Mind Technology Inc (MIND) 2026 Q2 法說會逐字稿

Greetings. Welcome to Mind Technology's second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Zach Vaughan.

問候。歡迎參加 Mind Technology 2026 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人 Zach Vaughan。

Thank you. Mr. Vaughan, you may begin.

謝謝。沃恩先生，你可以開始了。

Thank you, operator. Good morning, and welcome to Mind Technology's fiscal 2026 second 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 2026 財年第二季財報電話會議。我們感謝大家今天的參加。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 have a few items to cover. If you would like to listen to a replay of today's call, it will be available for 90 days via webcast by going to the Investor Relations section of the company's website at mind-technology.com or via a recorded instant replay until September 17. Information on how to access the replay was provided in yesterday's earnings release.

在我將電話轉給 Rob 之前，我有幾件事要談一下。如果您想收聽今天電話會議的重播，可以透過網路直播收聽 90 天，方式為造訪公司網站 mind-technology.com 的投資者關係部分，或透過錄製的即時重播收聽，有效期至 9 月 17 日。昨天的收益報告中提供了有關如何存取重播的資訊。

Information reported on this call speaks only as of today, Wednesday, September 10, 2025, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

本次電話會議中報告的資訊僅截至今天（2025 年 9 月 10 日，星期三）有效，因此，請注意，在重播或閱讀記錄時，時間敏感資訊可能不再準確。

Before we begin, let me remind you that certain statements made by management during this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 financial results or performance to materially differ from any future results or performance expressed or implied by those statements.

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做的某些聲明可能構成《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明。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財務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 in 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, and please note that the contents of our conference call this morning are covered by these statements.

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 表格年度報告中揭露的風險因素。此外，當我們開始本次電話會議時，請同時參閱我們昨天發布的新聞稿中關於前瞻性聲明的聲明，並請注意，我們今天上午的電話會議內容已包含在這些聲明中。

Now, I'd like to turn the call over to Rob Capps.

現在，我想把電話轉給 Rob Capps。

Thanks, Zach, and thank you all for joining us today. Today, I'll discuss some highlights from the quarter. Mark will then provide a more detailed update on our financials, and I'll return to wrap things up with some remarks about our outlook.

謝謝，扎克，也謝謝大家今天加入我們。今天，我將討論本季的一些亮點。然後，馬克將提供有關我們財務狀況的更詳細更新，然後我將回來總結我們的前景。

Mind delivered strong results for the second quarter that were in line with our expectations. We were able to get back on track and return to profitability after certain delivery delays in the first quarter. We generated increased second quarter revenues, driven by system sales and the growing contributions from our aftermarket activities, which I'll touch on in more detail shortly.

Mind 第二季的業績表現強勁，符合我們的預期。在第一季出現一定程度的交付延遲之後，我們得以重回正軌並恢復盈利。我們第二季的營收有所成長，這得益於系統銷售和售後市場活動不斷增長的貢獻，我將在稍後詳細介紹。

Our business continues to operate efficiently, and our execution is generating resilient results. Despite some economic uncertainty, we are finding ways to capitalize on pockets of demand, and our near-term visibility bodes well for the balance of this fiscal year. Mind remains strategically positioned for growth, favorable financial results and continued profitability in the coming periods. Our backlog of firm orders as of July 31, 2025, was approximately $12.8 million, compared to $21.1 million as of April 30, 2025, and approximately $26 million as of July 31, 2024.

我們的業務繼續有效率地運營，我們的執行力正在產生有彈性的成果。儘管存在一些經濟不確定性，但我們正在尋找利用需求的方法，並且我們近期的可見性預示著本財年的平衡將表現良好。Mind 在未來一段時間內仍將保持策略定位，以實現成長、良好的財務表現和持續獲利。截至 2025 年 7 月 31 日，我們的積壓訂單約為 1,280 萬美元，而截至 2025 年 4 月 30 日為 2,110 萬美元，截至 2024 年 7 月 31 日約為 2,600 萬美元。

Now, I'll remind you that it's not uncommon to see positives in order activity throughout the year, especially during the summer months and more specifically, our second quarter. Therefore, this lower sequential backlog is not unexpected after the substantial deliveries we made this quarter. Let me also remind you that for in order to be included in our backlog, we must have a purchase order or a signed contract in hand. There are a number of pending orders in various stages that we are highly confident in.

現在，我要提醒您，全年訂單活動出現正面跡象並不罕見，尤其是在夏季，更具體地說是第二季。因此，在本季我們完成大量交付後，連續積壓訂單減少並不令人意外。我還要提醒您，為了將其納入我們的積壓訂單，我們必須手邊有採購訂單或簽署的合約。目前有許多處於不同階段的待處理訂單，我們對此非常有信心。

Let me give you a little color on that. There are two orders in particular, totaling about $10 million that we believe are imminent. We've been in almost constant contact with this customer finalizing technical specifications, which is necessary before the formal purchase orders are issued. These orders are not in our backlog, but we are highly confident that they will be received soon.

讓我給你稍微解釋一下這一點。我們認為有兩份訂單即將下達，總額約 1,000 萬美元。我們幾乎一直與該客戶保持聯繫，以最終確定技術規格，這是在發出正式採購訂單之前所必需的。這些訂單不在我們的積壓訂單中，但我們非常有信心很快就會收到它們。

Our pipeline of potential orders remain strong. We believe we will continue to convert these into firm orders. Within our backlog, our orders for Mind's three main product lines, GunLink source controllers, BuoyLink Positioning Systems and SeaLink streamer systems. All three of these product lines provide the foundation for our business and will continue to drive our financial results going forward. As a whole, our business continues to enjoy a strong market position in each of its products, even a dominant position in some cases.

