M-Tron Industries Inc (MPTI) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is John and I will be your conference operator today. At this time, I would like to welcome everyone to the M-Tron second quarter in 2035 earnings conference call [Operator Instructions] Thank you. I would now like to turn the call over to Linda Biles, EVP of Finance. Please go ahead.

感謝您的支持。我叫約翰，今天我將擔任您的會議主持人。現在，我歡迎大家參加 M-Tron 2035 年第二季財報電話會議 [操作員指示] 謝謝。現在我想將電話轉給財務執行副總裁 Linda Biles。請繼續。

Good morning everyone. Thank you for joining our 2025 Amtron Q2 earnings call. Please note this call will be recorded and we will make the recording available on our website www.mtron.com shortly after the call. Yesterday afternoon we released our earnings for the second fiscal quarter of 2025. Before getting underway, we are required to advise you that the following discussion should be taken in conjunction.

大家早安。感謝您參加我們的 2025 年 Amtron Q2 收益電話會議。請注意，本次通話將會被錄音，通話結束後我們將在我們的網站 www.mtron.com 上發布錄音。昨天下午我們發布了2025財年第二季的財報。在開始之前，我們需要建議您結合以下討論進行討論。

With our most recent financial statements and notes as contained within our 2024 2010k, which was filed on March 27, 2025 with the SEC. This discussion may contain forward-looking statements within the meaning of 27A of the Securities Act of 1,933 and Section 21 of the Securities and Exchange Act of 1,934. These forward-looking statements contain known and unknown risks.

我們最新的財務報表和註釋包含在我們 2024 2010k 中，於 2025 年 3 月 27 日向美國證券交易委員會提交。本討論可能包含 1933 年證券法第 27A 條和 1934 年證券交易法第 21 條所定義的前瞻性陳述。這些前瞻性陳述包含已知和未知的風險。

And uncertainties which are detailed in our Sfi SEC filings. Although the company believes that the forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there are no assurances that the company's actual results will not differ materially from any result expressed or implied by the company's forward-looking statements.

以及我們向 Sfi SEC 提交的文件中詳細說明的不確定性。儘管本公司認為前瞻性陳述是基於對其業務和未來市場狀況的合理假設，但不能保證公司的實際結果不會與公司前瞻性陳述中表達或暗示的任何結果有重大差異。

The company undertakes no obligation to publicly update or revise any forward-looking statement. Whether it's the result of new information, future events, or otherwise, readers are cautioned that any forward-looking statements are not guarantees of future performance. With that, I will now turn the call over to our interim CEO Camerono.

本公司不承擔公開更新或修改任何前瞻性聲明的義務。無論它是新資訊、未來事件或其他原因的結果，都請讀者註意，任何前瞻性陳述都不能保證未來的表現。說完這些，我現在將電話轉給我們的臨時執行長卡梅羅諾。

Thank you, Linda, and good morning everyone and thank you for attending our second quarter FY 2025 earnings call and your interest in the company. We are pleased to discuss our strong first half results for the fiscal year '25 and our outlook going forward.

謝謝你，琳達，大家早安，謝謝你們參加我們 2025 財年第二季財報電話會議並感謝你們對公司的關注。我們很高興討論 25 財年上半年的強勁業績以及未來的展望。

As a reminder, Intron designs and manufacturers, highly engineered RF solutions, including electronic components and subsystems used to control the frequency and timing of signals and electronic circuits. We're a global company with 3 manufacturing sites, 2 of those in the United States and 1 in India.

提醒一下，Intron 設計和製造高度工程化的射頻解決方案，包括用於控制訊號和電子電路的頻率和時間的電子元件和子系統。我們是一家全球性公司，擁有 3 個生產基地，其中 2 個位於美國，1 個位於印度。

Company's primary markets include aerospace and defense, commercial avionics, industrials, and space. So we're pleased to report that the company continues to perform well, with continued strain and intron Q2's sales and also growth in our backlog.

