Mind Technology Inc (MIND) 2025 Q4 法說會逐字稿

Greetings. Welcome to Mind Technology fourth quarter and year end 2025 earnings conference call. (Operator Instructions)

問候。歡迎參加 Mind Technology 2025 年第四季和年終收益電話會議。（操作員指示）

It is now my pleasure to introduce your host, Ken Dennard, Investor Relations. Thank you, sir. You may begin.

現在我很高興介紹你們的主持人，投資者關係部 Ken Dennard。謝謝您，先生。你可以開始了。

Thank you, operator. Good morning and welcome to the Mind Technology fiscal 2025 fourth quarter earnings conference call. We appreciate all of you joining us today. With me are Rob Capps, President and Chief Executive Officer; and Mark Cox, Vice President and Chief Financial Officer.

謝謝您，接線生。早安，歡迎參加 Mind Technology 2025 財年第四季財報電話會議。我們感謝各位今天的到來。與我一起的還有總裁兼執行長 Rob Capps 和副總裁兼財務長 Mark Cox。

Before I turn the call over to Rob, I've got a few housekeeping items to run through. If you'd like to listen to a replay of today's call, it'll be available approximately 90 days via webcast, going to the investor relations section of the company's website, and that's mind-technology.com or via a recorded telephonic instant replay until April 30.

在我把電話轉給 Rob 之前，我還有一些事情要處理。如果您想收聽今天電話會議的重播，大約 90 天內可透過網路廣播收聽，您可以造訪公司網站的投資者關係部分，網址為 mind-technology.com，或透過錄音電話即時重播收聽，截止日期為 4 月 30 日。

Information on how to access the replay features was provided in yesterday's earnings release. Information reported on this call speaks only as of today, Wednesday, April 23, 2025. And therefore, you're advised that time sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

昨天的收益報告中提供了有關如何存取重播功能的資訊。本次電話會議報告的資訊僅截至今天（2025 年 4 月 23 日，星期三）有效。因此，請注意，在重播或閱讀文字記錄時，時間敏感資訊可能不再準確。

Before we begin, let me remind you that statements made by management during this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，請容我提醒您，管理階層在本次電話會議中所作的陳述可能構成《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

These forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties, and other factors, many of which the company is unable to predict or control that may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by those statements.

這些前瞻性陳述是基於管理層目前的預期，包括已知和未知的風險、不確定性和其他因素，其中許多因素公司無法預測或控制，可能導致公司的實際未來結果或業績與這些陳述表達或暗示的任何未來結果或業績存在重大差異。

These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC including its annual report on Form 10-K for the year ended January 31, 2025. Furthermore, as we start this call, please also refer to the statement regarding forward-looking statements incorporated in our press release issued yesterday.

這些風險和不確定性包括公司在向美國證券交易委員會提交的文件中不時揭露的風險因素，包括截至 2025 年 1 月 31 日的 10-K 表格年度報告。此外，當我們開始本次電話會議時，也請參考我們昨天發布的新聞稿中關於前瞻性陳述的聲明。

And please note that the contents of our conference call this morning are covered by these statements. And now with that behind me, I'd like to turn the caller to Rob Capps. Rob?

請注意，我們今天上午的電話會議內容已包含在這些聲明中。現在，我想把電話轉給 Rob Capps。搶？

Okay, thanks again. And thank all of you for joining us today. Today, I'll discuss some highlights from the quarter in fiscal 2025. Mark will then provide a more detailed update on our financials. I'll return to wrap things up with some remarks about our outlook.

好的，再次感謝。感謝大家今天的參與。今天，我將討論 2025 財年季度的一些亮點。馬克隨後將提供有關我們財務狀況的更詳細更新。我將回來總結一下我們的展望。

As expected, mine delivered very strong fourth quarter results that contributed to a record fiscal 2025. Our business continues to perform at a high level, and I'm pleased with our consistent execution and operational efficiency.

正如預期的那樣，我的第四季度業績非常強勁，為 2025 財年創下紀錄做出了貢獻。我們的業務繼續保持高水準表現，我對我們的持續執行和營運效率感到滿意。

Our new focus, encouraging business environment and pipeline of opportunities are delivering improved year-by-year results. We're optimistic for continued success in future periods.

我們的新重點、令人鼓舞的商業環境和機會正在帶來逐年改善的業績。我們對未來持續取得成功充滿信心。

Our cash flow from operations again grew during the quarter, which is an indication of our improved liquidity. We're pleased to have generated a fifth consecutive quarter of profitable results. This is a trend we expect to continue and there will undoubtedly be quarterly revenue fluctuations going forward.

本季我們的經營現金流再次成長，顯示我們的流動性有所改善。我們很高興連續第五個季度實現盈利。我們預計這種趨勢將會持續下去，未來季度收入無疑會出現波動。

We will also undoubtedly experience a 25% of lower revenue than we've seen recently. However, the transformation that mind has undergone has established a more resilient business.

我們的收入無疑將比最近下降 25%。然而，思想經驗的轉變已經建立了更具彈性的業務。

We have greater order visibility, a strong demand environment, and our balance sheet and capital structure are much improved. As a result, we believe mind remains strategically positioned for growth, improved financial results, and continued profitability incoming periods.

我們的訂單可見度更高，需求環境強勁，資產負債表和資本結構也大大改善了。因此，我們相信，思維仍處於戰略地位，能夠實現成長、改善財務業績並在未來時期繼續獲利。

We entered fiscal 2026 with a backlog of approximately $16 billion. The backlog is down a bit at year end. This is to be expected at times as we execute and make substantial deliveries like we did during the fourth quarter.

進入 2026 財年，我們的積壓訂單約為 160 億美元。年底積壓訂單減少。當我們執行並進行大量交付時，這種情況是可以預料的，就像我們在第四季度所做的那樣。

However, as we have mentioned before, there were a number of highly confident orders pending at year end. Accordingly, we've received approximately $15.9 million orders, subsequent to year end to further support our backlog.

