Mind Technology Inc (MIND) 2026 Q3 法說會逐字稿

Greetings, and welcome to the MIND Technology's fiscal 2026 third-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 MIND Technology 2026 財年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to introduce your host, Zach Vaughan. Thank you. You may begin.

現在我很榮幸地向大家介紹主持人，扎克·沃恩。謝謝。你可以開始了。

Thank you, operator. Good morning, and welcome to the MIND Technology's fiscal 2026 third-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.

謝謝接線生。早上好，歡迎參加 MIND Technology 2026 財年第三季財報電話會議。感謝各位今天蒞臨。與我一同出席的還有總裁兼執行長羅伯·卡普斯，以及副總裁兼財務長馬克·考克斯。

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, 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 December 17. Information on how to access the replay was provided in yesterday's earnings release.

在把電話交給羅布之前，我還有幾件事要說明。如果您想收聽今天電話會議的錄音，可以透過網路直播收聽，有效期為 90 天，請造訪公司網站 mind-technology.com 的投資者關係部分；或者也可以透過錄製的即時回放收聽，有效期至 12 月 17 日。昨天發布的財報中提供了有關如何觀看回放的信息。

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

本次通話中報告的資訊僅代表截至 2025 年 12 月 10 日星期三的情況，因此，請注意，在您重聽或閱讀文字記錄時，這些有時效性的信息可能不再準確。

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 results or performance to materially differ from any future results or performance expressed or implied by those statements.

在開始之前，請容我提醒各位，管理階層在本次電話會議中所作的某些陳述可能構成 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。這些前瞻性聲明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，其中許多因素是公司無法預測或控制的，可能導致公司未來的實際業績或表現與這些聲明中明示或暗示的任何未來業績或表現存在重大差異。

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本公司不時向美國證券交易委員會提交的文件（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，在開始本次電話會議之前，請同時參閱我們昨天發布的新聞稿中包含的關於前瞻性聲明的聲明，並請注意，我們今天上午電話會議的內容均受這些聲明的約束。

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

現在我想把電話交給羅布‧卡普斯。

Okay. Thanks, Zach, and thank all of you 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.

好的。謝謝扎克，也謝謝各位今天蒞臨。今天，我將討論本季的一些亮點。接下來，Mark 將提供更詳細的財務狀況更新，之後我將回來總結我們的展望。

MIND results in the third quarter were in line with our expectations. Although Seamap revenues moderated slightly from the strong second quarter, we believe we are positioned for a positive finish to fiscal 2026. We're also pleased to deliver another quarter of profitable results. We believe this demonstrates our consistent execution and the benefits of our cost structure optimization and production efficiencies.

MIND 第三季的業績符合我們的預期。儘管 Seamap 的營收較強勁的第二季略有放緩，但我們相信我們已做好準備，在 2026 財年取得積極的收官。我們也很高興地宣布，我們又一個季度實現了盈利。我們相信這體現了我們始終如一的執行力，以及成本結構優化和生產效率提升所帶來的益處。

Our business continues to generate resilient results in an uncertain market and we're finding ways to capitalize on pockets of demand. This bodes well for the balance of this fiscal year. The growing contributions from our aftermarket activities are also providing a stable and recurring revenue stream that is supporting our overall results. Now this component of our business has become increasingly important. I'll touch on this in more detail shortly.

在充滿不確定性的市場環境下，我們的業務持續取得穩健的業績，我們正在尋找方法來抓住零星的需求。這預示著本財年剩餘時間將取得良好進展。售後市場活動的持續成長也為我們提供了穩定且經常性的收入來源，從而支撐了我們的整體表現。現在，我們業務的這一部分變得越來越重要。我稍後會更詳細地談到這一點。

Overall, MIND remains positioned for growth, favorable financial results, and profitability in the coming periods.

整體而言，MIND 在未來一段時間內仍將保持成長勢頭，取得良好的財務表現和獲利能力。

Our backlog of firm orders as of October 31, 2025, was approximately $7.2 million compared to $12.8 million as of July 31, 2025, and approximately $26.2 million as of October 31, 2024. However, subsequent to the end of the quarter, we received some long anticipated orders totaling about $9.5 million. We expect these new orders to have a positive impact on our fourth-quarter results.

截至 2025 年 10 月 31 日，我們的已確認訂單積壓額約為 720 萬美元，而截至 2025 年 7 月 31 日約為 1,280 萬美元，截至 2024 年 10 月 31 日約為 2,620 萬美元。然而，在本季結束後，我們收到了一些期待已久的訂單，總額約為 950 萬美元。我們預計這些新訂單將對我們第四季的業績產生正面影響。

While it's not uncommon to see positives in order activity throughout the year, we are finding that many customers regardless of industry or end use are taking a wait-and-see approach to larger system orders. Based on discussions with customers and industry commentary, we believe the long-term outlook in the seismic exploration industry is quite bullish. We think the recent lull in order activity is a temporary reaction to geopolitical and economic uncertainty. I think most industry observers would agree that the long-term outlook for marine exploration is very positive and an uptick in activity is inevitable.

雖然全年訂單活動出現積極變化並不罕見，但我們發現，無論行業或最終用途如何，許多客戶對大型系統訂單都採取了觀望態度。根據與客戶的討論和行業評論，我們認為地震勘探行業的長期前景相當樂觀。我們認為近期訂單活動的低迷是對地緣政治和經濟不確定性的暫時反應。我認為大多數業內觀察人士都會同意，海洋勘探的長期前景非常樂觀，勘探活動的成長勢在必行。

Now let me also remind you that for an order to be included in our backlog, we must have a purchase order or a signed contract in hand. Our pipeline of potential orders remain solid. While some customers are delaying their commitments until they have a better visibility of geopolitical and economic factors, we believe we will continue to convert these opportunities into firm orders.