該公司的主要市場包括航空航太和國防、商用航空電子、工業和太空。因此，我們很高興地報告，公司繼續表現良好，持續保持成長勢頭，內含 Q2 的銷售額以及積壓訂單也有所增長。

Our revenues continue to be driven by defense-related orders, and we saw growth in the backlog over the quarter, driven by avionics and space orders. We also have had now 3 quarters in a row of very strong book to build ratio.

我們的收入繼續受到國防相關訂單的推動，並且受航空電子和航太訂單的推動，本季積壓訂單有所增長。我們已經連續三個季度實現了非常強勁的訂單與建造比率。

With consistent operating performance, we've been able to continue to make strategic investments in research and development, and continue to increase the profile of the company and prime the pump for future growth.

憑藉著穩定的經營業績，我們得以持續在研發方面進行策略性投資，並不斷提升公司形象，為未來的成長做好準備。

Yesterday we reported the following Q2 fiscal year 2025 results. To revenues for the quarter were $13.28 million a $12.5% increase over the prior year periods, $11.2 million of revenue. The revenue increase in the period primarily due to strong defense program products and solution shipments.

昨天我們報告了以下 2025 財年第二季業績。本季營收為 1,328 萬美元，比去年同期的 1,120 萬美元成長 12.5%。本期間營收的成長主要得益於國防計畫產品和解決方案的強勁出貨量。

Gross margins for the first, for the second quarter of 2025 or 43.6%, a decrease from the 47% gross margin that we experienced in Q2 of 2024. The decrease is primarily due to product mix and the first full quarter of federal tariffs on imports of foreign sourced and partially finished goods.

2025 年第二季的毛利率為 43.6%，低於 2024 年第二季的 47% 的毛利率。下降的主要原因是產品結構以及第一季聯邦政府對進口外國產品和部分成品徵收關稅。

Net income was $1.6 million or $0.53 per diluted share for the three months ending June 30, 2025, as compared to $1.7 million or $0.63 per share diluted share for the three months ended June 30, 2024.

截至 2025 年 6 月 30 日的三個月，淨收入為 160 萬美元，即每股攤薄收益 0.53 美元，而截至 2024 年 6 月 30 日的三個月，淨收入為 170 萬美元，即每股攤薄收益 0.63 美元。

The decrease was primarily due to lower gross margins discussed above, as well as higher engineering, selling and administrative expenses from an increased investment in research and development, higher sales commissions due to our increasing in revenue.

下降的主要原因是上述毛利率較低，以及研發投入增加導致工程、銷售和管理費用增加，以及收入增加導致銷售佣金增加。

And then increase administrative and corporate expenses consistent with the overall growth in the business. Adjusted diva do was $2.4 million for the three months ended June 30th, 2025, compared to 2.5 for the three months ended June 30th at 24.

然後隨著業務的整體成長而增加管理和公司費用。截至 2025 年 6 月 30 日的三個月，調整後的 diva do 為 240 萬美元，而截至 2024 年 6 月 30 日的三個月，調整後的 diva do 為 250 萬美元。

The decrease was primarily due to reduced gross margins, as well as an increase in engineering, selling in the ministry of expenses consistent with their growth.

下降的主要原因是毛利率下降，以及工程、銷售部費用的增加與其成長一致。

Backlog increased 35%. Or $15.9 million to $61.2 million as of the end of June 30th, 2025, compared to where it was at $45.3 million. In the end of June 2024.

積壓訂單增加了 35%。或截至 2025 年 6 月 30 日，將從 4,530 萬美元增至 1,590 萬美元至 6,120 萬美元。2024年6月底。

And $47.2 million at the end of the fiscal year 2024. The increase in backlogs continued broad demand for our products, including several large defense and avionics orders received during the quarter, and an increase in space industry orders.