然而，正如我們之前提到的，年底仍有許多高度確定的訂單待處理。因此，我們在年底之後收到了約 1590 萬美元的訂單，以進一步支持我們的積壓訂單。

These orders and others that we expect to receive in the coming weeks and months bode well for continued strong financial performance as we progress through fiscal 2026. As a reminder, new orders don't always arrive at a constant rate throughout the year, and order flow is often sporadic.

這些訂單以及我們預計在未來幾週和幾個月內收到的其他訂單預示著我們在 2026 財年將繼續保持強勁的財務業績。需要提醒的是，新訂單並不總是以恆定的速度全年到達，而且訂單流通常是零星的。

Beyond our backlog, we have an active pipeline of pending and highly confident orders and prospects that are well in excess of our backlogged received orders. This backlog of pipeline, confidence for strong and sustainable financial results in coming periods.

除了積壓訂單外，我們還有一系列待處理且高度確定的訂單和潛在客戶，這些訂單和潛在客戶的數量遠遠超過我們積壓的已接訂單。管道積壓量表明，我們對未來一段時間強勁且可持續的財務表現充滿信心。

Three meaningful contributors to our backlog and improved financial results are our gun link source controllers, oluo link positioning systems, and Clink streamer systems. As a whole, our cement business enjoys a strong market position in each of its products, even a dominant position in some cases.

對我們的積壓訂單和改善的財務表現做出重要貢獻的三個產品是我們的槍連結來源控制器、oluo連結定位系統和Clink串流媒體系統。整體來看，我們的水泥業務在各個產品領域都佔有強大的市場地位，甚至在某些產品領域佔據主導地位。

We currently have a number of other pending orders across these product lines. And I'm confident that the favorable market dynamics and our focus will prove to be a recipe for success in generating many orders in the future.

目前，我們還有許多其他涉及這些產品線的待處理訂單。我相信，良好的市場動態和我們的重點將成為未來獲得大量訂單的成功秘訣。

Another component that is meaningfully contributed to our improved financial results is our aftermarket business, roughly 40% of our revenue comes from this aftermarket activity. As our installed base of CAP products continues to expand, with it comes the chance for aftermarket opportunities such as spare parts, repairs, and support services.

對我們改善財務表現做出重大貢獻的另一個因素是我們的售後市場業務，我們約 40% 的收入來自售後市場活動。隨著我們的 CAP 產品安裝基礎不斷擴大，隨之而來的是備件、維修和支援服務等售後市場機會。

As a reminder, our products are deployed in a very harsh environment and damage is common, often inevitable. This is good for mine since customers will require more from us than just their initial purchase. As I've done in the past, I must remind you that the timing of specific orders is subject to variability due to any number of challenges, unforeseen circumstances, or this customer delivery requirements.

提醒一下，我們的產品部署在非常惡劣的環境中，損壞是常見的，而且往往是不可避免的。這對我來說是件好事，因為客戶對我們的要求不僅僅是最初的購買。正如我過去所做的那樣，我必須提醒您，由於各種挑戰、不可預見的情況或客戶交付要求，特定訂單的時間可能會發生變化。

Optimizing our supply chain to drive revenue improvements continues to be an area of focus. Our improved order visibility has been instrumental in managing lead times on components and meeting the delivery requirements of our customers. Our efforts initially led to an increase in inventories. We have been able to draw down our inventory balances in recent quarters.

優化我們的供應鏈以推動收入成長仍然是我們關注的重點。我們改進的訂單視覺性對於管理零件的交貨時間和滿足客戶的交貨要求起到了重要作用。我們的努力最初導致庫存增加。最近幾個季度，我們已經能夠減少庫存餘額。

Turning to our results, marine technology product revenues for the fourth quarter and full fiscal year 2025 were $15 million and $46.9 million, respectively. Both periods represented meaningful growth for our business and enabled us to set records for nearly all key financial metrics.

談到我們的業績，2025 財年第四季和全年的海洋科技產品收入分別為 1,500 萬美元和 4,690 萬美元。這兩個時期都代表著我們的業務取得了有意義的成長，並使我們幾乎在所有關鍵財務指標上都創下了紀錄。

We continue to capitalize on macro tailwinds and customer engagement to stimulate overflow and generate improved results. We've deliberately worked to improve our execution, efficiency, and cost structure. We expect these efforts to deliver consistent profitability in future quarters.

我們將繼續利用宏觀順風和客戶參與來刺激溢出並產生更好的結果。我們一直致力於改善我們的執行力、效率和成本結構。我們預計這些努力將在未來幾季帶來持續的利潤。

General market conditions within the marine technology space continue to be strong. We see a number of opportunities and continue to field inquiries and respond to requests for quotations. Our team continues to develop new and innovative ways to adapt and implement our technologies to meet the evolving needs of our customers. Our recent C streamer system sales are a good example of this.

海洋技術領域的整體市場狀況持續強勁。我們看到了許多機會，並繼續回答詢問並回應報價請求。我們的團隊不斷開發新的創新方法來調整和實施我們的技術，以滿足客戶不斷變化的需求。我們最近的 C 串流媒體系統銷售就是一個很好的例子。

As a result, we are making additional investments to further develop and advance the next generation of our ultra-high resolution ceiling streamer systems. I'm confident that our differentiated approach, best-in-class suite of products will continue to give us the competitive advantage to address the demand we see within the marine technology industry.

因此，我們正在進行額外投資，以進一步開發和推進下一代超高解析度天花板串流媒體系統。我相信，我們差異化的方法和一流的產品套件將繼續為我們提供競爭優勢，以滿足我們在海洋科技產業中看到的需求。

Now, I'll let Mark walk you through the fourth quarter of full year financial results in a bit more detail.