我們的潛在訂單管道依然強勁。我們相信我們會繼續將這些轉化為確定的訂單。在我們的積壓訂單中，我們訂購了 Mind 的三條主要產品線：GunLink 來源控制器、BuoyLink 定位系統和 SeaLink 拖曳系統。這三條產品線為我們的業務奠定了基礎，並將繼續推動我們未來的財務表現。總體而言，我們的業務在每種產品中繼續享有強大的市場地位，甚至在某些情況下佔據主導地位。

As I mentioned earlier, another component that has meaningfully contributed to our improved financial results is our aftermarket business. This consists of spare parts, repair, service and other support activities. Contribution as a percentage of revenue fluctuates from quarter-to-quarter based on product mix and the timing of larger system deliveries. However, in the first six months of this fiscal year, aftermarket revenue accounted for about 68% of our total revenues. I'm pleased that our aftermarket activity has continued to meaningfully support revenue.

正如我之前提到的，另一個對我們改善財務表現做出重大貢獻的因素是我們的售後市場業務。這包括備件、維修、服務和其他支援活動。根據產品組合和大型系統交付的時間，貢獻佔收入的百分比每季都會波動。然而，在本財年的前六個月，售後市場收入約占我們總收入的68%。我很高興我們的售後市場活動繼續為收入帶來顯著的支持。

Additionally, this often carries higher margins since these orders normally do not attract discounts and find a full system order. As our installed base of products continues to expand with it comes the prospect for increased aftermarket activity. Now, to address this joint aftermarket opportunity, and as I highlighted last quarter, we recently expanded our manufacturing and repair facility in Huntsville, Texas.

此外，這通常會帶來更高的利潤，因為這些訂單通常不會吸引折扣並且會找到完整的系統訂單。隨著我們產品安裝基礎的不斷擴大，售後市場活動的前景也將隨之增加。現在，為了應對這個聯合售後市場機會，正如我上個季度強調的那樣，我們最近擴建了位於德克薩斯州亨茨維爾的製造和維修工廠。

This expansion provides us with additional floor space and other enhancements that will allow our MIND Maritime Acoustics unit to efficiently take on significantly larger manufacturing and product repair projects from that location. This increased capacity will be used to further support our existing Seamap products, newly developed products and services to third parties.

此次擴建為我們提供了額外的佔地面積和其他改進，使我們的 MIND Maritime Acoustics 部門能夠從該地點高效地承擔更大規模的製造和產品維修項目。增加的容量將用於進一步支援我們現有的 Seamap 產品、新開發的產品和服務。

Now, turning to our results. Mind Technology product revenues for the second quarter of fiscal 2026 were $13.6 million. This was a healthy improvement from the same quarter last year. And despite the noise from the first quarter, we remain on track to achieve our fiscal 2026 goals. I'll touch on our outlook in a moment, but I'm pleased with our ability to navigate uncertainty within the market to generate favorable results.

現在，談談我們的結果。Mind Technology 2026 財年第二季產品營收為 1,360 萬美元。與去年同期相比，這是一個健康的進步。儘管第一季出現了一些波動，但我們仍有望實現 2026 財年的目標。我稍後會談到我們的前景，但我對我們能夠應對市場不確定性並取得良好結果的能力感到滿意。

We will continue to capitalize on opportunity as it presents itself to stimulate order flow and generate improved returns in future periods. Although we are pleased with our results for the second quarter and maintain our near-term optimism, the current market and global economic environment remain impacted by various macro uncertainties that are limiting visibility into next year.

我們將繼續利用出現的機會來刺激訂單流並在未來時期產生更好的回報。儘管我們對第二季的業績感到滿意，並保持短期樂觀態度，但當前市場和全球經濟環境仍然受到各種宏觀不確定因素的影響，限制了明年的可預見性。

General market conditions within the marine technology space continued to be good. However, at this stage, some customers are taking a more wait and see approach. This has caused some delays in purchase commitments. Despite this limited visibility, we remain encouraged by the favorable long-term market dynamics within the marine technology industry and expect customers to firm up their 2026 plans in the coming months.

海洋技術領域的整體市場狀況持續良好。不過，現階段，有些客戶採取了觀望態度。這導致購買承諾有所延遲。儘管可見度有限，但我們仍然對海洋技術行業長期良好的市場動態感到鼓舞，並預計客戶將在未來幾個月內確定他們的 2026 年計劃。

I continue to believe that we have a differentiated approach and best-in-class suite of products that will give us a competitive advantage. To maintain this competitive edge, we will continue making additional investments to further develop and advance our next generation of marine technology products to meet the evolving needs of our customers.

我始終相信，我們擁有差異化的方法和一流的產品套件，這將為我們帶來競爭優勢。為了保持這一競爭優勢，我們將繼續進行額外投資，進一步開發和推進我們的下一代海洋技術產品，以滿足客戶不斷變化的需求。

Now, I'll let Mark, walk you through our second quarter financial results in a bit more detail.