到 2024 財年末，這一數字將達到 4,720 萬美元。積壓訂單的增加延續了對我們產品的廣泛需求，包括本季收到的幾份大型國防和航空電子訂單，以及航太工業訂單的增加。

Q2 fiscal year '25 was the first full quarter. Intron was impacted by the recently announced federal tariffs on the import of goods and materials from outside the United States. While Inttron is a US based manufacturer, we do import some materials from Japan, China, Korea, and Europe and perform some finishing work in our idea in this in India facility.

25 財年第二季是第一個完整季度。美國聯邦政府最近宣布對從美國境外進口的商品和材料徵收關稅，這對 Intron 造成了影響。雖然 Inttron 是一家美國製造商，但我們確實從日本、中國、韓國和歐洲進口一些材料，並在印度工廠按照我們的想法完成一些收尾工作。

It's difficult to predict the long-term impact of this trade policy on our financial performance as it changes regularly in some of the countries with which we receive materials and partially finished goods from do not have new trade agreements in place with the US government.

很難預測這項貿易政策對我們財務表現的長期影響，因為在一些我們從其接收材料和半成品的國家，該政策經常發生變化，而這些國家並沒有與美國政府簽訂新的貿易協定。

Encouragingly though, to date we have seen no impact from tariffs on demands for our products. Also note on April 25th, 2025, the company distributed dividend of warrants to stockholders a record for March 10, 2025. The warrants are listed on the NYSE American exchange under the ticker.

但令人鼓舞的是，到目前為止，我們尚未發現關稅對我們產品需求產生影響。另請注意，2025 年 4 月 25 日，該公司向股東派發了認股權證股息，創下了 2025 年 3 月 10 日的最高紀錄。該認股權證在紐約證券交易所美國證券交易所上市，股票代號為。

MBTI Ws and are tradable. Just as a reminder, 5 warrants are exercisable to purchase 1 common share. Strike price is $4750 per share, and there is an early conversion provision as well as an oversubscription feature. Further information on the warrants is available. In fact, found on our Intron investor relations website at IR.intron.com.

MBTI Ws 是可交易的。提醒一下，5 張認股權證可以購買 1 股普通股。執行價格為每股 4750 美元，並有提前轉換條款以及超額認購功能。可以獲得有關認股權證的更多資訊。事實上，在我們的 Intron 投資者關係網站 IR.intron.com 上可以找到。

We continue to execute on our strategy of continuing moving into more program business, which now makes up the vast majority of our aerospace and defense revenues. We are involved in over 40 programs a record, and on many of these programs, we are a sole source provider, and we stand to reap many benefits that defense spending in the areas we support continue to grow.

我們將繼續執行進軍更多專案業務的策略，這些業務目前構成了我們航空航太和國防收入的絕大部分。我們參與了超過 40 個項目，其中許多項目我們都是獨家供應商，隨著我們支持的領域的國防開支不斷增長，我們將獲得許多好處。

Intron plays a critical role in the defense of our nation by providing US source and highly engineered components for many US and allied military programs.

Intron 為許多美國和盟國的軍事計畫提供美國產和高度工程化的零件，在保衛國家方面發揮關鍵作用。

Having the US-based advanced manufacturing capabilities to support our joint forces is more important than ever, and we thank our employees for their dedication to their jobs and our mission. We also thank our dedicated customers for their continued business and the trust they place intron and our people. So before I

擁有美國先進的製造能力來支持我們的聯合部隊比以往任何時候都更加重要，我們感謝我們的員工對他們的工作和我們的使命的奉獻。我們也要感謝我們忠實的客戶一直以來的支持以及他們對 Intron 和我們員工的信任。所以在我

open the floor to questions, I want to mention that we will be presenting at two conferences in in September of this year. We're presenting at the HC Wainwright conference in early September and the Siody Small capp conference later in the same month.