現在，我將讓馬克向您更詳細地介紹第四季度全年財務表現。

Thanks, Rob. Good morning, everyone. For a final time, I would like to remind everyone that with the sale of Klein in August 2023, those operations have been treated as discontinued operations and results for prior periods have been restated to reflect that.

謝謝，羅布。大家早安。最後，我想提醒大家，隨著 2023 年 8 月 Klein 的出售，這些業務已被視為已停止的業務，並且前期業績已重述以反映這一點。

Accordingly, the prior period comparative data reported yesterday and discussed here today do not include amounts to decline. They include only our ongoing business.

因此，昨天報告的和今天討論的上期比較數據並不包括下降的金額。它們僅包括我們正在進行的業務。

Rob mentioned earlier, revenues for marine technology product sales totaled a record $15 million in the quarter, which was up about 12% from the same period a year ago and 24% sequentially from our fiscal 2025 third quarter.

Rob 先前提到，本季海洋科技產品銷售收入達到創紀錄的 1,500 萬美元，比去年同期成長約 12%，比 2025 財年第三季較上季成長 24%。

Full-year revenue amounted to approximately $46.9 million which was up approximately 28% over the previous year and represents the highest annual revenue ever reported by our Seamap business.

全年營收約為 4,690 萬美元，比前一年增長約 28%，這是我們 Seamap 業務有史以來最高的年度收入。

These record results are representative of the deliberate actions we've taken to improve mines, financial stability, and positioning within the market. We are continuing to see strength in all our key markets and the favorable customer demand environment gives us confidence for sustainable high-level revenue in 2026.

這些創紀錄的業績代表了我們為改善礦場、金融穩定性和市場定位而採取的深思熟慮的行動。我們所有主要市場的實力持續增強，良好的客戶需求環境讓我們對 2026 年實現可持續的高水準收入充滿信心。

Well, your gross profit was approximately $21 million which was about 31% higher when compared to fiscal 2024. This represents a gross profit margin of approximately 45% for the year.

嗯，您的毛利約為 2,100 萬美元，與 2024 財年相比高出約 31%。這意味著全年毛利率約為45%。

As I previously mentioned, we implemented various price increases early in 2025 that contributed to elevated revenue throughout the year. We are benefiting from greater production efficiencies on the cost side that drove year-over-year gross profit margin improvement.

正如我之前提到的，我們在 2025 年初實施了各種價格上漲，這有助於提高全年的收入。我們受益於成本方面的更高生產效率，這推動了毛利率的同比提高。

Our general and administrative expenses were approximately $3 million for the fourth quarter of 2025, which was flat when compared to the same quarter a year ago. As we've highlighted in previous quarters, the sale of Klein allowed us to reduce general and administrative expenses and to streamline overhead costs, most notably corporate costs related to the support of Klein.

2025 年第四季度，我們的一般及行政開支約為 300 萬美元，與去年同期持平。正如我們在前幾個季度所強調的那樣，出售 Klein 使我們能夠減少一般和行政費用並精簡管理費用，最明顯的是與 Klein 支援相關的公司成本。

This resulted in full-year savings of $851,000 when compared to 2024. Our research and development expense for the fourth quarter of 2025 was $562,000, was down sequentially compared to the same quarter a year ago. These costs are largely directed toward the development of our next-generation streamer system.

與 2024 年相比，全年可節省 851,000 美元。我們 2025 年第四季的研發費用為 562,000 美元，與去年同期相比較上季下降。這些成本主要用於開發我們的下一代串流媒體系統。

Operating income for the fourth quarter was approximately $2.8 million compared to operating income of approximately $2.3 million in the fourth quarter of 2024. Operating income for 2025 was $6.8 million which was an increase of approximately $6.3 million from 2024.

第四季營業收入約 280 萬美元，而 2024 年第四季營業收入約為 230 萬美元。2025 年營業收入為 680 萬美元，比 2024 年增加約 630 萬美元。

Our fourth quarter adjusted EBITDA was approximately $3 million compared to adjusted EBITDA of approximately $2.6 million in the fourth quarter a year ago. Adjusted EBITDA for fiscal 2025 was $8.2 million, which was an increase of approximately 256% when compared to 2024.

我們第四季的調整後 EBITDA 約為 300 萬美元，而去年同期第四季的調整後 EBITDA 約為 260 萬美元。2025 財年的調整後 EBITDA 為 820 萬美元，與 2024 年相比成長約 256%。

Net income from continuing operations for the fourth quarter was $2 million which was an improvement of 36% from the same quarter a year ago. Total net income from continuing operations for 2025 was approximately $5.1 million compared to a loss of $1.1 million in 2024. As Rob mentioned, we're pleased to have achieved another quarter and full year of record results and continued profitability.

第四季持續經營淨收入為 200 萬美元，較去年同期成長 36%。2025 年持續經營業務的總淨收入約為 510 萬美元，而 2024 年的虧損為 110 萬美元。正如 Rob 所提到的，我們很高興又取得了一個季度和全年創紀錄的業績並持續盈利。

As of January 30, 2025, we had working capital of approximately $23.5 million including approximately $5.3 million of cash on hand. Liquidity continued to be impacted by our operational requirements such as acquiring inventory and executing on our backlog of orders.

截至 2025 年 1 月 30 日，我們的營運資金約為 2,350 萬美元，其中包括約 530 萬美元的現金。流動性繼續受到我們的營運要求的影響，例如獲取庫存和執行積壓訂單。

However, we did generate approximately $2.1 million of cash flow from operations in the fourth quarter. The company continues to maintain a clean, debt-free balance sheet with a simplified capital structure following the conversion of the preferred stock to common stock in the third quarter of 2025. We believe our solid footing and flexibility will further enhance stockholder value in future periods.

然而，我們確實在第四季度產生了約 210 萬美元的營運現金流。2025 年第三季將優先股轉換為普通股後，公司繼續保持乾淨、無負債的資產負債表和簡化的資本結構。我們相信，我們穩固的基礎和靈活性將在未來進一步提升股東價值。

I'll now pass it back over to Rob for some concluding comments.