現在，我將讓馬克向您更詳細地介紹我們第二季的財務表現。

Thanks, Rob, and good morning, everyone. As Rob mentioned earlier, revenues from Marine Technology product sales totaled $13.6 million for the quarter, which was up approximately 35% from the same period a year ago. We are continuing to see strength in all our key markets, and the current favorable customer demand environment and our backlog give us confidence for solid results in the second half of fiscal 2026.

謝謝，羅布，大家早安。正如 Rob 先前提到的，本季海洋科技產品銷售總收入為 1,360 萬美元，比去年同期成長約 35%。我們所有主要市場的實力持續增強，當前有利的客戶需求環境和積壓訂單使我們對 2026 財年下半年取得穩健業績充滿信心。

Second quarter gross profit was $6.8 million. This represents a gross profit margin of 50% for the quarter. These metrics improved both sequentially and year over year due primarily to product mix, which included a greater proportion of spare parts and other aftermarket activity.

第二季毛利為680萬美元。這意味著本季的毛利率為 50%。這些指標較上月和年比均有所改善，主要原因是產品組合包括更大比例的備件和其他售後市場活動。

Additionally, higher revenue in the quarter helped absorb overhead costs. We also continue to benefit from our cost structure optimization, which includes greater production efficiencies, and we expect these efforts to help maintain favorable gross profit and margins in future quarters.

此外，本季收入增加有助於吸收管理費用。我們也繼續受益於成本結構優化，其中包括更高的生產效率，我們預計這些努力將有助於在未來幾季保持良好的毛利和利潤率。

Our general and administrative expenses were approximately $3.6 million for the second quarter fiscal 2026. This was up both sequentially and compared to the same quarter a year ago. The sequential increase is partially expected due to normal seasonality of certain costs, such as incentive and stock-based compensation.

2026 財年第二季度，我們的一般和行政費用約為 360 萬美元。與上一季和去年同期相比，這一數字均有所上升。預計環比成長的部分原因是某些成本（如激勵和股票薪酬）的正常季節性。

Our research and development expense for the second quarter was $311,000, which was down slightly compared to the same quarter a year ago. Consistent with prior periods, these costs were largely directed toward the development and enhancement of our streamer and source controller arm.

我們第二季的研發費用為 311,000 美元，與去年同期相比略有下降。與前期一致，這些成本主要用於開發和增強我們的串流媒體和來源控制器臂。

Operating income for the second quarter was approximately $2.7 million, which represents an increase of approximately 86%, when compared to operating income of $1.4 million in the same quarter a year ago. Second quarter adjusted EBITDA was approximately $3.1 million compared to adjusted EBITDA of $1.8 million in the second quarter a year ago.

第二季營業收入約 270 萬美元，與去年同期的 140 萬美元營業收入相比成長約 86%。第二季調整後的 EBITDA 約為 310 萬美元，而去年同期第二季調整後的 EBITDA 為 180 萬美元。

Net income for the second quarter was approximately $1.9 million compared to net income of $798,000 in the same quarter a year ago. As of July 31, 2025, we had working capital of approximately $25.1 million, including $7.8 million of cash on hand.

第二季淨收入約為 190 萬美元，而去年同期淨收入為 798,000 美元。截至 2025 年 7 月 31 日，我們的營運資金約為 2,510 萬美元，其中包括 780 萬美元的現金。

Liquidity is impacted by the timing of receipts and expenditures as well as our operational requirements, such as acquiring inventory and executing on our backlog of orders. The company continues to maintain clean, debt-free balance sheet with a simplified capital structure. We continue to believe our solid footing and flexibility will help us enhance stockholder value in future periods.

流動性受到收據和支出時間以及我們的營運要求（例如獲取庫存和執行積壓訂單）的影響。該公司繼續保持乾淨、無債務的資產負債表和簡化的資本結構。我們始終相信，我們堅實的基礎和靈活性將有助於我們在未來提升股東價值。

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. Mind remains well positioned for long-term success, and we are focused on enhancing and maximizing stockholder value. We've taken necessary steps to strategically position the company to realize its full potential. We intend to evaluate all suitable opportunities with the goal of maintaining financial flexibility, reserving our balance sheet, having scale, expanding offerings and growing existing product lines.

謝謝，馬克。Mind 始終處於有利地位，能夠取得長期成功，我們專注於提高和最大化股東價值。我們已採取必要措施，對公司進行策略定位，以充分發揮其潛力。我們打算評估所有合適的機會，以保持財務靈活性、保留資產負債表、擴大規模、擴大產品範圍和發展現有產品線為目標。

This proactive approach should enable us to strengthen Mind and improve its standing within the market for the benefit of all stockholders. Operationally, we have a streamlined footprint, but our technological innovation allows us to expand our capabilities and address new opportunities. We are constantly evaluating unique ways to repurpose our existing technology for new applications.

這種積極主動的方法使我們能夠增強 Mind 的力量並提高其在市場中的地位，從而使所有股東受益。在營運方面，我們擁有精簡的足跡，但我們的技術創新使我們能夠擴展能力並抓住新的機會。我們不斷評估獨特的方法，將現有技術重新用於新的應用。

I'm excited to chase these new opportunities in coming periods. We look forward to providing an update as we strive for growth. Given our current visibility, we remain bullish on the balance of this fiscal year. Customer interest and engagement related to our Seamap pipelines remain steady. However, the prevalent uncertainty within the market has slowed some customer decision-making for the next year.