現在我還要提醒各位，要將訂單納入我們的待辦事項清單，我們必須持有採購訂單或已簽署的合約。我們的潛在訂單儲備依然充足。儘管一些客戶在對地緣政治和經濟因素有更清晰的了解之前，會推遲他們的承諾，但我們相信我們將繼續將這些機會轉化為確定的訂單。

Our backlog and pipeline of potential orders consist primarily of our three main product lines: GunLink source controllers, BuoyLink positioning systems, and SeaLink streamer systems. However, our backlog also contains some aftermarket orders. Together, these serve as a foundation for our business. As a whole, our Seamap business continues to enjoy a strong market position, even a dominant position in some cases. We've worked hard to carve out a niche within the marine technology industry and have established strong relationships with our customers. We also pride ourselves in finding innovate ways to capture demand.

我們的積壓訂單和潛在訂單主要包括我們的三大產品線：GunLink 來源控制器、BuoyLink 定位系統和 SeaLink 拖曳系統。但是，我們的積壓訂單中也包含一些售後訂單。這些共同構成了我們業務的基礎。總體而言，我們的海圖業務持續保持著強勁的市場地位，在某些情況下甚至佔據主導地位。我們努力在海洋科技產業中開闢了一片天地，並與客戶建立了牢固的關係。我們也以不斷創新方式來滿足市場需求而感到自豪。

As I mentioned earlier, our aftermarket business continues to serve as a meaningful contributor to our results. This aftermarket activity consists of spare parts, repair, service, and other support activities. Now while this activity is influenced to some degree by the general activity level within the industry, it is more recurring in nature than orders for new systems. Additionally, expenditures for aftermarket activity are generally operating costs as opposed to capital expenditures. Therefore, they come from a different budget bucket from -- for our customers.

正如我之前提到的，我們的售後市場業務繼續為我們的業績做出重要貢獻。售後市場活動包括備件、維修、服務及其他支援活動。雖然這種活動在一定程度上受到行業內整體活動水平的影響，但它比新系統的訂單更具重複性。此外，售後市場活動的支出通常是營運成本，而不是資本支出。因此，它們來自與我們的客戶不同的預算類別。

As I noted, customers may be delaying their purchase decisions for new orders and systems. However, their existing equipment will need maintenance. Products that are currently deployed will need repair and service to keep operating, and MIND has established itself as a company that can do this quickly, efficiently, and reliably. The contribution of this activity as a percentage of revenue fluctuates from quarter to quarter based on product mix and the timing of larger system deliveries.

正如我之前提到的，客戶可能會推遲新訂單和系統的購買決定。但是，他們現有的設備需要維護。目前正在部署的產品需要維修和保養才能繼續運行，而 MIND 已成為一家能夠快速、有效率、可靠地完成這項工作的公司。此項活動的收入貢獻百分比會根據產品組合和大型系統交付時間而逐季度波動。

However, for the first nine months of this fiscal year, aftermarket revenues accounted for about 64% of our total revenues. Margins for this business also tend to be better than larger system sales that might attract discounts. As our installed base of Seamap products continues to expand, with it comes a prospect for increased aftermarket activity.

然而，在本財年的前九個月，售後市場收入約占我們總收入的 64%。這種業務的利潤率通常也高於可能享受折扣的大型系統銷售。隨著 Seamap 產品安裝量的不斷擴大，售後市場活動也有望增加。

Additionally, we continue to ramp up activity at our newly expanded Hunstville facility. The additional for space at this facility enables us to efficiently take on significantly larger manufacturing and product repair projects. This increased capacity will be used to further support our existing Seamap products, newly developed products, and services to third parties.

此外，我們位於亨茨維爾的新擴建工廠的生產活動也持續增加。該設施新增的空間使我們能夠有效地承接規模更大的製造和產品維修項目。增加的產能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，以及向第三方提供的服務。

Now turning to our results. Marine Technology product revenues for the third quarter of fiscal 2026 were $9.7 million. Although revenue was down slightly sequentially, we continue to be profitable and 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 resilient results.

現在來看我們的結果。2026 財年第三季海洋科技產品營收為 970 萬美元。儘管營收季比略有下降，但我們仍保持獲利，並有望實現 2026 財年目標。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穩健業績的能力感到滿意。

We will continue to capitalize on opportunity as it presents itself to stimulate order flow and generate sustainable results in future periods. 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 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.

我們將繼續抓住機遇，刺激訂單流，並在未來時期創造可持續的業績。我仍然相信，我們擁有差異化的方法和一流的產品組合，這將使我們獲得競爭優勢。為了保持這一優勢，我們將繼續增加投資，進一步開發和推廣下一代海洋技術產品，以滿足客戶不斷變化的需求。

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

現在，我將讓馬克更詳細地為大家介紹我們第三季的財務表現。

Thanks, Rob, and good morning, everyone. Revenues from Marine Technology product sales totaled $9.7 million for the quarter. Our existing backlog, contributions from our aftermarket business, and current visibility give us confidence that we will achieve improved results in the fourth quarter.

謝謝羅布，大家早安。本季海洋技術產品銷售收入總計970萬美元。我們現有的積壓訂單、售後業務的貢獻以及目前的市場前景，使我們有信心在第四季度取得更好的業績。

Although customer decision-making has slowed, as Rob mentioned earlier, overall interest and engagement remains positive. Third quarter gross profit was $4.5 million. This represents a gross profit margin of 47% for the quarter compared to 45% for the same quarter a year ago. The year-over-year margin improvement was primarily attributable to product mix, which included a greater portion of spare parts and other aftermarket activity.

