MOBIX LABS, INC. (MOBX) 2024 Q2 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to Mobix Labs, Inc. second fiscal quarter 2024 financial results conference call. Please be advised today's conference is being recorded and a replay will be available on Mobix�s Investor Relations website.

午安.感謝您的耐心等待，歡迎參加 Mobix Labs, Inc. 2024 年第二財季財務績效電話會議。請注意，今天的會議正在錄製中，重播將在 Mobix 的投資者關係網站上提供。

In addition, this call includes non-GAAP financial measures. Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our second quarter earnings release posted on the Investor Relations section of our website.

此外，本次電話會議還包括非公認會計準則財務指標。這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的對帳包含在我們網站投資者關係部分發布的第二季財報中。

I would now like to hand the conference over to Lori Barker, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部門的 Lori Barker。請繼續。

Thank you. Good afternoon, everyone. I'm Lori Barker, Investor Relations from Mobix Labs, and I'd like to thank you for joining us today as we report Mobix�s second fiscal quarter 2024 financial results for the period ending March 31. With me on the call today are Fabian Battaglia, Mobix's Chief Executive Officer; and Keyvan Samini, President and Chief Financial Officer.

謝謝。大家下午好。我是 Mobix Labs 投資者關係部門的 Lori Barker，感謝您今天加入我們，我們將報告截至 3 月 31 日的 Mobix 2024 年第二財季財務業績。官；和總裁兼財務長 Keyvan Samini。

This call is simultaneously being webcast on the Investor Relations section of our website at mobixlabs.com. Before we get started, I would like to remind everyone of our safe harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties.

本次電話會議同時在我們網站 mobixlabs.com 的投資者關係部分進行網路直播。在我們開始之前，我想提醒大家我們的安全港政策。本次電話會議和網路廣播中發表的評論包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並存在風險和不確定性。

Any statement that refers to expectations, projections, or other characterizations of future events, including financial projections, future market conditions, or future product enhancements or development, is a forward-looking statement. Mobix's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in our SEC filings.

任何涉及未來事件的預期、預測或其他特徵的聲明，包括財務預測、未來市場狀況或未來產品增強或開發，均屬於前瞻性聲明。 Mobix 的實際未來結果可能因任何原因與此類前瞻性聲明中表達的結果存在重大差異，包括我們在 SEC 文件中列出的結果。

Mobix assumes no obligation to update any forward looking statements, except as required by law. For greater detail about risks and uncertainties, please see our SEC filings, including our Form 10-Q for the quarter ended December 31, 2023, and the section titled Risk Factors in our Form S-1 amendment filed on May 2, 2024.

除法律要求外，Mobix 不承擔更新任何前瞻性聲明的義務。有關風險和不確定性的更多詳細信息，請參閱我們向SEC 提交的文件，包括截至2023 年12 月31 日的季度的10-Q 表格，以及2024 年5 月2 日提交的S-1 表格修正案中標題為「風險因素」的部分。

With that, I will turn the call over to Fabian Battaglia. Fabian, Please go ahead.

這樣，我會將電話轉給 Fabian Battaglia。費邊，請繼續。

Thank you, Lori. Today we are excited to host our first earnings call as a public company. We have had several exciting developments so far in 2024. And today I'll review the March quarter and share our overarching strategy with you. Keyvan, our President and CFO, will follow with financial comments.

謝謝你，洛瑞。今天，我們很高興能夠作為一家上市公司舉辦第一次財報電話會議。 2024 年到目前為止，我們已經取得了一些令人興奮的進展。我們的總裁兼財務長 Keyvan 將隨後發表財務評論。

In the March quarter, we grew revenue sequentially by more than 300%, and it was a record quarter for product revenue. This confirms that our acquisition strategy is successfully expanding our portfolio of innovative products and extending our customer base and related [SAM]. In the first few months as a public company, we've already executed foundational milestones. We signed a committed equity facility that provides for up to $100 million, which we believe positions us well for acquisitions, including the recently announced acquisition of RaGE systems.

在 3 月這個季度，我們的收入環比增長了 300% 以上，這是產品收入創紀錄的季度。這證實了我們的收購策略正在成功擴展我們的創新產品組合併擴大我們的客戶群和相關 [SAM]。在作為上市公司的最初幾個月裡，我們已經實現了一些基礎性的里程碑。我們簽署了一項高達 1 億美元的承諾股權融資，我們相信這為我們的收購奠定了良好的基礎，包括最近宣布的對 RaGE 系統的收購。

RaGE Systems is a provider of joint design and manufacturing services for the development of radio frequency technologies for a variety of customers in the fields of Millimeter Wave 5G communications, radar sensors and imaging sensors. Tremendous synergies exist between our products and those that RaGE brings to us, and we believe customers from both companies will benefit substantially from our expanded offering.