開始提問，我想提一下，我們將在今年 9 月參加兩次會議。我們將於 9 月初在 HC Wainwright 會議上進行演講，並於同月晚些時候在 Siody Small capp 會議上進行演講。

Information for both of these events will be posted on our investor website. Operate, can you please open the lines and allow the first question.

這兩項活動的資訊都將發佈在我們的投資者網站上。操作員，請您打開線路並允許第一個問題。

Absolutely thank you [Operator Instruction] Our first question comes from the line of any Southerstrom with Sidoti, please go ahead.

非常感謝 [操作員指示] 我們的第一個問題來自 Sidoti 的任何 Southerstrom，請繼續。

Hi, thank you for taking my question. So, first I'm curious about the gross margin. How much of an impact did the tariffs have on the gross margin for the quarter?

你好，謝謝你回答我的問題。所以，首先我對毛利率感到好奇。關稅對本季的毛利率有多大影響？

Yeah, hi, Anya. So one thing we've put in place this quarter is we're now capitalizing some of our tariff costs and then making sure we expense the portion that was related to sales in that period. So if you look carefully at the month, about 1.25% of revenue was expensed in the period, 1% very roughly, so it's about 1,200.

是的，你好，安雅。因此，我們本季採取的措施之一是，我們現在將部分關稅成本資本化，然後確保與該期間銷售相關的部分計入費用。因此，如果你仔細觀察這個月，你會發現該期間大約有 1.25% 的收入被支出，粗略地說是 1%，所以大約是 1,200。

Okay, thank you. And then in terms of the gross margin, they have come down a bit from historical highs last year. How should we think about that expanding again as you run new programs?

好的，謝謝。就毛利率而言，與去年的歷史高點相比略有下降。當您運行新程式時，我們應該如何考慮再次擴展？

Right, yeah, good question. So there were 3 components that lowered our gross margin in the first half of this year. And they're they're the same that we experienced in the first quarter.

是的，是的，好問題。因此，有三個因素導致今年上半年我們的毛利率下降。它們與我們在第一季經歷的是一樣的。

So a lot of its product mix and to a certain degree that's we have a backlog, it's $61 million. There's a period performance for each PO we have and so in the first two quarters of the year, we had, I think, a higher percentage than normal of a lower margin products, we produced many products, a number of higher margin than others.

因此，它的許多產品組合以及一定程度上的積壓訂單價值為 6,100 萬美元。我們的每份採購訂單都有一個期間表現，因此，我認為在今年前兩個季度，我們的低利潤產品的比例高於正常水平，我們生產了許多產品，其中一些產品的利潤率高於其他產品。

We did experience, some lower margins on some initial production runs of of newer products. We are starting to see some improvement there, over the quarter, so we should see some improvement hopefully in Q3 and Q4 on that front.

我們確實經歷過一些新產品的初始生產運作中利潤率較低的情況。我們在本季開始看到一些改善，因此我們希望在第三季和第四季看到一些改善。

And then we are, we're now kind of estimating, impact from tariffs, probably around 1 to 1.5%, although that's difficult to predict just given things are moving around still with some of our India, for example, where we do receive some unfinished goods.

然後，我們現在估計關稅的影響大概在 1% 到 1.5% 左右，儘管這很難預測，因為情況仍在變化，例如，我們在印度確實收到了一些未完成的貨物。

Mm okay, so we can expect the growth money to improve sequentially throughout the year.

嗯，好的，所以我們可以預期成長資金將在全年逐步改善。

A little bit, but I would, I would caution people it's the biggest variable we have in our business right now. So, I think we'll be a little bit below 45%, hopefully we'll probably be in the 43, 44% range, and, hoping to improve on that.

有一點，但我要提醒大家，這是我們目前業務中最大的變數。因此，我認為我們會略低於 45%，希望我們可能在 43% 到 44% 的範圍內，並希望在此基礎上有所改善。

Okay, thank you. And then In terms of the backlog, there was a nice growth there. I know you had some large contract wins. What does the pipeline look for for other sort of large contract winds or just winds in general?

