Optical Cable Corp (OCC) 2025 Q2 法說會逐字稿

Please stand by your program is about to begin.

請稍候，您的節目即將開始。

Good morning. My name is Madison, and I will be your conference operator today. At this time, I would like to welcome you to Optical Cable Corporation's second-quarter of fiscal year 2025 earnings conference call. (Operator instructions)

早安.我叫麥迪遜，今天我將擔任你們的電話會議主持人。現在，我歡迎您參加光纜公司2025財年第二季財報電話會議。 （接線生指示）

Mr. Hoffman, you may begin your conference.

霍夫曼先生，您可以開始您的會議了。

Good morning, and thank you for joining us for Optical Cable Corporation's second-quarter of fiscal year 2025 conference call. By this time, everyone should have a copy of the earnings press release issued earlier today. You can also visit www.occfiber.com for a copy. On the call with us today are Neil Wilkin, President and Chief Executive Officer of OCC; and Tracy Smith, Senior Vice President and Chief Financial Officer.

早安，感謝您參加光纜公司 (OCC) 2025 財年第二季電話會議。現在，每個人都應該已經收到今天早些時候發布的收益新聞稿副本。您也可以造訪 www.occfiber.com 取得副本。今天參加電話會議的有 OCC 總裁兼執行長 Neil Wilkin 和資深副總裁兼財務長 Tracy Smith。

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements that involve risks and uncertainties. The actual future results of Optical Cable Corporation may differ materially due to a number of factors and risks, including, but not limited to, those factors referenced in the Forward-Looking Statements section of this morning's press release. These cautionary statements apply to the contents of the Internet webcast on www.occiber.com as well as today's call.

在開始之前，我想提醒大家，這次電話會議可能包含涉及風險和不確定性的前瞻性陳述。由於多種因素和風險，包括但不限於今天早上新聞稿「前瞻性陳述」部分中提及的因素，光纜公司未來的實際業績可能與預期有重大差異。這些警示性聲明適用於 www.occiber.com 上的網路直播內容以及今天的電話會議。

With that, I'll turn the call over to Neil Wilkin. Neil, please begin.

現在，我將把電話交給尼爾威爾金。尼爾，請開始。

Thank you, Spencer, and good morning, everyone. I will begin the call today with a few opening remarks. Tracy will then review the second quarter results for the three-month and six-month periods ended April 30, 2025, in some additional detail. After Tracy's remarks, we will answer as many of your questions as we can. As is our normal practice, we will only take questions from analysts and institutional investors during the Q&A session.

謝謝Spencer，大家早安。今天的電話會議開始時，我將發表幾句開場白。 Tracy將進一步詳細回顧截至2025年4月30日的三個月和六個月的第二季業績。 Tracy演講結束後，我們將盡可能回答大家的問題。依照慣例，在問答環節，我們只回答分析師和機構投資人的提問。

However, we also offer other shareholders the opportunity to submit questions in advance of our earnings call. Instructions regarding such submissions are included in our press release announcing the date and time of our call. During the second quarter, the OCC team delivered sales -- net sales growth and gross profit growth on both a year-over-year and a sequential basis.

不過，我們也為其他股東提供了在財報電話會議之前提交問題的機會。提交問題的說明已包含在我們宣布電話會議日期和時間的新聞稿中。第二季度，OCC團隊實現了銷售額——淨銷售額和毛利潤均同比增長和環比增長。

Strong execution by the OCC team, coupled with our significant operating leverage also enabled us to deliver improved gross profit margins. as we realized improved manufacturing efficiencies over higher production volumes.

OCC 團隊的強大執行力，加上我們顯著的營運槓桿，也使我們能夠提高毛利率，因為我們實現了在提高產量的同時提高製造效率。

We continue to see positive industry trends from which we believe OCC will continue to benefit as the year progresses. At the end of our second quarter of fiscal 2025, our sales backlog and forward load had increased to $7.2 million compared to $6.6 million as of January 31, 2025, and $5.7 million as of October 31, 2024.

我們持續看到積極的行業趨勢，相信OCC將在未來一年繼續受益。截至2025財年第二季末，我們的銷售積壓訂單及遠期負載已增至720萬美元，而截至2025年1月31日為660萬美元，截至2024年10月31日為570萬美元。

We are confident our focus on executing our growth strategies and capitalizing on operating efficiencies will drive positive results this year including opportunities for gross profit margin expansion with increased production volume as we benefit from OCC's significant operating leverage.

