XPONENTIAL next week and the Needham Emerging Growth Conference, followed by the Craig-Hallum Conference later this month. And I look forward to connecting with many of you there.

再次感謝各位的提問以及今天的參與。我們感謝各位持續關注Lantronix，也希望各位能繼續與我們一同走這段旅程。雖然我們對已取得的進展感到鼓舞，但我們相信我們仍在快速爬升，前方仍有很長的航程，在到達巡航高度之前，還有很大的高度可以爭取。我下週會出席XPONENTIAL以及Needham Emerging Growth Conference，之後在本月稍晚還會參加Craig-Hallum Conference。我期待在那裡與各位中的許多人交流。

Thank you again, and we look forward to updating you on our progress soon.

再次謝謝，我們期待很快向各位更新我們的進展。

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

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。