我很高興在未來的時期內追逐這些新的機會。我們期待在努力實現成長的同時提供最新資訊。鑑於我們目前的前景，我們仍然看好本財年的平衡。客戶對我們的 Seamap 管道的興趣和參與度保持穩定。然而，市場普遍存在的不確定性已經減緩了一些客戶明年的決策。

Despite this, the current strength of our existing backlog and pipeline of orders gives us optimism with favorable financial performance in the coming quarters. We expect customers to solidify our plans for next year in the coming months, and I look forward to sharing updates as our longer-term pipeline takes shape.

儘管如此，我們現有的積壓訂單和訂單量目前強勁，這讓我們對未來幾季的良好財務業績充滿信心。我們預計客戶將在未來幾個月內鞏固我們明年的計劃，我也期待在我們的長期產品線成形時分享最新消息。

Now, let me take a moment to address our recent actions to establish an at-the-market, or ATM program, and the stock buyback program. Some of you have questioned these steps or at least the timing of the steps. We believe that these preparatory actions are entirely consistent with and supportive of our stated objective of enhancing stockholder value by whatever remains available. The ATM facility enables us to raise capital if and when, we believe circumstances dictate and in amounts we think appropriate.

現在，請允許我花點時間談談我們最近為建立市場或 ATM 計劃以及股票回購計劃所採取的行動。你們中的一些人對這些步驟或至少是這些步驟的時間提出了質疑。我們相信，這些準備行動完全符合並支持我們所述的目標，即盡一切可能提高股東價值。ATM 設施使我們能夠在我們認為情況需要時籌集我們認為合適的資金。

By having the program in place in advance, we can act quickly and efficiently to take advantage of opportunities. These opportunities could include acquisitions of businesses and product lines to help grow our business. We intend to be very disciplined in our approach to this, the expected return with the cost of capital.

透過提前製定計劃，我們可以迅速有效地採取行動，抓住機會。這些機會可能包括收購企業和產品線以幫助成長我們的業務。我們打算以非常嚴謹的方式處理這個問題，即預期報酬與資本成本。

Cost of additional capital, essentially the price of our stock at the time, will always be an important consideration. Firstly, market conditions and our view of the prospects for our business might indicate that buying our own stock is the best use for capital. By establishing the buyback program now, we are able to react quickly and efficiently should circumstances dictate.

額外資本的成本，本質上是我們當時股票的價格，始終是重要的考慮因素。首先，市場狀況和我們對業務前景的看法可能表明購買我們自己的股票是資本的最佳用途。透過現在建立回購計劃，我們能夠在情況需要時迅速有效地做出反應。

There's always a chance that timing issues or customer delivery delays, like the ones we experienced earlier this year, could impact our results in any given period. However, our current belief is that our results for fiscal 2026 will look similar to that of fiscal 2025.

時間問題或客戶交貨延遲（就像我們今年早些時候遇到的那樣）總是有可能影響我們在任何特定時期的表現。然而，我們目前認為，2026 財年的表現將與 2025 財年的表現相似。

Our Marine Technology products continue to penetrate a variety of industries and markets. We believe our backlog of firm orders and the pipeline of pending orders and other prospects are reflective the significant demand and market adoption of our product lines. As a result, we have line of sight that gives us confidence for continued favorable financial results in the near future. In any unforeseen circumstances, we expect to achieve positive adjusted EBITDA and profitability in each of the remaining quarters of fiscal 2026 and on a full year basis.

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。因此，我們有信心在不久的將來繼續取得良好的財務表現。在任何不可預見的情況下，我們預計在 2026 財年剩餘的每個季度以及全年實現正調整後 EBITDA 和盈利能力。

Looking forward, we are encouraged by the setup for the back half of this year. With a solid existing backlog and pipeline of pending and highly competent orders that will prove advantageous, as we aim to deliver consistently favorable financial results. We are also pursuing several new opportunities within our current and future markets, which I'm confident will bear fruit. We will remain focused on controlling what we can control, which includes optimizing our operations and efficiently managing our cost.

展望未來，我們對今年下半年的安排感到鼓舞。我們的目標是持續提供良好的財務業績，因此，我們擁有大量積壓訂單和待處理且高素質的訂單，這些訂單將對我們有利。我們也在當前和未來的市場中尋求一些新的機會，我相信這些機會將會取得成果。我們將繼續專注於控制我們能夠控制的事情，包括優化我們的營運和有效管理我們的成本。

Customer delivery requirements and other factors may impact future periods, but we are doing everything in our power to mitigate these impacts on our financial results. We have a differentiated and market-leading suite of products, a favorable market environment and a clean capital structure. We look forward to sharing updates on our strategic actions in the coming periods, as we strive to enhance stockholder value.

客戶交付要求和其他因素可能會影響未來時期，但我們正在盡一切努力減輕這些因素對我們財務表現的影響。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。我們期待在未來一段時間內分享我們的策略行動的最新進展，並努力提高股東價值。

With that, operator, I think we can now open the call up for some questions.

接線員，我想我們現在可以開始回答一些問題了。

(Operator Instructions) Tyson Bauer, KC Capital.

（操作員指示）泰森鮑爾，KC Capital。

Good morning, gentlemen. Just a couple of clarifications on some of the numbers. The parts and services revenue, given you're 68% for the full year, so that was roughly about $7 million in the quarter.