我們相信，我們專注於執行成長策略和利用營運效率，這將推動今年取得積極成果，包括毛利率擴大和產量增加的機會，因為我們受益於 OCC 的顯著營運槓桿。

(inaudible) the OCC team's hard work to deliver a strong start to the first half of fiscal 2025 in a dynamic market environment. As we look ahead to the second half of the year, we remain focused on disciplined execution and capitalizing on growth opportunities to drive shareholder value.

（聽不清楚）OCC團隊的辛勤工作，在充滿活力的市場環境中，為2025財年上半年帶來了強勁的開局。展望下半年，我們將持續專注於嚴謹的執行，並把握成長機會，提升股東價值。

And with that, I'll turn the call over to Tracy, who will review in additional detail on our second quarter of fiscal year 2025 financial results.

接下來，我將把電話轉給 Tracy，她將更詳細地回顧我們 2025 財年第二季的財務表現。

Thank you, Neil. Consolidated net sales for the second quarter of fiscal 2025 increased 8.9% to $17.5 million compared to net sales of $16.1 million for the same period last year, resulting from increases in net sales in our specialty markets while our enterprise markets were relatively stable. Sequentially, net sales increased 11.5% during the second quarter of fiscal year 2025 compared to net sales of $15.7 million for the first quarter of fiscal 2025. We experienced sequential increases in both our enterprise and specialty markets during the second quarter compared to the first quarter of fiscal year 2025.

謝謝你，尼爾。 2025財年第二季的合併淨銷售額為1,750萬美元，較去年同期的1,610萬美元成長8.9%，這得益於我們專業市場淨銷售額的成長，而企業市場則相對穩定。 2025財年第二季的淨銷售額較上季成長11.5%，而2025財年第一季的淨銷售額為1,570萬美元。與2025財年第一季相比，我們第二季的企業市場和專業市場均實現了季增。

Consolidated net sales for the first half of fiscal 2025 were $33.3 million, an increase of 7.5% as compared to net sales of $31 million for the first half of fiscal 2024, with sales increases in both our enterprise and specialty markets.

2025 財年上半年的綜合淨銷售額為 3,330 萬美元，與 2024 財年上半年的淨銷售額 3,100 萬美元相比增長 7.5%，企業市場和專業市場的銷售額均有所增長。

As Neil mentioned, at the end of our second fiscal quarter of 2025, our sales order backlog and forward load increased to $7.2 million compared to $6.6 million as of January 31, 2025, and $5.7 million as of October 31, 2024.

正如 Neil 所提到的，在 2025 財年第二季末，我們的銷售訂單積壓和遠期負載增加至 720 萬美元，而截至 2025 年 1 月 31 日為 660 萬美元，截至 2024 年 10 月 31 日為 570 萬美元。

Turning to gross profit. Our gross profit increased 32.1% or $1.3 million to $5.3 million in the second quarter of fiscal 2025 compared to $4 million for the same period last year. Gross profit margin, or gross profit as a percentage of net sales increased to 30.4% in the second quarter of fiscal 2025, up from 25.1% in the second quarter of fiscal 2024 and 29.4% for the first quarter of fiscal year 2025.

談到毛利。 2025財年第二季度，我們的毛利成長了32.1%，即130萬美元，達到530萬美元，去年同期為400萬美元。毛利率（即毛利潤佔淨銷售額的百分比）在2025財年第二季增至30.4%，高於2024財年第二季的25.1%及2025財年第一季的29.4%。

Gross profit was $10 million in the first half of fiscal 2025, an increase of 28.5% compared to $7.8 million in the first half of fiscal 2024. Gross profit margin was 29.9% in the first half of fiscal 2025 compared to 25% in the first half of fiscal 2024.

2025 財年上半年毛利為 1,000 萬美元，較 2024 財年上半年的 780 萬美元成長 28.5%。 2025 財年上半年毛利率為 29.9%，而 2024 財年上半年為 25%。

Gross profit margin for the second quarter and first half of fiscal 2025 was positively impacted by production efficiencies created by higher volumes and the resulting positive impact of our operating leverage. Additionally, our gross profit margin percentages are heavily dependent upon product mix on a quarterly basis and may vary based on changes in product mix.

