908 Devices Inc (MASS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the 908 devices second quarter 2025 Financial results conference call. (Operator Instructions). I will now hand the conference over to Kelly Gua, Investor Relations. Please go ahead.

女士們，先生們，感謝你們的到來，歡迎參加 908 設備 2025 年第二季財務業績電話會議。（操作員指令）。現在我將會議交給投資者關係部的 Kelly Gua。請繼續。

Thank you. This morning, 908 devices released financial results for the second quarter ended June 30, 2025.

謝謝。今天上午，908設備發布了截至2025年6月30日的第二季財務業績。

If you've not received this news release or if you'd like to be added to the company's distribution list, please send an email to IR at 908devices.com.

如果您尚未收到此新聞稿或希望加入公司的分發列表，請發送電子郵件至 IR@908devices.com。

Joining me today from 908 is Kevin Knapp, Chief Executive Officer and co-founder, and Joe Griffith, Chief Financial Officer.

今天與我一起從 908 來的還有執行長兼聯合創始人 Kevin Knapp 和財務長 Joe Griffith。

Before we begin, our commentary today will include the presentation of some non-gap financial measures.

在我們開始之前，我們今天的評論將包括介紹一些非差距財務措施。

These measures should be considered as a supplement to, and not a substitute for GAAP financial measures.

這些措施應被視為 GAAP 財務措施的補充，而不是替代。

Reconciliations to the most direct comparable GAAP financial measures can be found in today's earnings press release, which is available in the investor relations section of our website.

您可以在今天的收益新聞稿中找到與最直接可比較的 GAAP 財務指標的對賬，該新聞稿可在我們網站的投資者關係部分找到。

Additionally, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws.

此外，我想提醒您，管理階層將在本次電話會議中發表符合聯邦證券法意義的前瞻性聲明。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.

這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異。

Additional information regarding these risks and uncertainties appears in the section entitled forward-looking Statements in the Press Release Devices Issued today.

有關這些風險和不確定性的更多信息，請參閱今天發布的新聞稿設備中題為“前瞻性聲明”的部分。

For a more complete list and description, please see the risk factors section of the company's annual report on Form 10K for the year ended December 31, 2024, and it is other filings with the Securities and Exchange Commission.

有關更完整的清單和說明，請參閱本公司截至 2024 年 12 月 31 日的 10K 表年度報告中的風險因素部分，以及向美國證券交易委員會提交的其他文件。

Except as required by law, 908 devices disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise.

除法律要求外，908 devices 不承擔更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件或其他原因。

This conference call contains time sensitive information and is accurate only as of the live broadcast, August 5, 2025.

本次電話會議包含時間敏感訊息，僅截至 2025 年 8 月 5 日現場直播時準確。

With that, I would like to turn the call over to.

說完這些，我想把電話轉交給。

Kevin.

凱文。

Thanks, Kelly. Good morning and thank you for joining our second quarter 2025 earnings call. I'm really proud of our team's performance and the execution in the second quarter. We delivered strong growth ahead of internal expectations while undertaking initiatives to meaningfully reduce our OpEx and spending to march towards profitability with the goal of being adjusted EIA positive by Q4 of this year.

謝謝，凱利。早安，感謝您參加我們的 2025 年第二季財報電話會議。我對我們團隊在第二季的表現和執行力感到非常自豪。我們實現了超越內部預期的強勁成長，同時採取措施大幅降低營運支出和開支，向盈利邁進，目標是在今年第四季度實現調整後的 EIA 正值。

Revenue from continuing operations was 13 million, an increase of 14% over the prior year period. Growth was driven by strong device sales with our mass spec devices again this quarter, accounting for roughly 60% of revenue and our FTIR products making up the other 40%.

持續經營業務收入為1,300萬美元，較去年同期成長14%。本季度，我們的質譜設備銷售強勁，推動了成長，約佔總收入的 60%，而我們的 FTIR 產品則佔其餘 40%。

Our adjusted IBEDA loss was 3.9 million for the quarter, an improvement of more than 45% year over year compared to our previously disclosed adjusted IBEDA for Q2 2024 prior to our transformation. And importantly, the adjusted IBEDA loss reduced by 15% quarter over quarter.

本季我們的調整後 IBEDA 虧損為 390 萬美元，與我們轉型前揭露的 2024 年第二季調整後 IBEDA 相比，年比改善超過 45%。重要的是，調整後的 IBEDA 損失環比減少了 15%。

We are advancing with urgency and discipline towards the 908 devices 2.0 vision outlined earlier this year, positioning the company for sustained growth and impact. To realize this, we've established three strategic focus areas for 2025 targeting market expansion, advancing innovation, and reinforcing financial discipline. A walk through the progress we've made across each area in the 2nd quarter.

我們正以緊迫感和紀律性向今年稍早提出的 908 台設備 2.0 願景邁進，為公司實現持續成長和影響力做好準備。為了實現這一目標，我們確定了2025年的三大策略重點領域：擴大市場、推動創新和加強財務紀律。回顧我們第二季度在各個領域的進展。

Our first focus is to increase adoption of our devices to address global threats to public health and safety. We equip frontline responders with rapid, reliable chemical identification tools that require minimal training and perform when it matters most. Our aim is to define the benchmark for advanced chemical detection in the field.

我們的首要重點是提高我們設備的採用率，以應對全球對公共衛生和安全的威脅。我們為前線救援人員配備快速、可靠的化學辨識工具，這些工具只需極少的培訓，就能在最關鍵的時刻發揮作用。我們的目標是為該領域的先進化學檢測制定基準。

We delivered another strong quarter in Q2, placing 164 devices, including a record number of explorer units. This marks our highest quarterly performance for explorer and underscores its impact in filling a critical GAAP in hazardous gas identification.

我們在第二季度再次表現強勁，售出了 164 台設備，其中包括創紀錄數量的探索型設備。這標誌著我們的探索者取得了最高的季度業績，並強調了其在滿足危險氣體識別關鍵 GAAP 方面的影響。

Our results in the first half and our pipeline give us confidence in meeting our full year targets.

我們上半年的業績和我們的計劃使我們有信心實現全年目標。

As we look towards 2026, we're encouraged by recent legislative actions that strengthen the funding landscape and will support customer procurement of our devices, bolstering our ability to achieve our previously articulated goal of 20% plus growth.

展望 2026 年，我們對最近的立法行動感到鼓舞，這些立法行動加強了融資環境，並將支持客戶採購我們的設備，增強我們實現先前提出的 20% 以上增長目標的能力。

First is the newly passed US budget FY26 reconciliation bill dubbed the one Big Beautiful bill. This bill and related appropriations include over $760 million in combined funding for the cops and BurnAg grant programs to support local law enforcement in combating fentanyl and other illicit drugs.

首先是剛通過的被稱為「一項巨大而美麗的法案」的美國26財年預算協調法案。該法案和相關撥款包括為警察和 BurnAg 資助項目提供超過 7.6 億美元的資金，以支持當地執法部門打擊芬太尼和其他非法藥物。

Additional funding includes $615 million for the Urban Area Security Initiative, which addresses terrorism and other threats, and $370 million for the assistance to firefighters grant for critical equipment such as our explorer device. In Q2, the majority of explorer orders were funded through this firefighter’s assistance grant. Combined, these grant funding levels exceed 1.7 billion, representing an approximate 11% increase from 2024 levels.

額外資金包括 6.15 億美元用於“城市地區安全倡議”，用於應對恐怖主義和其他威脅，以及 3.7 億美元用於援助消防員購買我們的探險設備等關鍵設備。在第二季度，大多數探險訂單都是透過這項消防員援助撥款資助的。這些贈款資金總額超過 17 億美元，比 2024 年的水準成長約 11%。

The bill also includes a 7% year to year increase to the Department of Homeland Security budget, which opens broader procurement opportunities across its many agencies and includes $900 million to secure large scale events like the 2026 FIFA World Cup and the 2028 Los Angeles Olympics. Our devices have been used to secure public safety at several large sporting events such as the Super Bowl and more recently at the Indianapolis 500 in May.