先生們，早安。只對一些數字做一些澄清。零件和服務收入，假設全年為 68%，那麼本季大約為 700 萬美元。

That's probably about right. I don't have the number in front of me, but that's in the ballpark anyway.

這可能差不多是對的。我沒有確切的數字，但無論如何，這是一個大概的數字。

No, that's how the math works on. Does that include any catch-up from Huntsville, where you had kind of the delays until you got that capital project done? Or is that $7 million from what we've seen in the first quarter, second quarter, a fairly good run rate as we go through the second half of the year?

不，數學就是這樣運作的。這是否包括亨茨維爾的任何追趕，在那裡你們遇到了一些延誤，直到完成那個資本項目？或者，從我們在第一季和第二季看到的情況來看，700 萬美元對於下半年來說是一個相當不錯的運行率嗎？

Yeah, so it's -- there's really no catch-up on Huntsville, first answer. Run rate, I'm hesitant to say that's a run rate. I think it's indicative of where that trend is going. Could it be less next quarter. Sure, it could because there will still be some fluctuations in that. But clearly, that line is trending up and going to be more consistent as we go forward.

是的，所以——亨茨維爾的情況確實沒有趕上，第一個答案。運行率，我不太願意說這是一個運行率。我認為這顯示了這一趨勢的發展方向。下個季度可能會更少嗎？當然，這是有可能的，因為其中仍然會存在一些波動。但顯然，隨著我們前進，這條線呈現上升趨勢，並將更加一致。

And should we see a boost given the expansion in Huntsville at some point going forward?

鑑於亨茨維爾的擴張，我們是否應該在未來某個時候看到推動力？

I think we will. We'll be ramping up that operation to the balance of this year and into next year. So I think we'll see that start to increase.

我想我們會的。我們將在今年和明年進一步加強這項業務。所以我認為我們會看到這一數字開始增加。

Okay. You had a $4.5 million delayed order in Q1 that hit in Q2, at least that was what was related to us on the last conference call. Given the $7 million, it leaves about $2 million in new activity in the quarter to hit your revenue level, which I find interesting with your backlog because you ended April with $21.1 million, you had a $4 million order on June 10, a GunLink system. So if you deliver that $4.5 million, you had $2 million in new activity backlog looks like it should be closer to $18 million, ended up $12.8 million. Were there a cancellation. Were there a reclassification. Just kind of where is that variance of $6 million.

好的。您在第一季有一筆價值 450 萬美元的延遲訂單，但在第二季才開始生效，至少上次電話會議我們了解到了這一點。考慮到這 700 萬美元，本季還剩下大約 200 萬美元的新活動才能達到您的收入水平，我發現您的積壓訂單很有趣，因為您在 4 月底的訂單額為 2110 萬美元，而您在 6 月 10 日接到了一份價值 400 萬美元的訂單，是 GunLink 系統。因此，如果您交付了 450 萬美元，那麼您有 200 萬美元的新活動積壓，看起來應該接近 1800 萬美元，最終達到 1280 萬美元。有取消嗎？是否有重新分類。那麼 600 萬美元的差異在哪裡呢？

Yeah, so a couple of things. There're no cancellations for sure. Some of the aftermarket business will be in backlog. So we'll get an order for spare parts that will be in backlog at some point in time. So that's part of it. And I'm not sure the $7 million is exactly the number for the quarter. Again, I don't have that in front of me. So I think the combination of those things make up that difference.

是的，有幾件事。肯定不會取消。部分售後業務將會積壓。因此，我們會在某個時間點收到積壓的備件訂單。這就是其中的一部分。我不確定 700 萬美元是否就是本季的準確數字。再說一遍，我面前沒有這個。所以我認為這些因素的結合造成了這種差異。

Okay. As we go forward, you made a comment that fiscal '26 should be now similar to fiscal '25, which is a little different. We are almost like the Fed speak here. Previously, you said that fiscal '25. So you have a little bit of an adjustment there.

好的。在我們繼續前進的過程中，您評論說 26 財年現在應該與 25 財年相似，但略有不同。我們幾乎就像美聯儲在這裡講話一樣。之前您說過 25 財年。所以你需要做一些調整。

The implication is with your expectation of parts and services, that's about one -- basically two or three more full systems delivered before year-end to hit those numbers. Does that sound about right. And if we're going to get $10 million immediately on new orders, it almost seems like we need to get another $10 million just to feel comfortable that if that's achievable for the second half of the year.

這意味著，根據您對零件和服務的期望，大約需要一到兩個或三個完整的系統在年底之前交付才能達到這些數字。聽起來對嗎？如果我們要立即從新訂單中獲得 1000 萬美元，那麼看起來我們幾乎需要再獲得 1000 萬美元，才能放心在下半年實現這一目標。

Yeah, so it's, Tyson, the timing of some of these orders is when we'll get them out the door is there's some uncertainty there, of course, that's when we actually get some of the new orders. So when we actually be able to lever them or when they want to be delivered. We do have additional systems in the pipeline, including the two orders that we talked about specifically. So that's what we're trying to guide to.