儘管如羅布之前提到的那樣，客戶的決策速度有所放緩，但整體興趣和參與度仍然保持積極態勢。第三季毛利為450萬美元。本季毛利率為 47%，去年同期為 45%。年比利潤率的提高主要歸功於產品組合的改善，其中包括更大比例的備件和其他售後市場活動。

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.

我們也持續受益於成本結構優化，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 million for the third quarter of fiscal 2026. This was down sequentially but up slightly compared to the same quarter a year ago, with the year-over-year increase primarily due to higher stock-based compensation.

2026 財年第三季度，我們的一般及行政費用約為 300 萬美元。雖然環比有所下降，但與去年同期相比略有上升，同比增長主要是由於股票期權激勵增加。

Our research and development expense for the third quarter was $506,000, which was down slightly compared to the same quarter a year ago. Consistent with prior periods, these costs were largely directed toward the development enhancement of our streamer systems and source controller offerings.

第三季我們的研發費用為 506,000 美元，與去年同期相比略有下降。與以往時期一致，這些成本主要用於提升我們的串流系統和來源控制器產品。

Operating income for the third quarter was approximately $774,000 when compared to operating income of $1.9 million in the same quarter a year ago. Third quarter adjusted EBITDA was approximately $1.3 million compared to adjusted EBITDA of $2 million in the third quarter of fiscal 2025. Net income for the third quarter was $62,000 compared to net income of $1.3 million in the same quarter a year ago.

第三季營業收入約 77.4 萬美元，而去年同期營業收入為 190 萬美元。第三季調整後 EBITDA 約為 130 萬美元，而 2025 財年第三季調整後 EBITDA 為 200 萬美元。第三季淨收入為 6.2 萬美元，而去年同期淨收入為 130 萬美元。

Our effective tax rate for the third quarter increased significantly both sequentially and year-over-year due to a combination of discrete tax expense items, primarily return to provision adjustments recorded by our Singapore entity, and the mix of net income generated in jurisdictions in which we record tax expense, mainly Singapore; the net losses incurred in jurisdictions in which we do not recognize a tax benefit due to valuation allowances on our deferred tax assets, mainly the US and the United Kingdom. The impact of discrete tax items and unbenefited net losses on our effective tax rate is greater when our pretax income is lower.

由於一系列因素，我們第三季的實際稅率環比和同比均大幅上升，這些因素包括：個別稅項支出項目（主要是新加坡實體記錄的準備金調整返還）、以及在我們確認稅項支出的司法管轄區（主要是新加坡）產生的淨收入；以及由於遞延所得稅資產的估值準備，我們不確認稅收的淨司法管轄區（主要是美國和英國）產生的淨收益。當我們的稅前收入較低時，離散稅項和未受益淨虧損對我們的實際稅率的影響更大。

As of October 31, 2025, we had significant working capital of approximately $35.8 million, including $19.4 million of cash on hand. Approximately $11 million of our cash at quarter end was provided by share issuances through our ATM program during the quarter. The company continues to maintain a 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.

截至 2025 年 10 月 31 日，我們擁有約 3,580 萬美元的充足營運資金，其中包括 1,940 萬美元的現金。截至季末，我們約有 1,100 萬美元的現金是透過本季透過我們的 ATM 計劃發行股票獲得的。公司繼續保持著乾淨、無債務的資產負債表和簡化的資本結構。我們依然相信，我們穩固的基礎和靈活的運作方式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.

現在我將把發言權交還給羅布，請他做一些總結性評論。

Thanks, Mark. MIND remains very well positioned for future success. Our prospects are plentiful. As we look at today, the long-term pipeline of opportunities continues to be very positive. That being said, our near-term visibility is a bit more limited than it has been in recent periods.

謝謝你，馬克。MIND 仍然處於非常有利的位置，並有望在未來取得成功。我們擁有廣闊的發展前景。展望未來，長期發展機會前景依然非常​​樂觀。也就是說，我們近期的能見度比最近一段時間低。

As we've discussed, there are some current uncertainties in the market that has caused customers to delay purchase decisions and capital commitments. However, we view these as temporary positive. Commentary from numerous companies for marine exploration exposure have echoed this sentiment. For the most part, the effect on our business to date have been minimal and impacts to our backlog have been delayed relative to others. I personally believe that geopolitical risk is a major contributor to the prevalent uncertainty today.

正如我們之前討論過的，目前市場上存在一些不確定因素，導致客戶推遲購買決定和資金投入。然而，我們認為這些只是暫時的正面因素。許多公司對海洋勘探風險敞口的評論都表達了類似的觀點。到目前為止，對我們業務的影響總體上是最小的，對我們積壓訂單的影響也比其他公司要晚一些。我個人認為，地緣政治風險是造成當今普遍不確定性的主要原因之一。

The global economic environment continues to evolve. Tariffs and complex are creating unease. There's still plenty of positive tailwinds for our business, and we expect this pause in order activity to be temporary and resolve in the coming months. I expect to have a clear picture of how fiscal 2027 will look on our next call.

全球經濟環境持續變化。關稅和複雜的政策引發了不安。我們業務仍有許多利多因素，我們預計訂單活動的這種暫停是暫時的，並將在未來幾個月內解決。我預計在下次電話會議上，就能清楚了解 2027 財年的前景。

It's times of uncertainty like this that serve as a great reminder of just how well positioned we are relative to previous cycles. We have a streamlined footprint, strong balance sheet, and simplified capital structure. We're operating lean and efficiently, and it really doesn't take much to move our needle in a positive direction. As one or two large orders materialize, we have a very different outlook.