現在我將把它交還給 Rob，請他發表一些總結性評論。

Thanks, Mark. We're very pleased with where Mind is positioned today. We've stabilized the company, restored it to profitability, and positioned ourselves to take advantage of opportunities within our existing and future markets.

謝謝，馬克。我們對 Mind 目前的定位非常滿意。我們穩定了公司，恢復了盈利能力，並做好了充分的準備來利用現有和未來市場中的機會。

Mind continues to benefit from significant customer interest and engagement related to our Seamap product lines. We are also continuously exploring innovative ways to expand and repurpose our existing technology for new applications.

Mind 繼續受益於客戶對我們的 Seamap 產品線的極大興趣和參與。我們也不斷探索創新方法，以擴展和重新利用現有技術，以用於新的應用。

These favorable demand trends and the market penetration of mines technology have resulted in a strong pipeline of orders. And our improved visibility gives us confidence for sustained higher level revenue in future periods.

這些有利的需求趨勢和礦山技術的市場滲透帶來了大量訂單。而且，我們提高的知名度使我們對未來持續更高水準的收入充滿信心。

Our strong balance sheet, simplified capital structure, and streamlined operations also provide a great deal of flexibility from which to pursue various strategic alternatives as we strive for growth. I'm excited for us to actively chase these new initiatives and opportunities.

我們強大的資產負債表、簡化的資本結構和精簡的營運也為我們在追求成長的過程中尋求各種策略選擇提供了極大的靈活性。我很高興我們能夠積極追逐這些新措施和新機會。

I'd like to comment now on the current political and economic environment, specifically as it relates to tariffs and other trade restrictions. I remind everyone that the vast majority of our revenues are generated from our Singapore subsidiary. A similar proportion of our production activity takes place either in our Singapore or Malaysia facilities.

我現在想評論一下當前的政治和經濟環境，特別是與關稅和其他貿易限制有關的部分。我提醒大家，我們的絕大部分收入來自新加坡子公司。我們的生產活動也有類似比例在新加坡或馬來西亞的工廠進行。

Furthermore, in fiscal 2025, almost 95% of our revenue was derived from customers outside the United States. Importantly, our import-and-export activity through the United States is quite limited.

此外，在2025財年，我們幾乎95％的收入來自美國以外的客戶。重要的是，我們通過美國的進出口活動非常有限。

Due to this, we do not currently anticipate a material direct impact on our business from the imposition of additional trade tariffs by the United States or other countries. Of course, this is a fluid situation and we, along with most other businesses, continue to monitor the situation.

因此，我們目前預計美國或其他國家徵收額外的貿易關稅不會對我們的業務產生重大直接影響。當然，這是一個不穩定的情況，我們和大多數其他企業一樣，將繼續監控局勢。

As I think you can see, we believe mine has much going for it. However, we're still a small company, which presents certain challenges. We believe that in order to realize our potential and enhance our core value, Mind needs to add scale. We need to be bigger.

我想您也看到了，我們相信我的計劃會大有可為。然而，我們仍然是一家小公司，這帶來了一些挑戰。我們相信，為了發揮我們的潛力並提升我們的核心價值，曼德需要擴大規模。我們需要變得更強大。

There are a number of different ways we can achieve this. We can execute on identified organic growth opportunities. We can acquire assets for businesses that are similar to our current business. We can combine with other organizations, whether there could even be an outright sale of the company. All of these options are open to us.

我們可以透過多種不同的方式來實現這一點。我們可以抓住已確定的有機成長機會。我們可以為與我們目前業務類似的企業收購資產。我們可以與其他組織合併，甚至可以直接出售該公司。所有這些選擇都對我們開放。

We intend to strategically evaluate all opportunities that present themselves with a focus on what's best for mind and its shareholders. As a result, we've retained lucid capital markets to assist in identifying and analyzing these various opportunities.

我們打算從策略角度評估所有出現的機會，並專注於對 Mind 及其股東最有利的因素。因此，我們保留了明確的資本市場來協助識別和分析這些不同的機會。

We currently do not see a need to raise additional capital. We have no near-term plans to do so. However, we believe it prudent to prepare ourselves should such a need arise in the future.

我們目前認為沒有必要籌集額外資金。我們近期沒有這樣的計劃。然而，我們認為，如果將來出現這種需要，我們最好做好準備。

We want to ensure that we are positioned to act quickly and efficiently. Therefore, we intend to file a shelf registration statement with the Securities and Exchange Commission in the very near future. This will provide us with added financial flexibility.

我們希望確保我們能夠迅速有效地採取行動。因此，我們打算在不久的將來向美國證券交易委員會提交一份擱置註冊聲明。這將為我們提供額外的財務靈活性。

Our objective is to maintain the ability to pursue growth opportunities, whatever they may be. Mind is far better positioned as a company today than in recent years, and the macro environment remains advantageous, which gives us optimism for the future.

我們的目標是保持追求成長機會的能力，無論它們是什麼。Mind 現今的公司定位比前幾年好得多，宏觀環境仍然有利，這讓我們對未來充滿樂觀。

Our marine technology products continue to penetrate a variety of industries and markets. We believe our backlog of firm orders and pipeline of pending orders and other prospects are reflective of the significant demand and market adoption of our product lines.

我們的海洋技術產品不斷滲透到各個產業和市場。我們相信，我們積壓的已確認訂單、待處理訂單和其他前景反映了我們產品線的巨大需求和市場採用。

While we're pleased with our record results for the fourth quarter, we do expect our first quarter results to return to a more normalized level. However, we believe mind is poised to capitalize on additional opportunities and deliver favorable results in coming quarters. As a result, we expect to deliver positive adjusted EBITDA and continued profitability as we progress through fiscal 2026 and beyond.