好的，謝謝。然後就積壓訂單而言，出現了良好的成長。我知道你贏得了一些大合約。對於其他類型的大型合約風能或一般風能，管道會尋找什麼？

Yeah, so yeah, we had a great start of the year in terms of bookings, and a lot of the wins in this past quarter towards an increase kind of on the backlog we're in the space in the avionics area. So we mentioned that there was a large avionics contract signed at the beginning of April and we received some POs against that which increased our backlog.

是的，是的，就預訂量而言，我們今年開局很好，而且在過去的一個季度中，我們在航空電子領域的積壓訂單也得到了很大增加。因此，我們提到，四月初簽署了一份大型航空電子合同，並且我們收到了一些針對該合約的採購訂單，這增加了我們的積壓訂單。

The in the back half of the year, we do have a lot of other defense POs that are expected and there are a number of different areas from munitions to communications as well as in the drone area and some of them are quite large, so the largest one is expected in Q4, and that would be a reorder, some large ones we've had in the past, that's in the $10 million dollar area.

今年下半年，我們確實有很多其他國防採購訂單，涉及從彈藥到通信以及無人機等多個不同領域，其中一些訂單規模相當大，最大的訂單預計在第四季度，這將是重新訂購，一些大訂單我們過去曾有過，金額在 1000 萬美元左右。

Okay, thank you. And then just in terms of capital allocation priorities, how do you think about that, especially given the pullback in your shares here, are you at all considering buybacks or?

好的，謝謝。那麼就資本配置優先順序而言，您對此有何看法，特別是考慮到您股票的回調，您是否考慮過回購？

Yeah, it's something we're definitely considering, but a higher priority in terms of how we are allocating our capital is we have increased our cap back slightly this year, so it's up around 40% at this point in time, and that's really to implement some automation programs primarily that are helping us to kind of drive consistency in our manufacturing process and also help us scale as we grow our revenues.

是的，這是我們肯定在考慮的事情，但在我們如何分配資本方面，更高的優先事項是，我們今年略微提高了上限，因此目前已上漲約 40%，這實際上是為了實施一些自動化程序，主要幫助我們提高製造過程的一致性，並幫助我們在收入增長的同時擴大規模。

And then the other thing we are continue to look at is M&A. So I think we will look at, a small buyback as well as M&A as being too logical ways to spend some of our capital if needed. Okay, thank you. That was all for me for now. . Thank you.

我們繼續關注的另一件事是併購。因此，我認為，如果需要的話，我們會考慮小額回購和併購，這是花費部分資金的合理方法。好的，謝謝。對我來說目前就這些了。。謝謝。

Your next question comes from the line of Gregory McKinley with asymmetric. Please go ahead.

您的下一個問題來自不對稱的格雷戈里·麥金利 (Gregory McKinley)。請繼續。

Yeah, good morning. Thanks for taking my question. I wonder if you can talk a little bit about what you've learned regarding. The news that a lot of us read around depleted stockpiles for US missile systems and you know how that, how you see that backdrop influencing.

是的，早安。感謝您回答我的問題。我想知道您是否可以談談您所了解到的內容。我們很多人都讀到有關美國飛彈系統庫存耗盡的新聞，你知道這是如何影響的，你認為這種背景是如何影響的。

That your opportunities and the timeline of them. Yeah, that's a great question that Golden Dome comes up quite a bit. I think the more interesting thing in short term for us is the depletion of missile stockpiles, not only for the US but for other countries.

這就是您的機會及其時間表。是的，這是一個很好的問題，金色穹頂經常被提及。我認為短期內對我們來說更有趣的事情是導彈庫存的消耗，不僅對美國如此，對其他國家也是如此。

I think Raytheon and also Lockheed have had some recent announcements about substantial increases in their manufacturing of certain systems. And I do think we'll see benefit from that. Part of the reason is that we're kind of a sole source or a a value source for some of the parts for some of these systems, and so we have had conversations about increasing our capability, although we haven't received, orders yet.