正是像現在這樣充滿不確定性的時期，讓我們更清楚地意識到，與以往的周期相比，我們現在所處的位置是多麼有利。我們擁有精簡的業務佈局、穩健的資產負債表和簡化的資本結構。我們營運精簡高效，只需稍加努力就能取得正面的進展。如果有一兩筆大訂單落實，我們的看法就會截然不同。

Our marine technology products continue to penetrate a variety of industries and end markets, and our pipeline of future opportunities remains robust. Additionally, our technological innovation allows us to expand our capabilities and address new opportunities. We are consistently evaluating unique ways to repurchase our existing technology for new applications. We're also looking at ways to expand our product offerings.

我們的海洋科技產品持續滲透到各產業和終端市場，未來的機會儲備仍然充足。此外，我們的技術創新使我們能夠擴展自身能力並抓住新的機會。我們一直在評估各種獨特的方法，以便將我們現有的技術重新用於新的應用。我們也在考慮如何拓展產品線。

Given our current visibility, we expect to conclude fiscal 2026 on a positive note. We have line of sight to orders that we anticipate delivering before year-end, barring unforeseen circumstances. We expect improved financial results, which will continue our trend of profitability. There's always a chance that timing issues or customer delivery delays could impact future results. However, I continue to believe that our results for 2026 will look similar to fiscal 2025, and we expect to be profitable for fiscal 2026 as a whole.

鑑於我們目前的市場前景，我們預計 2026 財年將以積極的態勢收尾。如果沒有不可預見的情況，我們預計在年底前交付訂單。我們預期財務業績將有所改善，這將延續我們獲利的趨勢。時間安排問題或客戶交貨延遲始終有可能影響未來的業績。不過，我仍然相信我們 2026 年的業績將與 2025 財年類似，我們預計 2026 財年將整體獲利。

Going forward, as a part of our capital allocation strategy, we have several levers we can pull to add accretive scale, expand our offerings, and enhance value for our stockholders. These include mergers and acquisitions, investments in organic growth opportunities such as expansion of our existing product lines, and strategic alliances with industry partners. We intend to be very disciplined in our approach to capital allocation, weighing the expected return with the cost of capital.

展望未來，作為我們資本配置策略的一部分，我們可以採取多種措施來增加增值規模、擴大產品和服務範圍，並為股東創造更多價值。這些措施包括併購、投資有機成長機會（例如擴大現有產品線）以及與產業夥伴建立策略聯盟。我們打算在資本配置方面採取非常嚴謹的態度，權衡預期回報和資本成本。

Now let me take a moment to address the recent sales of stock to our ATM program that Mark mentioned. As a result of our pricing approach and strategic planning, we have a framework in place to quickly and efficiently strengthen our balance sheet and enhance liquidity during the third quarter. Our stock price experienced a positive fluctuation, and we were given the opportunity to raise capital at levels that we deemed appropriate without negatively impacting our existing stockholders.

現在，我想花點時間來談談馬克提到的最近向我們的 ATM 程式出售股票的情況。由於我們的定價策略和策略規劃，我們已經建立了一個框架，可以在第三季快速有效地加強我們的資產負債表並提高流動性。我們的股價出現了正面的波動，我們有機會以我們認為合適的水平籌集資金，而不會對現有股東造成負面影響。

In total, we raised approximately $11 million prior to quarter end. This additional liquidity gives us immense flexibility and opportunity. As a result, we have broadened our opportunity set as it pertains to acquisitions of businesses or product lines to help grow our existing business. We will continue to evaluate the potential impacts of any ATM activities in the future with the primary focus of preserving stockholder value for years to come. We remain committed to positioning MIND for success and strengthening it for the future.

截至季末，我們總共籌集了約 1,100 萬美元。新增的流動資金為我們提供了極大的靈活性和機會。因此，我們擴大了在收購企業或產品線方面的機會範圍，以協助發展我們現有的業務。我們將繼續評估未來任何 ATM 活動可能產生的影響，主要目標是在未來幾年內維護股東價值。我們將繼續致力於使 MIND 成功，並為未來發展做好準備。

We continue to evaluate all suitable opportunities with the goal of maintaining financial flexibility, preserving our balance sheet, adding scale, expanding our offerings and growing existing product lines. All of these address our overall objective of increasing stockholder value.

我們將繼續評估所有適當的機遇，目標是保持財務彈性，維護資產負債表，擴大規模，拓展產品和服務，並發展現有產品線。所有這些都符合我們提高股東價值的整體目標。

To conclude today's call, I'd like to reiterate our long-term optimism for the future. Despite our limited near-term visibility, our long-term trajectory is still intact. The underlying fundamentals associated with various macro demand trends such as power generation, energy transition, defense and offshore energy exploration are positive for the marine survey exploration and security entries and more specifically, MIND's technology. I'm proud of the platform we've built. And our differentiated and market-leading suite of products continue to position us favorably.

在今天電話會議的最後，我想重申我們對未來的長期樂觀態度。儘管我們近期能見度有限，但我們的長期發展軌跡仍保持不變。與發電、能源轉型、國防和海上能源勘探等各種宏觀需求趨勢相關的基本面，對海洋勘測勘探和安全領域，尤其是對 MIND 的技術而言，都是利好消息。我為我們搭建的平台感到自豪。我們差異化且市場領先的產品組合繼續使我們保持有利地位。

We are pursuing several new opportunities within our current and future markets, which I expect to bear fruit. I look forward to sharing updates on our outlook and other strategic actions in the coming periods as we strive to enhance stockholder value.

我們正在現有和未來的市場中尋求幾個新的機遇，我預計這些機會將會取得成果。我期待在未來的時期與大家分享我們的展望和其他策略舉措的最新進展，我們將努力提升股東價值。

And with that, operator, I think we can open the call up for some questions.

