NN Inc (NNBR) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the NN Inc. First Quarter 2026 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during that time, press star followed by the number one on your telephone keypad. If you want to withdraw your question, press followed by the number 1. I will now hand today's call over to Joseph Caminiti in Investor Relations. Please go ahead, sir.

各位女士、先生，感謝您稍候並歡迎參加 NN Inc. 2026 年第一季財報電話會議。為避免背景雜音，所有線路均已設為靜音。在講者致詞後，將進行問答環節。若您希望在該時段提問，請在電話鍵盤上按星號鍵後再按數字 1。若您要撤回問題，請按星號鍵後再按數字 1。現在我將把今天的電話會議交給投資人關係部的 Joseph Caminiti。先生，請開始。

Thank you, Tamika. Good morning, everyone, and thanks for joining us. I'm Joe Caminiti with NN Inc.'s Investor Relations team, and I'd like to thank you for attending today's earnings call and business update.

謝謝你，Tamika。各位早安，感謝各位加入我們。我是 NN Inc. 投資人關係團隊的 Joe Caminiti，感謝各位出席今天的財報電話會議與營運更新。

Last evening, we issued a press release announcing our financial results for the first quarter ended March 31, 2026, as well as a supplemental presentation, which has been posted to the Investor Relations section of our website.

昨晚，我們發布新聞稿，公布截至 2026 年 3 月 31 日止第一季的財務結果，並同時提供補充簡報，已張貼於我們網站的投資人關係專區。

If anyone needs a copy of the press release or supplemental presentation, you may contact Alpha IR Group at nnbr@alpha-ir.com.

如需新聞稿或補充簡報的副本，請聯絡 Alpha IR Group：nnbr@alpha-ir.com。

Joining us from NN Management today are Harold Bevis, President and Chief Executive Officer. Chris Bohnert, Senior Vice President and Chief Financial Officer, while Tim French, our Senior Vice President and Chief Operating Officer, will be joining us for the question-and-answer session.

今天與會的 NN 管理團隊包括總裁兼執行長 Harold Bevis。資深副總裁兼財務長 Chris Bohnert；而我們的資深副總裁兼營運長 Tim French 將在問答環節加入。

Please turn to slide 2, where you'll find our forward-looking statements and disclosure information.

請翻到第 2 張投影片，您將看到我們的前瞻性陳述與揭露資訊。

Before we begin, I'd like to take a note of the cautionary language regarding forward-looking statements contained in today's press release.

在開始之前，我想提醒各位注意今天新聞稿中關於前瞻性陳述的警示性用語。

Supplemental presentation and risk factors in the section of the company's annual report from 10-Q for the fiscal first quarter ended March 31, 2026. The same language applies to the comments made on today's conference call, including the Q&A session as well as the live webcast.

補充簡報以及公司 10-Q 年度報告中、截至 2026 年 3 月 31 日止會計年度第一季章節所列的風險因素。相同用語亦適用於今天電話會議上的評論，包括問答環節以及線上直播。

Our presentation today will contain forward-looking statements regarding sales, margins, inflation, supply chain constraints, forward exchange rates, tax rates.

我們今天的簡報將包含關於銷售、毛利率、通膨、供應鏈限制、遠期匯率、稅率等前瞻性陳述。

Acquisitions and divestitures, synergies, cash and cost savings, future operating results, performance of our worldwide markets, general economic conditions and economic conditions in the industrial sector, including the potential impact and ramifications of tariffs, the impacts of pandemics and other public health crises and military conflicts on the company's financial condition and other topics.

併購與資產剝離、綜效、現金與成本節省、未來營運結果、全球市場表現、一般經濟情勢以及工業部門的經濟狀況，包括關稅可能造成的影響與後果、疫情及其他公共衛生危機與軍事衝突對公司財務狀況的影響，以及其他主題。

These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company's control, which may cause actual results to be material different from such forward-looking statements.

上述陳述應審慎使用，並受多項風險與不確定性影響，其中許多超出公司控制範圍，可能導致實際結果與此等前瞻性陳述存在重大差異。

The presentation also includes certain non-GAAP measures as defined by SEC rules. A reconciliation of such non-GAAP measures is contained in the tables in the financial section, I'm sorry, in the final section of the press release and the supplemental presentation.

本簡報亦包含依 SEC 規則所定義的若干非 GAAP 衡量指標。此等非 GAAP 指標的調節表載於財務章節的表格中——抱歉——載於新聞稿與補充簡報的最後一部分。

Please turn to slide 4, and I will now turn the call over to our CEO, Harold Bevis. Harold.

請翻到第 4 張投影片，接下來我將把電話會議交給我們的執行長 Harold Bevis。Harold。

Thank you, Joe.

謝謝你，Joe。

Joe, I just received a text that there's just music on the call.

Joe，我剛收到一則簡訊，說電話裡只有音樂聲。

Can we do a check to make sure the lines are open?

我們可以檢查一下，確認線路是開通的嗎？

May you help us with that?

你能幫我們處理一下嗎？

Yes, the lines are open.

是的，線路是開通的。

Okay. I'll proceed here. Thank you. Thank you, Joe. Good morning, everyone.

好的。那我繼續。謝謝。謝謝你，Joe。各位早安。

We had a good quarter, and we have a good outlook, and we look forward to giving you an update today and answering questions. We had a strong Q1, and we are very thankful for it, and it was across net sales, adjusted EBITDA and a few other areas. We're going to highlight a few of those today. The performance in the quarter was led by a very good mix, which was the main driver of our improved results. And of note, we achieved the highest trailing 12-month adjusted EBITDA that we have in 5 years.

我們本季表現不錯，展望也很正面，期待今天向各位更新並回答問題。第一季表現強勁，我們非常感謝；這反映在淨銷售、調整後 EBITDA 以及其他幾個面向。今天我們將重點說明其中幾項。本季的表現主要由非常好的產品/業務組合所帶動，這是我們改善成果的主要驅動因素。值得一提的是，我們達成了過去 5 年來最高的近 12 個月（TTM）調整後 EBITDA。

And additionally, with regards to future performance, we captured noteworthy wins in key markets of electric grid and data center, and we're going to touch on those in a minute also. The second point that we want to make is that our growth programs are delivering results. We have 3 main diversification programs that are in play. They're in electrical grid and data center, defense electronics and the medical markets. We expect to see solid volume growth through 2026.

此外，就未來表現而言，我們在電網與資料中心等關鍵市場取得了值得關注的勝出案，我們稍後也會提到。第二點是，我們的成長計畫正在交出成果。我們目前有 3 項主要的多元化計畫正在推進。分別在電網與資料中心、國防電子，以及醫療市場。我們預期 2026 年將持續看到穩健的出貨量成長。

And we are winning in data centers for AI, cloud computing hardware. We're focused on increasing our content per data center. The third point that we want to mention is that our growth program is meeting up with our cost blueprint and generating good profits. We have a lower cost operating footprint today, and it's delivering results reflected in stronger profitability. Our margins, therefore, are turning to the high side of historical results, and you are witnessing the earnings potential of this company.

我們也在 AI、雲端運算硬體的資料中心領域持續勝出。我們專注於提升每座資料中心的供應內容占比。第三點要提的是，我們的成長計畫正與成本藍圖相互契合，並帶來良好的獲利。我們目前擁有更低成本的營運版圖，並已反映在更強的獲利能力上。因此，我們的利潤率正轉向高於歷史水準的一端，各位也正在見證本公司的獲利潛力。

Fourth point that we want to mention right upfront here is that we're forecasting this performance to continue, and we're raising our 2026 guidance in a few spots. Our strong Q1 and the outlook and the visibility that we have for the remainder of the year is leading us to positively revise our full year guide. We're revising our guidance ranges higher for net sales, adjusted EBITDA and new business wins, which we previously announced on April 14. We're building momentum from new launches and program ramp-ups, and we're quite excited about it. Our improved '26 outlook is pulling the time lines of attaining our long term goals in as well.

第四點我們要在一開始就先說明：我們預測這樣的表現將會延續，並在幾個項目上上調 2026 年財測指引。強勁的第一季表現、展望，以及我們對今年剩餘期間的能見度，使我們得以正向修訂全年指引。我們將淨銷售、調整後 EBITDA 與新業務勝出案（我們先前於 4 月 14 日公告）的指引區間上修。我們正從新產品/新專案的導入與計畫爬坡中建立動能，對此相當振奮。我們改善後的 2026 年展望，也同時把達成長期目標的時程往前拉。

And specifically, we are accelerating our 5-year model to be a 4-year model. And that is something that we're going to touch on later on also. If we turn to Slide 5, I'd like to make a few more comments about the outlook and the guidance improvement. We did have a strong first quarter. We're going to cover that, and Chris is going to do a deep-dive into some of the areas.

具體而言，我們正把 5 年模型加速為 4 年模型。這點我們稍後也會再談。若翻到第 5 張投影片，我想再就展望與指引上修補充幾點。我們第一季確實表現強勁。我們會加以說明，而 Chris 也將針對部分領域進行深入解析。

We delivered on multiple company records, and we're building forward momentum that will carry us through the rest of the year and into 2027 as well. The first point that we want to make is that our sales growth is broad. It is not one big program with one customer or even just a few customers. Instead, our sales are up with 22 of our top 30 customers and improvements are widespread. We have 700 customers in total and the bottom beneath the top 30 customers, we were up with that group as well.

