Mayville Engineering Company Inc (MEC) 2025 Q4 法說會逐字稿

Hello, everyone, and thank you for joining us today for the Mayville Engineering Company fourth quarter and full year 2025 results conference call. My name is Sami, and I'll be coordinating your call today. (Operator Instructions)

各位好，感謝各位今天參加 Mayville Engineering Company 2025 年第四季及全年業績電話會議。我叫 Sami，今天將由我協調本次電話會議。（接線員指示）

I would now like to hand over to your host, Stefan Neely with Vallum Advisors to begin. Please go ahead, Stefan.

現在我想把時間交給本次會議主持人、Vallum Advisors 的 Stefan Neely。Stefan，請開始。

Thank you, operator. On behalf of our entire team, I'd like to welcome you to our fourth quarter and full year 2025 results conference call. Leading the call today is MEC's President and CEO, Jag Reddy; and Rachele Lehr, Chief Financial Officer.

謝謝，接線員。我謹代表我們整個團隊，歡迎各位參加 2025 年第四季及全年業績電話會議。今天由 MEC 總裁暨執行長 Jag Reddy，以及財務長 Rachele Lehr 主持本次電話會議。

Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update our forward-looking statements.

今天的討論包含有關未來業務與財務預期的前瞻性陳述。由於各種風險與不確定性（包括我們向美國證券交易委員會提交之定期報告中所述風險），實際結果可能與今日前瞻性陳述所預測者有重大差異。除法律要求外，我們不承擔更新前瞻性陳述之義務。

Further, this call will include the discussion of certain non-GAAP financial measures. Reconciliation of these measures to the closest GAAP financial measure is included in our quarterly earnings press release, which is available at mecinc.com. Following our prepared remarks, we will open the line for questions.

此外，本次電話會議將討論若干非 GAAP 財務衡量指標。這些指標與最接近之 GAAP 財務衡量指標的調節表，已包含於我們的季度財報新聞稿中，可於 mecinc.com 取得。完成預先準備的發言後，我們將開放提問。

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

接下來，我想把時間交給 Jag。

Thank you, Stefan. And good morning, everyone. The fourth quarter represented a transitional period for MEC, while demand in our legacy end markets remained muted during what is typically a seasonally softer quarter. Our team remained focused on positioning the business for successful execution and growth as we enter 2026. Over the past six months, we have experienced robust and sustained demand momentum within our data center and critical power end market. In response, we have proactively reallocated available capacity and resources to support successful project launches and meet the evolving needs of our OEM customers in this market.

謝謝你，Stefan。各位早安。第四季對 MEC 而言是一段過渡期；在通常屬於季節性較疲弱的季度中，我們傳統終端市場的需求仍然低迷。我們的團隊持續專注於為公司在邁入 2026 年之際的成功執行與成長做好布局。過去六個月，我們在資料中心與關鍵電力終端市場中，經歷了強勁且持續的需求動能。因此，我們主動重新配置可用產能與資源，以支援專案順利啟動，並滿足該市場 OEM 客戶不斷演變的需求。

As a result of these actions, our fourth quarter margin performance was pressured. We incurred and retained costs that would typically be flexed with softer demand reflecting deliberate investments to support program readiness and execution. Importantly, this margin pressure is primarily driven by early stage project inefficiencies and project launch costs as we prepare for higher volume programs rather than pricing or structural cost challenges. As these programs ramp and utilization improves, we expect margins to normalize in line with our long-term expectations. These margin dynamics are transitory in nature and importantly, position MEC to deliver profitable growth in 2026 and beyond as we capture demand in the rapidly expanding data center and critical power market.

由於上述行動，我們第四季的毛利率表現承受壓力。我們發生並保留了通常會隨需求轉弱而彈性調整的成本，反映出我們為支援專案就緒與執行所做的刻意投資。重要的是，這些毛利率壓力主要來自於我們為更高產量專案做準備時，早期專案效率不彰與專案啟動成本，而非定價或結構性成本問題。隨著這些專案爬坡、產能利用率提升，我們預期毛利率將回歸並符合我們的長期預期。這些毛利率動態屬於短暫性質，更重要的是，將使 MEC 在 2026 年及之後，於快速擴張的資料中心與關鍵電力市場中掌握需求並實現獲利成長。

In addition, we remain focused on executing our MBX operational excellence framework, driving disciplined process improvements across our plans. We're also advancing initiatives to optimize and rationalize our manufacturing footprint, which we expect will further enhance operating leverage as end market demand recovers.

此外，我們仍專注於推動 MBX 營運卓越架構，在各廠區推進有紀律的流程改善。我們也在推動優化與精簡製造據點布局的計畫，預期將在終端市場需求復甦時，進一步提升營運槓桿。

Now turning to a review of our key markets and their respective end market outlook. Starting with commercial vehicle, we continue to the fourth with net sales to this end market declining approximately 19% versus the prior year period. In their most recent report, ACT has revised its full year 2026 outlook upwards now projecting a 3.4% increase in Class 8 production in 2026. This improved outlook reflects greater clarity surrounding the 2027 EPA emission standards, resulting in anticipated pre-buy activity and improved macroeconomic conditions.

接著回顧我們主要市場及其各自的終端市場展望。先從商用車開始，我們第四季對該終端市場的淨銷售額較去年同期下滑約 19%。在其最新報告中，ACT 已上修其 2026 年全年展望，現預估 2026 年 Class 8 產量將成長 3.4%。此一改善展望反映出對 2027 年 EPA 排放標準的更高明確性，因而帶動預期的提前採購活動，以及宏觀經濟條件改善。

In contrast, our construction and access market, revenues increased approximately 13% year-over-year during the quarter. This is supported by the Accu-Fab acquisition and strong nonresidential activity. Organic net sales growth in this market were approximately 11% in the quarter.

相較之下，我們的建築與高空作業平台市場在本季營收年增約 13%。此成長受 Accu-Fab 併購案以及強勁的非住宅活動所支撐。該市場本季的有機淨銷售成長約為 11%。

In the powersports market, net sales grew approximately 20% year-over-year driven by the impact of incremental volumes from new business wins and stabilized customer production schedules as dealer inventory levels are now in line with current demand. This was partially offset by a decrease in sales within the marine propulsion market.

在動力運動（powersports）市場，淨銷售額年增約 20%，主要受新業務得標帶來的增量出貨，以及客戶生產排程趨於穩定所帶動，因為經銷商庫存水位目前已與現行需求相符。上述成長部分被船舶推進（marine propulsion）市場銷售下滑所抵銷。

Net sales in our agriculture market were approximately flat year-over-year amid signs that demand is reaching a cyclical trough.

在農業市場方面，淨銷售額年比約持平，顯示需求正接近景氣循環低點。

Within our data center and critical power end market, our business saw growth of approximately 13% year-over-year supported by legacy OEM demand growth and early project launches on Accu-Fab-related cross-selling opportunities. Overall, demand from OEM customers in the data center and the critical power market remains strong.