那麼，接線員，我想我們可以開始接受提問了。

(Operator Instructions) Tyson Bauer, KC Capital.

（操作說明）泰森鮑爾，KC Capital。

Before we get to the ATM questions, your confidence in your fiscal Q4, does that in part -- we got that recurring base around $6 million per quarter. And even though we just heard the announcement on the orders, these are orders we've talked about for a couple of quarters. Does that imply that they were already in process, so the turnaround for delivery is going to be much quicker than maybe a typical order that you might get that would require two, three quarters before you actually deliver those?

在我們討論 ATM 問題之前，您對第四財季的信心在一定程度上決定了這一點——我們每季的經常性收入約為 600 萬美元。雖然我們剛剛聽到有關訂單的公告，但這些訂單我們已經討論過好幾個季度了。這是否意味著他們已經在處理中，因此交付週期會比一般訂單快得多，一般訂單可能需要兩到三個季度才能實際交付？

That's exactly the case, Tyson. Yeah. We've expected these orders for some time. As we said, we were working with the customer very closely to finalize configuration of the system itself. But we have been building these systems. Actually, I'm in Singapore right now, as a matter of fact, and I've actually seen the systems on the bench being worked on. So we very much have been working on these.

沒錯，泰森。是的。我們早就預料到會接到這些訂單。正如我們所說，我們與客戶緊密合作，最終確定了系統本身的配置。但我們一直在建構這些系統。事實上，我現在就在新加坡，而且我已經親眼看到了正在試驗台上進行測試的系統。所以，我們一直在努力做這些事。

And yes, the aftermarket business, kind of the base level does have an impact on our visibility and our outlook for the quarter. What the exact amount is each quarter will vary from time to time, but it is a growing piece of our business, but that certainly does help give us confidence for what we see in the fourth quarter.

是的，售後市場業務，也就是基礎層面的業務，確實會對我們的季度業績和展望產生影響。每個季度的具體金額會不時變化，但這確實是我們業務中不斷增長的一部分，這無疑有助於我們對第四季度的業績充滿信心。

If we look at past quarters, such as Q1 of fiscal '25, similar revenue, similar product mix. This go around, you had a 300-basis-point improvement in your gross margin. So you've done well in that part of the business, obviously offset a little bit by a 10% increase on the SG&A due to stock-based comp. When we see the system sales included in those numbers where it makes up a bigger part of that mix, it appears the contribution margin of those large systems is 60% roughly or if not greater.

如果我們回顧過去的幾個季度，例如 2025 財年第一季度，就會發現類似的收入和類似的產品組合。這一次，你的毛利率提高了300個基點。所以，你在那部分業務上做得不錯，當然，由於股票選擇權激勵導致銷售、一般及行政費用增加了 10%，這在一定程度上抵消了部分收益。當我們把系統銷售額也算進這些數字中，並且它在總銷售額中佔比更大時，這些大型系統的貢獻毛利率似乎約為 60%，甚至更高。

Is that what you're able to bid those projects at? Or is that because we're seeing some of that fixed cost absorption that allows that contribution margin to be so robust?

這就是你們對這些項目的投標價格嗎？還是因為我們看到一些固定成本被吸收，讓邊際貢獻如此強勁？

I think it's more than 4% fixed overhead more than anything. A large system, as you might imagine, we will be a bit more aggressive on pricing sometimes. So therefore, you might see a larger discount than you do on aftermarket business. But certainly, as we have greater volume, we're absorbing more fixed costs. So that's a big contributor. That's the biggest contributor, I should say.

我認為這主要是固定成本，遠不止4%。正如您所想，對於大型系統，我們有時會在定價方面採取更激進的策略。因此，您可能會獲得比售後市場業務更大的折扣。但可以肯定的是，隨著銷售量的增加，我們也承擔了更多的固定成本。所以這是一個重要因素。應該說，這是最大的影響因素。

Okay. And you talked about a lull period, orders slowed. Give us little -- you talked about geopolitical risk, given the leadership in the globe right now, it doesn't seem like that's going to abate anytime soon. What gives you that confidence that lull period ends? And two, of the pipeline of orders that you do have, is it more from existing past customers? Or are you seeing an influx of new customers showing interest in your product lines?

好的。你之前也提到過一段淡季，訂單量下降了。別給我們太多——你談到了地緣政治風險，鑑於目前全球的領導層，這種情況似乎不會很快緩解。是什麼讓你確信這段平靜期即將結束？第二，在你現有的訂單管道中，更多是來自現有老客戶嗎？或者您看到大量新客戶對您的產品線表現出濃厚的興趣？

Let me answer the last first. It's both, Tyson. We certainly have a number of new prospects we're looking at, people that we haven't sold to in the past necessarily or haven't sold to on a regular basis, I should say. But at the same time, we are seeing recurring revenues from existing customers as well. So it's really a mix.

讓我先回答最後一個問題。兩者都是，泰森。我們確實正在考察一些新的潛在客戶，這些人我們過去未必賣過東西，或者說我們沒有定期賣東西給他們。但同時，我們也看到了來自現有客戶的經常性收入。所以這確實是一種混合情況。

But I will say, I am kind of -- I'm encouraged by we're seeing some new customers, some new opportunities that we haven't seen in the past. So that's very encouraging to me.

但我必須說，我感到有些鼓舞，因為我們看到了一些新客戶，一些我們過去從未見過的新機會。這對我來說非常令人鼓舞。

Okay. Now let's get to the ATM. Backing into the numbers, it looks like you sold about 1 million shares at $11 less brokerage fees at the end of the quarter. The two weeks subsequent to the quarter, the stock price runs up to 14%. I would assume if you participated, you would have let us know that and probably by ending the ATM, allow the stock to get up to 14 on that side of it.