雖然我們對第四季度的創紀錄業績感到滿意，但我們確實預計第一季的業績將恢復到更正常的水平。然而，我們相信，未來幾個季度，Mind 將抓住更多機遇，取得良好業績。因此，我們預計在 2026 財年及以後，我們將實現正調整後 EBITDA 並持續獲利。

Looking forward, we remain very well positioned for continued favorable results, which shows us excited for the future. Our efforts to transform the company in recent years have proven fruitful. And the renewed strength of our balance sheet has opened the door for us to pursue value enhancing strategic growth opportunities.

展望未來，我們仍處於非常有利的位置，並有望繼續取得良好業績，這表明我們對未來充滿期待。我們近年來為公司轉型所做的努力已卓有成效。我們資產負債表的重新強勁為我們尋求提升價值的策略成長機會打開了大門。

We also remain encouraged by the current demand environment and customer engagement we are experiencing across our product lines. Additionally, our current visibility, healthy customer engagement, strong backlog, and robust pipeline give us optimism for an equally strong year ahead.

我們整個產品線的當前需求環境和客戶參與度也讓我們感到鼓舞。此外，我們目前的知名度、健康的客戶參與度、強大的積壓訂單和強勁的管道讓我們對未來同樣強勁的一年充滿信心。

We have a differentiated and market leading suite of products, a favorable market environment, and a clean capital structure. We look forward to delivering another great year in fiscal 2026 as we strive to maximize stock value. With that operator, I think we can open the call up for some questions.

我們擁有差異化、市場領先的產品套件、良好的市場環境和清晰的資本結構。我們努力實現股票價值最大化，期待在 2026 財年再創輝煌。有了那位接線生，我想我們可以開始通話並回答一些問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Tyson Bauer, KC Capital.

泰森·鮑爾（KC Capital）。

Yes. Good morning, gentlemen. And congratulations on another strong quarter. Let's drill down a little bit on the on the pipeline and the backlog.

是的。先生們，早安。恭喜您又一個季度取得強勁業績。讓我們更深入地了解管道和積壓情況。

And what I refer to is the unofficial backlog which would include some of those aftermarket art services which appears to be anywhere between $15 million to $20 million that we could expect this year without knowing exactly when or but just historically that seems to be the range that we should get.

我指的是非官方的積壓訂單，其中包括一些售後藝術品服務，預計今年的訂單金額將在 1500 萬美元到 2000 萬美元之間，雖然不知道具體時間，但從歷史上看，這似乎是我們應該獲得的範圍。

So any backlog figure you provide is really that plus $15 million to $20 million due to the ongoing parts of your business. Another part of your optimism seems to be when you put items into backlog. Those are finite system sales that you have a PO for.

因此，您提供的任何積壓訂單數字實際上都是這個數字加上由於您業務的持續進行而產生的 1500 萬至 2000 萬美元。當您將物品放入積壓狀態時，您的樂觀情緒似乎還會進一步增強。這些都是您有採購訂單的有限系統銷售。

But they say customer X comes to you and says, our intentions are to order five systems this year. Here's the PO for the first one. And as the year rolls out, we will get you those other four without if there's no hiccups.

但他們說客戶 X 來找你說，我們打算今年訂購五套系統。這是第一個採購訂單。隨著時間的推移，如果不出意外的話，我們將為您提供另外四個。

Is that something that gives you that optimism and that confidence that? Yes. It's not in backlog currently, but we've been notified of intentions that this strong repeat customer, almost like an accordion purchase order will give us further orders as we go through the year.

這是否為你帶來了樂觀和信心？是的。目前它還沒有積壓，但我們已收到意向通知，這個強大的回頭客，幾乎就像一個手風琴採購訂單，將在我們全年給予我們更多的訂單。

Yeah. I mean -- I might say it a little bit differently, but you're right conceptually. There are absolutely opportunities that we are highly confident about that aren't in the back because we don't have the paper in hand yet.

是的。我的意思是——我可能會用稍微不同的方式來表達，但從概念上來說你是對的。我們絕對有信心抓住一些機會，但由於我們還沒有拿到文件，所以這些機會還沒有被錯過。

And the reason that is, Tyson, these are complex systems and so there's lots of negotiations to go back as to configuration and delivery times and things like that. So there is a great deal of interaction with the customer prior to actually getting that order in hand. So that gives us very high confidence in a number of areas.

原因在於，泰森，這些都是複雜的系統，因此需要就配置、交貨時間等進行大量的談判。因此，在實際收到訂單之前，需要與客戶進行大量的互動。因此，這讓我們在許多領域充滿信心。

Also back to your point about the aftermarket business. That oftentimes is kind of a book-and-build situation where -- while there will be some aftermarket activity in our backlog, reported backlog, it's not unusual to get an order today that we deliver next month.

再次回到您對售後市場業務的觀點。這通常是一種預訂和建造的情況——雖然我們的積壓訂單、報告的積壓訂單中會有一些售後市場活動，但今天收到訂單並下個月交付的情況並不罕見。

So there's a much quicker turn than with the larger complete systems, which can tend to be multi-week or multi-month lead times. But I conceptually -- you have it right and we have a very good visibility on items beyond our reported backlog.

因此，與大型完整系統相比，其周轉速度要快得多，大型完整系統的交付週期通常需要數週或數月。但從概念上講——您說得對，我們對報告的積壓項目之外的項目有很好的了解。

And due to that customization of certain large systems, you may already be working on something in the design phase or to cater to that one vessel or use that you have it. It's just not, you don't have the actual final PO because those final customization details have not been ironed out?

由於某些大型系統的定制，您可能已經在設計階段進行某些工作，或迎合某艘船或用途。不是的，您沒有實際的最終採購訂單，因為那些最終的客製化細節還沒有解決？

That's exactly right. As a matter of fact, in some cases, we're confident enough. We'll start building stuff, so we'll actually load stuff into our MRP system and start the build process before we have the PO in hand now, not always. It depends on who the customer is and you know what the situation is, but you know there are certain situations where we are comfortable enough to do to make those commitments.