我們創下多項公司紀錄，並正在建立向前的動能，將帶領我們走完今年並延伸至 2027 年。第一點要說明的是，我們的銷售成長相當廣泛。這並非來自單一大型專案、單一客戶，甚至不是僅少數幾個客戶。相反地，我們前 30 大客戶中有 22 家的銷售成長，改善範圍相當普遍。我們總共有 700 家客戶；在前 30 大客戶之外的其餘客群，我們同樣也呈現成長。

And right now, we're launching over 100 small- and medium-sized programs with many of those customers, and we're adding brand new customers also, specifically in the data center arena. So our outlook for the rest of '26 is strong, and it's multifaceted. The second point is that based on our full year outlook and our forecast and our actual momentum, we're going to be delivering record annual performance this year. We expect that strength to be across many of our key metrics, and we expect to have a strong sales mix, growth in adjusted EBITDA, growth in adjusted EBITDA margins, growth in adjusted EPS and new business wins growth. We're expanding our participation in the data center build-out that's underway, and we're actively prospecting and winning additional business..

而就在目前，我們正與其中許多客戶啟動超過 100 個中小型專案，同時也在新增全新客戶，特別是在資料中心領域。因此，我們對 26 年剩餘期間的展望強勁，而且是多面向的。第二點是，基於我們的全年展望、預測以及實際動能，我們今年將交出創紀錄的年度表現。我們預期這股強勁將反映在多項關鍵指標上，並預期將有強勁的銷售組合、調整後 EBITDA 成長、調整後 EBITDA 利潤率成長、調整後 EPS 成長，以及新業務得標成長。我們正在擴大參與目前進行中的資料中心建置，並積極開發並贏得更多業務。

It's a nice turning point for our company, and we expect it to continue. Additionally, as a result of a strong 2026, we're moving the long-term goal timeline in from 2030 to 2019. The results that we are delivering are overcoming global automotive weakness and global commercial vehicle weakness. And tariff turmoil. We're more than offsetting those dynamics, and we're successfully replacing these soft areas with new sales, an electric grid data center, defense, electronics, medical, and our industrial business.

這對我們公司而言是一個很好的轉折點，我們預期這種態勢將持續。此外，受惠於 2026 年的強勁表現，我們將長期目標的時間表從 2030 年提前到 2019 年。我們所交出的成果正在克服全球汽車市場疲弱與全球商用車市場疲弱。以及關稅動盪。我們不僅足以抵銷這些動態，並且成功以新銷售來取代這些疲弱領域，包括電網、資料中心、國防、電子、醫療，以及我們的工業業務。

Turning to Page 6, we want to review the high-level metrics in the first quarter, and then Chris Bohnert, our CFO, will drill down a bit further into the numbers.

接著看第 6 頁，我們想先回顧第一季的高層級指標，然後由我們的財務長 Chris Bohnert 進一步深入說明數字。

First of all, our sales were up both year-over-year and sequentially, about $12 million to $13 million, or about 12%. I'll wait a minute for the slide to advance and catch up with me here. The growth was a solid mix, and it was in grid and data center defense and electronics delivering strong growth, as I mentioned.

首先，我們的銷售額不論年增或季增都上升，約增加 1,200 萬到 1,300 萬美元，約 12%。我先等一下投影片往下，跟上我的進度。如我所提到的，成長來自穩健的組合，主要是電網與資料中心、國防與電子等領域帶動強勁成長。

The sequential sales growth also led to a commensurate increase in working capital.

銷售額的季增也帶動營運資金相應增加。

Which occurs seasonally in our business, and that did happen in the first quarter.

這在我們的業務中具有季節性，而第一季確實發生了。

Secondly, our adjusted operating income was up year-over-year sequentially, and the results of our operational actions are shining through into our results.

第二，我們的調整後營業利益不論年增或季增都上升，我們的營運行動成果已清楚反映在業績上。

We have a leaner operating model today, and the large one-time costs that we incurred are washing behind us.

我們目前的營運模式更精實，而先前發生的大額一次性成本也已逐步消退。

Our adjusted was also up year-over-year sequentially.

我們的調整後也同樣呈現年增與季增。

And as mentioned, this is being driven by a good sales mix, which we expect to continue, heavily concentrated in the power side of our business and strong operating performance. Most of our plants are delivering results for us.

如前所述，這主要由良好的銷售組合所帶動，我們預期將持續，且高度集中在我們業務的電力端，以及強勁的營運表現。我們大多數工廠都為我們交出成果。

We have just a few left that are at break-even, slightly negative, but it's very widespread across many customers, all of our plants, and we're very thankful for that we're seeing the results of our hard work. On the new business win side.

只剩少數幾座仍在損益兩平、略為負值，但整體而言，這在眾多客戶與我們所有工廠之間都相當普遍；我們非常感謝能看到辛勤努力的成果。在新業務得標方面。

We were up significantly year-over-year and sequentially. We had a big quarter in Q1 for us, and it was concentrated in electrical grid and the data center markets.

我們不論年增或季增都大幅上升。第一季對我們而言是很強勁的一季，且主要集中在電網與資料中心市場。

On adjusted gross margin, again, we were up sequentially in year-over-year, and our margins were also up for the same reasons, good sales mix and good operating performance.

在調整後毛利率方面，我們同樣呈現季增與年增；基於相同原因，我們的利潤率也上升，也就是良好的銷售組合與良好的營運表現。

So it was a solid quarter, obviously.

因此，顯然這是一個穩健的季度。

It's reflective of the progress we've made across portfolio with a good sales mix and strong operating performance.

這反映出我們在整體產品組合上的進展，具備良好的銷售組合與強勁的營運表現。

And as a result of this performance in our outlook, we're raising our outlook for both the full year and for the next few years.

也因此，基於這樣的表現與我們的展望，我們正在上調全年以及未來幾年的展望。

And we're going to get into a few more details after Chris speaks and reviews our company's first quarter more fully.

在 Chris 發言並更完整回顧公司第一季表現之後，我們會再補充更多細節。

Chris.

Chris。

Thank you, Harold. Good morning, everyone. If you're following along in the presentation, I'll start on Slide 7, which highlights our first quarter financial results. Net sales for the quarter were $118.5 million, an increase of $12.8 million or 12.1% versus the prior year quarter. The revenue growth was driven by the impact of a positive shift in our sales mix, as Harold mentioned, higher precious metals pass-through in the quarter, along with favorable foreign exchange impacts.

謝謝你，Harold。各位早安。如果各位正在跟著簡報，我將從第 7 張投影片開始，該頁重點說明我們第一季的財務結果。本季淨銷售額為 1.185 億美元，較去年同期增加 1,280 萬美元或 12.1%。如 Harold 所提到，營收成長主要來自銷售組合正向轉變的影響、本季較高的貴金屬轉嫁（pass-through），以及有利的匯率影響。

These positive impacts were partially offset by softness in our China automotive business. Outside of China, our global automotive business was up slightly. Adjusted operating income for the first quarter was $5.8 million, marking a strong increase of $3.8 million compared to $2 million or 184% versus the prior year period. Adjusted EBITDA results for the quarter were $14.1 million, increasing $3.5 million compared to the $10.6 million we reported in the prior year period, an improvement of 33.7%. Our strong first quarter adjusted EBITDA results were driven by an improvement to our sales mix, the capture of operating efficiencies across our operations and our successful cost-out programs we implemented the past couple of years.

這些正面影響部分被我們中國汽車業務的疲弱所抵銷。在中國以外，我們的全球汽車業務小幅成長。第一季調整後營業利益為 580 萬美元，較去年同期的 200 萬美元增加 380 萬美元，或成長 184%，增幅強勁。本季調整後 EBITDA 為 1,410 萬美元，較去年同期我們所報告的 1,060 萬美元增加 350 萬美元，改善 33.7%。我們第一季強勁的調整後 EBITDA 表現，主要來自銷售組合改善、在各項營運中取得的效率提升，以及我們過去幾年推動的成功降本（cost-out）計畫。

As a result, adjusted EBITDA margins were 11.9%, an increase of 33% compared to the 10% in the prior year quarter. Now I'll turn to our segment results, starting on Slide 8. In our Power Solutions segment, where our business consists largely of stamped products, net sales for the quarter were $55.4 million, up $11.9 million or 27% compared to the $43.5 million we reported in the prior year period. The growth was driven by an improved sales mix from higher volumes in targeted growth areas, higher precious metals pass-through pricing and favorable foreign exchange impacts. This top line growth was partially offset by sales volume softness in certain stamped product lines.

因此，調整後 EBITDA 利潤率為 11.9%，較去年同期的 10% 提升 33%。接下來我將說明各事業部門的結果，從第 8 張投影片開始。在我們的 Power Solutions（電力解決方案）事業部門，我們的業務主要由沖壓產品構成，本季淨銷售額為 5,540 萬美元，較去年同期的 4,350 萬美元增加 1,190 萬美元或 27%。成長主要由銷售組合改善所帶動，來自目標成長領域的較高出貨量、較高的貴金屬轉嫁定價，以及有利的匯率影響。這項營收成長部分被某些沖壓產品線的銷量疲弱所抵銷。

Power Solutions adjusted EBITDA was $10.4 million, an increase of $4.1 million or 65.1% versus prior year's quarter of $6.3 million, driven by improved sales mix, the strengthening of profitability through ongoing cost-out initiatives. We do see a short lag as we pass through the impact of inflation to precious metals pricing, tariff impacts and other surcharges, which temporarily pinch profitability. As a function of this improved adjusted EBITDA, we've seen stronger margin pull-through with quarterly adjusted EBITDA margins of 18.7% of net sales, up from 14.5% in the prior year period. Looking ahead, our new business momentum in this segment remains strong with wins totaling $29.3 million in the first quarter, concentrated in key markets that Harold mentioned of electrical grid, data center and defense and electronics products. During the quarter, we announced that we had acquired additional plating equipment to advance our growth in electrical grid and data center markets.