在資料中心與關鍵電力終端市場方面，我們的業務年增約 13%，主要受既有 OEM 需求成長，以及與 Accu-Fab 相關的交叉銷售機會之早期專案啟動所支撐。整體而言，資料中心與關鍵電力市場的 OEM 客戶需求仍然強勁。

Our qualified opportunity pipeline now exceeds $125 million, and the value of projects scheduled to launch in 2026 is approximately $40 million to $50 million. Combined with organic growth from our legacy OEM customers, we expect data center and critical power to represent more than 20% of our revenues in 2026.

我們合格商機管線目前已超過 1.25 億美元，而預計於 2026 年啟動的專案價值約為 4,000 萬至 5,000 萬美元。再加上既有 OEM 客戶帶來的有機成長，我們預期資料中心與關鍵電力在 2026 年將占我們營收的 20% 以上。

Looking ahead, we expect this end market to remain a consistent growth opportunity for MEC. Based on recent market studies, we estimate our serviceable addressable market to range from $115 million to $185 million per gigawatt of new data center capacity installed.

展望未來，我們預期該終端市場將持續成為 MEC 穩定的成長機會。根據近期市場研究，我們估計每新增安裝 1 吉瓦（gigawatt）的資料中心容量，我們可服務的可觸及市場規模約介於 1.15 億至 1.85 億美元。

Given the number of new data centers expected to come online in the US in 2026, this represents a total market opportunity of approximately $3.2 billion. We expect this market to grow at a compound annual rate of approximately 16% from 2026 through 2030. Please note, these estimations exclude server racking opportunities, which represents additional incremental upside.

鑑於預期 2026 年美國將有多座新資料中心上線，這代表總市場機會約為 32 億美元。我們預期該市場在 2026 年至 2030 年期間的年複合成長率約為 16%。請注意，上述估算未包含伺服器機櫃（server racking）相關機會，該部分仍有額外的增量上行空間。

While we will continue to take a balanced approach to allocating capacity to this end market, the robust demand growth allows us to proactively manage our commitments. This approach ensures us to maximize footprint utilization, deliver consistent, profitable growth through the cycle and continue to invest in growth initiatives that unlock long-term value.

雖然我們將持續以平衡方式將產能配置至該終端市場，但強勁的需求成長使我們得以主動管理承諾量。此一做法可確保我們最大化據點利用率、在景氣循環中提供一致且具獲利性的成長，並持續投資於能釋放長期價值的成長計畫。

Before turning the call over to Rachele, I want to highlight several areas of commercial momentum that gives us confidence in our growth trajectory for 2026 and beyond. Across all of our end markets, customer engagement and bidding activity remains strong.

在把時間交給 Rachele 之前，我想強調幾個商務動能面向，讓我們對 2026 年及之後的成長軌跡更具信心。在我們所有終端市場中，客戶互動與投標活動仍然強勁。

During the fourth quarter, we secured approximately $15 million in new project awards with data center and critical power customers. Year-to-date, total awards across our legacy markets were more than $108 million, exceeding our annual target of $100 million. Looking ahead to 2026, we expect total bookings across our end markets to be approximately $140 million, supporting profitable growth as our legacy markets move toward a cyclical recovery exiting 2026.

在第四季期間，我們與資料中心及關鍵電力客戶取得約 1,500 萬美元的新專案得標。年初至今，我們在傳統市場的總得標金額超過 1.08 億美元，超越我們 1 億美元的年度目標。展望 2026 年，我們預期各終端市場的總接單金額約為 1.4 億美元，將支撐獲利成長；同時，隨著傳統市場在 2026 年末走向景氣循環復甦，也將進一步帶動表現。

Within our legacy end markets, we have continued to expand our share with our commercial vehicle customers as they launch new products heading into the 2027 EPA regulation changes. These products support future growth and are scheduled to begin production in late 2026 and 2027. In addition to the future expansion in commercial vehicle revenues, we secured new agriculture business on new model introductions and additional service business for a military customer.

在我們既有的終端市場中，隨著商用車客戶在邁向 2027 年 EPA 法規變更之際推出新產品，我們持續擴大在這些客戶中的市占率。這些產品支撐未來成長，並預計於 2026 年底及 2027 年開始投產。除商用車營收未來擴張外，我們也在新機型導入上取得新的農業業務，並為一位軍方客戶取得額外的服務業務。

Within the data center and critical power market, approximately $15 million of awards secured in the fourth quarter were primarily driven by demand from major Accu-Fab customers. These substantial scopes of work span power distribution units, static transfer switches, busway components and data center cooling.

在資料中心與關鍵電力市場方面，第四季取得的獎項約 1,500 萬美元，主要由大型 Accu-Fab 客戶的需求所帶動。這些龐大的工作範疇涵蓋配電單元（PDU）、靜態轉換開關（STS）、母線槽（busway）元件以及資料中心冷卻。

Turning to capital allocation, we closed 2025 with strong free cash flow generation. While we expect free cash flow to be softer in the first quarter, we continue to anticipate full year free cash flow conversion of approximately 50% to 60% of adjusted EBITDA. As we progress through the year, our primary use of free cash flow will remain focused on debt reduction. As we progress toward our long-term target of 2.5 times leverage, we expect to become increasingly opportunistic in deploying capital towards M&A with an emphasis on further diversifying our end market exposure and supporting consistent profitable growth.

談到資本配置，我們以強勁的自由現金流產生能力結束 2025 年。雖然我們預期第一季自由現金流會較弱，但我們仍預期全年自由現金流轉換率約為調整後 EBITDA 的 50% 至 60%。隨著年度推進，我們自由現金流的主要用途仍將聚焦於降低負債。在我們朝向長期目標 2.5 倍槓桿比邁進的同時，我們預期在資本投入於併購（M&A）方面將更具機會主義，重點在於進一步分散終端市場曝險並支持穩健且具獲利性的成長。

In the meantime, our priority remains disciplined capital deployment, ensuring that growth investments are targeted, return-driven and fully aligned with maintaining balance sheet strength. With respect to guidance, to provide investors with greater visibility into our business trends, we are introducing quarterly financial guidance in addition to our full year outlook. This is due to the fast-moving data center and critical power environment and developing improvements within our legacy end markets. Rachele will cover our guidance in more detail, but I would like to highlight a few key elements of our expectations for 2026.

同時，我們的優先事項仍是有紀律的資本投入，確保成長投資具針對性、以報酬為導向，並完全符合維持資產負債表強度的要求。就財測而言，為了讓投資人更清楚掌握我們的業務趨勢，除全年展望外，我們將新增提供季度財務指引。這是因為資料中心與關鍵電力環境變化快速，以及我們既有終端市場的改善正在形成。Rachele 將更詳細說明我們的指引，但我想先強調我們對 2026 年預期的幾個關鍵要素。

Inclusive of a full year of Accu-Fab and associated data center and critical power cross-selling synergies we expect to realize in 2026, we anticipate full year net sales to increase relative to 2025, along with margin expansion and improved free cash flow. These expectations assume an improvement of our legacy end markets primarily during the second half of the year. In summary, MEC is entering an important transitional year one that is shaping the next phase of our growth and value creation.