是的，泰森，這些訂單的發出時間存在一些不確定性，當然，那時我們實際上會收到一些新訂單。因此，當我們真正能夠利用它們時，或者當他們想要交付時。我們確實還有其他系統正在籌備中，包括我們特別談到的兩個訂單。這就是我們試圖引導的。

And I think it's not too inconsistent with what we said before. I mean I think what we -- I think what we said before was we're going to be in the same ballpark. I think what I tried to guide to is don't expect the same sort of growth in this fiscal year as you saw it before. It's going to be a little more consistent. And I think we're still seeing that. Could there be a $2 million or $3 million swing or a $4 million swing between quarters because of delivery.

我認為這與我們之前所說的並不太矛盾。我的意思是，我認為我們——我認為我們之前說過，我們將處於同一水平。我認為我試圖引導的是不要期望本財年會出現與以前相同的成長。它會變得更加一致。我認為我們仍然看到這種情況。由於交付的原因，季度之間是否會出現 200 萬美元、300 萬美元或 400 萬美元的波動？

You bet there could be, as we saw in the first quarter. But I think our general view of the year is pretty consistent as it has done all along.

正如我們在第一季看到的那樣，這種情況很有可能發生。但我認為，我們對今年的整體看法是相當一致的，一如既往。

Okay. This is the time of the year where you typically have received a large annual order from our Scandinavian friends, companies over there. Are they still in that time schedule? Or have -- are they cautious also.

好的。每年的這個時候，您通常會收到來自我們斯堪的納維亞朋友和那裡的公司發送的大量年度訂單。他們還按照那個時間表嗎？或者──他們也謹慎嗎？

I think there is some cautiousness in the marketplace. There has been some softening in the seismic market at least, at least temporarily. So I think there's some caution there. I think people have been careful about CapEx commitments right now. So I think, again, that's what we're trying to indicate in the one reason I think we've seen the backlog down a bit from where it had been.

我認為市場存在一些謹慎情緒。地震市場至少暫時出現了一些疲軟。所以我認為這裡需要謹慎。我認為人們現在對資本支出承諾非常謹慎。所以我認為，這就是我們試圖表明的一個原因，我認為我們已經看到積壓量比以前有所下降。

But I think in the long-term prospects, the overall activity, offshore exploration is very bullish. So I think it's just a matter of timing from that standpoint. So again, people are just being cautious about making those commitments until they have their business in hand. This is across the board. That's just not Scandinavia. That's across the board.

但我認為，從長期前景來看，整體活動、海上勘探都非常樂觀。所以從這個角度來看，我認為這只是時間問題。所以，人們在做出這些承諾時要保持謹慎，直到他們把業務掌握在自己手中。這是全面的。那根本不是斯堪的納維亞。這是普遍現象。

Okay. And last one for me, and I'll let others ask questions about your capital stuff. The -- what we hear from the rhetoric from the administration was play a little what's real, what's just headlines, moratorium and offshore wind projects, having an adverse look at wind energy, especially the offshore stuff. But wanting more rare earth and deep sea mapping, those kind of things, which we say may be off in the future, may be more of a commentary of what they want to do as opposed to what will be done. What's true? What's falls between these headlines regarding those two things that do affect your business?

好的。對我來說，這是最後一個問題，我會讓其他人詢問有關你的資本問題。我們從政府的言論中聽到的是，他們有些重視現實，有些只是頭條新聞，暫停離岸風電項目，對風能，特別是離岸風電持負面看法。但是，想要進行更多的稀土和深海測繪，這些事情，我們說未來可能會實現，可能更多的是對他們想要做什麼而不是將要做什麼的評論。什麼是真的？這兩個標題之間關於影響您業務的兩件事的描述是什麼？

Well, if I knew all those answers, I guess I would have to work for a living, Tyson. But I think what we're seeing is we're -- remember, we're selling to people who do survey work. And that's all sorts of different kind of survey work. It can be energy exploration, it can be wind farm installations, it can be carbon capture installations, it can be rare earth exploration. So they're doing lots of different things.

好吧，如果我知道所有這些答案，我想我必須工作來謀生，泰森。但我認為我們看到的是——記住，我們正在向從事調查工作的人銷售產品。這就是各種不同類型的調查工作。它可以是能源勘探，可以是風力發電場設施，可以是碳捕獲設施，可以是稀土勘探。所以他們做了很多不同的事情。

And we don't always know what they're buying the equipment for sometimes you based on configuration, but not always. Certainly, there's been a slowdown in US activity for offshore wind, no doubt about that. But we're seeing continued activity elsewhere in the world. So that's still been a good market for us.

我們並不總是知道他們購買設備的用途，有時我們會根據配置來判斷，但並非總是如此。當然，毫無疑問，美國的離岸風電活動已經放緩。但我們看到世界其他地方的活動仍在繼續。所以這對我們來說仍然是一個很好的市場。

I think that's part of the cautiousness we see in the market right now is as to what is going to happen from a macro standpoint, what's this administration going to do. So it's hard to know what's really going to happen there. I think it's certainly though has caused some of the caution that we're experiencing right now. But again, I think -- long term, I think those things will work themselves out, and it's still very bullish.

我認為這是我們目前在市場上看到的謹慎態度的一部分，即從宏觀角度來看會發生什麼，這屆政府會做什麼。因此很難知道那裡到底會發生什麼事。我認為這確實引起了我們現在所經歷的一些謹慎。但我再次認為——從長遠來看，我認為這些事情會自行解決，而且仍然非常樂觀。

Ross Taylor, ARS Investment Partners.