該法案還包括將國土安全部的預算逐年增加 7%，這將為其眾多機構帶來更廣泛的採購機會，其中包括 9 億美元用於確保 2026 年 FIFA 世界盃和 2028 年洛杉磯奧運會等大型活動的安全。我們的設備已用於確保超級盃等多場大型體育賽事的公共安全，以及最近 5 月的印第安納波利斯 500 賽事。

Our interceptor device, which is a version of our explorer gas detection product, specifically for our unmanned systems, was coupled with the (Ailon) robotics drone dog for remote and continuous air monitoring throughout the speedway, including the tunnels underneath the track.

我們的攔截器是我們的探索型氣體檢測產品的一個版本，專門用於我們的無人系統，它與（Ailon）機器人無人駕駛狗相結合，可對整個賽道（包括賽道下方的隧道）進行遠端和連續的空中監控。

While we remain focused on the massive handheld opportunities in front of us, over time, autonomous robot and drone platforms can further expand use cases for our technology as they develop and become adopted.

雖然我們仍然專注於眼前大量的手持機會，但隨著時間的推移，自主機器人和無人機平台可以隨著它們的發展和被採用而進一步擴大我們技術的用例。

Lastly, provisions in the One Big Beautiful Bill and other recent legislative action strengthen the foundation for deploying modern portable detection solutions like our MX 908 device.

最後，「One Big Beautiful Bill」中的條款和其他最近的立法行動為部署我們的 MX 908 設備等現代便攜式偵測解決方案奠定了基礎。

While the detect fentanyl and Xylazine Act passed in December 2024, provides the statutory authority to support the use of commercial off the shelf solutions to improve drug detection, the funding priorities being planned create a clear procurement pathway for these tools.

雖然 2024 年 12 月通過的《檢測芬太尼和賽拉嗪法案》提供了法定權力，支持使用現成的商業解決方案來改善藥物檢測，但正在計劃的資金優先事項為這些工具創建了明確的採購途徑。

Further, last month's passage of the Halt Fentanyl Act reinforces the federal government's aggressive posture on synthetic opioids by permanently scheduling fentanyl-related substances as Schedule I drugs. This legislative action broadens enforcement capabilities and places added emphasis on detection technologies that can stay ahead of rapidly evolving analogs. The MX 908 handheld mass spec device is uniquely positioned to support this mission. With its trace detection and machine learning capabilities, the MX 908 can identify over 2000 fentanyl analogs, giving law enforcement and other first responders unmatched confidence in real time. This differentiation is particularly important as the threat landscape grows more complex and detection tools with limited libraries struggle to keep pace.

此外，上個月通過的《暫停芬太尼法案》將芬太尼相關物質永久列為第一類藥物，加強了聯邦政府對合成鴉片類藥物的嚴厲打擊態度。這項立法行動擴大了執法能力，並更加重視能夠領先於快速發展的類似物的檢測技術。MX 908 手持式質譜設備具有獨特的優勢，可以支援此任務。MX 908 憑藉其痕跡檢測和機器學習功能，可識別超過 2000 種芬太尼類似物，為執法人員和其他急救人員提供無與倫比的即時信心。隨著威脅情勢變得越來越複雜，而函式庫有限的偵測工具難以跟上步伐，這種區分尤其重要。

Taken together, we expect that the recent US legislative outcomes will institutionalize demand, support our addressable market, and clarify a growth path across our core customer segments for 2026 and beyond.

綜合起來，我們預計美國最近的立法結果將使需求制度化，支持我們的潛在市場，並明確 2026 年及以後我們核心客戶群的成長路徑。

With the renewed focus on modernization, we are well positioned to benefit from sustained investments in fentanyl interdiction, border security, and chemical threat preparedness.

隨著對現代化的重新關注，我們完全有能力從對芬太尼攔截、邊境安全和化學威脅防範的持續投資中獲益。

This is setting up not only in the United States but globally. In response to mounting global threats, allied nations agreed at the NATO summit in June to significantly increase defense spending, committing to invest 5% of GDP annually by 2035. This historic shift up from the previous 2% target is favorable for 908 devices, and our field deployable chemical detection solutions are directly aligned with NATO's priorities of deterrence, defense readiness, and civil preparedness. Our techno technology supports threat identification in critical scenarios such as (Cerney) defense, border security, and special operations, areas likely to see increased procurement activity under the new funding framework.

這種現像不僅在美國出現，而且在全球範圍內也出現。為了因應日益嚴重的全球威脅，北約成員國在今年6月舉行的北約峰會上同意大幅增加國防開支，承諾在2035年每年投入相當於GDP的5%。這一歷史性轉變比之前的 2% 目標有所提升，對 908 台設備來說有利，而且我們現場可部署的化學檢測解決方案與北約的威懾、國防準備和民事防備優先事項直接一致。我們的技術支援在關鍵場景中的威脅識別，例如（Cerney）防禦、邊境安全和特種作戰，這些領域的採購活動在新的融資框架下可能會增加。

Our second focus area is advancing our next gen analytical tools portfolio.

我們的第二個重點領域是推進我們的下一代分析工具組合。

At our core, we are an innovation driven analytical instrumentation company. We are committed to the relentless pursuit of higher performance, breakthrough capabilities, and greater simplicity.

從本質上講，我們是一家創新驅動的分析儀器公司。我們致力於不懈追求更高的性能、突破性的能力和更大的簡便性。

July marked a key milestone in 908 devices strategic transformation with the successful launch of Viper, our new 3 in 1 handheld chemical analyzer. Viper was purpose built for high stakes environments, particularly global customs organizations that sit at the intersection of security and trade.

7 月份，908 設備策略轉型迎來了重要里程碑，我們成功推出了新型三合一手持化學分析儀 Viper。Viper 專為高風險環境而設計，特別是處於安全和貿易交叉點的全球海關組織。

These agencies face the dual challenge of interdicting dangerous materials like narcotics, explosives, and toxic chemicals while also ensuring the smooth flow of legitimate commerce.

這些機構面臨雙重挑戰，既要攔截毒品、爆炸物和有毒化學物質等危險物品，也要確保合法貿易的順利進行。

Viper addresses this critical need by combining FJIR and Raman spectroscopy into a single seamless workflow enabled by a proprietary smart spectral processing technology. The result is faster, more confident chemical identification in the field without repeated sampling or interpretation delays.

Viper 透過將 FJIR 和拉曼光譜結合到由專有智慧光譜處理技術支援的單一無縫工作流程中，滿足了這項關鍵需求。結果是，現場化學品鑑定更快、更可靠，無需重複採樣或解釋延遲。

Strategically, Viper fits squarely within our handheld platform approach, extending our capabilities in chemical identification and deepening our relevance with core customers. It broadens our reach within the existing addressable market, serving customers where we see strong alignment between capability and demand.

從策略上講，Viper 完全符合我們的手持平台方法，擴展了我們在化學鑑定方面的能力，並加深了我們與核心客戶的相關性。它擴大了我們在現有目標市場的覆蓋範圍，為我們看到能力與需求高度一致的客戶提供服務。

Viper supports the long term growth trajectory we've outlined while the successful launch and positive early feedback increases our confidence.

Viper 支持我們概述的長期成長軌跡，而成功發布和正面的早期回饋增強了我們的信心。

We are actively engaged with multiple customs agencies for testing and evaluation and see a clear path to future pilot and enterprise opportunities.

我們正積極與多個海關機構合作進行測試和評估，並看到了未來試點和企業機會的清晰道路。

Adoption is expected to benefit from widespread familiarity with FJAR and Rahman workflows, which lowers the barrier to entry and supports efficient scaling.