包含 2026 年 Accu-Fab 全年貢獻，以及我們預期在 2026 年可實現的相關資料中心與關鍵電力交叉銷售綜效，我們預期全年淨銷售額將較 2025 年成長，同時帶動毛利率擴張並改善自由現金流。這些預期假設我們既有終端市場將有所改善，且主要發生在下半年。總結而言，MEC 正進入一個重要的轉型年度，這一年將塑造我們下一階段的成長與價值創造。

While we are intentionally investing both capital and operating resources ahead of anticipated demand, we believe the foundation for sustainable growth and improved profitability is firmly in place. With disciplined execution and a clear strategic focus, we are well positioned to deliver long-term value for our shareholders and our customers.

雖然我們正有意在預期需求之前投入資本與營運資源，但我們相信可持續成長與獲利能力提升的基礎已穩固到位。憑藉有紀律的執行與清晰的策略聚焦，我們已具備良好定位，能為股東與客戶創造長期價值。

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

接下來，我想把電話會議交給 Rachele。

Thank you, Jag. And good morning, everyone. Total sales for the fourth quarter increased 10.7% on a year-over-year basis to $134.3 million. Excluding the impact of the Accu-Fab acquisition, organic net sales declined by 5.3% compared to the prior year period. Our manufacturing margin rate was 6.6% for the fourth quarter of 2025 compared to 8.9% for the prior year period. The decrease in our manufacturing margin rate was due to $1.2 million of data center and critical power-related project launch costs and $1.7 million of early-stage project inefficiencies on a commercial vehicle project.

謝謝你，Jag。各位早安。第四季總銷售額年增 10.7% 至 1.343 億美元。排除 Accu-Fab 收購的影響後，有機淨銷售額較去年同期下滑 5.3%。2025 年第四季我們的製造毛利率為 6.6%，相較去年同期為 8.9%。製造毛利率下滑係因與資料中心與關鍵電力相關的專案啟動成本 120 萬美元，以及一項商用車專案早期階段的專案效率不彰成本 170 萬美元。

This was partially offset by higher margin net sales contribution from the Accu-Fab acquisition. Excluding these temporary launch phase dynamics, our manufacturing margin rate would have been approximately 9% during the quarter. Other selling, general and administrative expenses were $9.7 million or 7.2% of net sales for the fourth quarter of 2025 as compared to $7.9 million or 6.5% of net sales for the same prior year period. The increase in these expenses primarily reflects $0.2 million in nonrecurring costs and $1.1 million in incremental SG&A expense each associated with the Accu-Fab acquisition.

上述影響部分被 Accu-Fab 收購帶來的較高毛利淨銷售貢獻所抵銷。若排除這些啟動階段的暫時性因素，本季我們的製造毛利率約為 9%。2025 年第四季其他銷售、一般及行政費用為 970 萬美元，占淨銷售額 7.2%；相較去年同期為 790 萬美元，占淨銷售額 6.5%。費用增加主要反映與 Accu-Fab 收購相關的 20 萬美元一次性成本，以及 110 萬美元新增的 SG&A 費用。

Interest expense was $3.8 million for the fourth quarter of 2025 as compared to $2 million in the prior year period. The increase was driven by higher borrowings resulting from the Accu-Fab acquisition, partially offset by lower SOFR base rates relative to the prior year period. Adjusted EBITDA margin was 4.7% for the quarter compared to 7.6% in the prior year period. The decrease reflects lower legacy market volumes and $2.9 million of project launch costs and early stage project inefficiencies, partially offset by the benefit of the Accu-Fab acquisition. Excluding these items, adjusted EBITDA margin would have been approximately 7%.

2025 年第四季利息費用為 380 萬美元，相較去年同期為 200 萬美元。增加主要由於 Accu-Fab 收購導致借款提高，部分被相較去年同期較低的 SOFR 基準利率所抵銷。本季調整後 EBITDA 利潤率為 4.7%，相較去年同期為 7.6%。下降反映既有市場出貨量較低，以及 290 萬美元的專案啟動成本與早期階段專案效率不彰成本；部分被 Accu-Fab 收購帶來的效益所抵銷。若排除這些項目，調整後 EBITDA 利潤率約為 7%。

Turning now to our cash flow and the balance sheet. Free cash flow during the fourth quarter of 2025 was $10.2 million as compared to $35.6 million in the prior year period. The year-over-year decline primarily reflects the receipt of $25.5 million in settlement proceeds in the fourth quarter of last year related to a former Fitness customer dispute. Excluding this item, free cash flow was approximately flat year-over-year.

接著談現金流與資產負債表。2025 年第四季自由現金流為 1,020 萬美元，相較去年同期為 3,560 萬美元。年減主要反映去年第四季收到 2,550 萬美元的和解款項，該款項與一位前 Fitness 客戶的爭議相關。排除該項目後，自由現金流年對年約持平。

During the fourth quarter, we used available free cash flow to repay approximately $10 million in debt, resulting in net debt at the end of the quarter of $205.3 million, up from $82.1 million at the end of the fourth quarter of 2024. Our increased debt resulted in a net leverage ratio of 3.7 times as of December 31.

第四季期間，我們運用可用自由現金流償還約 1,000 萬美元的債務，使得季末淨負債為 2.053 億美元，較 2024 年第四季末的 8,210 萬美元增加。負債增加使得截至 12 月 31 日的淨槓桿比為 3.7 倍。

Now turning to a review of our 2026 financial guidance. As Jag previously mentioned, we are introducing quarterly guidance in addition to full year guidance. For the first quarter of 2026, we currently expect net sales for the quarter of between $137 million and $143 million, and adjusted EBITDA of between $5 million to $7 million. Our first quarter outlook reflects continued project launch costs and margin pressure ahead of the majority of data center and critical power project ramps, which began in the second quarter.

接下來回顧我們 2026 年的財務指引。如 Jag 先前提到的，除全年指引外，我們也將提供季度指引。對於 2026 年第一季，我們目前預期本季淨銷售額介於 1.37 億至 1.43 億美元之間，調整後 EBITDA 介於 500 萬至 700 萬美元之間。第一季展望反映在多數資料中心與關鍵電力專案放量之前，仍將持續發生專案啟動成本與毛利率壓力；而這些放量自第二季開始。

Additionally, free cash flow is expected to reflect normal seasonal working capital usage, incremental working capital investment to support the data center and critical power ramp-up and planned capital expenditures of $3 million to $5 million. For the full year, we expect net sales of between $580 million and $620 million, adjusted EBITDA of between $50 million and $60 million and free cash flow of $25 million and $35 million. This outlook reflects the full year of Accu-Fab ownership, $40 million to $50 million of incremental cross-selling revenue and a gradual improvement in the legacy end market demand, primarily in the second half of the year.