Power Solutions 的調整後 EBITDA 為 1,040 萬美元，較去年同期的 630 萬美元增加 410 萬美元或 65.1%，主要受惠於銷售組合改善，以及透過持續的降本措施強化獲利能力。我們確實看到在將通膨對貴金屬定價、關稅影響及其他附加費的影響轉嫁出去時，存在短暫的時間落差，這會在短期內壓縮獲利。隨著調整後 EBITDA 改善，我們看到更強的利潤率拉升效果（margin pull-through），本季調整後 EBITDA 利潤率為淨銷售額的 18.7%，高於去年同期的 14.5%。展望未來，本事業部門的新業務動能仍然強勁，第一季得標合計 2,930 萬美元，主要集中在 Harold 提到的關鍵市場：電網、資料中心，以及國防與電子產品。本季期間，我們宣布已收購額外的電鍍設備，以推進我們在電網與資料中心市場的成長。

Consistent with our strategic growth efforts, we continue to invest our CapEx to support these growth opportunities. Now turning to Slide 9. Our Mobile Solutions segment, which covers our machine products business. The net sales for the first quarter were $63.1 million compared to $62.2 million in last year's first quarter, an increase of $0.9 million or about 1.4%. Notably, this segment has now returned to year-over-year sales growth.

配合我們的策略性成長努力，我們持續投入資本支出（CapEx）以支持這些成長機會。接著看第 9 張投影片。我們的 Mobile Solutions（移動解決方案）事業部門，涵蓋我們的機加工產品業務。第一季淨銷售額為 6,310 萬美元，去年第一季為 6,220 萬美元，增加 90 萬美元或約 1.4%。值得注意的是，該事業部門目前已恢復年對年銷售成長。

While modest, our sales growth reflected solid volumes from new program launches and broader strength across North America, South America, Europe and automotive markets, along with favorable foreign exchange impacts. This was partially offset by softer automotive volumes in China. Our first quarter adjusted EBITDA in the Mobile Solutions segment was $8.2 million, up slightly versus last year's first quarter with adjusted EBITDA margins holding at 13%. The flat margin reflects the offset of profitability improvements in most regions against the impact of China automotive softness. On the new business front, we secured wins totaling $13.6 million.. Notably, this included the liquid cooling connector components. We are now in production and pursuing additional opportunities. With that, I'll turn the call back over to Harold. Harold.

雖然增幅不大，但我們的銷售成長反映了新專案導入帶來的穩健出貨量，以及北美、南美、歐洲與汽車終端市場的更廣泛強勁表現，並且受惠於有利的外匯影響。不過，這部分被中國汽車出貨量走弱所部分抵銷。行動解決方案（Mobile Solutions）事業部第一季調整後 EBITDA 為 820 萬美元，較去年第一季小幅成長，調整後 EBITDA 利潤率維持在 13%。利潤率持平反映了多數地區獲利能力改善，與中國汽車市場疲弱影響之間的相互抵銷。在新業務方面，我們取得合計 1,360 萬美元的得標。其中值得一提的是液冷連接器元件。我們目前已進入量產，並持續尋求更多機會。接下來我把電話交回給 Harold。Harold。

Thank you, Chris. Let's turn to Slide 9.

謝謝你，Chris。我們來看第 9 頁投影片。

Excuse me, Slide 10.

不好意思，是第 10 頁投影片。

I'm seeing a lag in the slides turning here. I'll just wait a second.

我這邊投影片切換似乎有延遲。我先等一下。

Our portfolio transformation is working.

我們的產品組合轉型正在奏效。

We wanted to report out to you on that. We've been asked questions about that, and we're executing on our strategy to intentionally. Reshape our portfolio towards higher growth and higher margin end markets.

我們想向各位報告這方面的進展。我們也被問到相關問題，而我們正在有意識地執行策略，將產品組合重塑至成長更高、毛利率更高的終端市場。

And our top three growth markets, as we've mentioned, and are electric grid and data center, defense electronics and medical.

如同我們提過的，我們前三大成長市場是電網與資料中心、國防電子，以及醫療。

Those specific end markets are collectively up 28% versus Q1 2025.

這些特定終端市場合計較 2025 年第一季成長 28%。

And on a consolidated basis, our growth markets accounted for 35% in 2023.

以合併口徑來看，我們的成長市場在 2023 年占比為 35%。

And now constitute 44%, excuse me, the 56%, and automotive has shrank to 44%. So we're deliberately changing that mix, and we have four goals to continue that progression.

而現在占比為 56%，不好意思，汽車占比已縮小至 44%。因此我們正刻意調整這個組合，並且有四項目標來延續這個進程。

And as mentioned, our growth is broad-based and spread across multiple customers, products, and programs. It's not concentrated in any single program or with any single customer or platform.

如前所述，我們的成長是廣泛分布的，涵蓋多個客戶、產品與專案。並未集中在任何單一專案、單一客戶或單一平台。

There are no big bets in what we're doing intentionally, and we're happy to show you here that the portfolio is shifting as we are driving it to. Our auto strategy remains disciplined. Our goal in automotive markets is to maintain good volumes, not chase share or chase large volumes.

我們刻意不做任何「押大注」的策略；也很高興在此向各位展示，產品組合正如我們所推動的方向在轉移。我們的汽車策略仍然保持紀律。我們在汽車市場的目標是維持良好出貨量，而不是追逐市占或追逐龐大出貨量。

And because of this, we're able to better absorb the automotive market weakness that's happening right now. Without disrupting our overall growth trajectory or our reported numbers.

也因為如此，我們能更好地吸收目前正在發生的汽車市場疲弱，而不致干擾我們整體的成長軌跡或已揭露的數字。

This mix shift is an important structural driver of our margin expansion, and the growth markets carry more accretive margins than our legacy mix, so that's helping us achieve our margin rates also.

這種組合轉移是推動我們利潤率擴張的重要結構性動能；成長市場的利潤率增益性（accretive）高於我們的傳統組合，因此也有助於我們達成利潤率水準。

As these scale up, we expect to see continued pull-through to gross margin and EBITDA. This will be a primary lever, closing the gap to our long-term targets.

隨著這些業務規模擴大，我們預期毛利率與 EBITDA 將持續出現帶動效應。這將是縮小與我們長期目標差距的主要槓桿。

Turning to Slide 11.

接著看第 11 頁投影片。

Wanted to point out a little bit more about each of the three areas that we're pursuing and for diversification and for forward growth, and each has the potential to become a material business for our company. All three are internally funded, and we have been allocating people and capital resources to each one of these. Each has dedicated assets, certifications and pipelines well in excess of current revenue.

我想再多說明一些我們正在推進的三個領域，這些領域有助於多元化與未來成長，而且每一個都有潛力成為公司具規模的業務。三者皆由內部資金支應，我們也已將人力與資本資源配置到各領域。每一個領域都有專屬資產、認證與管線，且遠高於目前的營收規模。

And we're going to go through just a few highlights and then kind of a status update for you, starting with electric grid and data center. In this case, we are building on a large profitable NN business. It's already over $70 million segment for us on an LTM basis. And our near-term goal is to target this to be $100 million business for us. We've added assets, products, and people.

接下來我們會分享幾個重點與最新進度，先從電網與資料中心開始。在這裡，我們是建立在一個規模大且獲利良好的 NN 業務基礎上。以過去十二個月（LTM）計算，這個事業對我們而言已超過 7,000 萬美元。我們的短期目標是把它推進成為 1 億美元的業務。我們已新增資產、產品與人員。

And as we previously reported, we added liquid cooling connectors in the first quarter with a new product line and new customers for us. The data center part of this endeavor for us is fast-paced, and it's collaborative. As you know from following this industry, all of us know from following the public markets globally, there's a big backlog of equipment here.

如同我們先前所報告的，我們在第一季透過新增產品線與新客戶，導入了液冷連接器。我們在資料中心這部分的推進節奏很快，而且需要協作。如各位所知，從追蹤這個產業、以及全球公開市場的動態來看，這裡存在大量設備積壓訂單。

Infrastructure build out and the industry, the supply industry of which we're a part of is underway with trying to get caught up. And the bottom line for this segment for us is that the growth from new and existing customers is higher than we expected and faster than we expected, and it's continuing. We're attempting to increase our content per rack and content per data center with multiple endeavors that we're underway with. So that one is a.

基礎建設擴建正在進行中，而我們所屬的供應產業也正努力追趕進度。對我們這個事業而言，重點是：來自新舊客戶的成長高於我們預期、速度也快於我們預期，而且仍在持續。我們正透過多項正在進行的計畫，嘗試提升每個機櫃（rack）的供貨內容量與每座資料中心的供貨內容量。所以這個部分是個。

Plus plus in terms of performance for us, and the margins are quite good. Next is defense and electronics. We're also adding to a large profitable business in this area. The business is already over $50 million on a trailing 12-month basis. We're also adding assets and certifications here. We're internally funding this as well. In this case, we've been working with a marquee OEM in the United States.

就我們的表現而言，這是「非常非常」正向的，而且利潤率相當不錯。下一個是國防與電子。我們同樣是在這個領域既有的大型獲利業務上持續加碼。以過去十二個月計算，該業務已超過 5,000 萬美元。我們也在此新增資產與認證。這同樣由內部資金支應。在這個案例中，我們一直與美國一家指標性（marquee）的 OEM 合作。

To expand into a new product area as a Tier 1 manufacturer of weapons components. And it's been going quite well. We've had to add new specialized equipment in this case. It required new equipment because the parts are quite large compared to the parts we've made in our past. But I will say that the bottom line here is the growth has been faster and bigger than we expected also. Intermomentum continues to build. The third area is medical.