RaGE Systems 是一家為毫米波 5G 通訊、雷達感測器和成像感測器領域的各種客戶開發射頻技術的聯合設計和製造服務提供商。我們的產品和 RaGE 為我們帶來的產品之間存在巨大的協同效應，我們相信兩家公司的客戶將從我們擴展的產品中受益匪淺。

As a past customer of Mobix Labs, we know the team at RaGE well. We are excited to have Russell Cyr and Geoff Dawe, RaGE's co-founders and their team join Mobix Labs as we accelerate our comprehensive industry leading tech portfolio in next-generation wireless communications. This RaGE acquisition follows quickly on the heels of the acquisition of EMI in late December. Integration of EMI is completed, and we have announced several critical contracts for electromagnetic interference filtering products to defense and aerospace customers serving well-known companies like BAE, General Dynamics, Raytheon and Lockheed Martin.

身為 Mobix Labs 的老客戶，我們非常了解 RaGE 的團隊。我們很高興 RaGE 聯合創辦人 Russell Cyr 和 Geoff Dawe 及其團隊加入 Mobix Labs，幫助我們加速下一代無線通訊領域全面的業界領先技術組合。此次 RaGE 收購是繼去年 12 月底收購 EMI 之後的另一項收購。 EMI 的整合已經完成，我們已經向為 BAE、通用動力、雷神和洛克希德馬丁等知名公司提供服務的國防和航空航天客戶宣布了幾份電磁幹擾過濾產品的重要合約。

Most recently, we announced the delivery of EMI Solutions to the US military for the Tomahawk missile systems and we are awarded contracts for the M1 Abrams tank and the Javelin missile system. We are excited about what the EMI and RaGE acquisitions bring to Mobix Labs, and along with the up to $100 million equity facility, we feel confident that we are rapidly and efficiently assembling the foundational elements necessary to execute our strategy.

最近，我們宣布向美國軍方交付用於戰斧飛彈系統的 EMI 解決方案，並獲得了 M1 艾布拉姆斯坦克和標槍飛彈系統的合約。我們對 EMI 和 RaGE 收購對 Mobix Labs 的影響感到興奮，加上高達 1 億美元的股權融資，我們相信我們正在快速有效地整合執行我們策略所需的基本要素。

Also, we have announced the addition of Arrow Electronics as our global distribution partner to support our growing business. In this first call as a public company, I'll discuss our history, our strategy, markets and products. We were founded to simplify development, reduce costs and maximize performance of wireless Millimeter Wave 5G products used primarily for infrastructure applications.

此外，我們也宣布增加艾睿電子 (Arrow Electronics) 作為我們的全球分銷合作夥伴，以支持我們不斷成長的業務。在作為一家上市公司的第一次電話會議中，我將討論我們的歷史、策略、市場和產品。我們成立的目的是簡化主要用於基礎設施應用的無線毫米波 5G 產品的開發、降低成本並最大限度地提高其性能。

Innovation is at our core and we already have over 40 patents issued or pending. Like past transformations from 1G through 4G, demand continues to expand for both bandwidth and coverage and infrastructure gets built over many years as it becomes economically viable. With the advancements in the areas of AI, autonomous vehicles, remote surgery and other high-bandwidth data intensive applications, the need for innovative solutions at the component level like our IP rich solutions will contribute to the deployment of advanced wireless infrastructure.

創新是我們的核心，我們已擁有 40 多項已頒發或正在申請的專利。與過去從 1G 到 4G 的轉變一樣，對頻寬和覆蓋範圍的需求不斷擴大，基礎設施的建設也需要多年時間才能變得經濟可行。隨著人工智慧、自動駕駛汽車、遠端手術和其他高頻寬資料密集型應用領域的進步，對組件級創新解決方案（如我們豐富的IP 解決方案）的需求將有助於先進無線基礎設施的部署。

But today, while the 5G Millimeter Wave market is nascent, we are leveraging these early investments and diversifying into other synergistic applications. We believe that along with our acquisitions, these synergistic products will fuel our revenue growth and help build deeper customer relationships, which when combined with our continued innovation, will be instrumental to Mobix Lab�s growth as the 5G market emerges.