此外，自由現金流預期將反映正常的季節性營運資金使用、為支持資料中心與關鍵電力放量所需的額外營運資金投入，以及規劃中的資本支出 300 萬至 500 萬美元。就全年而言，我們預期淨銷售額介於 5.8 億至 6.2 億美元之間，調整後 EBITDA 介於 5,000 萬至 6,000 萬美元之間，自由現金流介於 2,500 萬至 3,500 萬美元之間。此展望反映 Accu-Fab 全年持有貢獻、4,000 萬至 5,000 萬美元的新增交叉銷售營收，以及既有終端市場需求的逐步改善（主要在下半年）。

Additionally, embedded within our 2026 adjusted EBITDA guidance is $2 million to $3 million of cost improvements driven by our MBX operational excellence and strategic value-based pricing initiatives, net of inflationary pressures. As it relates to free cash flow, we expect our free cash flow conversion for the full year to be between approximately 50% and 60% of adjusted EBITDA, coupled with full year capital expenditures to be between $15 million to $20 million.

此外，我們 2026 年調整後 EBITDA 指引中已包含 200 萬至 300 萬美元的成本改善，該改善由我們 MBX 營運卓越與策略性價值定價（value-based pricing）計畫所驅動，並已扣除通膨壓力的影響。就自由現金流而言，我們預期全年自由現金流轉換率約為調整後 EBITDA 的 50% 至 60%，同時全年資本支出預計介於 1,500 萬至 2,000 萬美元之間。

Given this outlook and our priority of repaying our debt, we expect to achieve a net leverage ratio of 3 times or lower by the end of 2026. Again, 2026 will be a transitional year for us. We believe that our cost structure and working capital discipline will position us for profitable growth, strong free cash flow yield and approved adjusted EBITDA margins as we enter a phase of cyclical recovery and growth across our legacy end markets supported by elevated growth in our data center and critical power end markets.

基於此展望以及我們優先償還債務的策略，我們預期在 2026 年底前可達成淨槓桿比率 3 倍或更低。再次強調，2026 年對我們而言將是過渡的一年。我們相信，隨著我們進入週期性復甦階段，並在傳統終端市場出現復甦與成長、同時受資料中心與關鍵電力終端市場的高成長所支撐之際，我們的成本結構與營運資金紀律將使我們具備實現獲利成長、強勁自由現金流殖利率，以及經核准的調整後 EBITDA 利潤率的條件。

With that, operator, that concludes our prepared remarks. Please open the line for questions as we begin our question-and-answer session.

那麼，接線員，我們的預先準備發言到此結束。請開放電話線路，我們將開始問答環節。

(Operator Instructions) Michael Shlisky, D.A. Davidson.

(接線員指示) Michael Shlisky，D.A. Davidson。

This is Linda. My first question, turning with commercial vehicle market. In your remarks, Jag, you noted revised outlook. And from the data we got overnight shows that Class 8 truck orders for February, where one of the 12 -- month fall time. Does this change your view on 2026? And do you think any of it pulled from 2027 orders, if this is just an emission-related prebuy?

我是 Linda。我的第一個問題是關於商用車市場。在您的發言中，Jag，您提到修正後的展望。而我們昨晚取得的數據顯示，2 月 Class 8 卡車訂單出現 12 個月以來的下滑。這會改變您對 2026 年的看法嗎？另外，若這只是與排放相關的提前拉貨（prebuy），您認為是否有部分需求是從 2027 年的訂單提前挪到 2026 年？

Yes. Great question, Linda. And I was expecting that question this morning. I didn't see the ACT report until I got up this morning, right? So obviously, it's fresh off the press.

是的。Linda，這個問題很好。我今天早上就預期會被問到這題。我直到今天早上起床才看到 ACT 報告，對吧？所以很顯然，這是最新出爐的消息。

I was not surprised by the increase in orders in February, but obviously, we were surprised by the magnitude of increase of orders in February. We have been signals from our OEMs in the last month or so, inquiring us about another suppliers, about capacity utilization, and we have seen signals from them of potential build rate increases. What I can tell you is we have not seen any of those signals translate into demand yet. Having said that, we expect, again, given this morning's news, we expect some of this demand to accelerate the build rate increases from our CV customers, and we expect that to start showing up in mid to late Q2, usually more for more suppliers is a 6-week lead time. And hence, we haven't seen that yet in our EDI feeds, but we do expect that.

我對 2 月訂單增加並不意外，但我們確實對 2 月訂單增幅的幅度感到意外。過去一個月左右，我們從 OEM 客戶那邊收到一些訊號，他們向我們以及其他供應商詢問產能利用率，我們也看到他們釋出可能提高生產節奏（build rate）的訊號。我可以告訴你的是，我們尚未看到這些訊號實際轉化為需求。話雖如此，考量今天早上的消息，我們預期其中一部分需求將促使商用車（CV）客戶加速提高生產節奏，而我們預期這會在第二季中後段開始顯現；通常對多數供應商而言，交期約為 6 週。因此，我們在 EDI 資料流中尚未看到，但我們確實預期會出現。

So with that in mind, we came into this call, expecting approximately 230,000 build rate. We'll have to wait and see if that estimate changes in the coming quarters. And that's one of the reasons why we came out with our quarterly guidance, which is new for us. These are fast-moving developments in our legacy end markets. We're seeing similarly green shoots in construction and small ag as well.

基於上述考量，我們在這次電話會議前原本預期生產量約為 23 萬台。我們必須再觀察未來幾季這個估計是否會改變。這也是我們改採季度指引（對我們而言是新的做法）的原因之一。我們傳統終端市場的變化非常快速。我們在建築與小型農業（small ag）領域也同樣看到一些復甦的早期跡象（green shoots）。

So with all of that, we want it to be more nimble, not only internally, but also externally how we're communicating with our shareholders.

因此，綜合以上，我們希望更具敏捷性，不僅在內部運作上，也在對外與股東溝通的方式上。

I appreciate the color. That's very helpful. And then switching to ag, we keep hearing about ag getting better, whether that's from -- orders from Jon or other suppliers getting a little more bullish. Do you see any light at the end of the tunnel on that end market?

感謝您提供的補充說明。這非常有幫助。接著轉到農業（ag），我們一直聽到農業正在好轉，不論是來自 John 的訂單，或其他供應商的看法也變得更偏多。您是否在該終端市場看到隧道盡頭的一線曙光？

As some of our customers have indicated, the large ag will still be down this year, double digits, that is our customer forecast what they have publicly communicated. But we are seeing signs of improvement in small ag, lawn care, curve and forestry equipment. So we do see some green shoots, as I mentioned, in the ag business. Also I want to remind you that our ag business is close to 5% of our overall sales as much as it used to be a much larger piece of our business, with our data center business and other end markets continuing to grow and ag continuing to stay down in the last 18 to 24 months. It is now a much smaller piece of our business.