預計採用將受益於對 FJAR 和 Rahman 工作流程的廣泛熟悉，這降低​​了進入門檻並支援高效擴展。

From a financial perspective, Viper is neutral to gross margin and fully aligned with our discipline model. As we look ahead, Viper strengthens our position in global security markets and sets the stage for future innovation, including the next generation MX 908, which remains on track for release in 2026.

從財務角度來看，Viper 對毛利率持中性態度，並且完全符合我們的紀律模型。展望未來，Viper 鞏固了我們在全球安全市場的地位，並為未來的創新奠定了基礎，包括下一代 MX 908，該系列產品仍有望在 2026 年發布。

And finally, our third focus area is strengthening our financial position and accelerating profitability.

最後，我們的第三個重點領域是加強我們的財務狀況和加快獲利能力。

We are continuing to target adjusted EPEA positive by the 4th quarter of this year.

我們將繼續以今年第四季調整後的 EPEA 為正為目標。

We achieved several key milestones in the 2nd quarter in support of this goal. First, we completed the transfer of all MX 908 manufacturing from Boston to our lower cost facility in Danbury, Connecticut, which also houses our FTAR production to enable greater operational efficiency.

為了實現這一目標，我們在第二季度實現了幾個關鍵的里程碑。首先，我們完成了所有 MX 908 製造從波士頓到康乃狄克州丹伯里成本較低的工廠的轉移，該工廠還容納我們的 FTAR 生產，以提高營運效率。

Second, we completed the physical asset transfer of our bioprocessing portfolio to Replgen. And third, we completed the relocation of our corporate office from Boston to a smaller, more cost-effective site in Burlington, Massachusetts. I want to thank our team for their focus and resourcefulness as we executed these critical projects to lower facility costs, improve margin, and gain efficiency.

其次，我們完成了生物加工產品組合轉移到 Replgen 的實體資產。第三，我們完成了公司辦公室從波士頓搬遷至馬薩諸塞州伯靈頓一個更小、更具成本效益的地點。我要感謝我們的團隊在執行這些關鍵項目以降低設施成本、提高利潤率和提高效率過程中的專注和足智多謀。

Last month we took steps to strengthen and secure our supply chain of critical FTR components by acquiring the assets of KAF Manufacturing Company, a precision machining manufacturer based in Stamford, Connecticut for $2.75 million. KAF is a longtime supplier of key components of our FJR devices. This acquisition provides us with the ability to scale faster and improve quality control, lessening our dependence on external vendors. Last year we spent approximately $5 million with external precision machine shops, and insourcing enhances protection from tariffs and contributes meaningfully to our margin improvement and profitability goals.

上個月，我們採取措施加強和保障關鍵FTR零件的供應鏈，以275萬美元收購了位於康乃狄克州斯坦福的精密機械製造商KAF Manufacturing Company的資產。 KAF是我們FJR設備關鍵零件的長期供應商。此次收購使我們能夠更快地擴大規模並改善品質控制，從而減少對外部供應商的依賴。去年，我們在外部精密機械車間花費了約 500 萬美元，而內部採購則增強了關稅保護，並對我們的利潤率提高和盈利目標做出了重大貢獻。

Concurrently, we signed a 3 year $6.6 million dollar agreement with an upfront cash payment of $750,000 to supply precision optical components and assemblies to a large analytical instrumentation company that is an existing 908 devices and KAF customer. We also believe this supply relationship enhances our visibility into industrial QAQC and pharma markets, creating new opportunities to expand our technology reach through strategic partnership. Importantly, it also supports and de-risks our previously stated goal of generating $2 million or more annually in OEM revenues.

同時，我們簽署了一份為期 3 年、價值 660 萬美元的協議，其中預付現金 75 萬美元，為一家大型分析儀器公司供應精密光學元件和組件，該公司是現有的 908 設備和 KAF 客戶。我們也相信，這種供應關係增強了我們在工業 QAQC 和製藥市場的知名度，創造了透過戰略合作夥伴關係擴大我們的技術範圍的新機會。重要的是，它還支持並降低我們先前提出的每年產生 200 萬美元或更多 OEM 收入的目標。

In summary, the alignment of policy, product, and performance is propelling 908 devices forward, enabling us to expand our impact, extend our market leadership, and deliver on our commitment to profitability. I'll now hand it over to Joe to review our second quarter of financial performance.

總而言之，政策、產品和績效的協調推動著 908 設備向前發展，使我們能夠擴大影響力、增強市場領導地位並兌現獲利承諾。現在我將交給喬回顧我們第二季的財務表現。

Thanks, Kevin. As a result of the sale of our desktop portfolio in the 1st quarter, our financials will be reporting continuing operations only with any current and past activity related to our desktops, including the gate on sale on one line item within discontinued operations in our financial statements.

謝謝，凱文。由於我們在第一季出售了桌上型電腦產品組合，我們的財務報表將僅報告與我們的桌上型電腦相關的任何當前和過去活動的持續經營情況，包括我們財務報表中已停止經營業務中的一項銷售門檻。

Total revenue was 13 million for the second quarter of 2025, up 14% from 11.5 million in the prior year period, primarily driven by an increase in handheld product and service revenue.

2025 年第二季總營收為 1,300 萬美元，較去年同期的 1,150 萬美元成長 14%，主要得益於手持產品和服務收入的成長。

Handheld product and service revenue was 12.5 million for the second quarter of 2025, up 13% from 11.1 million for the second quarter of 2024.

2025 年第二季手持產品和服務收入為 1,250 萬美元，較 2024 年第二季的 1,110 萬美元成長 13%。

We shipped 164 devices in the second quarter compared to 143 devices shipped in the second quarter of 2024, bringing our install base to 3,336.

我們在第二季度出貨了 164 台設備，而 2024 年第二季出貨了 143 台設備，使我們的安裝基數達到 3,336 台。

As expected, program product and service revenue was not material in both the 2nd quarter of 2025 and 2024. We are not assuming any meaningful revenue contribution from the ABCAD program in 2025 as we completed the initial low rate production deliveries in Q3 2024 and are preparing for full rate production in 2026. OEM and funded partnership revenue was 0.5 million for the second quarter of 2025 compared to 0.4 million in the prior year period.

正如預期的那樣，2025 年第二季和 2024 年第二季的計畫產品和服務收入並不重要。我們不認為 ABCAD 專案在 2025 年會帶來任何有意義的收入貢獻，因為我們在 2024 年第三季完成了初始低速率生產交付，並正在為 2026 年的全速率生產做準備。2025 年第二季的 OEM 和資助合作夥伴收入為 50 萬美元，而去年同期為 40 萬美元。

This revenue was primarily driven by pharma and industrial QAQC customers. Recurring revenue, which consists of consumables, accessories, and service revenue, represented 36% of total revenues this quarter and was $4.7 million a 28%, or a $1 million increase over the prior year period, largely driven by service revenues and accessories, including the software quantification module for Explorer and Aero modules for MX 908.

該收入主要來自製藥和工業 QAQC 客戶。經常性收入包括消耗品、配件和服務收入，佔本季總收入的 36%，為 470 萬美元，比去年同期增長 28%，即 100 萬美元，主要由服務收入和配件推動，包括 Explorer 的軟體量化模組和 MX 908 的 Aero 模組。

Looking ahead, we continue to expect recurring revenue for the full year to be approximately 30% of total revenue as device placements increase in the second half. Gross profit was 6.4 million for the second quarter of 2025 compared to 6.2 million for the prior year period.

展望未來，隨著下半年設備投放量的增加，我們預計全年經常性收入仍將佔總收入的 30% 左右。2025 年第二季毛利為 640 萬美元，去年同期為 620 萬美元。

Gross margin was 49% for the second quarter of 2025 compared to 54% for the prior year period, with the decrease primarily driven by intangible amortization from the red wave acquisition, restructuring charges, and an increase in warranty costs related to increasing install base.