以武器零組件一級供應商（Tier 1）製造商的身分，擴展到新的產品領域。目前進展相當順利。在此情況下，我們必須新增專用的新設備。之所以需要新設備，是因為這些零件相較於我們過去製造的零件大得多。但我想說，重點是：這裡的成長同樣比我們預期更快、規模也更大。動能仍在持續累積。第三個領域是醫療。

Medical, we restarted that in the fall of 2023. In this case, it was a small, unprofitable business, and we implemented both an operational turnaround plan as well as a forward growth plan. Similar to the defense electronics segment, we've been working for two years with a marquee OEM, a global maker of robotic surgical equipment.

醫療方面，我們在 2023 年秋季重新啟動。當時這是一個規模小且不獲利的業務，我們同時推動營運改善（turnaround）計畫與前瞻成長計畫。類似國防電子事業部，我們已與一家指標性 OEM 合作兩年，對方是全球機器人手術設備製造商。

And that program is beginning to show results for us also in terms of products going into production. Bottom line for this area is that it's been slower than we had expected relative to the two other diversification endeavors, but momentum is now increasing. So we're carrying forward with each of these. And in each case, we have a prospecting list, and we have new products envisioned, as well as new equipment and new certifications. So.

而該專案也開始為我們帶來成果，產品逐步進入量產。這個領域的重點是：相較於另外兩項多元化推進，進度比我們預期慢一些，但目前動能正在加速。因此我們會持續推進這三個領域。而在每個領域，我們都有潛在客戶開發清單、規劃中的新產品，以及新設備與新認證。所以。

They're kicking in now. The biggest and fastest one, obviously, is data center. And if you turn the page to page 12, we're getting a lot of questions about what are we doing, what are we not doing, how big is it, how big is the market, that sort of a thing. So we wanted to report out to you. It is our number two overall market right now. Our internal plan is for it to become our number one market. Currently, right now, the global automotive business is larger than this.

現在都開始發揮作用了。其中規模最大、成長最快的，顯然是資料中心。如果各位翻到第 12 頁，我們收到很多問題：我們在做什麼、不做什麼、規模有多大、市場有多大等等。因此我們想向各位報告。目前它是我們整體的第二大市場。我們的內部規劃是讓它成為第一大市場。就目前而言，全球汽車業務仍比這個更大。

We sell multiple components into this arena, transformer components, electrical disconnects, circuit breaker components, smart meter components, liquid cooling components. As I mentioned, it's already a big accretive business for us, and our near-term goal is to get it to $100 million. The liquid cooling connector business that we launched in the first quarter was really a neat product for us.

我們在這個領域銷售多種元件，包括變壓器元件、電氣隔離開關、斷路器元件、智慧電表元件、液冷元件。如我提到的，這對我們而言已經是一項規模可觀且具增益的業務，而我們的短期目標是把它做到 1 億美元。我們在第一季推出的液冷連接器業務，對我們來說確實是一個很棒的產品。

If you follow this area, it's a big deal. It's a big deal in the industry if you go to a trade show, a whole bunch of the trade shows tied to cooling if you go to a data center trade show. And it's growing fast. It's also called quick disconnect couplings. It's also called fluid connectors. But the bottom line is it's the stainless steel connectors through which the coolant flows to the cold plates.

如果你有關注這個領域，這是一件大事。在產業裡這是個大議題——不論你去參加與冷卻相關的各種展會，或是去資料中心展會，都能看到。而且它成長很快。它也被稱為快速斷開接頭（quick disconnect couplings）。也被稱為流體連接器（fluid connectors）。但重點是：這些是不鏽鋼連接器，冷卻液透過它們流向冷板。

And through the cooling system inside of the data center racks so that the chips don't get overheated and conform at spec. Market sizes there's a big range here, if you Google this, or research it, because the numbers that pre-existed the last 18 months are getting blown up as this whole area has really gotten big fast. But the market size estimates for what we're participating in.

並且在資料中心機櫃內部的冷卻系統中循環，讓晶片不會過熱並符合規格。市場規模的估計範圍很大；如果你用 Google 搜尋或做研究會看到，因為過去 18 個月之前的數字，隨著這個領域快速做大而被大幅改寫。但就我們所參與的部分，其市場規模估計為——

Range from $1.5 billion to $6 billion and growing quickly. And when I say quickly, some of the growth rates are at 40% per annum, so large growth rates. The bellwether reporter here is Nvidia. If you follow what they say they have a five-year backlog. We're seeing big backlog situations also. We're seeing backlogs that go out through the rest of this decade, and we're participating in those.

介於 15 億美元到 60 億美元之間，且快速成長。我說的「快速」是指，有些成長率達到每年 40%，屬於很高的成長。這裡的風向球是 Nvidia。如果你有關注他們的說法，他們有五年的訂單積壓。我們也看到很大的訂單積壓情況。我們看到的訂單積壓一路延伸到本十年剩餘期間，而我們也參與其中。

And we're leveraging our fluid management trade secrets. For a long time, we've understood how to control fuels, atomized fuels inside of engines. It's a no-leak situation as well. And we're adding to our existing portfolio of machines to make these types of small, precise components. The specs that are prevalent in the data centers equate to about one drop of water.

而我們正在運用我們在流體管理方面的商業機密。長期以來，我們就懂得如何在引擎內控制燃料、霧化燃料。這同樣也是一個零洩漏的情境。我們也在既有的機台組合上加碼投資，用來製造這類小型且高精度的元件。資料中心常見的規格要求，大約等同於一滴水的量級。

That can leak every 10 years. And that may sound severe, but actually, we're at a better level than that. Because in the engine environment with fuel, the leakage is measured atomically and molecularly, as it can be explosive and damaging. So this is right in our sweet spot. And we previously mentioned that while we had over 100 machines that could make these kind of products already, we added another 17.

而且允許的洩漏量是每 10 年才漏一滴。這聽起來可能很嚴苛，但其實我們的能力水準比這更好。因為在引擎燃料環境中，洩漏是以原子與分子層級來衡量的，因為它可能爆炸並造成損害。所以這正好是我們的強項領域。我們先前也提到，雖然我們原本就有超過 100 台機器能製造這類產品，但我們又新增了 17 台。

And ordered them and have received about half of them. And we're coupling them with our in-house trade secrets around turning, treating, electroplating, abrasive flow machining, and manufacturing and testing. So big deal here is you can't have burrs, and there's a lot of deburring required. And then they have to be aesthetically pleasing with a mirror-locked finish, which leads to electroplating. We believe there's a lot of upside in this area.

我們已下單並已收到約一半。我們也把這些機台與我們內部在車削、熱處理（treating）、電鍍、磨粒流加工（abrasive flow machining）、以及製造與測試方面的商業機密結合。這裡的關鍵是不能有毛邊，因此需要大量去毛邊作業。此外外觀也必須美觀，具備鏡面鎖光的表面處理，這就會導向電鍍。我們相信這個領域有很大的上行空間。

We have a multi-product view of it, and our goal is to add content per rack, and we're working on that on a bill-forward basis. So just a little bit more on the data center. If you turn the page to our end-market outlooks, we do participate in several end-markets, as you know. We have two main types of production platforms, one turning and machining and one stamping, welding and plating.

我們以多產品的角度來看待它，我們的目標是提高每個機櫃的內容價值（content per rack），並正以逐項報價（bill-forward）的方式推進。再多談一點資料中心。如果你翻到我們的終端市場展望，你知道我們參與多個終端市場。我們有兩大類主要的生產平台：一類是車削與機加工，另一類是沖壓、焊接與電鍍。

We serve multiple end markets with those common engineering and manufacturing platforms. I covered grid. It's a strong market. It's growing. It's backlogged several years. So generally speaking, we're getting into situations that are immediate ramp up in this arena. We expect it to continue like that through the rest of this year. Second, defense electronics, we mainly serve it in North America, United States specifically. Spending is at record levels under the current President administration and on a forward basis. We also expect that to continue through the rest of this year. And third is medical, where we're really focused in on equipment versus implants. And that is a steady and growing market, and we're expecting to achieve more new wins as the year progresses. It's still a small business for us, but I will say that. Tim French and team have corrected the profit problem, and we are making money in the medical business already. Automotive in China. So automotive in China has been growing quickly for us over the last couple of years. If you follow that market year-to-date in '26, the China market's down. And it's predicted to be down going through the rest of the year. So we expect to stay at a similar rate that we're at.

我們用這些共通的工程與製造平台服務多個終端市場。我已談過電網（grid）。那是一個強勁的市場。它在成長。訂單積壓達數年。因此整體而言，我們在這個領域正進入需要立即爬坡放量的情境。我們預期今年剩餘期間會持續如此。第二，國防電子，我們主要在北美、尤其是美國服務。在現任總統政府之下以及前瞻來看，支出都在創新高。我們也預期今年剩餘期間會持續。第三是醫療，我們真正聚焦在設備而非植入物。那是一個穩定且成長的市場，我們預期隨著年度推進會拿下更多新案。它對我們而言仍是小型業務，但我會這麼說。Tim French 與團隊已修正獲利問題，我們在醫療業務上已經開始賺錢。中國汽車。過去幾年中國汽車業務對我們而言成長很快。如果你關注該市場，2026 年迄今中國市場是下滑的。而且預測今年剩餘期間仍會下滑。因此我們預期將維持在目前相近的水準。

Through the rest of '26. The indigenous market's down more than the export market, but we're right there in the middle of it with a big plant in the suburbs of Shanghai, and we serve Chinese car makers, and the business is soft. So we've been able to overcome that soft business, and that's a good mix for us. We make good money in China, but we've been able to offset the market softness there. Commercial vehicle.