羅斯泰勒 (Ross Taylor)，ARS 投資夥伴。

Thank you, first, great quarter. I will admit I was one of those people who was somewhat surprised. I think I've been in this business for a little over 40 years, and I've never seen an ATM and a buyback announced on the same press release, but it's always good to learn.

首先謝謝你，這是一個很棒的季度。我承認我是那些感到有些驚訝的人之一。我想我從事這個行業已經 40 多年了，我從來沒有見過在同一份新聞稿中宣布 ATM 和回購，但學習總是好的。

Along that line, I'd love for you to talk to me or us a little bit more about your acquisition strategy from what you've said and the like -- what makes the most sense as you'd use the ATM if you were looking at you had a very interesting acquisition that fell in. What is your -- what are you looking for.

沿著這個思路，我希望您能根據您所說的內容，與我或我們進一步談談您的收購策略——如果您正在考慮進行一項非常有趣的收購，那麼您使用 ATM 最有意義的是什麼。你在尋找什麼？

Are you looking for products that you see fit into your current structure? What would be additive? Also what's your thinking of dilution and the like. You've talked a lot about wanting to do the right thing by shareholders in driving and concerns about share price. I'm curious about have you given thought about what parameters you would put on any acquisition you would make.

您是否正在尋找適合您目前結構的產品？什麼會是添加物？另外，您對稀釋等有何看法？您多次談到希望為股東做正確的事情，並關注股價。我很好奇，您是否考慮過在進行任何收購時會設定哪些參數。

And so Ross, what we're looking for primarily are things that are additive to what we do. We don't want to do a large step out, and frankly, do another client. We don't want to mess up, that's not what we're looking to do. What we're wanting to do are things that are additive to what we're doing, things that we understand well operationally, so things that we can tuck in, not to make a $30 million acquisition of another company necessarily.

所以羅斯，我們主要在尋找的是那些能對我們的工作有所補充的東西。我們不想邁出一大步，坦白說，再做另一個客戶。我們不想把事情搞砸，這不是我們想要做的。我們想要做的事情是那些對我們正在做的事情有補充作用的事情，那些我們在操作上很了解的事情，那些我們可以吸收的事情，而不一定非要花 3000 萬美元收購另一家公司。

The things that tie into our customer base, the technologies that we know, so things that have a lower risk profile from that standpoint. With any acquisition, there's risk. But the better you understand it, the closer it is to what you're doing the lower that risk. So that's the sort of thing we're looking for.

與我們的客戶群相關的事情、我們所了解的技術，從這個角度來看，這些事情的風險較低。任何收購都存在風險。但是你對它的理解越深入，它與你正在做的事情越接近，風險就越低。這就是我們所尋找的東西。

Okay. So products or small divisions of other companies, things of that nature is what you'd be looking to do?

好的。那麼，您希望從事其他公司的產品或小部門等類似的事情嗎？

Yeah, that's the ideal situation for us.

是的，這對我們來說是理想的情況。

Okay. Last quarter, we talked about a deal with a company that innovative newcomer into the mapping space and the like. Has there been any progress with that?

好的。上個季度，我們與一家進入地圖繪製等領域的創新新公司洽談了一筆交易。這方面有進展嗎？

There has -- we -- that project is ongoing right now. So we're right in the middle of it. I really don't have anything I could share right now for some proprietary reasons, but we are right in the middle of that right now. That is progressing well.

我們——該項目目前正在進行中。所以我們正處於其中。由於某些專有原因，我現在確實沒有什麼可以分享的，但我們現在正處於其中。進展順利。

And what kind of opportunities do you think if we come back -- looking back a year in the future, two years or three years in the future, what kind of opportunity are you looking at from that?

您認為如果我們回過頭來看，未來一年、兩年或三年後，會有什麼樣的機會？您會從中看到什麼樣的機會？

In that deal specifically?

具體來說，就是在那筆交易中嗎？

Yeah.

是的。

Yeah. Again, I think I don't want to get too specific on that. I think, again, that is a product that would be used by our existing customer base. So it will be easy for us to sell in partnership with the other company. So it's an easy step out for us. It's a technology that's very familiar to us. Is it going to double the company. No. But is it additive.

是的。再次強調，我不想對此說得太具體。我再次認為，這是我們現有客戶群會使用的產品。因此我們可以輕鬆地與其他公司合作銷售。所以對我們來說，這是輕而易舉的一步。這是我們非常熟悉的技術。這會讓公司規模翻倍嗎？不。但它是添加劑嗎？

Can it add a few million dollars. Yeah, that sort of magnitude, just to give you a sense of it. So again, relatively low risk, relatively low investment at this point. So that's the ideal situation for us.

能不能增加幾百萬美元。是的，這種程度，只是為了讓你感受一下。所以，目前的風險相對較低，投資也相對較低。這對我們來說是理想的情況。

I might have missed it, but did you mention what cash was at the end of the quarter?

我可能錯過了，但你有沒有提到季度末的現金是多少？

It's about $7.2 million. Yeah, $7.2 million.

大約是720萬美元。是的，720萬美元。

Okay. Also, can you talk about the opportunity -- you've mentioned, and Tyson asked about Huntsville, can you talk about the opportunities? What is Huntsville going to do? And what kind of opportunities do you see coming out of it business-wise? Will this be something that's meaningful -- meaning do you see it being able to add around 10% or more to annual revenues?