2025 年第二季的毛利率為 49%，而去年同期為 54%，下降的主要原因是紅波收購的無形攤銷、重組費用以及與安裝基數增加相關的保固成本增加。

Adjusted gross profit was 7.3 million for the second quarter of 2025 compared to 6.7 million for the prior year period. Adjusted gross margin was 56%, a decrease of approximately 220 basis points compared to the prior year period.

2025 年第二季調整後毛利為 730 萬美元，去年同期為 670 萬美元。調整後毛利率為56%，較去年同期下降約220個基點。

The decrease in adjusted gross margin was driven by an increase in warranty costs, as mentioned. Total operating expenses for the second quarter of 2025 were $21.5 million compared to 14.7 million in the prior year period.

如上所述，調整後毛利率的下降是由於保固成本的增加。2025 年第二季的總營運費用為 2,150 萬美元，而去年同期為 1,470 萬美元。

The increase in operating expenses was driven by a 6.8 million non-cash charge for the change in the fair value of the contingent consideration liability, $1 million in facility shut down and restructuring charges, and an increase in operating expenses related to our red wave technology acquisition, where we have 3 months of expenses versus 2 months in the second quarter of 2024.

營運費用的增加是由於或有對價負債公允價值變動的 680 萬美元非現金費用、100 萬美元的設施關閉和重組費用以及與我們的紅波技術收購相關的營運費用的增加，我們有 3 個月的費用，而 2024 年第二季為 2 個月。

This was offset by 2 million of red wave-related deal costs in the 2nd quarter of 2024. Over the last few months, we have taken definitive steps to lowering our operating expenses going forward, including a 44% reduction in square footage related to our facilities and a 39% reduction in headcount compared to prior year.

這被 2024 年第二季 200 萬紅浪相關交易成本所抵銷。在過去的幾個月裡，我們採取了明確的措施來降低未來的營運費用，包括與前一年相比，將設施相關的面積減少 44%，將員工人數減少 39%。

Net loss from continuing operations for the second quarter of 2025 was 12.9 million compared to 7.6 million in the prior year period. This increase was largely driven by the non-cash charge and other factors I just discussed. It was additionally offset in part by $1.2 million of income, net of expenses from our transition services agreement with relegen.

2025 年第二季持續經營淨虧損為 1,290 萬美元，去年同期為 760 萬美元。這一增長主要是由我剛才討論的非現金費用和其他因素所推動的。另外，我們與 relegen 簽訂的過渡服務協議扣除費用後的 120 萬美元收入也部分抵銷了這一影響。

Adjusted EIA for the second quarter of 2025 was a loss of 3.9 million compared to a loss of 3.6 million in the prior year period. We benefited from favorable gross margin percentage in the second quarter of 2024. We entered the second quarter of 2025 with $118.6 million in cash equivalents, and marketable securities with no debt outstanding.

2025 年第二季調整後的 EIA 虧損 390 萬美元，去年同期虧損 360 萬美元。我們受益於 2024 年第二季良好的毛利率。進入 2025 年第二季度，我們擁有 1.186 億美元的現金等價物和無未償債務的有價證券。

We consumed approximately 5.7 million of cash in the second quarter of 2025. As we shared last quarter, the net proceeds from the sale of our desktop portfolio combined with the streamlined cost structures we implemented in Q4 and our growth drivers for 2025 and beyond, give us confidence we will cross over to break even in 2026 with a healthy cash balance.

我們在2025年第二季消耗了大約570萬現金。正如我們上個季度所分享的，出售桌上型電腦產品組合的淨收益，加上我們在第四季度實施的精簡成本結構以及 2025 年及以後的成長動力，讓我們有信心在 2026 年實現收支平衡，並擁有健康的現金餘額。

Looking ahead in 2025, we now expect revenue from continuing operations to be in the range of 54 to 56 million, representing growth of 13% to 17% over a full year 2024 revenue from continuing operations. This compares to our prior range of $53 million to $55 million. Our updated guidance range includes the following assumptions. First, we expect handheld product and service revenue to grow 17 to 21% year over year, which equates to a range of $52 million to $54 million.

展望 2025 年，我們目前預計持續經營收入將在 5,400 萬至 5,600 萬美元之間，比 2024 年全年持續經營收入成長 13% 至 17%。相較之下，我們先前的預算範圍是 5,300 萬美元至 5,500 萬美元。我們更新的指導範圍包括以下假設。首先，我們預計手持產品和服務收入將年增 17% 至 21%，相當於 5,200 萬美元至 5,400 萬美元。

The $1 million increase is driven by 2nd quarter performance and our continued confidence in our second half outlook. Second, we continue to expect OEM and funded partnerships, including contract revenue, to be approximately $2 million.

100 萬美元的成長得益於第二季的業績以及我們對下半年前景的持續信心。其次，我們繼續預期 OEM 和資助合作夥伴關係（包括合約收入）約為 200 萬美元。

Third, as mentioned, we're not assuming any meaningful revenue contribution from US Department of Defense APAP program in 2025 as we completed the initial low rate production deliveries in Q3 2024 and are preparing for potential full rate production in 2026. And fourth, last year our second half revenue was equally split between Q3 and Q4.

第三，如上所述，我們不認為美國國防部 APAP 計畫在 2025 年會帶來任何有意義的收入貢獻，因為我們在 2024 年第三季完成了初始低速率生產交付，並正在為 2026 年的潛在全速率生產做準備。第四，去年我們下半年的收入在第三季和第四季平均分配。

Based on our current visibility into the timing and logistics around a few large orders, we expect second half revenue to be closer to a 45% versus 55% split between Q3 and Q4. We continue to expect total revenue growth to accelerate above 20% in 2026, driven by our three growth catalysts, expanding handheld adoption, launching next generation products, and scaling our US government programs.

根據我們目前對一些大訂單的時間和物流的了解，我們預計下半年收入將接近 45% ，而第三季和第四季的收入將接近 55% 。我們繼續預計，到 2026 年，總收入成長率將加速至 20% 以上，這主要得益於我們的三大成長催化劑：擴大手持設備的採用、推出下一代產品以及擴大我們的美國政府計畫。

Moving down the P&L, we continue to expect adjusted gross margins to increase to the mid to high 50% range for full year 2025, with further expansion in 2026 with our manufacturing consolidation in Connecticut, which we have now completed. And as Kevin discussed, we recently acquired the assets of KAF, which contributes to our ongoing marginal improvement in 2026.

繼續看損益表，我們繼續預計 2025 年全年調整後的毛利率將增至 50% 左右，隨著我們在康乃狄克州的製造業整合（現已完成），2026 年調整後的毛利率將進一步擴大。正如凱文所討論的，我們最近收購了 KAF 的資產，這有助於我們在 2026 年持續實現邊際改善。

And we are continuing to target adjusted EEA positivity in Q4 this year, supported by our Q4 revenue projection of approximately 17 million, anticipated gross margin expansion and lower operating costs following our portfolio divestiture and facility consolidation. At this point I would like to turn the call back to Kevin.

我們將繼續以今年第四季調整後的 EEA 正成長為目標，這得益於我們第四季營收預測約為 1,700 萬美元、預計毛利率將擴大，以及投資組合剝離和設施整合後營運成本將降低。現在我想把電話轉回給凱文。

Thanks, Joe. To wrap up, Q2 was a strong step forward in our transformation. We delivered top line growth ahead of expectations, executed key structural initiatives to improve our financial profile, and made solid progress on our path to profitability. With record placements of Explorer, the successful launch of Viper, and a funding environment that's improving both in the US and internationally, we're confident in meeting our 2025 targets and building sustained momentum into 2026 and beyond.