2025財年第二季及上半年的毛利率受到產量提升帶來的生產效率提升以及由此帶來的經營槓桿的正面影響。此外，我們的毛利率百分比在很大程度上取決於季度產品組合，並可能因產品組合變化而有所波動。

SG&A expenses increased to $5.7 million in the second quarter of fiscal year 2025 compared to $5.3 million for the same period last year. SG&A expenses as a percentage of net sales were 32.7% in the second quarter of fiscal 2025 compared to 33% in the prior year period. By comparison, SG&A expenses as a percentage of net sales were 34.7% during the first quarter of fiscal year 2025.

2025財年第二季度，銷售、一般及行政管理費用（SG&A）增加至570萬美元，去年同期為530萬美元。 2025財年第二季度，銷售、一般及行政管理費用佔淨銷售額的32.7%，去年同期為33%。相較之下，2025財年第一季，銷售、一般及行政管理費用佔淨銷售額的34.7%。

The increase in SG&A expenses during the second quarter and first half of fiscal year 2025 compared to the same periods last year was primarily the result of increases in employee and contracted sales personnel-related costs and shipping costs. Included in employee and contracted sales personnel-related costs or compensation costs and sales incentives.

2025財年第二季及上半年銷售、一般及行政費用（SG&A）較去年同期增加，主要由於員工及合約銷售人員相關成本以及運輸成本增加。已計入員工及合約銷售人員相關成本或薪酬成本以及銷售獎勵。

OCC recorded a net loss of $698,000 or $0.09 per basic and diluted share for the second quarter of fiscal 2025, compared to a net loss of $1.6 million or $0.21 per basic and diluted share for the second quarter of fiscal 2024. OCC recorded a net loss of $1.8 million or $0.23 per basic and diluted share for the first half of fiscal year 2025 and compared to $3 million or $0.39 per basic and diluted share for the first half of fiscal year 2024.

OCC 在 2025 財年第二季錄得淨虧損 698,000 美元，即每股基本虧損和稀釋虧損均為 0.09 美元，而 2024 財年第二季度的淨虧損為 160 萬美元，即每股基本虧損和稀釋虧損均為 0.21 美元。 OCC 在 2025 財年上半年錄得淨虧損 180 萬美元，即每股基本虧損和稀釋虧損均為 0.23 美元，而 2024 財年上半年的淨虧損均為 300 萬美元，即每股基本虧損和稀釋虧損均為 0.39 美元。

With that, I'll turn the call back over to you, Neil.

說完這些，我就把電話轉回給你，尼爾。

Thank you, Tracy. And now if any analysts or institutional investors have questions, we are happy to answer them. Madison, if you could please indicate the instructions for our participants to call in any questions they may have, I'd appreciate it. And again, we are only taking live questions from analysts and institutional investors.

謝謝，特蕾西。現在，如果有分析師或機構投資者有問題，我們很樂意解答。麥迪遜，如果您能提供我們的參與者如何撥打電話提問的指示，我將不勝感激。再次強調，我們只接受分析師和機構投資人的現場提問。

Thank you. (Operator instructions)

謝謝。 （操作員指示）

Manny Stoupakis, GeoInvesting

Manny Stoupakis，GeoInvesting

Hi, how are you guys doing? On your last call, you guys talked about the significant demand from data centers. I wanted to know if you can tell us about -- it seems like the focus is not there to grow in that area, especially given that you guys do have an operating facility in Dallas, there's tremendous infrastructure spend kind of booked out through 2029. I know there's other -- US manufacturing advantage in case it becomes all domestic, Dell or all in that round rock teas area. What am I missing? Why aren't we taking more advantage of this opportunity?

大家好，最近怎麼樣？上次電話會議的時候，你們談到了資料中心的巨大需求。我想請問，你們似乎並沒有把重點放在資料中心的成長上，尤其是考慮到你們在達拉斯有一個營運設施，而且到2029年，巨額的基礎設施支出都已經排滿了。我知道還有其他優勢——如果所有製造業務都在美國國內完成，比如戴爾，或者全部集中在圓石茶區，那麼美國製造業的優勢就顯現出來了。我忽略了什麼？為什麼我們沒有更好地利用這個機會？

Well, data center market is divided into several different categories. And what's getting the most press and what's getting -- what you're hearing about NVIDIA and others, those are really at the hyperscale level. And so that is a different type of product set than one OCC provides. We have don't really -- haven't really had the hyperscale data centers. We do have sales in the data center markets for Tier 2 and Tier 3, which is really the multi-tenant data centers and also in enterprise, and we're also looking to see how we can better address those markets.