但如今，雖然 5G 毫米波市場仍處於萌芽階段，但我們正在利用這些早期投資，並向其他協同應用多元化發展。我們相信，隨著我們的收購，這些協同產品將推動我們的收入成長，並幫助建立更深的客戶關係，與我們的持續創新相結合，隨著5G 市場的出現，將有助於Mobix Lab 的增長。

Today, we are proud to be doing business with more than 200 customers. We anticipate this number to grow as we introduce more products like the recently announced high-power RF switches focused on the land and mobile radio or LMR market. The LMR market is going through a transition from the current push to talk to utilizing a higher frequency spectrum and providing data and video. This allows first responders, firefighters, police and military personnel to send secure data or still photos over standard wireless radio.

今天，我們很自豪能夠與 200 多家客戶開展業務。隨著我們推出更多產品（例如最近發布的專注於陸地和行動無線電或 LMR 市場的高功率射頻開關），我們預計這一數字將會成長。 LMR 市場正在經歷從當前的一鍵通往利用更高頻譜並提供數據和視訊的轉變。這使得急救人員、消防員、警察和軍事人員能夠透過標準無線電發送安全資料或靜態照片。

This development validates our strategy to continue developing state-of-the-art solutions for infrastructure in wireless markets. Our innovative products provide the necessary technology to enhance future devices in the field.

這項發展驗證了我們持續為無線市場基礎設施​​開發最先進解決方案的策略。我們的創新產品提供了增強該領域未來設備所需的技術。

Since our inception as part of our commitment to enhancing communication services, our corporate strategy has evolved to encompass the pursuit of synergistic product acquisitions in diverse industry sectors, including aerospace, defense, medical and automotive. This strategy not only expands our customer base, but also extends our current customer footprint, making Mobix Labs a key partner and allowing our customers to reduce their number of suppliers.

自成立以來，作為我們致力於增強通訊服務的一部分，我們的企業策略已發展到涵蓋在航空航太、國防、醫療和汽車等不同產業領域追求協同產品收購。這項策略不僅擴大了我們的客戶群，還擴大了我們目前的客戶足跡，使 Mobix Labs 成為重要合作夥伴，並允許我們的客戶減少供應商數量。

Each acquisition must meet strict criteria to help accelerate Mobix Lab�s growth and cash generation and RaGe System is an excellent example of a company expected to grow by more than 40% in the remainder of our fiscal year. Also, the acquisition is projected to be immediately accretive.

每次收購都必須滿足嚴格的標準，以幫助加速 Mobix Lab 的成長和現金生成，而 RaGe System 就是一個極好的例子，該公司預計在本財年剩餘時間將實現 40% 以上的成長。此外，此次收購預計將立即增值。

Earlier in my remarks, you heard how both EMI and the RaGE acquisitions during the last few months continued to add to our scale and accelerate our innovative offerings. This has led to expanding our end markets and diversifying our offerings, which in turn added to the stability of our business. Also in 2021, we acquired Cosemi, a global supplier of high-speed connectivity solutions, including a broad range of AOCs and optical engines.

在我早些時候的演講中，您聽說過過去幾個月 EMI 和 RaGE 的收購如何繼續擴大我們的規模並加速我們的創新產品。這擴大了我們的終端市場並使我們的產品多樣化，從而增強了我們業務的穩定性。同樣在 2021 年，我們收購了 Cosemi，一家高速連接解決方案的全球供應商，包括各種 AOC 和光學引擎。

This acquisition was an earlier validation of our ability to acquire and integrate teams and technology. Our leadership has a solid track record of identifying the right assets and integrating the teams and technologies. You might have seen our recent announcement of the appointment of Mike Long, former CEO of Arrow Electronics, to our Board of Directors. Mike, is an excellent example of the Board's impressive track record, including several of us who are instrumental in growing well-known companies such as Microsemi, Skyworks and Broadcom.

這次收購是對我們收購和整合團隊和技術能力的早期驗證。我們的領導層在識別合適的資產以及整合團隊和技術方面擁有良好的記錄。您可能已經看到我們最近宣布任命艾睿電子 (Arrow Electronics) 前執行長 Mike Long 為我們的董事會成員。 Mike 是董事會令人印象深刻的業績記錄的一個很好的例子，其中包括我們中的幾位，他們在發展 Microsemi、Skyworks 和 Broadcom 等知名公司方面發揮了重要作用。

Another unique part of our strategy is how we go to market. We believe our strategy is highly scalable and allows us to quickly integrate acquisitions using manufacturing reps and distributors as extended resources. We believe this model enables us to blanket wide geographies and can help support high-growth. It is made possible by leveraging the strong relationships developed over multiple decades.