如同部分客戶所指出的，大型農業今年仍將下滑，且是雙位數下滑；這是我們客戶的預測，也是他們對外公開溝通的內容。但我們確實在小型農業、草坪護理、彎曲（curve）以及林業設備方面看到改善跡象。因此，正如我提到的，我們在農業業務上確實看到一些復甦的早期跡象。另外也提醒您，我們的農業業務目前約占整體銷售的 5%；過去它曾是我們業務中更大的一塊，但隨著資料中心業務與其他終端市場持續成長，而農業在過去 18 至 24 個月持續低迷，它現在已成為我們業務中相對更小的一部分。

Got it. And then my last question will be on critical power. You mentioned some launch costs in critical power are providing a margin headwind in 2026. Do you think that would be complete by 2027? And what kind of margin tailwind might that be next year?

了解。我最後一個問題是關於關鍵電力（critical power）。您提到關鍵電力的一些導入（launch）成本在 2026 年會對利潤率造成逆風。您認為到 2027 年會結束嗎？那明年可能會帶來多大的利潤率順風？

Linda, this is Rachele. Just as we look ahead into 2026, we really see that being ahead of the program launches. And we really expect and anticipate most of that to start taking place to be at full run rate at the end of the second quarter. So we really expect to be at full run rate for the second half of the year. So we expect to incur more of those costs having the margin pressure in the first half.

Linda，我是 Rachele。就我們展望 2026 年而言，我們確實認為那將是各項專案導入（program launches）提前發生的一年。我們預期並判斷其中大部分將在第二季末達到滿載運行（full run rate）。因此，我們預期下半年將處於滿載運行狀態。所以，我們預期較多的相關成本、以及利潤率壓力，將主要發生在上半年。

We do anticipate a little bit trailing into the second half of the year, but it's really going to be a first half impact.

我們確實預期有一小部分會延續到下半年，但主要影響會集中在上半年。

Greg Palm, Craig-Hallum.

Greg Palm，Craig-Hallum。

So you incurred more costs and recognized lower margins than expected back from the November call. So I guess, like looking back, what surprised you relative to that outlook? And then maybe you can just help unpack the EBITDA guide specifically for Q1? And maybe more specifically, how that margin progression looks in sort of the Q2 to Q4 time period, it sounded like there's going to be some costs that you incur in Q2 and those mostly trail off in the second half. So I just wanted to be sure we understood that right.

所以，相較於 11 月那通電話會議時的預期，你們實際發生了更多成本、並認列了更低的利潤率。我想回頭看，當時相較於那個展望，究竟是什麼讓你們感到意外？另外，能否協助拆解一下 EBITDA 指引，特別是第一季（Q1）的部分？更具體地說，Q2 到 Q4 期間的利潤率走勢大概會如何？聽起來你們在 Q2 會發生一些成本，而這些成本在下半年大多會逐步消退。我只是想確認我們的理解是否正確。

Yes. Let me start first, Greg. The headline really for us is we have won more business in data centers than we anticipated coming out of our November call. We expect our Q1 -- we're not obviously talking about Q1 bookings here, but our Q1 bookings for data centers will be significantly higher than what we have seen in the second half of last year after the acquisition. So in preparation for those launches, we're in the middle of many of those launches already for the business, we have won in Q1.

是的。Greg，我先從這點開始。對我們而言，最主要的重點是：我們在資料中心領域贏得的業務比我們在 11 月那通電話會議後所預期的更多。我們預期第一季（Q1）——我們當然不是在這裡談 Q1 的接單（bookings）細節——但我們 Q1 的資料中心接單將顯著高於去年下半年在完成收購後所看到的水準。因此，為了準備這些導入，我們已經在進行多項導入作業，這些都是我們在 Q1 贏得的業務所帶來的。

So we had to bring on significant resources online, not only in December but also in Q1 as we sit here. And that's the primary reason why we were showing the margin profile that we're showing in Q1.

因此我們不得不投入相當可觀的資源上線，不僅是在12月，且在我們此刻所處的第一季也同樣如此。這也是我們在第一季呈現目前這樣毛利率走勢的主要原因。

And I would add, our legacy business, we always had product launches, but we are doing that over 12 to 18 months, a much longer time, and we're able to do that. This business is 8 to 12 weeks. And so we've had to expedite that and really make investments. We have a product launch team, specific focus to this more than we've ever had before because of the speed and the intensity of which our customers are asking for things. Again, as Jag mentioned, this really did exceed our expectations and what we're winning.

我還想補充，我們的既有業務一直都有產品上市，但我們通常會用12到18個月、也就是更長的時間來推進，而且我們做得到。但這個業務的週期是8到12週。因此我們必須加速推進並且確實投入資本。我們成立了一個產品上市團隊，對這件事的專注程度比以往任何時候都更高，因為客戶提出需求的速度與強度都非常高。同樣地，如Jag所提到的，這確實超出我們的預期，以及我們目前贏得的成果。

When we first acquired this business, we've said, "Hey, it's going to be $1 million to $2 million in cross-selling synergies in 2026." And here, we now are at $40 million to $50 million. But we've just had to invest more. And we're seeing that continue into Q1 because a lot of these won't be at their full Q1 and Q2. And as a lot of these won't be at their full run rate until the end of the year, but we want to nail it. We want to make sure we hit it out of the park with these new customers in our locations.

當我們最初收購這項業務時，我們曾說：「嘿，2026年的交叉銷售綜效會是100萬到200萬美元。」而現在，我們已經來到4,000萬到5,000萬美元。但我們也不得不投入更多。而我們看到這種情況會延續到第一季，因為其中許多項目在第一季與第二季都還不會達到完整水準。而且其中很多要到年底才會達到完整的穩態運行水準，但我們希望把它做到位。我們要確保在我們各據點服務這些新客戶時，能夠一炮而紅、表現出色。

And we are retooling six of our legacy plants -- mag plants. That's a significant effort to put data center work not only what we have won so far year-to-date and last year, but what we are anticipating in 2026, right? So it's great news. Obviously, for the rest of the year and long term that we're able to quickly convert six of our facilities for synergies.

此外，我們正在改造六座既有工廠——mag工廠。這是一項重大工程，目的是承接資料中心的工作，不僅是我們截至目前今年與去年已贏得的案子，還包括我們對2026年的預期，對吧？所以這是很好的消息。顯然，對今年剩餘時間以及長期而言，我們能夠快速將六座設施轉換以實現綜效。

Okay. That's great color. And you already mentioned you're expecting that end market to represent more than 20% of revenue. I'm just curious, as we sit here today, what kind of visibility do you have into that, call it, $125 million revenue number if you want to use that? And there's a sentence in the press release that talks about pipeline and multiple large opportunities.

好的。這些說明很有幫助。你也已經提到，你預期該終端市場將占營收超過20%。我只是好奇，以我們今天的情況來看，你對於那個——如果要用這個說法——1.25億美元營收數字，有多大的能見度？而新聞稿裡有一句話提到管線以及多個大型機會。

Are these multiple large opportunities in that $125 million number? Or is that something separate?