完全正確。事實上，在某些情況下，我們有足夠的信心。我們將開始建造東西，因此我們實際上會將東西加載到我們的 MRP 系統中，並在我們拿到採購訂單之前開始建造過程，但並非總是如此。這取決於客戶是誰以及具體情況，但您知道在某些情況下我們有足夠的信心做出這些承諾。

And I'm just going to get this one out of the way. The shelf registration, historically, that is what mine and previously, Mitchell has always done with a renewal with the [10K] each year. The only reason it was interrupted was because of the preferred stock events and converting. Otherwise, you would have been active all the way through this process. So we're just getting back to what we've always done in the past.

我現在就把這個事情解決掉。從歷史上看，擱置註冊就是我和以前 Mitchell 每年都會進行 [10K] 續約的做法。中斷的唯一原因是優先股事件和轉換。否則，您將會在整個過程中保持活躍。所以我們只是回到過去一直在做的事情。

That's exactly right. We -- while we were in arrears on the preferred dividends, we're not eligible to use that Form S-3, which is the self-registration. So we're just, I mean, people ask me why I do this. I say, why not? I mean this is a very common thing for companies to do just to have it available. It's inexpensive to do. It's not that much work, so why wouldn't you do it?

完全正確。我們 - 當我們拖欠優先股股息時，我們沒有資格使用 S-3 表格，即自我登記表格。所以，我的意思是，人們問我為什麼要這樣做。我說，為什麼不呢？我的意思是，對於公司來說，為了能夠使用此功能，這樣做是很常見的。這樣做成本不高。這並不是什麼大工程，所以為什麼不去做呢？

And I think in the past on calls when things were a little more stable, organizational structure, manufacturing capacity, technology wise, you have the structure organizationally to support two times growth or getting back. We've always kind of have the circle around that benchmark of getting the $100 million in revenue. Is that what you deem as where you want to get to, at least for the next step whenever that occurs?

我認為在過去，當情況更加穩定時，組織結構、製造能力、技術方面，組織結構可以支援兩倍的成長或回升。我們始終都以獲得 1 億美元收入為基準為目標。這就是您所想達到的目標嗎，至少對下一步來說是這樣？

Yeah, I don't know that I have a specific target. We certainly have substantial capacity to grow our existing business. I think to do it quickly; we want to add some things to it. As I inferred in my comments, we need to be bigger.

是的，我不知道我是否有特定的目標。我們確實擁有強大的能力來發展現有業務。我認為要盡快完成；我們想添加一些東西。正如我在評論中推斷的那樣，我們需要變得更大。

I need some more scale, and I think the quicker we do that, the better without going out and doing something stupid. So that's what we're looking to do, and you know, look at various ways we can do that.

我需要擴大規模，我認為我們越快做到這一點就越好，而不必出去做一些愚蠢的事情。這就是我們想要做的，你知道，我們正在研究可以實現這一目標的各種方法。

And I guess we'll put in quotes. Everything's on the table, not that it hasn't been in the past, but you've just officially put it in the press release that everything's on the table. You're not anchored to any one thing, whatever is best for the shareholders, that's what you're going to do. In the -- within the industry in the past years, purchased multiples had a huge spread.

我想我們會加上引號。一切都擺在桌面上，並不是說過去沒有這種情況，而是你剛剛在新聞稿中正式表示一切都擺在桌面上。你不會被任何一件事束縛，只要對股東最有利，你就要做這件事。在過去幾年的行業內，購買倍數存在巨大的差距。

From say high single digits EBIDTA, multiples all the way to mid double digit EBIDTA, obviously, case by case and depending on growth and technology in there. And we've seen some that are highly correlated to yourselves, get some pretty healthy double digit multiples.

從高個位數的 EBIDTA 一直到中等兩位數的 EBIDTA，顯然，這取決於具體情況，並取決於其中的成長和技術。我們已經看到一些與你們高度相關的，獲得了相當健康的兩位數倍數。

Is that kind of the mindset if somebody comes in through the door with that kind of offer, you're going to take a serious look at it?

如果有人帶著這樣的提議走進門來，你會認真考慮嗎？

I mean, obviously, we have to consider anything that comes in the door and passing out, any specific. It just depends on the circumstances, the every deal looks different and what's the potential, what's the certainty. So, we're just going to evaluate each deal, if any, that comes through the door, each opportunity that comes through the door for things that we can uncover.

我的意思是，顯然，我們必須考慮進門和出去的任何事情，任何具體的事情。這取決於具體情況，每筆交易看起來都不同，潛力是什麼，確定性是什麼。因此，我們將評估每一筆交易（如果有的話），以及每一個我們可以發現的機會。

Last question for me, just going through, we got a week left of the quarter, so we may walk back a little bit in Q1 on revenue due to the lumpiness that as part of the business.

我的最後一個問題是，本季還剩一周時間，由於業務不平衡，我們第一季的收入可能會略有下降。

And then, as we get into Q2 and forward, we really start to pick up steam again. Obviously, there could be some lumpiness in three and some of those quarters, but we walk back a little bit in Q1, solid quarter, build the backlog. Q2, we start to see some acceleration.

然後，隨著我們進入第二季度及以後，我們真的開始再次獲得動力。顯然，前三個季度和其中一些季度可能會出現一些波動，但第一季我們稍有回升，表現穩健，積壓了訂單。Q2，我們開始看到一些加速。

Yeah, I think that's a fair statement. I mean, obviously, you take the fourth quarter times four, that's probably a bit aggressive for us right now. So we think we will come back some in the first quarter, but again, we feel really good about the full year. That sounds great. Thanks a lot, gentlemen.

是的，我認為這是一個公平的說法。我的意思是，顯然，你將第四季度乘以四，這對我們來說現在可能有點激進。因此，我們認為我們會在第一季有所回升，但我們對全年的表現非常樂觀。聽起來不錯。非常感謝，先生們。

Ross Taylor, ARS Investment Partners.