我認為雷神公司和洛克希德公司最近都宣布大幅增加某些系統的製造量。我確實認為我們會從中受益。部分原因是我們是這些系統中某些部件的唯一來源或價值來源，因此我們已經討論過提高我們的能力，儘管我們還沒有收到訂單。

Mm Got it and and just in terms of is there a way you can help us understand how significant of a rebuild after the military is considering with its inventories or any context you can put around that? Yeah, I think, I can only cite what's been published.

嗯，明白了，您能否幫助我們了解軍方在考慮庫存後重建的重要性，或者您可以提供一些背景資訊嗎？是的，我想，我只能引用已經發表的內容。

But I think you saw maybe the article in The Wall Street Journal about the THAAD system, for example, where they had, used about 25% of all the stockpiles they had manufactured to date in a matter of days in defending against the Iranian attacks on Israel.

但我想你可能看到了《華爾街日報》上關於薩德系統的文章，例如，他們在幾天之內就使用了迄今為止生產的所有庫存的約 25% 來防禦伊朗對以色列的襲擊。

That's just an indicator. There have been some other published articles about trying to triple the the annual production rates of some missile systems and I I think we'll probably see more of that going forward. But it does take several years for, the larger primes to increase their their production capacity in these areas. Thank you.

這只是一個指標。還有一些其他已發表的文章涉及嘗試將某些飛彈系統的年生產率提高三倍，我認為我們將來可能會看到更多這樣的情況。但較大的主要石油公司確實需要幾年的時間來提高在這些地區的生產能力。謝謝。

Your next question comes from the line of Howard Root. Please go ahead.

您的下一個問題來自 Howard Root。請繼續。

Good morning and thanks for taking my call. A couple of little accounting questions on the SGNA, a pretty sizable jump as you're growing at 30% of revenue. Do you see that as being kind of your your target going forward, or should that come down as a percent of revenue?

早上好，感謝您接聽我的電話。關於 SGNA 的幾個小會計問題，這是一個相當大的成長，因為您的收入成長率為 30%。您是否認為這是您未來的目標，或者應該將其作為收入的百分比來降低？

Yeah, yes, so, this particular quarter was maybe a little bit higher than normal just because of some of the bonus allocations and just as we're trying to track, how we're going to plan and our bonus structure in place for our employees, but I do believe that.

是的，是的，所以，這個特定季度的獎金可能比平時高一點，只是因為一些獎金分配，正如我們試圖追踪的那樣，我們將如何為員工製定計劃和獎金結構，但我確實相信這一點。

The level of expense is probably a reasonable assumption. You can make an adjustment for the bonus allocation. I mean, we have made an increase, for example, year to year about, 100K per quarter on engineering.

費用水平可能是一個合理的假設。您可以對獎金分配進行調整。我的意思是，我們在工程方面的投入逐年增加，例如，每季增加約 10 萬美元。

We are trying to hire more engineers. That's kind of a constant, investment area for us. Commissions went up a little bit just related to the increase in sales, which was significant. And the other area that increased in this period was really just on the sales and marketing front.

我們正在嘗試僱用更多的工程師。對我們來說，這是一個持續的投資領域。隨著銷售額的成長，佣金也略有增加，這是很有意義的。這段時期成長的另一個領域其實就是銷售和行銷方面。

We have done a fair amount to to start marketing the company in some of the trade magazines we're doing more on the internet. We've, kind of revised a website, so those, while it might decrease a little bit going forward, that was another investment area, and we do think we'll see a benefit from both of those efforts like the engineering side and also the sales and marketing, in future bookings.