貫穿 2026 年剩餘期間。本土市場下滑幅度大於出口市場，但我們正處於其中——我們在上海郊區有一座大型工廠，服務中國車廠，而業務偏弱。因此我們得以克服這種疲弱，而這對我們而言是個不錯的組合。我們在中國的獲利表現很好，同時也能抵消當地市場的疲弱。商用車。

That covers trucks, agricultural equipment, construction equipment. Each of those markets has a different outlook by geography. We're mainly attached the common denominator for us is that we're attached to large diesel engines. The market's been down slightly globally. And it's a combination of being down in North America but up in China. And so we've been.

這涵蓋卡車、農業設備、工程建設設備。這些市場依地理區域而有不同展望。我們主要的共同分母是：我們與大型柴油引擎高度連結。全球市場略為下滑。這是北美下滑、但中國上升的組合。因此我們一直——

Had two situations, one in China being up, one in North America being down. The bellwether reporter there, in this case, will be Cummins. They're a big merchant manufacturer of engines, big diesel engines, and also now with generators for data centers. And we're expecting to see growth in the second half. Industrial, we're mainly tied into the industrial market in the United States. GDP is up about 2% year-to-date. That's kind of the outlook.

面臨兩種情況：中國上升、北美下滑。此處的風向球將是 Cummins。他們是大型引擎（大型柴油引擎）的重要獨立製造商，且現在也提供資料中心用的發電機。我們預期下半年會看到成長。工業方面，我們主要與美國的工業市場連動。GDP 年初至今約成長 2%。這大致就是展望。

We expect to see modest growth through the rest of the year, and then Global Auto, which I mentioned, which is slightly down due to affordability, ICE, the EV, reset rates, and then China exports. The global data came out yesterday with a Global Automotive update, and they're predicting that the global market will be down about 2% this year. Due to the programs we're on, we'll just do a little bit better than that, but we're expecting.

我們預期今年剩餘期間將呈現溫和成長；另外是我提到的全球汽車（Global Auto），因可負擔性、燃油車（ICE）、電動車（EV）、利率重設，以及中國出口等因素而略為下滑。昨天公布的全球數據帶來一份全球汽車更新，他們預測今年全球市場將下滑約 2%。由於我們所參與的專案，我們的表現會比這個數字稍好一些，但我們預期——

To the rest of 26. So that was just a market update for you.

其餘的 26。以上只是給各位的市場最新動態。

Overall, our markets are better than last year. It's kind of a takeaway that I'd like you to have here. If we turn to Page 14, I'd like to have Chris take us through a little bit on our long-term goals.

整體而言，我們的市場狀況比去年更好。這算是我希望各位在這裡帶走的一個重點。如果我們翻到第 14 頁，我想請 Chris 帶我們簡要說明一下我們的長期目標。

Thank you, Harold. Please turn to Slide 14, if you're continuing to follow along. So given our market expected growth rates and the pace at which our targeted growth programs and cost initiatives have been delivering our results, we're going to pull in the timing of our long-term financial goals by 1 year. We've previously communicated these goals to you. So with these changes in our markets and business, we're going to pull them forward from 2030 to 2029.

謝謝你，Harold。如果各位繼續跟著簡報，請翻到第 14 張投影片。因此，考量我們市場的預期成長率，以及我們鎖定的成長計畫與成本措施推動成果的速度，我們將把長期財務目標的達成時程提前 1 年。我們先前已向各位溝通過這些目標。因此，隨著市場與業務的這些變化，我們將目標時點從 2030 年提前到 2029 年。

The net sales and EBITDA targets are not changing. So net sales of approximately $600 million at a 20% adjusted gross margin rate and adjusted EBITDA of about $80 million at a 13% margin are going to be consistent with what we've previously reported. So relative to our full year 2025 results, this reflects more than a 40% growth in net sales and more than 60% growth in adjusted EBITDA, with adjusted gross margins expanding from around 18.5% in 2025 to our target of 20%. As previously communicated, we're targeting about 13% to 14% adjusted EBITDA margins, demonstrating meaningful growth from where we're at today at about 11.6% through 2025. So on Slide 15 provides additional context on our business performance through our transformation actions and the trajectory of underpinning our targets.

淨銷售額與 EBITDA 目標不變。也就是說，淨銷售額約 6 億美元、調整後毛利率 20%，以及調整後 EBITDA 約 8,000 萬美元、利潤率 13%，都將與我們先前所報告的一致。相較於我們 2025 全年結果，這代表淨銷售額成長超過 40%，調整後 EBITDA 成長超過 60%，同時調整後毛利率將由 2025 年約 18.5% 擴張至我們 20% 的目標。如先前所述，我們目標為約 13% 至 14% 的調整後 EBITDA 利潤率，顯示相較於目前（到 2025 年約 11.6%）有顯著成長。因此，第 15 張投影片提供更多背景，說明我們透過轉型行動的業務表現，以及支撐我們目標的發展軌跡。

This chart represents our adjusted EBITDA performance from 2020 through the midpoint of our 2026 updated guidance, excluding the contribution from the divested Lubbock business for comparability. Notably, ahead of the launch of our transformation, our results reached a trough in mid-2023 at approximately $35 million on an LTM basis, with the adjusted EBITDA margins having fallen to 7.4%. From the launch of our transformation plan at that point, adjusted EBITDA has increased approximately 61% to the midpoint of our 2026 guidance of $57 million, with margins expanding significantly to 12.4%. This success in the first years of our transformation has been led by operational performance as we simultaneously work to reestablish our sales pipeline and reshape our portfolio mix as we discussed in the past. Our 3 main growth programs in electric grid, data center, defense and electronics and medical are now contributing and we expect to drive further improved results.

此圖表呈現我們 2020 年至 2026 年更新指引中點的調整後 EBITDA 表現；為了可比性，排除已出售的 Lubbock 業務貢獻。值得注意的是，在我們啟動轉型之前，我們的結果在 2023 年年中（以 LTM 計）觸底，約為 3,500 萬美元，調整後 EBITDA 利潤率降至 7.4%。自當時啟動轉型計畫以來，調整後 EBITDA 已成長約 61%，達到 2026 年指引中點 5,700 萬美元，利潤率亦大幅擴張至 12.4%。轉型前幾年的成功，主要由營運表現帶動；同時我們也如先前所討論，致力於重建銷售管線並重塑產品組合結構。我們在電網、資料中心、國防與電子，以及醫療等三大成長計畫目前已開始貢獻，我們預期將推動進一步改善的成果。

Lastly, on Slide 16, which shows our end market outlook for 2026 as it stands today. Given our first quarter results and the expected forecast we have for the remainder of the year, we're revising our guidance ranges slightly higher. For the full year of '26, we're now guiding net sales in the range of $450 million to $470 million, reflecting approximately 9% growth at the midpoint compared to the prior year and adjusted EBITDA in the range of $52 million to $62 million, reflecting approximately 16% growth at the midpoint. Importantly, this revised guidance is supported by our current market outlooks, the expected contributions from our new business from prior wins and the operating leverage we expect to capture as our volumes grow across the year. With that, I'll now turn the call back over to the operator for questions from our analysts.

最後，第 16 張投影片顯示截至目前我們對 2026 年終端市場的展望。基於第一季結果以及我們對今年剩餘期間的預期預測，我們將指引區間小幅上修。就 2026 全年而言，我們目前預估淨銷售額介於 4.5 億至 4.7 億美元，中點較前一年成長約 9%；調整後 EBITDA 介於 5,200 萬至 6,200 萬美元，中點成長約 16%。重要的是，這份修訂後的指引是以我們目前的市場展望、先前得標所帶來的新業務預期貢獻，以及隨著全年出貨量成長我們預期可取得的營運槓桿為支撐。接下來我把電話交回給接線員，請分析師提問。

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Operator?

接線員？

(Operator Instructions)

（接線員指示）

Your first question is from the line of Rob Brown with Lake Street Capital Markets.

第一個問題來自 Lake Street Capital Markets 的 Rob Brown。

Good morning. Congratulations on all the progress.

早安。恭喜你們取得這麼多進展。

Thank you. Good morning.

謝謝。早安。

Just following up on your data center activity and wins there. To get to the $100 million goal, what's sort of the steps that you need to take? It seems like you're well on the way there. Is it expanding penetration in the liquid cooling market, or are there other products that you can go after?

我想追問你們在資料中心方面的活動與得標情況。要達到 1 億美元的目標，你們需要採取哪些步驟？看起來你們已經走在很好的路上。是要擴大在液冷市場的滲透率，還是還有其他可以切入的產品？

To get there.

要達到那個目標。

Yeah, we have several -- we have multiple items there, Rob. We have two new products we're coming out with in Busbar and Power Whips. We also are growing with the current content that we have there, which is tied into transformer components as well as these connector components. So we're not overly counting on one product line.

是的，Rob，我們那邊有好幾項——我們有多個項目。我們將推出兩項新產品：Busbar（匯流排）和 Power Whips（電力鞭線）。我們也在既有的內容上成長，這些與變壓器零組件以及這些連接器零組件相關。因此我們不會過度依賴單一產品線。

But we're hitting the market more broadly now and have organized to do that. So we're not making any predictions yet, but I will say that we have a great product line going into these data centers. And we're trying to get our content up. We're not falling in love with any particular product. We're selling a product basket.

但我們現在以更廣的範圍切入市場，並已組織好來推動這件事。所以我們還不做任何預測，但我會說，我們有一條很強的產品線可供這些資料中心使用。我們正努力提高我們的供貨內容占比。我們不會偏愛任何特定產品。我們賣的是一籃子產品。

Okay, great.

好的，很棒。

And then on the capacity to expand there, I know you've mentioned additional machines that you're deploying, but how much capacity do you have in the Power Solutions segment that you can kind of grow into here before you really need to add much capacity?

另外，關於那邊的產能擴充，我知道你們提到正在部署額外的機台，但在你們真正需要增加大量產能之前，Power Solutions 部門目前大概還有多少產能可以用來承接成長？

Yeah, Tim, you want to take that?