謝謝喬。總而言之，第二季是我們轉型的堅實一步。我們實現了超出預期的營收成長，實施了關鍵的結構性舉措以改善我們的財務狀況，並在盈利的道路上取得了堅實的進展。隨著 Explorer 的創紀錄配售、Viper 的成功推出以及美國和國際上融資環境的改善，我們有信心實現 2025 年的目標，並在 2026 年及以後保持持續發展勢頭。

We're also excited to welcome Dr. Brandy Van to our board of directors. Doctor Van brings decades of leadership in defense and biodefense, most recently serving as the principal deputy assistant secretary for the Defense for Nuclear, Chemical and Biological Defense programs. Her background aligns squarely with our mission, and her insights will be a strategic asset as we grow our presence across national security and global preparedness markets.

我們也非常高興地歡迎 Brandy Van 博士加入我們的董事會。範博士在國防和生物防禦領域擁有數十年的領導經驗，最近擔任國防部核、化學和生物防禦計劃的首席副助理部長。她的背景與我們的使命完全一致，隨著我們擴大在國家安全和全球防範市場的影響力，她的見解將成為一項戰略資產。

Thanks again for your continued interest in 908 devices. We look forward to updating you on our progress next quarter. With that, let's open it up to questions.

再次感謝您對 908 設備的持續關注。我們期待下個季度向您通報我們的進展。好了，讓我們開始提問吧。

We will now begin the question-and-answer session. If you would like to ask a question, please raise your hand now. If you have dialed into today's call, please press 9 to raise your hand and 6 to unmute. Please stand by while we compile the Q&A roster.

我們現在開始問答環節。如果您想提問，請現在舉手。如果您已撥入今天的電話會議，請按 9 舉手，按 6 取消靜音。請稍候，我們正在編制問答名單。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

How we do that. Go ahead. Okay, sorry about that. Kevin, it does sound like there are some good high-level tailwinds that you have when it comes to just federal funding items, some of the international priorities on security. You mentioned some pretty major sporting events.

我們如何做到這一點。前進。好的，很抱歉。凱文，聽起來，在聯邦資助計畫和一些國際安全優先事項方面，您確實獲得了一些良好的高層支持。您提到了一些相當重要的體育賽事。

Are those things showing up in the order book or the sales funnel in a way that has some confidence behind it, or is it sort of best to just think about the wind blowing in your direction right now, but you still need some time to see acceleration that sort of reflects those things?

這些事情是否會以有信心的方式出現在訂單簿或銷售漏斗中，或者最好只是考慮現在朝著你方向吹的風，但你仍然需要一些時間來看到反映這些事情的加速度？

Yeah, thanks, Dan, for the question. I think it's a little more towards the latter, as we're working in a defense and Homeland Security, just the US federal budget. That's a continuing resolution. It is a full year continuing resolution. We've talked in the past that that's not ideal, but it definitely provides better visibility to our customers.

是的，謝謝丹提出這個問題。我認為更傾向後者，因為我們的工作涉及國防和國土安全，以及美國聯邦預算。這是一項持續的決議。這是一項全年持續的決議。我們過去曾說過這並不理想，但它確實為我們的客戶提供了更好的可視性。

I think the good thing that we're trying to call out in the prepared remarks here is that the new administration is clearly prioritizing the areas that we're working most in national security, law enforcement. Unlike call it NIH facing cuts, defense and DHS are seeing proposed, meaningful budget increases, and we think that is a long-term driver, particularly as we get into FY 26, the government's next fiscal year there.

我認為我們在準備好的發言中試圖強調的一件好事是，新政府明確優先考慮我們在國家安全和執法方面工作最努力的領域。與美國國立衛生研究院面臨的削減不同，國防部和國土安全部的預算均有大幅增加，我們認為這是一個長期的驅動力，特別是當我們進入第 26 財年（政府的下一個財政年度）時。

Yeah, we called out some legislation priorities around the detect fentanyl Act, the Halt Fentanyl Act, and even just last week, if you saw on the news, there was some efforts to crack down on a roadside opioid product called 70H that's out there. So, a lot happening in these areas from the legislative slide side, but then if you look at the efforts with the one big, beautiful bill and there's definitely we see sources of strength developing to.

是的，我們圍繞著《檢測芬太尼法案》、《停止芬太尼法案》提出了一些立法重點，甚至就在上週，如果你在新聞中看到，我們還在努力打擊一種名為 70H 的路邊阿片類藥物產品。因此，從立法方面來看，這些領域發生了很多事情，但是，如果你看看這項重大而美麗的法案的努力，我們肯定會看到力量源泉的發展。

For our customers and drive us next year towards that 20% plus top line. So, a lot of good things, perhaps, coming, we called out some of the increases in spending, that are being forecasted for, the grant programs, which our customers rely on. So yeah, I think it's a little bit more towards the latter as you framed it.

為了我們的客戶，並推動我們明年實現 20% 以上的營業收入。因此，也許有很多好事即將到來，我們呼籲增加一些支出，這些支出預計將用於我們的客戶所依賴的補助計劃。是的，我認為正如你所說，它更偏向後者。

Yeah, makes sense and then Joe on the crossover to positivity at the EBITDA line as you exit the year, do you think you can stay there, or is it more likely to move around a little bit on seasonality and other factors? I know we'll talk about 26 in a couple of quarters, but just sort of interested in how things might progress once you hit the milestone, so to speak.

是的，這很有道理，然後喬談到在年底時 EBITDA 線的交叉轉向正值，您認為您可以保持在那裡，還是更有可能因季節性和其他因素而略有波動？我知道我們將在幾個季度內討論 26，但我只是對達到里程碑後事情會如何發展感興趣。

Yeah, we did reiterate, the Q4 just a deep target and see a path to getting there. I think as you think about it, crossing over to 26, we do have seasonality within the business, usually in the first half, it's cash consuming, right? And then with volume and traction, recovers a bit in the second half.

是的，我們確實重申過，第四季只是一個深層目標，並且看到了實現該目標的途徑。我想，正如您所想，跨越到 26 歲，我們的業務確實有季節性，通常在上半年，它會消耗現金，對嗎？然後，隨著銷售量和牽引力的增強，下半年會有所復甦。

So, I'd anticipate that to be similar, but we're definitely off to A great start, in the first 5 months since we announced the desktop portfolio divestiture and remain confident in our ability to get to that positive adjusted EBITDA in Q4. I think to achieve that, we need to hit our Q4 revenue projection of about 17 million, combined with expanding gross margins and lower operating costs. And, then we'll be working hard, on the full year 2026.

因此，我預計情況會類似，但自從我們宣布剝離桌面產品組合以來，我們在前 5 個月確定取得了良好的開端，並且仍然對我們在第四季度實現正調整後 EBITDA 的能力充滿信心。我認為要實現這一目標，我們需要達到第四季約 1700 萬美元的收入預期，同時提高毛利率並降低營運成本。然後，我們將努力工作，迎接 2026 年全年。

Okay, very good. Thank you, guys.

好的，非常好。謝謝你們。

Your next question comes from the line of Matt Larue with William Blair. Please go ahead.

您的下一個問題來自 William Blair 的 Matt Larue。請繼續。

Yeah, for questions. This is Jacob Crambi on for Matt. I wanted to ask just about the new launch product Viper, just launched that last month, just give you opportunity to talk about the early uptake or any early contribution from that product. How does it fit into the existing sales team's bag, are there any incremental training or expenses associated with that launch?

是的，回答問題。這是 Jacob Crambi 為 Matt 主持的節目。我想問一下上個月剛推出的新產品 Viper，給您機會談談該產品的早期採用情況或任何早期貢獻。它如何融入現有銷售團隊的團隊，是否需要進行任何增量培訓或支付與該產品發布相關的費用？

And the guide was raised proportionately to the beat, at least relative to our model, about $1 million at the midpoint. I know you noted that reflected the outperformance from Q1, but is there any incremental contribution from Viper we should be expecting that could be upside to the model, in the 4th quarter or back half of the year?