這些多個大型機會是否已包含在那個1.25億美元的數字裡？還是那是另外一回事？

So I would say, with very good confidence that we have good line of sight to that $120 million worth of data center business for the year, so that's number one. Number two, very little of significantly large opportunities are in that qualified pipeline number we put out.

我會說，我們非常有信心，對於今年約1.2億美元的資料中心業務，我們有很清楚的可視性，這是第一點。第二點，我們所公布的合格管線數字中，幾乎不包含那些規模特別巨大的機會。

Sorry. Say that one more time?

抱歉。可以再說一次嗎？

So some of the large -- significant and large opportunities that we are pursuing, those are either it's one or 0, right? So we didn't want to take into account those opportunities into -- we don't want to inflate our pipeline with those large opportunities, right? So when we talk about the $125 million of qualified pipeline, that is -- most of that is visibility and greater than 50% confidence that we could win those opportunities. So we're excluding some significantly large opportunities in that qualified pipeline.

我們正在追逐的一些大型——也就是重大且規模很大的——機會，基本上是「要嘛拿下、要嘛拿不到」，對吧？因此我們不想把那些機會納入——我們不想用那些大型機會去膨脹我們的管線，對吧？所以當我們談到1.25億美元的合格管線時——其中大部分是我們具備能見度，且有超過50%的信心能贏下來的機會。因此，在那個合格管線中，我們排除了部分規模特別巨大的機會。

Okay. And just to be clear, like is there -- like when you talk about expectations for the year, if you were to win more small business or when one or a few of these large, is that something that could translate into more revenue this year above and beyond that $120 million number? Or what should we think of that more like a 2027 event?

了解。再確認一下，當你談到今年的預期時，如果你們贏得更多小型案子，或是拿下一個或幾個這種大型案子，是否可能讓今年的營收在1.2億美元之上再增加、超出該數字？還是我們應該把它視為比較像是2027年才會發生的事情？

Yes, it's possible, Greg, and hence, our effort at quarterly guidance here. This is a fast-moving end market. And we do -- though we laid out a $40 million to $50 million of cross-selling synergies, our expectation is that if we continue to win at the existing win rates in this end market, right, there could be upside to that number.

是的，Greg，這是有可能的，也因此我們才會在這裡做季度指引。這是一個變化非常快的終端市場。而且我們確實——雖然我們提出4,000萬到5,000萬美元的交叉銷售綜效，但我們的預期是，如果我們在這個終端市場能以目前的勝率持續贏單，對吧，那個數字可能還有上行空間。

Ross Sparenblek, William Blair.

Ross Sparenblek，William Blair。

This is [Sam Carlo] on for Ross. I guess maybe starting with Rachele, can you help us parse out some of the moving pieces within the EBITDA guidance? I mean how should we build to just an $8 million year-over-year step-up considering 2026 includes a full year of Accu-Fab and an incremental $40 million to $50 million of margin accretive cross-selling?

我是代替Ross發言的[Sam Carlo]。我想先從Rachele開始，你能否協助我們拆解一下EBITDA指引中的一些變動因素？我的意思是，考量到2026年將完整納入Accu-Fab一整年，並且還有額外4,000萬到5,000萬美元具毛利率增厚效果的交叉銷售，你們的EBITDA年增卻只增加800萬美元，我們應該如何建模理解？

Sure. I think -- there's a couple of things to take into account here. One is our legacy business. The volumes continue to remain muted as we budgeted today. Now of course, we just talked a little bit about what we learned on CV overnight that there's some upside there.

當然。我認為——這裡有幾件事需要納入考量。第一是我們的既有業務。如同我們目前的預算所反映，量能仍然持續偏弱。當然，我們剛才也稍微談到，我們昨晚從CV那邊得到的訊息顯示那裡有一些上行空間。

But as we look through the year, our customers are saying, our guidance is saying that we expect most of those to start to rebound sometime in the second half of the year. So we have that pressure continuing on that piece of our business. We have a high fixed cost, 55% of our costs are fixed. And so when we have that lower utilization, we really have ongoing under absorption associated with that. The other piece is preparing for that legacy rebound.

但就我們對全年走勢的觀察，我們的客戶與我們的指引都表示，我們預期其中大部分會在今年下半年某個時間點開始回升。因此在這一塊業務上，我們仍持續承受壓力。我們的固定成本比重很高，55%的成本是固定的。因此當產能利用率較低時，就會持續出現與此相關的製造費用吸收不足。另一個面向則是為既有業務的回升做準備。

We are carrying some talent that we continue to hold on to because it is coming. And then the third piece is those launch costs. We, like I said, really want to make sure we hit it out of the park. The speed is faster. We're ramping up talent.

我們保留了一些人才，仍持續留任，因為回升終究會來。第三個面向是那些上市（launch）成本。如我所說，我們真的希望確保表現非常出色。速度更快。我們正在擴充人才。

We're learning as we go with this. And it is exciting to see the growth that we have with that, but we really need to be focused on delivering that. So first half is really pressured by the absorption, the launch cost and then getting ready for the rebound.

我們在推進過程中邊做邊學。看到我們在那方面的成長令人振奮，但我們確實需要專注於交付落地。因此，上半年主要受到吸收不足、上市成本，以及為回升做準備等因素的壓力。

Got it. Have you given kind of what those launch costs are expected to be for the full year? Or just any sort of range there would be helpful.

了解。你們是否有提供過全年預期的上市成本大概是多少？或者任何區間資訊都會很有幫助。

Not full year, but we are looking. We expect the first quarter to be very similar with the fourth quarter of cost for data center, critical power, $1 million to $1.5 million. We expect that to taper down through each of the quarters of the year.

不是全年，但我們正在評估。我們預期第一季在資料中心、關鍵電力的成本方面會與第四季非常相近，約100萬至150萬美元。我們預期這個金額會在今年每一季逐步下降。

Okay. Got it. I guess switching gears then I mean the $40 million to $50 million of in-year revenue synergies, it sounds like that's back half loaded. I mean it seems like that implies a pretty healthy exit rate exiting '26. So I don't know if you could kind of help us size that ramp and kind of what that means as we enter 2027 or the business you guys have already won?

好的。了解。我想換個話題，那每年4,000萬到5,000萬美元的營收協同效益，聽起來是偏向下半年貢獻。也就是說，這似乎意味著在2026年結束時會有相當不錯的退出（run-rate）水準。所以我不確定你們能否幫我們量化一下這個爬坡幅度，以及這對我們進入2027年意味著什麼，或是你們已經拿下的業務狀況？

Yes. I think as we look at it and we're seeing for 2026, data center and critical power could be 20% of our total business. So that's significant. The adjusted EBITDA margins on that business are between 20% and 22%. So when you take that into account, knowing that the majority of that $40 million to $50 million is going to come in the second half of the year, we will be exiting with margins in excess of our historical.