是的，Tim，你要回答這題嗎？

Sure. In Power Solutions, specifically, we have significant capacity available. We aren't running 24/7 in the primary facilities. So we're able to adapt and assimilate new business fairly quickly. It requires basically just the creation of the tool, and then we're good to go from there. So lots of available capacity. So ramp-ups can be extremely quickly in the Power side.

當然。就 Power Solutions 而言，我們目前有相當可觀的可用產能。我們的主要廠區並不是 24/7 全時運轉。因此我們能夠相當快速地調整並吸收新業務。基本上只需要製作模具，之後就可以開始生產。所以可用產能很多。因此在電力端的爬坡可以非常快。

Okay, excellent. Thank you. I'll turn it over.

好的，太好了。謝謝。我把時間交回去。

Thank you, Rob.

謝謝你，Rob。

Your next question is from the line of Joe Gomes with Noble Capital Markets.

下一個問題來自 Noble Capital Markets 的 Joe Gomes。

Good morning. Thanks for taking my questions.

早安。謝謝讓我提問。

You bet, Joe.

沒問題，Joe。

So, you mentioned, a couple of factors that were behind the sales growth for the quarter.

所以你們提到，有幾個因素推動了本季的銷售成長。

Including precious metals pass-throughs, some favorable FVACs, some product mix. I was wondering, could you kind of break those out as to what each contributed to that 12% sales growth?

包括貴金屬轉嫁、一些有利的 FVACs，以及一些產品組合因素。我想請問，你們能否把這些因素拆開說明，各自對 12% 的銷售成長貢獻多少？

Well, actually, it's harder to answer than that, Joe, because we're up with 22 of our top30 customers, and they cover basically all the markets we're in.

嗯，Joe，其實這題比那樣更難回答，因為我們前 30 大客戶中有 22 家是成長的，而他們基本上涵蓋我們所處的所有市場。

And we're just down and we're flat with three others. We're just down in a couple of areas. And it's been a consequence of the new programs that we've won and that we're launching. Chris touched on that we have all these new programs that we've won with new and existing customers and that it's helping propel us. Precious metals, we're flat sequentially.

另外三家則是下滑或持平。我們只是在少數幾個領域下滑。而這是我們贏得並正在導入的新專案所帶來的結果。Chris 提到我們與新舊客戶贏得了這些新專案，而這正在幫助推動我們成長。貴金屬方面，我們環比持平。

But up year-over-year, we're expecting precious metal pricing for the rest of the year to be flat to where it is now. So it will not contribute anything further beyond this second quarter because the current levels are flat to the second half, if you look at the second half of last year when things began to come up. So getting a temporary boost for sure from precious metals and volume growth with customers in most of the markets we're in.

不過以年增率來看，我們預期今年剩餘時間的貴金屬價格將與目前持平。因此，除了第二季之外不會再有額外貢獻，因為目前水準與下半年持平；如果你看去年下半年，當時價格開始回升。所以，貴金屬與我們在多數所處市場中客戶的出貨量成長，確實帶來了短期提振。

Okay, thanks for that. And then just to follow-up on the data centers, when you talk about increasing content per rack, what are we talking about here? I don't know if you can kind of either give a dollar figure or percentage type of increase.

好的，謝謝說明。接著追問資料中心部分，當你提到每個機櫃（rack）的內容量增加時，具體是指什麼？不確定你是否能提供一個金額或百分比的增幅。

Whatever the number is, what you're selling into the rack for today, can you double the amount of content you're selling into that rack, triple that amount of content? And just a little more color there just to see what the potential growth is just by increasing the wallet share, so to speak, per rack?

不論目前你們賣進機櫃的金額是多少，是否能把賣進該機櫃的內容量加倍、甚至三倍？也請再多補充一些細節，好讓我們了解僅透過提高每個機櫃的錢包占有率（wallet share）所帶來的潛在成長？

Yeah, that's a similar question to what Rob asked.

是的，這跟 Rob 問的問題類似。

Roughly speaking, our trailing 12 months is a little over $70 million, and we're trying to get to 100, and our pipeline is multiples of that number.

大致來說，我們過去12個月（TTM）的營收略高於7,000萬美元，我們正努力達到1億美元，而我們的商機管道（pipeline）是這個數字的好幾倍。

It's hard to tell which new programs you'll get a hit on, but we're planning on our same hit rate, and I believe that we have the pipeline that we need to get to 100.

很難判斷哪些新專案會成功拿下，但我們是以相同的命中率來規劃；我相信我們擁有達到1億美元所需要的商機管道。

We're really trying to understand the TAM is so big here, Joe.

Joe，我們真的在試著理解這裡的 TAM 有多大。

I mean, we're talking billions of dollars of TAM, and we have a $70 million business. So we really can't blame anything on what's happening in the market. It's based on our own actions. And we're coordinating our efforts to grow. And when we get specific numbers, it's hard to even tell how many racks are in development right now with the amount of announcements that are underway.

我的意思是，我們談的是數十億美元規模的 TAM，而我們目前只有7,000萬美元的業務。所以我們真的不能把任何事情怪到市場發生了什麼。這取決於我們自己的行動。我們正在協調各項努力來推動成長。而當要給出具體數字時，以目前正在進行的大量公告來看，甚至很難說清楚現在到底有多少機櫃正在開發中。

So we can't really answer that with good accuracy right now, but we are going to be getting smarter on it and reporting more in the future on the per rack content. When I say per rack, so when we're calling on a customer that's building out racks, we're trying to get more content during that sales call. And we have multiple products that we can bring to it. And so we're coordinating between what we call Power Mobile to call on these customers to sell a bigger portfolio of products.

所以我們目前無法很精準地回答，但我們會在這方面變得更有掌握，未來也會更多地就每個機櫃的內容量進行揭露。我所說的每個機櫃，是指當我們拜訪正在建置機櫃的客戶時，我們希望在那次銷售拜訪中拿到更多的內容量。而我們有多項產品可以帶進去。因此我們在所謂的 Power Mobile 之間進行協同，去拜訪這些客戶，銷售更完整的產品組合。

Okay, great. Thanks for that, Harold. I'll get back in queue.

好的，很棒。謝謝你，Harold。我回到排隊序列。

Thank you, Joe.

謝謝你，Joe。

Your next question is from the line of John Frenzreb with Sidoti and Company.

下一個問題來自 Sidoti and Company 的 John Frenzreb。

Good morning, everyone, and thanks for taking the questions.

各位早安，謝謝讓我提問。

I guess I'd like to drill down a little bit on some of your newer growth initiatives. Can you talk a little bit about what's going on in medical? You kind of illustrated and suggested that it's a little bit behind plan. And also the new program, I'm also interested in the wireless program you initiated on last year. How's that standing?

我想更深入了解你們一些較新的成長計畫。能否談談醫療領域目前的進展？你們似乎提到並暗示它有點落後於計畫。另外，新的專案方面，我也對你們去年啟動的無線（wireless）專案有興趣。目前進展如何？

Yeah, so medical pipeline is fine. The development is fine.

好的，醫療的商機管道是沒問題的。開發進度也沒問題。

We've had to conquer more plant certifications than we expected at the beginning of our endeavors, but we've now done that, and we expect to report positively in the medical arena this year.

我們需要完成的工廠認證比一開始預期的更多，但現在已經完成了，我們預期今年在醫療領域會有正面的成果可報告。

But coming into today's call, it was not a source of our sales increase, so it hasn't showed up yet in terms of an actual item.

但在今天這通電話之前，它並不是我們銷售成長的來源，所以就實際項目而言，還沒有反映出來。

And but we haven't we're not backing off of it. We have a dedicated team. We hired people. We added equipment. We got underway with these certifications and we're calling on customers and adding to the portfolio. So just in terms of the three of them, John, it's behind. But overall, what we expected from the three in total is ahead by a lot.

不過我們並沒有因此退縮。我們有一個專責團隊。我們招募了人員。我們新增了設備。我們已著手進行這些認證，並拜訪客戶、擴充產品組合。所以就這三項來說，John，確實是落後。但整體而言，我們原本預期三項合計的成果，實際上大幅超前。

It was just it's really hard to tell where you're going to get the hits.

只是很難判斷你會在哪裡拿到成果。

It is playing out nicely though for us overall.

不過整體來看，對我們而言進展得相當不錯。

And on wireless, what specifically are you interested in there, John?

至於無線部分，John，你具體想了解哪一塊？

The wire harness business that you started.

你們開始做的線束（wire harness）業務。

Yeah, so we are, we put together the team, we've hired a team.

是的，我們已經組建團隊，也招募了一個團隊。

Tim and I are in the final stages of equipment selection. There is a, there's a wire harness show that. Tim, is it next week coming up here?

Tim 和我正在進行設備選型的最後階段。有一個線束展。Tim，是不是下週就要到了？

Today.

今天。

Today, thank you.

今天，謝謝。

So we're making specific equipment selections and have a team there.

所以我們正在做具體的設備選擇，而且那邊也有團隊在場。

And we expect to report on that during this year that we've launched that program, John.

我們預期在今年、也就是我們啟動這個專案的這一年內，會就此向你們報告進展，John。

Got it. And just not on the precious metals.

了解。另外不只貴金屬。

Cost escalation. How are you dealing with regular metals, steel, aluminum, copper?

成本上升方面，一般金屬如鋼、鋁、銅，你們怎麼處理？

All of them have gone up sizably in the first quarter. Do you have surcharges, escalators? How are you working with that with your customers?

這些在第一季都大幅上漲。你們有附加費（surcharges）、價格調整條款（escalators）嗎？你們如何與客戶一起因應？

Yes, you're correct. We're experiencing metal escalation and we have the right to pass it through.