我們已經做了大量工作，開始在一些行業雜誌上行銷公司，同時在網路上也做了更多工作。我們已經修改了一個網站，所以這些雖然在未來可能會有所減少，但這是另一個投資領域，我們確實認為我們將從工程方面以及銷售和營銷等方面的努力中看到收益，以及未來的預訂。

Great. So then on the op operating margin you're around 14% with the gross margin coming down a little bit, SGA going up a little bit. Do you see that as being a baseline and it should go up from that, or what do you see over the next year for operating marginal? Yeah.

偉大的。那麼，營業利潤率約為 14%，毛利率略有下降，SGA 略有上升。您是否認為這是一個基準並且應該以此為基礎上升，或者您認為明年的營運邊際會如何？是的。

I think the operating margin will improve as we continue to scale just the big variable is though is is on the tariff front and then. We do see fluctuations quarter to quarter. It can be up to a couple percentage points just based on product mix, and that'll go back and forth. And if you look at us over the past several years, you'll see the gross margin bounce around, 2 3% per quarter, and it's, based largely on mix or per% of new products.

我認為，隨著我們繼續擴大規模，營業利潤率將會提高，但最大的變數是在關稅方面。我們確實看到季度間存在波動。僅根據產品組合，這個差異就可能高達幾個百分點，而且會反覆出現。如果你回顧過去幾年，你會發現毛利率每季都在 2% 到 3% 之間波動，這主要取決於新產品的組合或百分比。

So do you see Q2 as being more of a lower part of that bounce around or mid or upper or?

那麼您認為第二季度是處於反彈的低端還是中端或高端？

I'm hoping it's, kind of the lower end of the range, but it's definitely within a reasonable range. I think, 42 to 45 is kind of like the reasonable range probably for this year.

我希望它處於範圍的低端，但它肯定在合理的範圍內。我認為，42 到 45 可能是今年的合理範圍。

Great, so then you look to Q3, you've got a pretty tough comparable from 2024. Do you see that as a seasonally stronger period for you, or what do you see in the in the Q3 in the rest of the year in terms of for 2024?

太好了，那麼看看第三季度，你會發現與 2024 年相比，情況相當艱難。您是否認為這對您來說是一個季節性的強勁時期，或者就 2024 年而言，您認為今年剩餘時間的第三季度會如何？

We do. I would say it's not a seasonal seasonality thing. It's really based on product mix. We know, we do expect our revenues to increase quarter over quarter as we go through the second half of the year. So operating expenses, percentage of sales will probably go down a little bit, but it won't really impact our margin. Our margins based more on the product mix. So I think it'll go up a tiny bit, but I can't really give you a firm estimate yet how much.

是的。我想說這不是季節性的事。它實際上是基於產品組合。我們知道，我們確實預計下半年我們的營收將逐季成長。因此，營業費用、銷售百分比可能會略有下降，但這不會真正影響我們的利潤率。我們的利潤更取決於產品組合。所以我認為它會上升一點點，但我還不能給你一個確切的估計。

Okay, then a bigger question on the acquisitions you mentioned as a use of capital. How do you see the environment out there? What do you see as an appetite for an acquisition in terms of, size of company that you'd acquire and valuation, how you would put it whether you're buying projects or products and valuation metrics and then just generally on your preference and use of cash, debt or equity in order to do that or if you roll any of those out.

好的，那麼關於您提到的作為資本用途的收購，有一個更大的問題。您如何看待那裡的環境？就收購對象的規模和估值而言，您認為收購的興趣如何？您是購買項目還是產品？以及估值指標？然後，您一般會考慮使用現金、債務或股權來實現收購，或者您是否會採取其中任何一種方式。

Sure, so we're looking at companies that would be complementary to what we do. We're not really looking at industry consolidation per se. So it's really it's for products that sell into our markets that our customers are interested in acquiring, and because we have a really strong manufacturer reps Salesforce that can push those products to market and and for the most part improve the the revenues of the companies that we're looking at it because of just our depth there.