是的。我想我們在看2026年時，資料中心與關鍵電力可能會占我們總業務的20%。這很可觀。該業務的調整後EBITDA利潤率介於20%到22%。因此，考量到這點，並且知道那4,000萬到5,000萬美元中的大部分會在下半年進來，我們在年底的利潤率將會高於我們的歷史水準。

If our historical business continues to come up, that will only additionally be upside.

如果我們的歷史業務持續回升，那只會帶來額外的上行空間。

Okay. From a revenue perspective, though, as we say, call it, $20 million in the third quarter, $20 million in the fourth quarter, something like that. That implies an exit rate of like, call it, $80 million. Is that the right way we should be thinking about it into 2027?

好的。不過從營收角度來看，如果我們說第三季大概2,000萬美元、第四季2,000萬美元，類似這樣。那就意味著退出年化水準大概是8,000萬美元左右。這是我們在進入2027年時應該採用的思考方式嗎？

Yes. I think that's a pretty good assumption, Sam.

是的。我認為這是個相當不錯的假設，Sam。

Andrew Kaplowitz, Citi.

Andrew Kaplowitz，花旗。

This is Natalia on behalf of Andy Kaplowitz. Maybe just first question on data centers, right? As data centers and critical power segment grows in presents more than 20% of revenue. Should investors expect more customer concentration to increase as well? Or is the opportunity pipeline diversified across multiple customers within that end market?

我是Natalia，代表Andy Kaplowitz提問。也許先問資料中心的問題，對吧？隨著資料中心與關鍵電力部門成長並占營收超過20%。投資人是否也應預期客戶集中度會提高？還是說在該終端市場內，你們的機會管線分散於多個客戶？

Yes. Within that end market is reasonably diversified. Not only we're working with some of the blue-chip names in the critical power end market. We also are working with the next tier of OEMs within that end market. So I don't expect a significant concentration in that end market for us.

是的。在該終端市場內相當分散。我們不僅與關鍵電力終端市場的一些藍籌客戶合作。我們也與該終端市場中下一梯隊的OEM合作。因此我不預期我們在該終端市場會出現顯著的集中度。

Got it. That's helpful. And then just maybe switching over to your construction access and work and then the recovery as well. You're expecting a modest recovery driven by infrastructure funding and potential rate cuts. But are you already seeing early signs of improvement in customer order patter into conversations? Or is that recovery more of a second half expectation at this point in time?

了解。這很有幫助。接著可能轉到你們的建築設備（construction）與高空作業平台（access）業務，以及復甦的部分。你們預期會有溫和復甦，主要由基礎建設資金與潛在降息帶動。但你們是否已經在客戶訂單模式或對話中看到改善的早期跡象？還是說目前這個復甦更多是下半年的預期？

In the construction portion of that end market, we are already seeing the build rates increasing. You have seen public comments from our customers that are bringing back capacity online, bringing back employees online, right? So we're seeing that already hitting our demand and EDI rates.

在該終端市場的建築（construction）部分，我們已經看到建置/生產速率在提升。你也看到我們客戶的公開評論，他們正在把產能重新上線、把員工重新召回上線，對吧？所以我們已經看到這反映在我們的需求與EDI速率上。

In access, there were some starts and stops, if you will, with particularly the rental houses increasing their demand in Q4, but then some softer commentary from our customers on the access side of the end market. So we'll have to wait and see and watch and how access developed. But in general, we are positive on the construction access end market.

在高空作業平台（access）方面，尤其是租賃公司在第四季提高需求，但之後我們也聽到客戶對access終端市場較為疲弱的一些評論，可說是有些起伏。所以我們還得再觀察，看看access會如何發展。但整體而言，我們對建築與access終端市場仍然偏正面。

Ted Jackson, Northland Securities.

Ted Jackson，Northland Securities。

And then with 10 questions to ask and check every one of them off. So anyway, here's a couple for you, Jag. With regards to the 20% of revenue for '26 that they could be coming from data cylinder and power. Will that -- are you going to be turning down in the legacy business to be able to ramp and hit that? Or is that just on top of what's going on within the footprint that you have for a lot of your legacy businesses?

然後我有10個問題要問，而且要把每一個都勾掉。總之，Jag，這裡先給你幾個。關於你提到2026年有20%的營收可能來自資料中心與電力。那你們是否會為了能夠爬坡並達成這個目標，而在既有（legacy）業務上做取捨、婉拒一些訂單？還是說這只是疊加在你們既有產能版圖之上、同時也在進行的既有業務？

So then going even a little further. It's like if we do see a stronger turnaround in, say, commercial vehicles, which personal payment news is that we will, we'll include you from being able to get any additional business. And I've got a couple more --

再往前推一步。比如說，如果我們確實看到商用車出現更強的復甦（我看到一些消息說我們會），那會不會讓你們無法再承接任何額外的業務？我還有幾個問題--

Yes. At this stage, Ted, we believe we have enough capacity to be able to ramp up data center business, while we see improved run rates within our legacy business. It's not a question for 2026, I believe. It's really for us to figure out a way to continue to expand our capacity as we go into 2027. Our teams have been working feverishly over the last couple of quarters using our MBX framework to increase throughput, increase productivity.

是的。Ted，就目前階段，我們相信我們有足夠的產能來拉升資料中心業務，同時也能因應既有業務運行率的改善。我認為2026年不是問題。真正的課題是我們要想辦法在進入2027年時持續擴充產能。過去幾個季度，我們的團隊一直在密集投入，運用我們的MBX框架來提升產出、提高生產力。

We're bringing on additional shifts in some of our plants. We're hiring more employees in some of our locations. So we're planning accordingly. And at this point, we're not going to have to turn down any of our legacy customer business, but that's something that we will continue to watch. And it also presents us some choices as we go into 2027, not necessarily for capacity reasons, but perhaps for margin and pricing reasons, right? So we will continue to evaluate those opportunities as we go into 2027.

我們在部分工廠增加額外班次。我們在一些據點增聘更多員工。所以我們正在相應規劃。就目前而言，我們不需要婉拒任何既有客戶的業務，但這是我們會持續關注的事項。而且這也會在我們進入2027年時帶來一些選擇，不一定是因為產能原因，而可能是因為利潤率與定價的考量，對吧？因此我們會在進入2027年時持續評估這些機會。

The adding ships is interesting to me, I mean, and obviously, employees too. As I recall in the past, some of your locations, you only were running at one shift and obviously, adding additional shifts was kind of difficult because of labor restraints or constraints, excuse me. Where are you in terms of kind of current utilization? Where are you in terms of kind of heading production shifts? And what are some of the hurdles that you kind of like to overcome to make that happen?

增加班次這點對我來說很有意思，當然還有員工也是。我記得過去你們有些據點只跑一個班次，而要增加班次顯然因為勞動力限制（或約束，抱歉）而有點困難。你們目前的產能利用率大概在哪裡？你們在增加生產班次方面進展到什麼程度？要達成這件事，你們需要克服的一些障礙是什麼？

Yes. Without the two Accu-Fab facilities, right, if you exclude them for a second, I would say we're still around 55% on a 24/7 equipment capacity basis, right? So as we ramp up some of these volumes in our legacy factories, we're looking at automation, we're looking at extending our shift schedules, not all, but many of our plans coming out of COVID went to a two -- our ships for four days a week, right? So that's 20 hours a day, four days. But what we're doing is standardizing our ship schedules across the company.