我們策略的另一個獨特部分是我們如何進入市場。我們相信我們的策略具有高度可擴展性，使我們能夠利用製造代表和分銷商作為擴展資源來快速整合收購。我們相信，這種模式使我們能夠覆蓋廣泛的地域，並有助於支持高成長。這是透過利用數十年來建立的牢固關係而實現的。

Through our acquisitions and go-to-market strategy, we have amassed four product lines. First, wireless components. Demand for data has exploded to enable many current and future data-intensive applications, including alternative reality, virtual reality, autonomous vehicles and the Internet of Things or IoT sensors. All of these and others in development will impose added strain on existing wireless networks. The next generation of wireless networks, including 5G Millimeter Wave and beyond is expected to revolutionize the way data is transferred worldwide.

透過收購和進入市場策略，我們已經累積了四個產品線。首先，無線組件。對數據的需求爆炸性增長，以實現許多當前和未來的數據密集型應用，包括替代現實、虛擬實境、自動駕駛汽車和物聯網或物聯網感測器。所有這些以及其他正在開發的項目都將給現有無線網路帶來額外的壓力。包括 5G 毫米波及更高技術在內的新一代無線網路預計將徹底改變全球資料傳輸方式。

Due to the complexities of 5G Millimeter Wave, substantially more complicated systems will be required needing multiple antennas and RF front end devices. RF front ends for wireless enabled products and infrastructure will be driven by cost and power efficiency, and they need to be highly integrated and manufactured in high volumes, utilizing low cost and readily available manufacturing such as CMOS technology to reduce per unit cost.

由於 5G 毫米波的複雜性，將需要更複雜的系統，需要多個天線和射頻前端設備。無線產品和基礎設施的射頻前端將受到成本和功率效率的驅動，它們需要高度整合和大量製造，利用低成本和現成的製造技術（如 CMOS 技術）來降低單位成本。

Our second product line is EM filters. The electromagnetic filtering market is experiencing significant growth due to increasing demand for noise reduction and signal integrity in electronic devices. Our filtering devices are designed to reduce electromagnetic interference. Our high reliability filters are designed to consistently meet or exceed performance requirements and are vitally important to any industry with a high cost of failure.

我們的第二條產品線是 EM 濾波器。由於電子設備對降噪和訊號完整性的需求不斷增加，電磁濾波市場正在經歷顯著成長。我們的過濾裝置旨在減少電磁幹擾。我們的高可靠性過濾器旨在始終滿足或超過性能要求，對於任何故障成本較高的行業都至關重要。

Currently, our filtering products from the EMI acquisition are widely used in various applications and industries, including aerospace, military, defense and health care. In the summary of the March quarter, you heard me mention several key wins, particularly in military and defense. The third, product line, wireless systems. This is our exciting new offering mentioned earlier from the acquisition of RaGE Systems. These are specialized products for 5G communications, Millimeter Wave imaging and software defined radios.

目前，我們收購 EMI 的濾波產品廣泛應用於各種應用和產業，包括航空航太、軍事、國防和醫療保健。在三月季度的總結中，您聽到我提到了幾項關鍵的勝利，特別是在軍事和國防方面。第三，產品線，無線系統。這是我們前面提到的收購 RaGE Systems 帶來的令人興奮的新產品。這些是用於 5G 通訊、毫米波成像和軟體定義無線電的專用產品。

Our wireless systems offerings are targeted at a number of markets, including physical security, defense, industrial and communications. Typical products designed and manufactured include 2G, 3G, 4G and 5G ORAN systems and subsystems. Millimeter Wave modules for threat scanning and highly integrated systems for multiple aerospace and defense applications.

我們的無線系統產品面向多個市場，包括實體安全、國防、工業和通訊。設計和製造的典型產品包括2G、3G、4G和5G ORAN系統和子系統。用於威脅掃描的毫米波模組和用於多種航空航天和國防應用的高度整合系統。

Fourth is AOC, or Active Optical Connectors. Connectivity demand for high bandwidth and low latency connections is necessary for both wireless and optical connections for many applications. For example, professional audio video or pro AV systems such as video conferencing, are capitalizing on the advantages of AOC connections to provide high bandwidth and uncompressed high definition signal with low latency over greater distances.