好的。現在我們去自動櫃員機。根據數據推算，你在本季末以每股 11 美元的價格賣出了約 100 萬股，並扣除經紀費用後得出結果。季度結束後的兩週內，股價上漲了 14%。我猜如果你參與了，你會告訴我們，而且可能會透過結束 ATM 交易，讓股票價格在那邊上漲到 14。

Did you see something that you are targeting as a potential event? Or is this more of a case of just getting a buffer to your net working capital?

你有沒有發現什麼值得關注的潛在事件？或者，這更像是為了增加一個緩衝淨營運資本？

I think it's more of the latter. Certainly, there are things that we are looking at right now, but I can't say there's a specific event that we were looking to finance. We just saw the value proposition looks positive. The stock was moving in the right direction and took the opportunity to put a little working capital on the balance sheet and give us the opportunity to move quickly should we be able to bring a couple of these opportunities to fruition.

我認為更可能是後者。當然，我們目前正在關註一些事情，但我不能說我們正在尋求資助某個具體的項目。我們剛才看到，它的價值主張看起來是正面的。股票走勢良好，這為我們提供了在資產負債表上增加一些營運資金的機會，也讓我們有機會在能夠抓住其中幾個機會時迅速採取行動。

Does that imply that if the share price got back in that range, you would use that as an opportunity again? Or are you pretty well set with where you are now?

這是否意味著，如果股價回到該區間，你會再次利用這個機會？還是你對目前的生活狀態很滿意？

Not necessarily. I think I don't want to make a comment one or another as to what we might or might not do. I think I'll just leave it at if we see the value at what we think given the current circumstances are appropriate, we might go back in the market, but not necessarily.

未必。我認為我不想對我們可能或不可能做的事情發表任何評論。我認為，如果我們認為當前情況下的價值合適，我們可能會重返市場，但也不一定。

Okay. And you talked about the Horizon long term still looks good. What creates that step-up function for the company where we're not in that $8 million to $14 million a quarter-type outlook depending on the schedules and deliveries, where we get that to that $12 million to $20 million a quarter going forward? What's it going to take to step it up? Is it going to be a potential M&A type situation or affiliation? Or is there something a new product or something that allows us to step up to show that growth for the company?

好的。你之前也說過，Horizo​​​​n的長期前景仍然不錯。是什麼因素促成了公司的業績成長，使我們不再處於每季 800 萬至 1,400 萬美元的預期水準（取決於進度和交付情況），而是能夠實現每季 1,200 萬至 2,000 萬美元的成長？要怎樣才能更進一步？這會是潛在的併購還是合作關係？或者說，是否有新產品或其他什麼因素能夠讓我們展現出公司的成長？

Yeah. Tyson, I think that's really -- you go back to what we said earlier this year as to our approach to try to increase our scale. So that's all we need to do to get to that position. And it could be any of those things. I think most likely, we can look at adding new offerings to our quiver, if you will, new products maybe addressing some new markets.

是的。泰森，我認為這確實是——你回到了我們今年早些時候所說的，關於我們試圖擴大規模的方法。所以，這就是我們要達到那個位置所需要的一切。可能是以上任何一種情況。我認為最有可能的情況是，我們可以考慮在我們的產品組合中增加新的產品，例如推出新產品，開拓一些新的市場。

So it doesn't necessarily have to be an M&A where we go and acquire a product line or another company or something like that. There are some organic things within our current technology that we think we can add to, which will give us that opportunity. But it's adding scale is the bottom line. And there are different ways to get there.

所以，這不一定要併購，像是收購一條產品線或是另一家公司之類的。我們認為，我們現有技術中存在一些可以加以改進的固有特性，這將為我們帶來這樣的機會。但歸根究底，擴大規模才是關鍵。到達那裡有多種不同的方法。

(Operator Instructions) Mike Mitcham, NCR Corporation.

（操作說明）Mike Mitcham，NCR 公司。

Could you expand a little bit on the GWL collaboration? Is that meant to be an aftermarket servicing? Or is that more of a product line expansion or whatever you can share would be great.

能否詳細介紹一下與 GWL 的合作？這是指售後服務嗎？或者這更像是產品線的擴展？如果您能分享更多信息，那就太好了。

Sure. That's really more of a product line expansion. I don't want to get too detailed as to that offering just yet. We're early days in it and there's some competitive reasons not to get too detailed about it, but it is an expansion of our product line and partnering with someone else in the industry. So that's a great example of what I was alluding to earlier with Tyson's question, as something we can add to our quiver and therefore, help increase our scale.

當然。這實際上更像是產品線的擴展。我暫時不想過多透露該方案的細節。我們還處於早期階段，出於一些競爭原因，我們不方便透露太多細節，但這是我們產品線的擴展，也是與業內其他公司合作。所以，這正是我之前在泰森的問題中提到的一個很好的例子，我們可以將這種能力添加到我們的武器庫中，從而幫助我們擴大規模。

Ross Taylor, ARS Investment Partners.

羅斯泰勒，ARS投資合夥公司。

First, I just want to confirm, so you had done no ATM action in the current quarter, correct?

首先，我想確認一下，您在本季沒有進行任何ATM交易，對嗎？

That's correct. We've been in a blackout. Let me clarify that. There was the trades on the last day of the quarter, the past quarter, there were, I don't know, 60,000, 65,000 shares that traded that didn't settle until the current quarter. And so that will be reported in the current quarter just because that's the way the accounting rules work.