羅斯泰勒（Ross Taylor），ARS 投資夥伴。

Thank you. It's always both taxing and exhausting to follow Tyson because many questions get checked off next time we'll let you.

謝謝。跟隨泰森總是既費力又累人，因為下次我們會解決很多問題。

You first, Ross.

你先來，羅斯。

No, I don't want to get Tyson angry. Probably be worse than getting my wife angry at me. Couple of questions in here.

不，我不想惹泰森生氣。可能比讓我妻子生我的氣更糟糕。這裡有幾個問題。

Your EBITDA margin for the quarter was 20%. Your EBITDA margin for the year was around [16 6]. It therefore indicates, a certain sensitivity on the EBITDA margin to volume. Would we expect or should we expect your EBITDA margin for the current fiscal year?

本季的 EBITDA 利潤率為 20%。您的年度 EBITDA 利潤率約為[16 6]。因此，這表明 EBITDA 利潤率對銷量具有一定的敏感度。我們是否預期或應該預期您本財政年度的 EBITDA 利潤率？

You're in the January '26 fiscal year to come in somewhere between those two numbers as we see overall top line perform better than it did last year, but not the way it did in the fourth quarter.

2026 年 1 月的財政年度，我們的收入處於這兩個數字之間，我們看到整體收入表現比去年更好，但不如第四季度那麼好。

Yeah, that's a great question. Actually, I mean, you are right, there is sensitivity to volume that there's no doubt. I mean, you're absorbing more overhead, over bigger amount of revenue. But I also think we see some opportunities to enhance productivity and enhance our margins fundamentally this year, now. Last year, it was a big year for us, a huge growth year.

是的，這是一個很好的問題。實際上，我的意思是，你是對的，對音量的敏感度是毫無疑問的。我的意思是，你承擔的管理費用比收入的金額還要多。但我還認為，我們今年看到了一些從根本上提高生產力和提高利潤率的機會。去年對我們來說是重要的一年，也是巨大成長的一年。

So we were going all out from a manufacturing and production standpoint. And I think that has some inefficiencies embedded in that. So we see some areas where we think we can improve that. So I would hope that we can maintain those margins similar to what we've seen later in the year.

因此，從製造和生產的角度來看，我們全力以赴。我認為這其中存在一些效率低下的問題。因此，我們看到了一些可以改進的領域。因此我希望我們能夠保持與今年稍後類似的利潤率。

If you look the last couple of quarters, actually, we had a better quarter, better margin, I think either second or third quarter. I can't remember which. So, there certainly is a downward pressure from the revenues aren't as high, but again, I think we can make some of that up and that's what we hope to do.

如果你看過去幾個季度，實際上，我們有一個更好的季度，更好的利潤率，我認為是第二季度或第三季度。我不記得是哪一個了。因此，收入不高肯定會帶來下行壓力，但我再次認為我們可以彌補一些，這也是我們希望做的。

Okay, well that's fantastic because that argues that we should expect to see the higher end, particularly as you grow. Can you give us a little bit more color on the potential order book outlaw? What types of outlook? What types of things are we -- are you looking at doing?

好的，這太棒了，因為這表明我們應該期待看到更高的水平，特別是隨著你的成長。您能否向我們詳細介紹潛在的訂單簿違法行為？有哪些類型的觀點？我們正在考慮做哪些事情？

There's a lot of talk. I get people talking to me about the plan to map the sea bottom and lay 35,000 miles of cable and things of this nature. How do you fit into that? And where do you see the various industries you serve, there's been talked about sea mining for rare earths and other precious metals and all. Where do you see that going for you?

有很多話題。有人跟我談論繪製海底地圖和鋪設 35,000 英里電纜的計劃以及諸如此類的事情。您如何適應這種情況？您如何看待您所服務的各個產業？人們一直在談論海底開採稀土和其他貴金屬等等。您認為這會為您帶來什麼好處？

Yeah, so that that kind of expands our addressable market, beyond the traditional energy exploration, and we've already been doing some of that, so especially our ultra-high resolution resolution. Streamer systems are really being used for ocean bottom mapping for survey purposes.

是的，這樣就擴大了我們的潛在市場，超越了傳統的能源勘探，我們已經做了一些這方面的工作，特別是我們的超高解析度。拖纜系統實際上被用於海底測繪調查目的。

So offshore installations, of all sorts, we talked about wind farms, so there's some of the wind is out of that if you pardon the pun. But there's certainly lots of other applications that we see being used, so we continue to see interest and demand for that type of equipment.

因此，我們討論了各種海上設施以及風力發電場，因此有一些風力發電是從那裡來的，請原諒我的雙關語。但我們確實看到還有很多其他應用程式正在使用，因此我們繼續看到對此類設備的興趣和需求。

So I think that bodes well for us, as they start to look at other applications such as pipeline monitoring and undersea cables and things of that nature. I see our equipment can be used in those applications and so the survey companies are looking to acquire that type of equipment.

因此我認為這對我們來說是個好兆頭，因為他們開始專注於其他應用，例如管道監控和海底電纜等。我發現我們的設備可用於這些應用，因此調查公司正在尋求購買這種類型的設備。

We're seeing some of our, excuse me, some of our traditional customers try to move into that area as well, expand their operations as well. So I think that all goes very well for us. As far as the other mineral exploration, that's something that we've -- our equipment has been used for in the past. It's not been a big driver for us.

我們看到我們的一些傳統客戶也試圖進入該地區，擴大他們的業務。所以我認為一切對我們來說都很順利。至於其他礦產勘探，我們的設備過去曾經用於此。這對我們來說不是一個很大的推動力。

A lot of the governmental research organizations that we've sold to in the past are engaged in that type of activity. So I think that's only additive to our potential applications.

我們過去銷售過產品的許多政府研究機構都從事此類活動。所以我認為這只是對我們的潛在應用的補充。

Okay. And yeah, it would make sense of it. Have you seen any progress in utilizing your systems in the defense space?