第四種是 AOC，即有源光連接器。對於許多應用的無線和光纖連接來說，高頻寬和低延遲連接的連接需求是必要的。例如，專業音訊視訊或專業 AV 系統（例如視訊會議）正在利用 AOC 連接的優勢，在更遠的距離上提供高頻寬和低延遲的未壓縮高清訊號。

These four product lines combine to serve diverse end markets, infrastructure, automotive, consumer premise equipment, high-reliability, military, aerospace, satellite communications, medical and security. In the future, I will tell you more about these markets. In addition to these diversified markets and products and our strong leadership team focused on acquisitions, I want to tell you more about our other competitive strengths. Our Millimeter Wave 5G chip designs are based on a CMOS process, which enables higher levels of integration leading to more cost-effective solutions that accelerate our customers' time to market.

這四個產品線結合起來服務不同的終端市場，包括基礎設施、汽車、消費者終端設備、高可靠性、軍事、航空航太、衛星通訊、醫療和安全。以後我會向大家詳細介紹這些市場。除了這些多元化的市場和產品以及我們專注於收購的強大領導團隊之外，我還想向您介紹更多有關我們其他競爭優勢的資訊。我們的毫米波 5G 晶片設計基於 CMOS 工藝，可實現更高水準的集成，從而產生更具成本效益的解決方案，從而加快客戶的上市時間。

Another competitive strength and customer benefit is that we are a US based supplier. Many of our customers produce mission-critical applications in the wireless communications, defense and medical markets with domestic manufacturing preferred. Nearly all of our offerings are proprietary in nature. Our customer engagements are directly with their development teams where we worked side by side to help solve technical challenges.

另一個競爭優勢和客戶利益是我們是美國供應商。我們的許多客戶在無線通訊、國防和醫療市場生產關鍵任務應用，並優先考慮國內製造。我們幾乎所有的產品本質上都是專有的。我們的客戶直接與他們的開發團隊合作，我們並肩工作，幫助解決技術挑戰。

It's this design and incentric methodology that leads to technology breakthroughs and creates value for our customers and Mobix Labs. In future calls, I will be highlighting key design wins as it is core to our operating strategy.

正是這種設計和非中心方法帶來了技術突破，並為我們的客戶和 Mobix Labs 創造了價值。在未來的電話會議中，我將強調關鍵的設計勝利，因為它是我們營運策略的核心。

In summary, I'm excited about March quarter�s execution on fundamental milestones and our recent synergistic product acquisition of RaGE Systems. Looking ahead, we believe we have set the stage for Mobix Labs continued best in class innovative solutions to capture opportunities in wireless, connectivity, electromagnetic filtering industries, which we expect will create a versatile company that serves diverse end markets.

總而言之，我對 3 月季度基本里程碑的執行以及我們最近對 RaGE Systems 的協同產品收購感到興奮。展望未來，我們相信我們已經為Mobix Labs 繼續提供一流的創新解決方案奠定了基礎，以抓住無線、連接、電磁過濾行業的機遇，我們預計這將創建一家服務於多元化終端市場的多功能公司。

Now Keyvan, will take you through our financials. Keyvan?

現在，Keyvan 將帶您了解我們的財務狀況。基萬？

Thanks, Fabian. In my comments today, I will take you through the financial highlights of our recent acquisition of RaGE review our second fiscal quarter ending March 31, and I'll provide our outlook for the third and fourth fiscal quarters. The numbers I will be discussing represent non-GAAP, unless otherwise stated, I'm thrilled to report that we've not only met but exceeded our top line expectations for the second quarter.

謝謝，法比安。在今天的評論中，我將向您介紹我們最近收購 RaGE 的財務亮點，回顧我們截至 3 月 31 日的第二財季，並將提供我們對第三和第四財季的展望。我將討論的數字代表非公認會計準則，除非另有說明，我很高興地報告說，我們不僅達到了而且超出了我們對第二季度的營收預期。

Our financial performance for our second fiscal quarter ending March 31, 2024, was exceptionally strong. We saw more than 300% sequential increase in revenue quarter over quarter. Our gross margin increased to 33.7% of net revenue, up from 8.4% for the immediately preceding quarter. In the longer term, we are committed to achieving a 60% gross margin and a 30% operating margin. We plan to ramp up our R&D spending and SG&A expense as we grow.