沒錯。我們一直處於停電狀態。讓我解釋一下。上個季度的最後一天有一些交易，我不知道，大概有 6 萬股、6.5 萬股股票進行了交易，但直到本季度才結算。因此，這筆款項將在本季報告，因為會計準則就是這樣規定的。

But no, we have been in blackout since the end of the quarter and have not been active in the market.

但是，不，我們從季度末開始就一直處於靜默狀態，沒有參與市場活動。

But when you're talking about your 1 million shares and $11 million raise, you're including what you did on the last day, correct?

但是，當你談到你獲得的 100 萬股股票和 1100 萬美元融資時，你指的是最後一天的交易，對嗎？

We are not. No, we are not. So there's no -- about 60,000, 65,000. No, just the accounting rules don't let you do that. This says you have to look at the settlement date, which I don't agree with, but I don't make the rules.

我們不是。不，我們不是。所以沒有——大約 6 萬，6.5 萬。不，會計準則不允許你這樣做。這表示你必須查看結算日期，我不同意這種做法，但我不是製定規則的人。

Okay. So we got the math from that now. Okay. A couple of things. One, you talked about the ability to do a quick turnaround on these recent orders that you got after the end of the prior quarter.

好的。所以我們現在得到了計算結果。好的。有幾件事。第一，您談到了能夠快速處理上一季末之後接到的這些訂單的能力。

Are the costs for building those systems, it sounds like you've already started building some of them. You might even have some of them already built. Are those costs when we get the Q, will those costs actually be in the Q anywhere?

建造這些系統的成本是多少？聽起來你們已經開始建造其中一些了。你甚至可能已經建好了其中一些。這些成本會在我們收到 Q 時產生嗎？這些成本實際上會包含在 Q 的任何地方嗎？

They will be an inventory. Anything we spent to date on those orders will be in inventory.

它們將成為一份清單。我們迄今為止在這些訂單上花費的所有款項都將存入庫存。

Okay. And what kind of cost are we looking at? So how much of inventory should we assume is tied into orders that will be going out this quarter?

好的。那麼，成本大概是多少呢？那麼我們應該假設有多少庫存與本季即將發出的訂單掛鉤呢？

Oh, gosh. Ross, I'm not sure I can answer that very accurately. There's $10 millions of orders. Just to make the math easy, the cost is half of that. And so we've spent some amount of that.

哦，天哪。羅斯，我不太確定我能不能準確回答這個問題。訂單金額高達1000萬美元。為了方便計算，成本是原來的一半。所以我們已經花掉一部分錢了。

But I wouldn't get too worried about trying to figure those numbers out. We always are carrying some inventory. We always are carrying some components for current future orders. So I think if you try to chase that down the road hole too much, it's not going to tell you very much, frankly.

但我覺得沒必要太費心去計算這些數字。我們總是會備有一些庫存。我們總是會儲備一些零件，以備當前和未來訂單之需。所以我覺得，如果你試圖過度追究這個錯誤，坦白說，它並不會告訴你太多。

Okay. I'm trying to get the idea of what we should be looking at for free cash flow. And it would seem that you should have a pretty strong free cash flow quarter given that you've already put some of the costs in the inventory.

好的。我正在努力了解我們應該關注哪些自由現金流指標。鑑於你已經將部分成本投入到庫存中，你的本季自由現金流應該會相當強勁。

Okay. I understood where you're heading on that now. So yeah, you're right about that. Just the issue is when do we actually deliver that and therefore, when do we actually get paid for it. So I could deliver it on January 20 and not get paid until February.

好的。我現在明白你的意思了。是的，你說得對。問題在於我們何時才能真正交付成果，因此，我們何時才能真正獲得報酬。這樣我就可以在1月20日交付，但要等到2月才能拿到報酬。

So it doesn't show up in the free cash flow in that quarter. So it kind of works both ways on it, but I understand your question. So yes, we have spent a great deal of the cost already and therefore, would not be a cash outlay in the quarter.

因此，它不會反映在該季度的自由現金流中。所以這個問題其實是雙向的，但我理解你的問題。所以，是的，我們已經花費了很大一部分成本，因此，本季不會有現金支出。

Okay, cool. Now it looks like you've talked about your opportunities. You obviously appear to be trying to find a way to ship or create income in the US, where you have tax loss carryforwards. Can you give an idea of kind of what type of magnitude, what type of expense?

好的，明白了。現在看來你已經談過你的機會了。你顯然似乎想找到一種方法，在美國運送貨物或創造收入，因為你在美國有稅收虧損結轉。您能大概說說規模大小和費用類型嗎？

How do you value something if you want to build that? How much of it can you effectively greenfield? You have your new expanded facility. How should we see run through that on an annual basis? Because it does sound like what you're trying to do is become -- you've got that tax asset and you're trying to find a way to turn that into value.

如果你想建造某樣東西，你該如何評估它的價值？其中有多少可以真正從零開始開發？你們擁有了擴建後的新廠房。我們應該如何每年進行一次這樣的審查？因為聽起來你似乎想要做的是——你擁有這項稅務資產，並且正在想辦法將其轉化為價值。

Yeah, you're right about that. And expanding the wholesale facility is certainly part of that strategy. The majority of our revenues have been out of Singapore historically. That's going to continue to be the case. So we're not going to start creating half of revenue in the US all of a sudden. But if we can increase that to $3 million, $4 million, $5 million, $10 million a year out of the US, that can have a big impact on the tax rate. So that's what we're trying to do.