而指南是按節拍比例提高的，至少相對於我們的模型而言，中間值約為 100 萬美元。我知道您指出這反映了第一季的優異表現，但是我們是否應該期待 Viper 帶來任何增量貢獻，從而可能在第四季度或下半年對該模型產生積極影響？

Yeah, thank you. I'll start with the first part of it. I mean, we acquired Red Wave in early 2024 and to us it's a great platform, technology, and we're really proud to have launched Viper here recently in early June, sorry, July. Viper is a 3 in 1 handheld chemical analyser and it's really being built.

是的，謝謝。我先從第一部分開始。我的意思是，我們在 2024 年初收購了 Red Wave，對我們來說，它是一個很棒的平台、技術，我們非常自豪能夠在 6 月初（抱歉，是 7 月初）在這裡推出 Viper。Viper 是一款三合一手持式化學分析儀，它正在真正建造中。

For, groups that are more like a global customs organization, people that are concerned with that intersection of security and trade. So, it absolutely addresses the challenges of interacting narcotics, explosives, and toxic chemicals, but it's also trying to be quick and speedy and help with the flow of legitimate commerce.

對於更像全球海關組織的團體來說，人們關心的是安全與貿易的交集。因此，它確實解決了麻醉品、爆炸物和有毒化學物質相互作用的挑戰，但它也試圖快速、迅速地幫助合法商業的流通。

So, the product fits well and it's differentiated with what we have in the bag, as you put it, from our product set of our handhelds, including what we do for bulk, solid and liquid detection because it integrates two technologies, ETA and Rain, and then takes a third technologies and strings it all together, which we call this smart spectral processing. What that does is it makes a confirmatory workflow, so it's less operator involvement.

因此，該產品非常適合，並且與我們現有的產品有所區別，正如您所說，它與我們的手持設備產品系列有所區別，包括我們用於批量、固體和液體檢測的產品，因為它集成了兩種技術，ETA 和 Rain，然後採用第三種技術並將它們串聯在一起，我們稱之為智能光譜處理。這樣做的目的是建立一個確認工作流程，從而減少操作員的參與。

It's faster, more of a confirmatory confident chemical identification, less sampling, and the like. So strategically, it absolutely fits in the bag, as you put it, strategically, it very much fits into the, what I like to think of the flywheel that we go from the early engagements with people and workshops and conferences through to our training events and then obviously the post-sales support and reach back that that our team is respected for by our customer base. So, I think it fits very well into that. In terms of the financial profile passed to you, John.

它速度更快，化學鑑定更具確定性，採樣更少，等等。因此，從戰略上講，它絕對符合要求，正如你所說，從戰略上講，它非常適合，我喜歡把它想像成一個飛輪，從早期與人們的接觸、研討會和會議到我們的培訓活動，然後顯然是售後支持和回饋，我們的團隊因此而受到客戶群的尊重。所以，我認為它非常適合這一點。就交給您的財務狀況而言，約翰。

Yeah, we, I think, Jacob, we see some potential sources of upside that could flow through, here in the second half, one of those is, Viper and viper revenue growth inflection. We think it's more of a 2026 story as we sit here today. We have a few ops that are developing in our pipeline. Beyond Viper, there are some other, potential opportunities on the upside side.

是的，我認為，雅各布，我們看到了下半年可能出現的一些潛在上漲機會，其中之一就是 Viper 和 Viper 營收成長轉折點。我們認為，今天我們坐在這裡，這更像是一個 2026 年的故事。我們的管道中有一些正在開發的操作。除了 Viper 之外，還存在一些其他潛在的上升機會。

The realization of some of the macros that Kevin walked through are developing his tail tailwinds, if we begin to see some acceleration of demand and funding ability to support related to the new administration, focus on Défense spending, border security and combating the fentanyl crisis in the US, in similar trends internationally. So, we see some of those priorities, come together, it's probably more of a 2026 thing, but we do flip to FY26 October 1st. So, if we can see some of those realized sooner.

凱文所闡述的一些宏觀政策的實現正在形成順風，如果我們開始看到與新政府相關的需求和資金支持能力有所加速，重點關注國防開支、邊境安全和打擊美國芬太尼危機，國際上也存在類似的趨勢。因此，我們看到其中一些優先事項綜合起來，這可能更像是 2026 年的事情，但我們確實會在 10 月 1 日轉向 FY26。所以，如果我們能夠更早實現其中一些目標。

Also, there's always a better-than-expected conversion of large kind of enterprise opportunities for both our MX and our FTIR devices. With our combined portfolio that could gain traction under the United Salesforce. So, we've mentioned that there's an opportunity for that to grow. So really those combined, the Vipers just one of those opportunities.

此外，我們的 MX 和 FTIR 設備在大型企業機會方面的轉換率總是優於預期。我們的合併投資組合可以在聯合 Salesforce 的領導下獲得發展。所以，我們已經提到過，這是一個成長的機會。所以實際上，綜合起來，毒蛇隊只是其中一個機會。

Yeah, and to hit your last point, which included in there was around the early feedback. So, we are engaged with multiple customs organizations across the globe, and we are getting good. Initial early feedback that that is that seed for as Joe described it to the pilot, so then to the enterprise accounts, likely in that call it 2026-time frame. One of the positive feedbacks we're getting is around the connected services element, the team leader connection to be able to do fleet management across that portfolio of the fleet of the potential viper rollouts in a particular organization.

是的，回到你的最後一點，其中包括早期的回饋。因此，我們與全球多個海關組織合作，並且進展順利。最初的早期回饋是，正如喬向飛行員描述的，這就是種子，然後是企業帳戶，很可能在所謂的 2026 年時間範圍內。我們收到的正面回饋之一是有關連結服務元素的，團隊領導連結能夠對特定組織中潛在的毒蛇部署的車隊組合進行車隊管理。

Got it, yeah, that all makes sense and sounds good. On explore, record device sales in the quarter, I think you. That maybe I misheard, but you know that, the majority of the orders in the quarter were funded through this new US legislation bill that was passed. Just kind of wondering what the runway for this level sustained device placement growth looks like, related to, this new funding and whether there are any other areas within the portfolio you kind of expect to see in a similar outsized benefit from legislation.

明白了，是的，這一切都很有道理，而且聽起來不錯。在探索中，記錄本季的設備銷售情況，我認為你。也許我聽錯了，但你知道，本季的大部分訂單都是透過這項通過的新美國立法法案資助的。我只是有點想知道，與這筆新資金相關的這種水平的持續設備安置增長的跑道是什麼樣的，以及您是否期望在投資組合中的其他領域看到類似的立法巨額收益。

Yeah, absolutely. I mean, the explorer is our call it second newest product next to Viper and we did highlight another strong quarter and really that first half. Now, Q2 is 164 new devices, but 45 of those were our explorers in Q2 and I think that's really happening because gas detection and air monitoring is very topical. You can see that in some of the other competitors' reports as well that there's some good drivers to that. It's detecting and identifying and filling a GAAP that doesn't exist out there in the world of gas detection, and that's unknown identification.

是的，絕對是如此。我的意思是，Explorer 是我們所說的僅次於 Viper 的第二款最新產品，我們確實強調了另一個強勁的季度以及上半年。現在，第二季度有 164 台新設備，但其中 45 台是我們在第二季度的探測器，我認為這確實發生了，因為氣體檢測和空氣監測非常熱門。您也可以在其他一些競爭對手的報告中看到，其中存在一些良好的驅動因素。它正在檢測和識別並填充氣體檢測領域中不存在的 GAAP，即未知識別。

So that fills a GAAP for a capability for firefighters in particular. Yeah, you're right. We did call out the majority were funded on the Assistant to firefighters grant program for critical equipment, and that is a program that has been going for a number of years and there is now being mentioned in the legislation for FY26 around keeping that commitment and having around $370 million for firefighter grants going forward. So, we're excited about that that's continued.