好的。另外，您能談談這個機會嗎——您提到過，泰森問過亨茨維爾，您能談談這個機會嗎？亨茨維爾打算做什麼？從商業角度來說，您認為它會帶來哪些機會？這是否是一件有意義的事情——您是否認為它能夠使年收入增加約 10% 或更多？

Or is it something less meaningful than that?

還是它是某種沒有那麼有意義的東西？

Well, I think it's in that magnitude if not a little bit more, frankly. So what we are doing is we are repairing products that have been manufactured by others, so third-party products. We're doing some repair work and not just one customer. We are doing some ancillary work for Seamap. Singapore, there are some things that we can do here effectively or efficiently that help expand their capacity.

嗯，坦白說，我認為它的幅度就是這麼大，甚至更大。因此，我們所做的就是修理其他人製造的產品，也就是第三方產品。我們正在做一些修復工作，而且不只為一位顧客服務。我們正在為 Seamap 做一些輔助工作。新加坡，我們可以在這裡有效或有效率地做一些事情來幫助擴大他們的能力。

So that's new products as well as some support activities as well. We also, in some cases, are doing some manufacturing for third parties of their designs. So it's not our IP, it's their IP that we're building for them. So it's really a combination of those things.

這也是新產品以及一些支援活動。在某些情況下，我們也為第三方進行其設計的製造。所以這不是我們的 IP，而是我們為他們建立的 IP。所以這其實是這些因素的結合。

The other thing that's interesting is if we're able to move our technology into the maritime security space, as we've talked about, and again, it's still very early days there, being able to do that in the United States is a real plus for security reasons. So that's another reason we want to expand that still.

另一件有趣的事情是，如果我們能夠將我們的技術轉移到海上安全領域，正如我們所討論的，雖然現在還處於早期階段，但出於安全原因，能夠在美國做到這一點確實是一個優勢。這也是我們想要進一步擴大這個範圍的另一個原因。

And also for tax and cash flow reasons then right as well, right?

而且也出於稅收和現金流的原因，對吧？

Absolutely right. For cash flow, for sure. We don't have to bring money back from overseas. Obviously, we have tax carry forward. So if we can generate US income, we can shelter that very efficiently. You're exactly right about that.

完全正確。對於現金流來說，肯定是如此。我們不需要從海外帶錢回來。顯然，我們有稅收結轉。因此，如果我們能夠創造美國收入，我們就能非常有效地保護它。你說得完全正確。

So that would be meaningful as well. With regard to your comments about this year, last year, last year, top line grew at about 29%. So far this year, it's been growing at about a 9% rate. Listening to you and Tyson talk, leaves me feeling that you're probably -- you might not want to commit to it, but you're probably shooting for that kind of a continuation of the first half growth over -- year over year to see in the second half. Would something in that high single digits, low double digits type range, am I wrong in that interpretation?

所以這也將是有意義的。關於您對今年、去年的評論，去年的營業額成長了約 29%。今年到目前為止，其成長率約為 9%。聽你和泰森的談話，我感覺到你可能——你可能不想承諾這一點，但你可能希望在下半年繼續保持上半年的同比增長。在高個位數和低兩位數類型的範圍內是否存在某些東西，我的解釋是錯誤的嗎？

No, you're not wrong. I think the caution I'm trying to throw in here is given what we saw in the first quarter, that situation, that situation can repeat itself and that can have a big impact on that growth rate. So I think, generally, we're seeing that -- those opportunities for that sort of maybe a single-digit -- high single-digit growth rate. Will that all fall within this time period? That's more difficult to say with precision right now. So that's the reason I want everyone to be cautious.

不，你沒錯。我認為我在這裡要強調的一點是，鑑於我們在第一季看到的情況，這種情況可能會重演，並且會對成長率產生重大影響。所以我認為，整體而言，我們看到的是那種可能實現個位數——高個位數成長率的機會。這一切都會在這個時間內發生嗎？現在很難準確地說出這一點。所以這就是我希望每個人都要謹慎的原因。

Yeah. So it's lumpy, but the trends are there. And if it's not made, it's likely it's going to be seen in the backlog if you're not able to get it because -- right?

是的。雖然情況並不明朗，但趨勢是存在的。如果沒有製造出來，它很可能會出現在積壓訂單中，如果你無法得到它，因為——對嗎？

That's right. That's what we think. Yeah.

這是正確的。我們就是這麼想的。是的。

Okay. So basically, we're looking at this thing, so we can still trust Tyson in his numbers. I don't usually drink early in the morning, but sometimes I. So -- but yeah, it's great. Good job. I think you continue to push forward with it. Thank you for giving us some explanation on the overlapping ATM and share buyback that did leave me somewhat scratching my rather thinning hair. But other than that, keep it up.

好的。所以基本上，我們正​​在研究這個東西，所以我們仍然可以相信泰森的數據。我通常不會在清晨喝酒，但有時我會。所以——但是，是的，這很棒。好工作。我認為你會繼續推進此事。感謝您對 ATM 和股票回購重疊問題所做的解釋，這確實讓我有些摸不著頭腦。但除此之外，請繼續努力。

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

我們的問答環節到此結束。我想把發言權交還給 Rob，請他發表最後評論。

Okay. Thanks, everyone, for joining us today, and I look forward to getting with you again here in just a few months after we report our third quarter in early December. Thanks very much.

好的。感謝大家今天加入我們，我期待在 12 月初報告第三季報告後的幾個月內再次與大家相聚。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。