是的。如果先把兩座Accu-Fab廠排除在外，也就是暫時不算它們，我會說以24/7設備產能基礎來看，我們仍大約在55%左右，對吧？因此，當我們在既有工廠拉升部分產量時，我們會看自動化，也會看延長班次安排；不是全部，但我們很多工廠在COVID之後改成每週四天、兩班制的班次安排，對吧？也就是每天20小時、每週四天。而我們正在做的是把公司的班次安排標準化。

Now we're going to a three -- eight-hour shifts, five days a week. That's one way we can immediately increase our run capacity in these plants. We're looking at automation, as I mentioned. We're looking at weekend ships. We're looking at third chips in some of our plans.

現在我們改為三個——每班八小時的輪班制，每週五天。這是我們能立即提升這些工廠運轉產能的一種方式。如我先前提到的，我們正在評估自動化。我們也在考慮週末班次。我們也在部分工廠規劃第三班次。

So it's a mix of different strategies. We're employing depending on where we see capacity needed and then where we see demand coming in.

所以這是多種不同策略的組合。我們會依據我們看到需要產能的地方，以及我們看到需求進來的地方來採取相應作法。

Okay. Going over to when you talk about having to put resources to ramp up and earn margins. So we're kind of dancing around all this itself. So it's people more labor cost. Is there -- what other things go into the resources needed to position yourself to capture this growth that's impacted behind obviously the additional --

好的。接著談到你提到必須投入資源來加速爬坡並賺取利潤率。所以我們有點在繞著這個話題打轉。所以是人力、更多的勞動成本。那麼——除了這些之外，為了讓自己能掌握這波成長、而且顯然受到額外的——影響，還需要哪些資源？

Right. As we mentioned earlier, right, our traditional program launches would have taken 6 to 18 months in many cases. Now we're having to launch these new programs on a six- to 12-week basis. I'll give you an example. We have one data center customer that in January came to us and then essentially quadrupled their demand for one of the product lines we used to make in Raleigh.

對。如我們先前提到的，傳統的專案導入在很多情況下需要 6 到 18 個月。現在我們必須以每 6 到 12 週的節奏推出這些新專案。我舉個例子。我們有一家資料中心客戶在一月找上我們，然後基本上把我們過去在羅利生產的某一條產品線的需求提高到四倍。

So we had to shift that product line to define Ohio, one of our traditionally commercial truck plants. And we went in full force. I was part of a 15-member Kaizen team. I was on the plant floor for a full week, figuring out how do we quadruple our output through that plan for that customer. So we're rethinking how do we assemble components.

因此我們必須把那條產品線轉移到俄亥俄州的 Defiance（迪法恩斯）工廠，那是我們傳統上做商用卡車的工廠之一。我們全力投入。我也是一個 15 人 Kaizen（改善）團隊的一員。我在產線現場待了整整一週，研究如何透過那座工廠把對該客戶的產出提高到四倍。所以我們正在重新思考如何組裝零組件。

We're rethinking how do we do product flow through the factories, we're rethinking logistics, right? We're having to rethink everything from scratch than what we used to do in any of our previous operations, right? So that needs project management resources, that needs engineering resources, that needs MBX resources. So all of this, we're trying to do this at six different locations, as I just mentioned, right, as we ramp up data center work, right? So that initial investments we're making.

我們在重新思考產品在工廠內的流動方式，也在重新思考物流，對吧？我們必須把從前在任何既有營運中做過的事情全部重新從零思考，對吧？因此這需要專案管理資源、需要工程資源、需要 MBX 資源。而且如我剛提到的，隨著我們擴增資料中心業務，我們正嘗試在六個不同地點同時推進這些工作，對吧？所以這些是我們正在進行的前期投資。

We're obviously having to put in some additional capital to improve productivity. We have most of the capital needed to produce these parts. But additional -- sometimes additional capital, new type of machines are automation improves throughput and productivity, right? So we're also thinking about how do we get more volume out of our factories as well for these customers. So those are all the things that we're doing.

我們顯然也必須投入一些額外資本來提升生產力。我們已具備生產這些零件所需的大部分資本設備。但額外——有時需要額外資本，例如新型機台或自動化，以提升產出速度與生產力，對吧？所以我們也在思考如何讓工廠為這些客戶產出更多量。以上就是我們正在做的各項工作。

And all of that is investments we're making upfront.

而這些全部都是我們前期投入的投資。

Okay. And then my last question, which is kind of a silly one, but just to make sure, I want to make sure I understand what the term revenue synergies mean. So when you say that you're going to have $40 million to $50 million in revenue synergies in 2026. Can you just give me a quick definition of what that?

好的。那我最後一個問題，可能有點傻，但只是想確認我理解「營收協同效益」這個詞的意思。所以當你說 2026 年會有 4,000 萬到 5,000 萬美元的營收協同效益時。你能不能簡單定義一下那是什麼？

Yes. Anything from a data center customer that is going to be made in a legacy MEC plant, that's how we define that. As we mentioned last year the two Accu-Fab plants we acquired were at capacity when we acquire them. So we -- of course, we're trying to drive additional throughput through those two plants. And that's not considered in the cross-selling synergies, that's just productivity improvement at those two plants.

可以。任何來自資料中心客戶、且將在既有的 MEC 工廠生產的業務，我們就是這樣定義的。如我們去年提到的，我們收購的兩座 Accu-Fab 工廠在我們收購時就已滿載。所以我們——當然，我們正努力提升那兩座工廠的額外產出。而那不算在交叉銷售協同效益裡，那只是那兩座工廠的生產力改善。

But anything we're moving out, increasing volume and new programs from data center customers that are putting into MEC plants, that's what we consider a cross-selling synergies.

但任何我們移轉出去的、增加的產量，以及來自資料中心客戶的新專案、導入到 MEC 工廠的，我們就把那視為交叉銷售協同效益。

We currently have no further questions. So I'd like to hand back to Jag for some closing remarks.

我們目前沒有進一步的問題。所以我想把時間交還給 Jag 做一些結語。

Before we conclude, I want to again thank our employees for their continued strong focus and execution and our shareholders for their ongoing support. While we recognize the near-term challenges in several of our legacy markets, we are confident in the progress we are making to position MEC for durable higher-margin growth in the years ahead. We look forward to sharing our continued progress with you. Thank you for joining us today.

在我們結束之前，我想再次感謝我們的員工持續保持高度專注並強力執行，也感謝股東們一如既往的支持。雖然我們認知到在幾個既有市場中短期仍有挑戰，但我們對於目前所取得的進展充滿信心，這些進展正使 MEC 在未來數年具備可持續、較高利潤率的成長定位。我們期待與各位分享我們後續的持續進展。感謝各位今天參與。

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話線。