因此，這滿足了消防員能力的 GAAP 要求。是的，你說得對。我們確實呼籲，大部分資金都來自「消防員助理」關鍵設備補助計劃，該計劃已經實施多年，現在 2026 財年的立法中提到要履行這一承諾，並在未來為消防員提供約 3.7 億美元的補助。因此，我們很高興看到這種情況能夠持續下去。

In a whole, as we called out, there's about $1.7 billion of grant funding that our customer base usually is targeting, and that's now in the one big, beautiful bill. We'll see what transpires as it moves through appropriations, but that's a meaningful increase.

總體而言，正如我們所呼籲的，我們的客戶群通常瞄準的贈款資金約為 17 億美元，現在這筆資金已經包含在一張巨大的、漂亮的帳單中。我們將觀察撥款過程中出現的情況，但這是一個有意義的成長。

That's about an 11% increase in total, that, that's there. So. We're seeing good diversity in orders. We haven't seen just one large order to make up those 45. We've seen a lot of 12, or 5 unit orders, which we really like. So again, we think what's driving the adoption is customers really prioritizing the air monitoring for hazmat response and identifying, quantifying unknown odors, leaks, gasses, and so we're pleased about that progress.

總體而言，增長了約 11%，就是這樣。所以。我們看到訂單呈現良好的多樣性。我們還沒有看到僅憑一個大訂單就能達到這 45 個訂單的水平。我們看到了很多 12 個或 5 個單位的訂單，我們非常喜歡這種訂單。因此，我們認為推動採用的原因是客戶真正優先考慮空氣監測以應對危險品，並識別、量化未知的氣味、洩漏和氣體，因此我們對這一進展感到高興。

I think I'll leave it there and jump back in the queue.

我想我會把它留在那裡並重新回到隊列中。

Your next question comes from the line of Puneet Suda with Leerink. Please go ahead.

您的下一個問題來自 Leerink 的 Puneet Suda。請繼續。

Yeah, I guess, thanks for the questions here. So maybe first on 26, you're expecting 20% plus growth there. Could you maybe elaborate, how much of that is more of the run rate business that you were expecting from state and local agencies versus the upside that you are now expecting from theAG program, the urban area security, firefighters and other programs that are part of the maybe the one big beautiful bill, how should we think about, the overall upside and your confidence in the current portfolio to grab a portion of those grants.

是的，我想，謝謝你提出的問題。因此，也許首先在 26 日，你預計那裡會有 20% 以上的成長。您能否詳細說明一下，其中有多少是您期望從州和地方機構獲得的運行率業務，有多少是您現在期望從 AG 計劃、城市地區安全、消防員和其他計劃中獲得的收益，這些計劃可能是一項巨大的美麗法案的一部分，我們應該如何考慮整體的收益以及您對當前投資組合獲得部分撥款的信心。

Yeah, no, great question. I mean, we've highlighted in the past and again today, around 3 growth catalysts that we see. One is equipment modernization. So that's taking that existing portfolio and executing, that does take in count the grant programs which historically have funded our customers, particularly against state and local. So, it's great to see that those are continuing. We see a lot of greenfield opportunities there. We are working, as to replace I'm going to call it, older and aging variants of these technologies out there. So, there's about 15,000 or so as we estimate, FTIRs out there that we are targeting with that. Our MX 908 has over 2,800 devices out there.

是的，不，很好的問題。我的意思是，我們過去和今天都強調過我們看到的 3 個成長催化劑。一是裝備現代化。因此，這就是利用現有的投資組合併執行，這確實考慮到了歷史上為我們的客戶提供資金的補助計劃，特別是針對州和地方的補助計劃。所以，很高興看到這些事情還在繼續。我們在那裡看到了很多綠地機會。我們正在努力取代現有的這些技術中較老、較老化的變體。因此，我們估計，我們針對的 FTIR 大約有 15,000 個。我們的 MX 908 擁有超過 2,800 台設備。

That's really been a class leader, product, and as we're working on the next generation. So, Catalyst one is really that execution and driving. The contract vehicles that I mentioned are a way to continue that momentum. It's a great to see that they've increased 11% year to year in total. And then the new products, we talked about Viper, we’re excited about its contributions upcoming for largely 2026. And then we have talked about that next generation MX.

這確實是一個一流的產品，我們正在致力於下一代產品。因此，Catalyst 1 確實體現了執行力和驅動力。我提到的合約工具是延續這一勢頭的一種方式。很高興看到他們總體上同比增長了 11%。然後是新產品，我們談到了 Viper，我們對它在 2026 年即將做出的貢獻感到興奮。然後我們討論了下一代 MX。

And then the last third catalyst that we've called out driving for the 20% plus, if we're executing on all three of those, the plus would be emphasized, and that's really around the ACAD and that we are again looking forward to a decision and a path forward with that program.

然後，我們所說的推動 20% 以上增長的最後第三個催化劑，如果我們執行所有這三個催化劑，那麼優勢就會得到強調，而這實際上與 ACAD 有關，我們再次期待對該計劃做出決定並指明前進的道路。

We're still targeting the end of Q3 for such a decision. It, it's possible, that it extends a bit into, later this year, but certainly by the end of 2025, we're looking for clarity on how that program is moving forward. And so, we're working now with that manufacturing transition complete, to be able to hit the ground running and be able to, ramp as that comes into to clarity for us. So, all those three.

我們仍計劃在第三季末做出這樣的決定。它有可能在今年稍後延續一段時間，但肯定要到 2025 年底，我們希望能夠明確該計劃的進展。因此，我們現在正在努力完成製造業轉型，以便能夠立即開始工作，並能夠在情況明朗時加快步伐。所以，所有這三個。

And pretty touching on the state and local, channel, kind of US state and local. It's been a steady growth driver and for the first half was a little over $12 million of our revenues and, having that run rate, it takes work, right? 125-unit opportunities, but we have a top-notch. Sales team that delivers on that and it's a good baseline, and with our expanded portfolio, continue to win, especially post the red wave acquisition. So, Kevin hit on the catalyst and the growth drivers, excited to have Weber launched as a key growth driver in an FTIR for all for 2026. Some optionality on ACAD as we get additional visibility and timing. So yes, targeting that 20% plus as we move into 2026.

並且相當觸動州和地方、通路、美國的州和地方。它一直是穩定的成長動力，上半年我們的收入略高於 1200 萬美元，要達到這樣的運行率，還需要努力，對嗎？125 個單位的機會，但我們擁有一流的。銷售團隊實現了這一目標，這是一個良好的基礎，隨著我們產品組合的擴大，我們將繼續獲勝，尤其是在紅色浪潮收購之後。因此，凱文 (Kevin) 抓住了催化劑和成長動力，並很高興韋伯 (Weber) 能夠成為 2026 年 FTIR 的關鍵成長動力。隨著我們獲得額外的可見性和時間安排，ACAD 上出現了一些可選性。是的，我們的目標是在 2026 年實現 20% 以上的成長。

Got it. That's helpful. And then on just following up on ACAD, how should we think about the phasing of that, and if you could remind us, what's the revenue opportunity, I think it was 10 million, but if you can remind us, how should we layer that in into 26, and then on the pricing and gross margin side, I just wanted to get your view on your ability to price with. Within these grants, and the programs that are coming up for 26, and, now with the facility moves, are you, could you maybe just elaborate on the capacity utilization and how should we think about the gross margin, ramp going ahead?