是的，你說得對。擴建批發設施無疑是該策略的一部分。從歷史上看，我們的大部分收入都來自新加坡。這種情況還會繼續下去。所以我們不可能突然在美國創造一半的收入。但是，如果我們能將每年從美國流出的資金增加到 300 萬美元、400 萬美元、500 萬美元、1000 萬美元，將對稅率產生重大影響。所以這就是我們正在努力的方向。

So just to give you a sense of magnitude, again, it's not going to be half our revenue, but it could be a significant portion going forward. And as we look at opportunities beyond what we've done in Huntsville and expanding that facility, we'll continue to evaluate that, and that's just part of our economics and looking at new opportunities.

為了讓你們對規模有個概念，再次強調，這不會占我們收入的一半，但未來可能會佔很大一部分。當我們展望亨茨維爾以外的機遇，並考慮擴大該設施時，我們將繼續評估這些機遇，這只是我們經濟考量和尋找新機會的一部分。

Okay. And touching on something Tyson asked on the 661 and kind of maintenance-type work that you guys -- recurring work you guys are doing. Is that a safe run rate on a quarterly basis effectively going forward? Should we assume that? How does it grow as your systems in the market grow?

好的。泰森問到了關於 661 號飛機的一些問題，以及你們正在進行的維護工作——你們正在進行的定期工作。長遠來看，這樣的季度運作速度是否安全可靠？我們應該這樣假設嗎？隨著您在市場上的系統不斷發展，它又將如何發展？

Yeah. I mean, I'm hesitant to put a dollar value on that because it does fluctuate from time to time, but it certainly is a growing percentage of our business as we've demonstrated. It just grows as we have more stuff out there. Everything we have out in the field needs to be serviced.

是的。我的意思是，我不太願意給它定個具體的美元價值，因為它會不時波動，但正如我們所展示的，它在我們業務中所佔的比例肯定在不斷增長。隨著市面上商品種類越來越多，這種情況也會愈演愈烈。我們所有在現場使用的設備都需要維修保養。

Does activity within the industry have some impact? Sure. If people aren't using their equipment, it doesn't work out as much. If they're using it more, it wears out more quickly. So that does have an impact.

產業內部活動是否會產生一定影響？當然。如果人們不使用他們的設備，那就達不到預期效果。如果使用頻率更高，磨損速度也會更快。所以這確實會產生影響。

But the important thing in my mind is it's not a capital expenditure decision. Our customer bought the stuff to use it. So they're out trying to generate revenue. So by and large, if they bought it, they're using it. And so that becomes more and more recurring for us.

但我認為最重要的是，這不是一項資本支出決策。我們的顧客購買了這些東西來使用。所以他們正在想辦法創造收入。所以總的來說，如果他們買了，他們就會用。因此，這種情況對我們來說越來越頻繁。

So just as we sell more stuff, that's going to layer on over time. So I don't see that going down over time. I see it continue to increase incrementally.

所以，隨著我們銷售的產品越來越多，這種情況也會隨著時間的推移而逐漸加劇。所以我認為這種情況不會隨著時間而減少。我看到它繼續穩步增長。

Okay. And lastly, should we be looking at expecting your operating profit margin to push back up towards levels you were at some of your prior quarters? This quarter sets up -- it sounds like it sets up to be a strong quarter. You've got a lot of business that you got some systems business that should, I would think, allow you to push pretty well into the fixed cost structure.

好的。最後，我們是否應該預期您的營業利潤率會回升到前幾季的水平？本季看起來——聽起來會是一個強勁的季度。你們有很多業務，其中一些是系統業務，我認為這應該能讓你們很好地融入固定成本結構。

The last quarter, I have to say a little with the net profit margin. So I'm wondering if we're going to see it recover strongly in the current quarter.

關於上個季度的淨利潤率，我不得不略作說明。所以我想知道，本季它是否會強勁復甦。

Well, the gross profit were 47% in the quarter. So I mean, gross profit is going in the right direction. Operating profit, top line impacts that. So we have some fixed G&A type costs that don't get absorbed as much. So certainly, as we have a better top line, we're going to see improvement there.

本季毛利率為 47%。我的意思是，毛利正朝著正確的方向發展。營業利潤和營收都會受到影響。因此，我們有一些固定的管理費用，這些費用無法被充分吸收。所以，隨著營收成長，我們一定會看到業績有所改善。

But as Mark said, I think, in his comments, a big part of the increase in the G&A line was stock-based compensation, which is a non-cash item, obviously. And so that's really -- otherwise, it's pretty flat from an excellent standpoint.

但正如馬克所說，我認為，在他的評論中，一般及行政費用增加的很大一部分是股票選擇權補償，這顯然是一個非現金項目。所以，除此之外，從極佳的角度來看，情況相當平坦。

Well, I'm excited to see what you can do this quarter. I'm hopeful that you will stay off the ATM for a bit until you find a way to spend it to make back that money. I understand you want US liquidity, but at the same time, I think shareholders would love to see you actually -- would love to see that capital deployed in the way that's going to be adding to value for the company. So other than that, that's what I --

我很期待看看你這季能取得怎樣的成績。我希望你暫時不要使用自動櫃員機，直到你找到辦法把錢花掉，把損失的錢賺回來。我理解你們想要獲得美國的流動性，但同時，我認為股東們也希望看到你們真正——希望看到這些資金以能夠為公司創造價值的方式進行部署。除此之外，就是這些了。--

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I'll turn the floor back to Mr. Capps for any final comments.

謝謝。女士們、先生們，我們的問答環節到此結束。我把發言權交還給卡普斯先生，請他作最後的總結發言。

Thanks, everyone, for joining us this morning. I appreciate your time and look forward to visiting with you again as we report our fourth quarter in the new year. Thank you very much.

謝謝大家今天早上收看我們的節目。感謝您抽出時間，期待在新的一年與您再次會面，共同報告第四季工作。非常感謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。