是的，你說得沒錯。我們正面臨金屬成本上漲，而且我們有權利將其轉嫁。

We have to show.

我們必須提出證明。

POs that we've incurred, that we've actually incurred the inflation before we can increase our prices for the pass-through. We still have metal tariffs, copper from Germany and that sort of a thing. So we also have tariff charges to pass through as well. So we have, we get a slight lag, but we don't have to wait to the end of a month or a quarter. I mean, once it happens, we go in and we present proof.

在我們能夠調高價格以進行轉嫁之前，我們必須出示我們已經承擔通膨的採購單（PO），也就是確實已發生的成本。我們仍然有金屬關稅，例如從德國進口的銅之類。所以我們也有關稅費用需要一併轉嫁。因此會有些微的時間落差，但我們不需要等到月底或季底。我的意思是，一旦發生，我們就會進去並提出證明。

So, we've been able to keep up with it because generally speaking, we have raw material on hand at the oil price. So, the game plan is procuring, which has a lead time.

所以我們一直能跟上，因為一般來說，我們手上有以原先價格購入的原物料庫存。因此，策略重點在於採購，而採購有交期。

You have a time period there where you have an adjustment negotiation that you go through and prove it. So, we've had to adjust our process and it's taken active work by our customer service teams, but knock on wood.

在那段期間，你需要進行調整協商並提出證明。所以我們必須調整流程，這也需要客戶服務團隊積極投入，但希望一切順利。

We haven't had any material compression at all from that, John.

John，到目前為止，我們完全沒有因為這件事而出現任何實質的利潤率壓縮。

Good to hear. I'll get back into you. Thank you, Eric.

很高興聽到。我回到隊列。謝謝你，Eric。

Thank you.

謝謝。

Your next question is from the line of Mike Crawford with B. Riley's.

下一個問題來自 B. Riley's 的 Mike Crawford。

Hey, this is Remy Johnson on for Mike. And just wanted to zero in on the new business wins guidance for 2026. It was nice to see the $42.9 million in new business for the quarter. But how should we think about the cadence of wins as the year goes on and what that split looks like between Power Solutions and Mobile Solutions? Thanks.

嗨，我是代替 Mike 的 Remy Johnson。我想聚焦在你們對 2026 年新業務得標（wins）指引。本季新業務達 4,290 萬美元，看到這個數字很不錯。但我們應該如何看待今年接下來各季得標的節奏？以及在 Power Solutions 與 Mobile Solutions 之間的分布大概會是如何？謝謝。

Yeah, thank you.

是的，謝謝。

Our pipeline overall.

我們整體的案源管線。

Covers each of the areas that we have pretty uniformly. The hit rates are similar.

相當均衡地涵蓋了我們各個領域。命中率也差不多。

We have goals that we set that for our sales team and our business development team that obviously exceed our guidance, which we're aiming higher than what we're committing to here.

我們為銷售團隊與業務開發團隊設定的目標，顯然高於我們的指引；我們的目標高於我們在此承諾的水準。

So we're shooting for higher numbers.

所以我們會朝更高的數字努力。

And the goal is skewed towards our growth areas of medical, defense and electronics, and a grid and data center. So the pipeline is reflective of what we're trying to do.

而且目標更偏向我們的成長領域：醫療、國防與電子，以及電網與資料中心。因此，這個案源管線反映了我們想要達成的方向。

In the case of automotive, the outlook for automotive are interesting. The unit volumes are supposed to be down a couple percent, but it doesn't mean that the industry is stressed.

至於汽車，汽車的展望很有意思。整車出貨量預期會下滑幾個百分點，但這不代表產業承壓。

Because the affordability is so high on new cars that wealthy people are the ones buying the new cars and they're still wealthy.

因為新車的可負擔性門檻很高，買新車的是有錢人，而他們仍然很有錢。

So the industry is viewed as being healthy even though unit volume is down somewhat. And so we're not getting the normal pressure like when you're in a real problem or recession or something to reduce our prices on new business or anything. So.

所以即使整車量略有下滑，產業仍被視為健康。因此我們沒有遭遇那種在真正出現問題、衰退之類情況下，要求我們在新案子上降價等常見壓力。所以。

We're on the watch out for that because that sometimes happens. But I will say that we are letting quotes go if they get our margin bottom lines. And that's going to continue to happen. It happens the most in automotive, that's for sure.

我們會留意這點，因為那種情況有時會發生。但我想說的是，如果報價會壓到我們的毛利底線，我們就會放棄該報價。而這種做法會持續。最常發生在汽車領域，這是肯定的。

And so it's going to be driven by margins and our opportunity set.

因此，將由毛利與我們的機會組合來驅動。

But right now, we see a good cadence to get to the new guidance that we've given.

但就目前而言，我們看到達成我們所給出的新指引有不錯的節奏。

Nice. Thanks for the color on that. And then just taking a look at 2029, where the new long-term goal settles.

很好。謝謝你提供這些說明。接著看一下2029年，也就是新的長期目標落點。

If you don't mind sharing, I guess, what could the split look like between the growth end markets in the auto end market and where could we see the auto segment fall out in 2028-2029 area?

如果你不介意分享的話，我想問成長型終端市場與汽車終端市場之間的占比可能會是什麼樣子？以及在2028到2029年區間，我們可能會看到汽車部門占比降到什麼程度？

Yes. We're trying to get automotive to be 30% or less over time.

是的。我們希望隨時間推進，讓汽車占比降到30%或更低。

But we could do it abruptly and harm ourselves, financially speaking, because it takes active work to be flat in automotive because you have end of life that come upon you. And then you need to either be aggressive about the next generation win for that same platform.

但如果我們採取很突然的方式，從財務角度可能會傷到自己，因為要讓汽車業務持平需要主動投入很多工作，因為會遇到產品生命週期終止（end of life）。接著你要嘛在同一平台的下一代案子上積極爭取中標。

Or pursue a different type of business. So to stay flat in automotive is hard work.

要嘛去追求不同類型的業務。所以要讓汽車業務持平其實很辛苦。

And if we get to the point where we're outperforming in the other areas, we can start to price clear ourselves on next generation programs. And so it goes EOP, and it's EOP, and the sales are gone. But for the minute, it's sizable for the company. And so we're working hard to.

如果我們在其他領域的表現開始明顯超越，我們就可以在下一代專案上透過定價把自己「篩」出去。這樣就會走到EOP（量產終止），到了EOP，銷售就消失了。但就目前而言，汽車對公司仍是相當大的部分。所以我們正努力。

Keep the business we want.

保留我們想要的業務。

In the last trailing two years, we've gotten rid of a bunch of dilutive business, so that's largely behind us.

在過去兩年的滾動期間，我們已經剔除了不少稀釋獲利的業務，所以這部分大致已經在我們身後了。

So on a go-forward basis, it's really about competing in areas that are profitable for us. So overall, if we could dial it in and everything was perfect, it would be around 30%.

因此往後真正重點是，在對我們有利潤的領域競爭。整體而言，如果我們能把節奏調到位、而且一切都很完美，占比大概會在30%左右。

Thank you. I'll.

謝謝。我會。

Get back in the queue.

回到隊列裡。

Thank you.

謝謝。

We have a follow-up from the line of Joe Gomes with Noble Capital Markets.

我們有來自Noble Capital Markets的Joe Gomes的追問。

Hey, Harold, did you talk?

嗨，Harold，你今天早上有提到。

Anything this morning on the strategic option program? Maybe you want to give us just a little update of what's been going on there behind the scenes and when you think we might start to hear some information coming out about that?

策略選項計畫（strategic option program）嗎？你是否能稍微更新一下幕後進展，以及你認為我們何時可能開始聽到一些相關資訊對外釋出？

So we do have an ongoing process, still evaluating our alternatives or financing or otherwise.

我們確實有一個持續進行中的流程，仍在評估各種替代方案，不論是融資或其他方式。

There's nothing material to report there or meaningful, and so we don't really have an update. I will say, though, Joe, that I do have an update on the CARES Act proceeds.

目前沒有任何重大或具實質意義的事項可報告，所以我們也沒有真正的更新。不過，Joe，我確實有一個關於CARES Act款項的更新。

And we did receive that money, so we have that in the house.

我們已經收到那筆資金，所以資金已到位。

That's helped with our liquidity and that also was a driver of looking at our options because we were having a tough time with liquidity, with the growth vector that we're on and that's helping us a lot. So I'd say there's the pressure is less and we're being calculated, the board is being calculated. With its actions there, and we have nothing major to report at this time.

這改善了我們的流動性；而這也曾是我們評估選項的原因之一，因為在目前的成長軌跡下，我們的流動性一度相當吃緊，而這筆資金對我們幫助很大。所以我會說壓力變小了，我們在審慎評估，董事會也在審慎評估。在這方面的行動；目前沒有任何重大事項可報告。

Okay, great. Thanks for that, Harold.

好的，很好。謝謝你，Harold。

Thank you.

謝謝。

You have a follow-up from John Franzek with Sidoni & Company.

你有來自Sidoni & Company的John Franzek的追問。

Yeah, I was looking at the slide in Power, and it seems like you were looking for new wins in certain markets that may not have materialized.

是的，我在看Power那張投影片，感覺你們在某些市場尋求新的中標案，但可能沒有實現。

Can you just, talk about that?

你能談談這件事嗎？

What are the new program wins that you need, that you referenced?

你提到需要的新專案中標案是哪些？

Yeah, in Power, we're trying prospecting to get more straight-up grid business.

是的，在Power方面，我們正在開發客戶以爭取更多純電網（grid）業務。

That's one area we've outperformed on the data center side of that.

這方面我們在資料中心端的表現超出預期。

On the grid side, residential starts are down in the US.