好的。是的，這是有道理的。您是否看到您的系統在國防領域的應用取得了任何進展？

Not yet, but we are hopeful to kind of restart that. Frankly, we put that program pretty much on pause as we wanted to focus on near-term opportunities and you get this thing back to profitability.

還沒有，但我們希望能夠重新開始。坦白說，我們基本上暫停了該計劃，因為我們希望專注於近期的機會並讓這個項目恢復盈利。

We still believe there are some significant opportunities there and so we've been re-engaging in that activity and kind of looking at maybe a different way to approach that and we'll talk more about that as time goes on. But I think that's still an interesting potential market for us.

我們仍然相信那裡存在一些重大機遇，因此我們一直在重新參與這項活動，並尋找一種不同的方式來解決這個問題，隨著時間的推移，我們會更多地談論這個問題。但我認為這對我們來說仍然是一個有趣的潛在市場。

Okay, and I would also echo Tyson's comment, the shelf, everyone has one, it's prudent to do it, to have it out there. So honestly, I know some people get scared about them, but everyone does it, so why worry about it?

好的，我也同意泰森的評論，每個人都有架子，這樣做是明智的，把它放在那裡。所以說實話，我知道有些人會害怕它們，但每個人都會這樣做，所以為什麼要擔心呢？

So looking at, you talk about internal growth opportunities, things. Is that stuff that you guys have, you've worked on and you just, are you waiting for the market to come to you? Or is that something you need to go out and kind of convince the market or is this design work, R&D work you need to get done?

所以看看你談論的內部成長機會等等。這就是你們已經擁有的、你們已經努力過的東西，你們只是在等待市場來找你們嗎？還是這是你需要走出去說服市場的事情，還是這是你需要完成的設計工作、研發工作？

Little bit both. There's some R&D work involved in some of this, and it's a little bit of both. Frankly, there's some of it we need the market to accept, what we have, but there's also some design work that goes along with that, so a little bit of both.

兩者都有一點。這其中有些工作需要研發，有些則需要兩者兼具。坦白說，我們需要市場接受我們所擁有的一些內容，但也需要進行一些與之相關的設計工作，所以兩者兼而有之。

Okay, and so kind of sum up we move you're in, nearing the end of your fiscal first quarter for your 26th year. You're looking at this and you see ‘26, you believe it should be a better year for the company than ‘25 was on the top, middle, and bottom lines.

好的，總結一下，您現在所處的階段，即將結束您工作的第 26 個財年的第一季。您正在看這個，並且您看到 26 年，您相信對於公司來說，這應該是比 25 年更好的一年，無論是頂線、中線還是底線。

I think marginally better. It's we're not going to see the same growth rate as we just saw this past year. But yeah, I think marginally better. I mean all, there's lots of things that happen from the timing standpoint. But overall, we feel very good about things.

我認為稍微好一點。我們將不會看到與去年相同的成長率。但是是的，我認為稍微好一點。我的意思是，從時間角度來看，有很多事情會發生。但總體而言，我們對事情感覺很好。

Cool. And one thing I would offer a thought to if you end up looking to raise growth capital at a point in time, consider a lot of smaller companies I've been investing in lately have been doing strategic where they bring in.

涼爽的。如果你最終想要在某個時間點籌集成長資本，我想提出的一件事是，考慮到我最近投資的許多小公司都在製定策略。

Instead of going to the market to raise capital, which tends to get you a discount, they find a strategic buyer who's interested in establishing or building that relationship and pushing forward, and that tends to whatever price they take the stock almost never sees that price again.

他們不是去市場籌集資金（這往往會給你帶來折扣），而是找到一個有興趣建立或發展這種關係並推動其發展的戰略買家，而且往往無論他們接受什麼價格，股票幾乎都不會再看到這個價格。

So I would recommend that, perhaps, you look at if you're looking at internal growth capital because you see that as an option as opposed to selling the company, I would agree company is too small to stay public as it is. So it needs to get a lot bigger or it needs to be monetized or some combination of the two in timing.

因此，我建議，也許，你考慮一下是否考慮內部成長資本，因為你認為這是與出售公司相比的一種選擇，我同意公司規模太小，無法保持上市狀態。因此，它需要變得更大，或者需要實現貨幣化，或者在適當的時候將兩者結合起來。

But I would say, look for people who might be interested in making an investment in you and your future and might be a natural buyer of the company down the road and see if they could contribute capital to help build out some of these growth opportunities as opposed to going into the marketplace and issuing equity where people will show your stock in front of it, although that's not legally allowed so I didn't.

但我想說，尋找那些可能有興趣為你和你的未來投資的人，並且可能成為公司未來的自然買家，看看他們是否可以貢獻資本來幫助建立其中的一些增長機會，而不是進入市場並發行股票，人們會在你面前展示你的股票，雖然這是法律不允許的，所以我沒有。

(multiple speakers) And I said you guys, you've done a really the turnaround of this company has been pretty amazing. I don't think I've seen something turn so fast and so well since the Mariners traded Randy Johnson to the Astros.

（多位發言者）我說，你們真的做了一件了不起的事，讓這家公司扭轉了頹勢。自從水手隊將蘭迪·約翰遜交易到太空人隊以來，我從未見過事情發生如此迅速和如此好的轉變。

That's a while ago.

那是不久前的事了。

Yeah, and you only took 300 points off the ERA, but hey, take care.

是的，你只從 ERA 中拿下了 300 分，但是，嘿，保重。

This concludes our question-and-answer session. I would like to turn the floor back over to Rob Capps for closing comments.

我們的問答環節到此結束。我想將發言權交還給 Rob Capps 做最後評論。

Just like to thank everyone for joining us today and look forward to talk to you again here in a few weeks after our first quarter. Thanks very much.

非常感謝大家今天的到來，並期待在第一季結束後的幾週內再次與大家交談。非常感謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。