當然，我們正在尋找能夠與我們的業務互補的公司。我們其實並不是關注產業整合本身。因此，這實際上針對的是那些銷往我們市場、我們的客戶有興趣購買的產品，而且因為我們擁有非常強大的製造商代表 Salesforce，它可以將這些產品推向市場，並且在很大程度上提高我們正在關注的公司的收入，因為我們在這方面擁有深度。

So, and those companies are typically in the kind of $5 million to $15 million of revenue. There are some companies that are larger, but they're kind of few and far between in the di for RF companies. So that's the range we're looking at. We're also trying to find companies that are positive, at least at least a million of even, not more, hopefully more. And so most of these guys, they trade in the range of kind of 8 times to 12 times EA.

這些公司的收入通常在 500 萬至 1500 萬美元之間。有一些公司規模較大，但在 RF 公司領域中，它們的數量很少。這就是我們正在關注的範圍。我們也在努力尋找積極的公司，至少一百萬甚至更多，但願更多。因此，大多數人的交易價格都在 EA 的 8 倍到 12 倍之間。

And then your use of cash debt or equity, are you open to all three or?

那麼，您使用現金債務還是股權，您對這三種方式都持開放態度嗎？

I think, right now we have about $15 million cash on the balance sheet. We'll probably end the year closer to $20 could be a little bit more, depending on how many options are exercised, and there it's about $3 million of option or funding that could come from the exercise of all of our options.

我認為，目前我們的資產負債表上有大約 1500 萬美元的現金。我們今年年底的收入可能會接近 20 美元，也可能稍微多一點，這取決於行使的選擇權數量，而行使所有選擇權可能帶來的選擇權或資金約為 300 萬美元。

So. That that would provide certainly some capital for it, but we do have the ability to borrow from our commercial bank and if we needed more capital then we might issue a little bit of equity, but probably more likely to like an overnight converters like that.

所以。這肯定會為其提供一些資本，但我們確實有能力從商業銀行借款，如果我們需要更多資本，那麼我們可能會發行少量股權，但可能更有可能喜歡這樣的隔夜轉換器。

Okay, great, that's very helpful. So last question, and Cameron.I've asked this before in our call the interim CEO, the interim part of the CEO title bothers me. Is there any news or announcement or progress or time frame to remove the interim from the CEO title?

好的，太好了，這非常有幫助。最後一個問題，卡梅倫，我之前在電話會議上問過臨時首席執行官，首席執行官頭銜中的臨時部分讓我感到困擾。是否有任何新聞、公告、進度或時間表可以將臨時執行長的職務從執行長職位上移除？

Yeah, thank you, well, we are trying to finalize paperwork there, so yeah, I did receive. A letter or interest from the board with the, proposed structure which are just kind of final lying now.

是的，謝謝，好吧，我們正在努力完成那裡的文書工作，所以是的，我確實收到了。董事會的一封信或一份意向書，其中包含擬議的結構，目前只是最終決定。

All right, well, early congratulations, hopefully not jinx anything. Thanks for taking my call.

好吧，提前祝賀你，希望不會帶來什麼厄運。謝謝您接聽我的電話。

Congrats. No problem. Thank you.

恭喜。沒問題。謝謝。

And it seems that we have no further questions for today. I would like to turn the call back over to Cameron for for closing remarks.

看來我們今天沒有其他問題了。我想把電話轉回給卡梅倫，請他做最後發言。

Okay, well, I'd like to thank you everybody for participating in today's call and your interest in Intron. Have a great day and please if you have more questions, contact us at IR@mtron.com. And we'll get back to you as quickly as we can. So thank you again for your interest. Bye bye.

好的，我想感謝大家參加今天的電話會議以及對 Intron 的關注。祝您擁有美好的一天！如果您還有其他疑問，請發送郵件至 IR@mtron.com 與我們聯絡。我們會盡快回覆您。再次感謝您的關注。再見。

Ladies and gentlemen, that concludes today's conference call. We would like to thank everyone for their participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝大家的參與。現在您可以斷開線路了。