我們截至 2024 年 3 月 31 日的第二財季的財務表現異常強勁。我們看到收入環比增長超過 300%。我們的毛利率佔淨收入的 33.7%，高於上一季的 8.4%。長遠來看，我們致力於實現60%的毛利率和30%的營業利益率。隨著我們的發展，我們計劃增加研發支出和銷售及管理費用。

However, we foresee gross profits increasing more significantly than operating expenses due to the synergies we expect to capture. Our loss from operations held steady at $4.1 million mirroring the prior quarter. Our loss from operations has decreased by $1.6 million compared to last year, driven by higher revenue, better gross margins and improved operating expense leverage.

然而，由於我們期望獲得協同效應，我們預計毛利的成長將超過營運費用的成長。我們的營運虧損穩定在 410 萬美元，與上一季持平。由於收入增加、毛利率提高和營運費用槓桿改善，我們的營運損失比去年減少了 160 萬美元。

Recently, we finalized an agreement to acquire RaGE Systems. This strategic acquisition valued at 1.4 times RaGE's projected calendar 2024 revenue of $8.5 million is poised for substantial growth with just north of a 40% increase in revenue expected in both 2024 and 2025. As we move forward, the integration of RaGE Systems is expected to significantly increase our revenue.

最近，我們敲定了收購 RaGE Systems 的協議。這項策略性收購的價值是 RaGE 2024 年預計營收 850 萬美元的 1.4 倍，預計將實現大幅成長，2024 年和 2025 年營收預計將成長 40%。著增加我們的收入。

For the third fiscal quarter of 2024, we are forecasting consolidated revenues between $1.8 million and $2.2 million. To provide a perspective, our total revenue for 2023 fiscal year was $1.2 million. We forecast robust revenue growth in our fourth fiscal quarter ending September 30, of $2.6 million to $3.2 million.

我們預計 2024 年第三財季的合併收入將在 180 萬美元至 220 萬美元之間。作為一個視角，我們 2023 財年的總收入為 120 萬美元。我們預計截至 9 月 30 日的第四財季營收將強勁成長，達到 260 萬美元至 320 萬美元。

Looking at our balance sheet, we ended the quarter with $3 million in cash compared to the $14.8 million at the end of our prior quarter. The change in our cash balance includes the repayment of debt, payments for the acquisition of EMI merger related costs and cash used in our operations.

從我們的資產負債表來看，本季末我們有 300 萬美元的現金，而上一季末的現金為 1,480 萬美元。我們現金餘額的變化包括償還債務、支付收購 EMI 合併相關費用以及我們營運中使用的現金。

Thanks to a $100 million equity line of credit from B. Riley Securities, we have access to substantial liquidity to support our ambitious growth through strategic acquisitions. Each acquisition is targeted to be quickly accretive as we work diligently to enhance our revenue, gross margins and operating income over the coming year.

由於 B. Riley Securities 提供的 1 億美元股權信貸額度，我們能夠獲得大量流動資金，透過策略性收購來支持我們雄心勃勃的成長。每次收購的目標都是快速增值，因為我們將努力提高來年的收入、毛利率和營業收入。

As the operator prepares us for questions and answers, I'd like to mention that we look forward to seeing some of you in May at the upcoming B. Riley Conference in California and the TD Cowen TMT Conference in New York.

在營運商為我們準備提問和回答之際，我想提一下，我們期待在 5 月即將在加利福尼亞州舉行的 B. Riley 會議和在紐約舉行的 TD Cowen TMT 會議上見到你們中的一些人。

Operator, we're now ready to take questions.

接線員，我們現在準備好回答問題。

Craig Ellis with B. Riley Securities.

克雷格·艾利斯（Craig Ellis）與 B. Riley 證券公司。

Yeah. Thanks for taking the question and appreciate all the information on this call team. So Fabian, I wanted to go back to some of the prepared remarks you have and Tom and focus in on your description of the four product lines for the company. I'm hoping what you could do is provide some qualitative color on your view on the relative growth potential of those businesses, both near term and longer term, so we have a better sense of how you're seeing growth unfold for the company.

是的。感謝您提出問題，並感謝該呼叫團隊提供的所有資訊。 Fabian，我想回顧您和 Tom 準備好的一些評論，並專注於您對公司四個產品線的描述。我希望您能提供一些定性的資訊來闡述您對這些業務的近期和長期相對成長潛力的看法，以便我們更了解您對公司成長的看法。

Sure. Well, first of all, thanks, for calling Craig. Appreciate the question. So all four of our product lines, we are anticipating growth. There's varying degrees of growth with each. But with again, our criteria that we use when we look at acquisitions is number one, is it synergistic to what we're developing internally? Is it bringing us new markets, is it bring us new customers or is it bringing us added footprint to an existing project that we're interested in.