在電網端，美國住宅開工量下滑。

The EV craze has subsided.

電動車熱潮已經降溫。

And I'll call the residential strain that was driving a lot of grid thinking has lessened.

我會說，先前推動許多電網規劃思維的住宅端壓力已經減輕。

On the other side, the industrial side of the grid, which sizes into large equipment and large infrastructure investments, is outperforming. So historically, our grid portfolio was tethered to residential grid.

另一方面，電網的工業端——也就是大型設備與大型基礎建設投資——表現更強。所以過去我們的電網產品組合較偏向住宅電網。

And we are pursuing new wins in those areas. And so that's one of the areas that we want, and then in terms of a product category.

我們正在這些領域追求新的中標案。所以這是我們想要的其中一個方向；另外就產品類別而言。

Bus bars are an area that we've been focusing on growing in, and that's tied into the plating equipment acquisition that we previously announced. We couldn't do the big parts. We couldn't plate the big parts.

匯流排（bus bars）是我們一直聚焦成長的領域，這也與我們先前公告的電鍍設備收購案相關。以前我們無法處理大型零件。我們無法對大型零件進行電鍍。

Most of them were silver-plated.

其中多數是鍍銀。

And the acquisition of that equipment from a customer who is also a very large electrical grid customer.

而從一位客戶那裡收購該設備——該客戶同時也是非常大型的電網客戶。

Headquartered out of Europe is a big advancement for us. So we'll be able to instead of no quoting business, we'll be able to quote the full bill of material and be a more holistic supplier in there. So we have fixes under ways and we're always looking at our hit rates there, John, and looking for pattern recognition for what we need to do next to get our hit rates up.

總部位於歐洲——對我們而言是一大進展。因此，我們將能夠不再是無法報價，而是可以針對完整物料清單（BOM）報價，並在該領域成為更全面的供應商。所以我們正在推進改善措施；John，我們也一直在看那邊的命中率，並做模式辨識，找出接下來需要做什麼來提升命中率。

There are areas that we know about and that we're focused on fixing.

有些我們已經知道、也正專注修正的領域。

Got it. Got it. And just on the refinancing of the preferred retirement of it or whatever we decide to do with it, I mean, it's been a multi-year process at this point.

了解。了解。另外關於特別股的再融資、償還或不管我們最後決定怎麼處理，我是說，這到目前為止已經是個多年流程了。

Can you just give us some color as to why it's taken so long besides the turnover at the investment bank?

你能否再多提供一些背景，說明除了投資銀行的人員流動之外，為什麼花了這麼久？

Yeah, that's true.

是的，沒錯。

We're actively looking at our alternatives there. It's not on the back burner, it's on the front burner.

我們正在積極評估那邊的各種替代方案。這不是被擱置在一旁，而是放在最優先處理。

It's helpful to have better operating performance because you have better credit statistics when you look at the secured debt part of that as well.

營運表現更好是有幫助的，因為在評估其中的擔保債務部分時，你的信用指標也會更好。

And we're in possession of our outlook for the year. And you are too now. So we see that we're planning on having a nice year. And the cash value of the EBITDA is going to be a lot higher because we're not doing plant closures and laying off people. In the last few years, we closed four plants and laid off 800 people.

而且我們已掌握今年的展望。你們現在也一樣。所以我們看起來正計畫會有不錯的一年。而EBITDA的現金價值會高很多，因為我們不再進行工廠關閉與裁員。過去幾年，我們關閉了四座工廠並裁撤了800名員工。

And that had a cost to it. So the cash value of our performance was lower.

那是有成本的。所以我們績效的現金價值就比較低。

And going forward, that's behind us. So, our adjusted EBITDA is a cash value and therefore it's leverageable. And so it can be, we'll have better cash flow, John, to do a refinancing with going forward than we have in the past. So it's becoming a better situation in terms of a refinance story.

而往後看，那些都已經過去了。因此，我們的調整後EBITDA具有現金價值，也因此可以用來支撐槓桿。所以，John，往後我們將有比過去更好的現金流來進行再融資。因此就再融資的故事而言，情況正在變得更好。

Got it.

了解。

Thank you, Howard. I appreciate the color.

謝謝你，Howard。我很感謝你提供的背景。

Thank you, John.

謝謝你，John。

Your next question is from the line of Robert Sussman with Bentley Capital Management.

下一個問題來自Bentley Capital Management的Robert Sussman。

Thank you.

謝謝。

Two questions. Number one, in your outlook for margins, your goal is to go from 18 and a half to 20. However, everything that you said indicates you're pruning low-margin businesses. Maybe, you have another plant or two to close, and the new business is theoretically at a much higher margin. Why?

兩個問題。第一，在你們對毛利率的展望中，目標是從18.5提升到20。然而，你們所說的一切都顯示你們正在修剪低毛利業務。也許你們還會再關閉一兩座工廠，而新業務理論上毛利率要高得多。為什麼？

Is your goal only 1.5% improvement from 25 to 29?

你們的目標為什麼只有從25到29提升1.5%？

Yeah, it's a good question and a good catch. We are being conservative, to your point.

是的，這是個好問題，也抓得很準。如你所說，我們目前採取較保守的做法。

We're not ready to change our guidance yet on that topic. And the same. Your comment also is the same if you do the same comparison on the EBITDA margin, Robert, the same question.

我們還沒準備好在這個議題上調整我們的指引。而且同樣地，Robert，如果你用同樣方式比較EBITDA利潤率，你的評論也會提出同樣的問題。

We're looking at both of those for revising external commitments.

我們正在同時檢視這兩項，以便修訂對外的承諾。

We're closing in on them. You're correct.

我們已經快要達成了。你說得對。

They look conservative going forward. You're correct.

就往後看，這些看起來確實偏保守。你說得對。

We're aware of that.

我們也注意到了。

We were thinking through how to improve our multi-year guidance, and instead of changing the margin percent goals, we decided to change the time period to achieve them, but that would be what's next, Robert, and I will say that that's top of mind for us, and we're looking at it.

我們一直在思考如何改善我們的多年期指引；我們決定先不改變利潤率百分比目標，而是改變達成目標的時間區間。不過下一步就會是這個，Robert。我也想說，這是我們目前最關注的重點之一，我們正在評估。

On a follow-up, are there still plans or businesses to exit, that are marginally profitable or not making an adequate return for you?

追問一下，是否仍有計畫退出一些僅勉強獲利或無法為你們帶來足夠報酬的業務？

Yes, Tim, do you want to answer that?

有的。Tim，你要回答嗎？

Sure.

當然。

At this point, we have nothing scheduled for closure.

目前我們沒有任何已排程要關閉的項目。

We've been able to mitigate the impact of what we formally referred to as the Group of Seven, and they're all.

我們已經能夠降低我們先前正式稱為「七人組」的影響，而它們都。

Performing in a decent fashion right now. So at this point, there's nothing scheduled for closure.

目前表現得相當不錯。所以就目前而言，沒有任何已排程要關閉的項目。

And I'll add, Robert, that we obviously have some plants if you force rank them or at the bottom.

我再補充一下，Robert，顯然如果你硬要做排序，我們確實有一些工廠會排在後段班。

But when you look at consolidation and the one-time cost to do it and the IRR of doing the project and the disruption of doing the project.

但當你考量整併、一次性成本、做這個專案的IRR，以及執行專案所造成的干擾。

We don't have any, to Tim's point, we don't have any that check those boxes right now.

如Tim所說，目前我們沒有任何一個同時符合那些條件。

We have better use of our capital than closing plants.

我們的資本有比關閉工廠更好的用途。

Exactly.

完全同意。

Okay, last question for me, is buying, how are you paying for the plating acquisition, and is it going to be a meaningful add to your revenues, or is it relatively small?

好，我最後一個問題：你們收購電鍍業務是怎麼付款的？它會對營收有顯著貢獻，還是相對較小？

It's medium-sized. But it's in our thinking and guidance for the year.

規模算中等。但它已納入我們對今年的思考與指引之中。

The equipment is kind of expensive. The installation is kind of expensive. It has a lot of chemicals and require proper chemical handling.

設備有點貴。安裝也有點貴。它涉及很多化學品，並且需要妥善的化學品處理。

But it was in our base plan for this year to do a product expansion in that area so that we could more fully participate in busbar prospecting.

但在我們今年的基本計畫中，本來就規劃要在那個領域做產品擴充，讓我們能更全面參與匯流排（busbar）的開發拓展。

And they don't come online and just when, Tim, the fourth quarter, maybe?

而且它們不會一上線就立刻貢獻；Tim，是在第四季左右，也許？

Yeah, estimate plus 0.3%.

是的，估計增加約0.3%。

Towards the end of the year, Robert.

在今年接近年底的時候，Robert。

Yeah.

是的。

Okay, keep up the great work.

好的，請繼續保持出色的表現。

Thank you very much.

非常感謝。

Thank you, Robert.

謝謝你，Robert。

I will now hand today's call back over to Harold Bevis for any closing remarks.

我現在把今天的電話會議交回給Harold Bevis，請他做結語。

Thank you for everyone for staying on the call with us and for the good questions. We're very happy about this quarter. We obviously expect it to continue with our guidance improvement, and we look forward to reporting out to you on our initiatives in the next call.

感謝各位留在線上並提出很好的問題。我們對本季的表現非常滿意。我們顯然也預期在指引改善下能延續這樣的表現，並期待在下一次電話會議向各位報告我們各項計畫的進展。

And with that, Operator Tamika will end the call today.

接下來，接線員Tamika將結束今天的電話會議。

This concludes today's call.

今天的電話會議到此結束。

Thank you for joining. You may now disconnect your lines.

感謝您的參與。您現在可以掛斷電話。