知道了。這很有幫助。然後，在跟進 ACAD 時，我們應該如何考慮分階段實施，如果您可以提醒我們，收入機會是什麼，我認為是 1000 萬，但如果您可以提醒我們，我們應該如何將其分層到 26，然後在定價和毛利率方面，我只是想了解您對定價能力的看法。在這些撥款以及即將推出的 26 個計劃中，以及現在的設施搬遷中，您能否詳細說明一下產能利用率以及我們應該如何看待未來的毛利率和成長？

Sure. Touch on ABCAD and definitely can jump in on the other topics. So, yes, on (ABCAD), we continue to work through, anticipate the full rate production, award, working through the timing there, but it can be roughly $10 million, per year or greater, over a 5 to 7 year period, likely ramping, right? So, I think There's the opportunity to start seeing some shipments in 26. Timing will be determined, upon receiving the award. But as we're a subcontractor, so we'd be providing to Smiths, and then Smith's on to the end customer, so it continues to be a great opportunity for our mass spec technology in the expansion there.

當然。觸及 ABCAD 並且絕對可以進入其他主題。所以，是的，在（ABCAD）上，我們繼續努力，預計全速生產，授予，並根據時間安排進行工作，但在 5 到 7 年的時間內，每年的費用可能大約為 1000 萬美元或更多，可能會逐漸增加，對嗎？因此，我認為有機會在 26 年開始看到一些出貨量。領取獎項後將確定時間。但由於我們是分包商，所以我們會向史密斯公司提供產品，然後史密斯公司再向最終客戶提供產品，因此這對我們在那裡擴展質譜技術來說仍然是一個很好的機會。

As we think about, kind of pricing and gross margin in 2026, each year, we take a look at the market and the ability to increase the pricing at the top line to offset any, related costs, etc. But I think from a pure cost perspective, pretty heavy efforts here in the first half to move facilities, get manufacturing down the Danbury.

當我們考慮 2026 年的定價和毛利率時，每年我們都會關注市場以及提高頂線定價的能力，以抵消任何相關成本等。但我認為，從純粹成本角度來看，上半年我們付出了相當大的努力來遷移設施，將製造業轉移到丹伯里。

About a quarter ahead of time, we brought in some of the production of our MX to facilitate that move in Q2, but I think that sets us up, for a lower cost footprint. There is plenty of capacity today, it's almost 40,000 square feet, mainly, able to be ramped up for manufacturing. We run one shift today. So, a great acquisition that set that platform, amazing team that enabled the transition here in Q2, and I think it sets us up as we ramp into 2026.

大約提前一個季度，我們引入了部分 MX 的生產，以促進第二季度的這一舉措，但我認為這為我們降低了成本奠定了基礎。目前的產能充足，主要有近 40,000 平方英尺，能夠擴大產能以進行生產。我們今天只安排一班。所以，一次偉大的收購為我們建立了平台，一支出色的團隊使我們在第二季度實現了轉型，我認為這將為我們邁向 2026 年奠定基礎。

Got it. Helpful.

知道了。很有幫助。

Guys.

夥計們。

Thank you.

謝謝。

Your final question comes from the line of Chadwiatowski with TD Cowan. Please go ahead.

您的最後一個問題來自 TD Cowan 的 Chadwiatowski。請繼續。

Hey guys, chat on for Brendan Smith. Just want to double click on to the manufacturing base. Will all of the new products, including the MX 908 2.0 be manufactured in Danbury as well? And would that require any additional CapEx or is the space there today?

嘿，大家好，請繼續與 Brendan Smith 聊天。只需雙擊製造基地即可。包括 MX 908 2.0 在內的所有新產品也會在丹伯里生產嗎？這是否需要額外的資本支出，或者現在那裡有空間嗎？

Yeah, that's right. As Joe just highlighted, we really have worked aggressively to consolidate our manufacturing in Danbury, Connecticut, and that facility there is a great modern, but yet cost-effective facility for us, and we're able to get a lot of leverage if you're doing all of your production lines in one place. We also called out on the call a small asset acquisition that we did, with KAF manufact.

是的，沒錯。正如喬剛才強調的那樣，我們確實積極地致力於整合我們在康涅狄格州丹伯里的製造業務，那裡的工廠對我們來說是一個非常現代化但又具有成本效益的工廠，如果你把所有的生產線都集中在一個地方，我們就可以獲得很大的優勢。我們也在電話中提到了我們與 KAF 製造公司進行的一項小型資產收購。

Which is an ability for us also to work on those gross margins and secure our supply chain. We spend something around $5 million per year on external machine shops. Now we're able to in-house that a bit, and it helps us control the quality, but it also helps us drive the margin side.

這也使我們有能力提高毛利率並確保我們的供應鏈安全。我們每年在外部機械車間花費約 500 萬美元。現在，我們能夠在內部進行一些工作，這有助於我們控製質量，同時也有助於我們提高利潤。

Yeah, and specific capital for MX of Nexgen, I'd say it's minimal, right? It's leveraging our core technology.

是的，我認為 Nexgen 的 MX 特定資本很少，對嗎？它利用了我們的核心技術。

So it's probably a rounding error and it'd be just around tooling and set up, but nothing, with the facility move and the ramp up of the people in transitioning from MX to MX next gen, we should be in good shape there.

因此，這可能是一個舍入誤差，它只是圍繞工具和設置，但沒有什麼，隨著設施的遷移和從 MX 到下一代 MX 的人員的增加，我們應該處於良好的狀態。

Got it thanks. And then in terms of all the federal budget tailwinds that you called out on the call, is that more of a tailwind to ignite some of these upcoming replacement cycles, or does this bolster your ability to sign new customers, and increase the sales channel? How do you sort of prioritize and how do you plan on juggling the two?

明白了，謝謝。那麼，就您在電話中提到的所有聯邦預算順風而言，這是否更像是點燃即將到來的一些更換週期的順風，還是增強了您簽約新客戶和增加銷售管道的能力？您如何確定優先順序以及計劃如何平衡這兩者？

Yeah, I think it absolutely supports both, we do see a lot of (greenfieldop) opportunity for new customers adopting, maybe explore with some good evidence of that in this quarter, but the replacement cycle, if you will, of servicing maybe more outdated technologies and getting in there with the modern solutions, we think that is also well served in this. Called out some of the US federal developing call its tailwinds for FY26 and beyond that are part of the one big, beautiful bill, but it also points out that this isn't just the United States. We're also seeing activity across the NATO countries you've probably seen in June, and we called out prepared remarks that some of the allied nations now are increasing their spend.

是的，我認為它絕對支持兩者，我們確實看到很多（greenfieldop）新客戶採用的機會，也許會在本季度探索一些很好的證據，但更換週期，如果你願意的話，可能是維修更多過時的技術並採用現代解決方案，我們認為這也很好地服務於此。一些美國聯邦政府呼籲其 26 財年及以後的順風，這是一項龐大而美麗的法案的一部分，但它也指出，這不僅僅是美國。我們也看到了北約國家在六月可能已經看到的活動，我們準備好發言指出，一些盟國現在正在增加支出。

So From our perspective, US and international policymakers are responding to the instability out there, security risk, and we do see it creating a sustained tailwind for advanced detection technology, whether it be a replacement, whether it be a new adoption, whether it be an MX or whether it be an FTR, we really want to be the leader across that whole space from gas detection to trace the bulk solid liquid, and we can do so pretty efficiently with the sales platform that was created.

因此，從我們的角度來看，美國和國際政策制定者正在應對外部的不穩定因素和安全風險，我們確實看到它為先進的檢測技術創造了持續的順風，無論是替代品，無論是新採用，無論是 MX 還是 FTR，我們都希望成為從氣體檢測到追踪散裝固體液體的整個領域的領導者，並且我們可以通過創建的銷售平台非常有效地做到這一點。

Thanks for the questions. Guys.

感謝您的提問。夥計們。

Mm There are no further questions at this time. I will now turn the call back to Kevin Knapp for closing remarks.

嗯，目前沒有其他問題。現在我將把電話轉回給凱文·納普 (Kevin Knapp) 進行結束語。

Well, thank you all.

好的，謝謝大家。

Thank you all for your attendance today and support and interest in 908. Have a great day.

感謝大家今天的出席以及對908的支持與關注。祝你有美好的一天。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝您的出席。您現在可以斷開連線。