當然。嗯，首先，謝謝您打電話給克雷格。感謝這個問題。因此，我們的所有四個產品線都預計會成長。每個都有不同程度的成長。但同樣，我們在考慮收購時所使用的標準是第一位的，它與我們內部開發的產品是否具有協同作用？它是否為我們帶來了新的市場，是否為我們帶來了新的客戶，或者是否為我們感興趣的現有項目帶來了更多的足跡。

So all four of those product lines go through that criteria. We anticipate growth in all four of those product lines. And you could see our opportunity funnel in our CRM. There's more opportunities coming in each and every day, and we're very pleased with the growth.

因此，所有這四個產品線都符合該標準。我們預計所有這四個產品線都會成長。您可以在我們的 CRM 中看到我們的機會漏斗。每天都有更多的機會出現，我們對這種成長感到非常滿意。

Yeah. Nice to hear. And then the related question, you've made clear that you expect to be acquisitive with the business, and that's one of the uses of resources that you have at your disposal and plan to have at your disposal. The question is this, as we look at the four product beyond wireless systems, where we've got the in-progress RaGE deal, is there equal or particularly notable potential for inorganic growth in the other three segments or further in wireless systems?

是的。很高興聽到。然後是相關的問題，您已經明確表示您希望收購該業務，這是您可以使用和計劃可以使用的資源的用途之一。問題是，當我們檢視無線系統以外的四種產品時，我們正在進行 RaGE 交易，其他三個細分市場或無線系統領域是否存在同等或特別顯著的無機成長潛力？

Yeah, I would say that in the business that RaGE brings to us, those customers are, I would say, more defined and there are projects that are being developed specifically for those customers. If you look at our other product lines, it's a combination of development that's targeted for specific customers, but I would say more so for a market segment.

是的，我想說的是，在 RaGE 為我們帶來的業務中，我想說的是，這些客戶更加明確，並且有一些專案是專門為這些客戶開發的。如果你看看我們的其他產品線，它是針對特定客戶的開發組合，但我想說更多的是針對細分市場。

That's helpful. And then I was hoping I could just get some further insight on the aero distribution agreement. So nice to see a global leader as one of the ways you can go to market. The question is this, as we think about any distributors capability to serve either a demand generation or up fulfillment function. How do we think about the way aero augments the Mobix business. And as we think about that, how should we think about the mix of go-to-market capability between direct sales and direct outreach versus what you'�� try to do via distribution.

這很有幫助。然後我希望能夠對航空分銷協議有進一步的了解。很高興看到全球領導者成為您進入市場的方式之一。問題是這樣的，因為我們考慮任何經銷商服務於需求產生或向上履行功能的能力。我們如何看待航空技術增強 Mobix 業務的方式。當我們思考這一點時，我們應該如何考慮直接銷售和直接外展之間的進入市場能力與您嘗試透過分銷進行的結合。

So we look at distribution for both fulfillment and demand creation, and that's why we chose to connect with Arrow. And we've had a lot of experience with Arrow. So again, we look at it from both directions, we obviously with our internal resources, we're connected directly with the design teams at our customers. And in many cases, we'll do the heavy lifting on the design side, but we do lean on Arrow and we have a high degree of confidence that Arrow can help on the demand creation side as obviously they're going to be supporting the fulfillment side.

因此，我們著眼於履行和創造需求的分銷，這就是我們選擇與 Arrow 建立聯繫的原因。我們在 Arrow 方面擁有豐富的經驗。因此，我們再次從兩個方向看待它，顯然我們利用我們的內部資源，直接與客戶的設計團隊聯繫。在許多情況下，我們會在設計方面完成繁重的工作，但我們確實依賴 Arrow，並且我們非常有信心 Arrow 可以在需求創造方面提供幫助，因為顯然他們將支持履行方面。

Yep. And then lastly, one for Keyvan, and I'll get back in the queue. Keyvan, really appreciate getting the further color just beyond calendar 2Q with calendar 3Q and on revenue potential, can you just confirm the relative contribution between what RaGE adding into the guidance for the immediate and out quarter versus what the organic business is doing. Thanks very much, guys.

是的。最後，還有一個是給 Keyvan 的，我會回到隊列。 Keyvan，非常感謝在日曆第二季度和日曆第三季度之後以及收入潛力方面獲得進一步的信息，您能否確認一下RaGE 在當前季度和下季度的指導中添加的內容與有機業務正在做的事情之間的相對貢獻。非常感謝，夥計們。

Yes. So we expect that RaGE will provide a sizable portion of the Q3 and Q4 revenue. However, we're not really ready to break that down in any great detail simply because we've got a pretty aggressive M&A strategy in place and we don't think it's going to serve the market or us well to start breaking those numbers down right now.

是的。因此，我們預計 RaGE 將提供第三季和第四季營收的相當大一部分。然而，我們還沒有真正準備好詳細分解這一點，因為我們已經制定了相當激進的併購策略，而且我們認為開始分解這些數字不會為市場或我們服務。

Got it. Thanks, guys.

知道了。多謝你們。

Thank you.

謝謝。

Thank you.

謝謝。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yes. Thanks for taking my question and congratulations on the milestones you achieved and the great progress you're making.

是的。感謝您提出我的問題，並祝賀您所取得的里程碑和所取得的巨大進步。

Thank you.

謝謝。

My questions are maybe along those lines with the distributors, but even the manufacturing rep strategy for go to market. And as you're making acquisitions, I guess right now, you're already saying you're supplying 200 customers. Are there reps in place around the country or worldwide or what's the strategy as you grow the market for your manufacturing reps?

我的問題可能與經銷商有關，甚至與製造代表的上市策略有關。當你進行收購時，我猜現在你已經在說你正在為 200 個客戶提供服務。全國或全球範圍內是否有代表？

Sure. Yes, we do have manufacturers' reps. They are in place today. We do make good use of them and they do help with the design in cycle or the demand creation part of it. We going forward, we anticipate that we will have a hybrid sales model. So we'll make use of extended resources as well as our internal resources. I think what you'll see going forward, we're going to be adding more resources in the form of FAEs and AEs that will work alongside both our reps and our distributors.

當然。是的，我們確實有製造商代表。他們今天就位了。我們確實充分利用了它們，它們確實有助於循環設計或其中的需求創建部分。展望未來，我們預計將採用混合銷售模式。因此，我們將利用外部資源以及內部資源。我想您將來會看到，我們將以 FAE 和 AE 的形式添加更多資源，與我們的代表和經銷商一起工作。

But we will lean on our extended resources to do some of the demand creation work for us, and we have high confidence with those that we're engaged with now and we've had long-standing relationships with them. And we've had great success with them in the past. So we're highly confident that our model is effective and we are we do intend to use all three.

但我們將依靠我們的擴展資源為我們做一些創造需求的工作，我們對那些我們現在正在接觸的人充滿信心，並且我們與他們建立了長期的關係。我們過去與他們合作取得了巨大的成功。因此，我們非常有信心我們的模型是有效的，並且我們確實打算使用這三個模型。

Okay. Great. And I understand that maybe the great expansion of gross margin quarter over quarter. Can you talk about that? You went from 8.4% to 33.7%. What drove that expansion?

好的。偉大的。據我了解，毛利率可能會逐季大幅成長。你能談談嗎？你從 8.4% 上升到 33.7%。是什麼推動了這種擴張？

Right. So the expansion of that of that gross margin is based on a mix of our higher-margin business, which is with the filters connectors and with our lower margin, which are the other products that we have in our in our portfolio.

正確的。因此，毛利率的擴大是基於我們利潤率較高的業務（即過濾器連接器）和利潤率較低的業務（我們的產品組合中的其他產品）的結合。

I see. And so going to your target for 60% gross margin, will it be like a similar mix as you grow each one of those product segments?

我懂了。那麼，當您實現 60% 毛利率的目標時，當您發展每個產品細分市場時，它會像類似的組合嗎？

No. Our growth towards the 60% and 40% is based on our strategy that we plan to execute on as we move forward with additional M&A. And also as we gain further operating expense leverage as we continue to grow, be able to reduce our operating expenses increase our operating margin.

不會。此外，隨著我們不斷發展，我們獲得了進一步的營運費用槓桿，能夠減少營運費用，從而提高我們的營運利潤率。

Okay, great. Thanks.

好的，太好了。謝謝。

There are no further questions at this time. This will conclude today's conference call. We thank you for joining. You may now disconnect your lines.

目前沒有其他問題。今天的電話會議到此結束。我們感謝您的加入。現在您可以斷開線路。