資料中心市場分為幾個不同的類別。最受關注的，以及你聽到的關於NVIDIA和其他公司的消息，它們實際上都屬於超大規模級別。因此，這與OCC提供的產品系列不同。我們實際上還沒有超大規模資料中心。我們在Tier 2和Tier 3資料中心市場有銷售，這些市場實際上是多租戶資料中心，也包括企業級資料中心。我們也在探索如何更好地滿足這些市場的需求。

One of the things we did this year is we've added loose tube product offering to our products and some of those are used in data centers, in some cases, in addition to tight buffer. So we're seeing some benefit of that. I think that there's more opportunity that we haven't taken advantage of yet. But a lot of what you're hearing literally at that hyperscale level.

我們今年做的一件事是，在產品中增加了鬆套管產品，除了緊緩衝區之外，有些產品在某些情況下還用於資料中心。所以我們看到了一些好處。我認為還有更多機會我們尚未利用。但您聽到的許多資訊實際上都與超大規模有關。

Well, I hear it just staying on the hyperscale, but there are many small players who have a niche contribution to the data center market and they're really focusing in that area and starting to see extreme benefits. Like I said, you can look at TSSI and the rack integration. There's other ones in the colon like [TGEN]. So I just -- just was wondering, I know you touched something on the last conference call, and I just wanted to see if the focus and the growth opportunity is still there and if this is something you're starting to see a little momentum in, but it sounds like it's a little bit more slow go than maybe it was anticipated or?

嗯，我聽說它只停留在超大規模領域，但也有很多小公司在資料中心市場做出了一些貢獻，他們非常專注於這個領域，並開始看到極大的收益。就像我說的，你可以看看TSSI和機架整合。還有其他一些，例如[TGEN]。所以，我只是想知道，我知道你在上次電話會議上提到了一些事情，我想看看重點和成長機會是否仍然存在，你是否開始看到這方面的一些發展勢頭，但聽起來進展比預期的要慢一些，是嗎？

We are starting to see some movement in that area, but it hasn't been a major part of our sales at the moment. We're seeing more growth in the areas like military, which is more squarely in our wheelhouse, but we are seeing opportunities in data centers and believe that we will benefit from that, but it (multiple speakers) smaller data centers. We appreciate your question. Thank you

我們開始看到該領域有一些動向，但目前它還不是我們銷售的主要部分。我們看到軍事等領域的成長勢頭越來越強勁，這更符合我們的業務範圍。我們也看到了資料中心領域的機遇，並相信我們將從中受益，但（多位發言者）規模較小的資料中心。感謝您的提問。謝謝

Appreciate your time.

感謝您的時間。

Thank you.

謝謝。

Thank you. And it appears that there are no further questions at this time, I will now turn the call back to Mr. Wilkin for closing remarks.

謝謝。看來現在沒有其他問題了，現在請威爾金先生作最後發言。

Well, before that Madison in what we will do is, we've had some individual investors submit questions in advance. And Spencer, if you read the questions, Trace and I will address those.

嗯，在此之前，麥迪遜，我們先來談談一些個人投資者的問題。史賓塞，如果你讀過這些問題，我和特雷斯會解答這些問題。

Sure. So the first question, can you give us a sense of potential operational leverage? For example, what's your upside scenario -- what's your upside scenario can look like if revenue begins to jump while costs remain fixed. What could that look like?

當然。那麼第一個問題，您能為我們介紹一下潛在的營運槓桿嗎？例如，您的樂觀情境是怎麼樣的－如果收入開始大幅成長，而成本保持不變，您的樂觀情境會是什麼樣子？會是什麼樣子？

I'll take that one. The best sense of operational leverage can be seen in our historic quarterly results. Because product mix also plays a significant role in our gross profit margin. It is difficult to predict or forecast how operational leverage will impact a specific quarter. However, we know that when we -- when certain fixed costs are spread over larger volumes, we benefit from that.

我選這個。營運槓桿的最佳體現在我們歷史季度業績。因為產品組合對我們的毛利率也扮演著重要角色。很難預測營運槓桿將如何影響特定季度。然而，我們知道，當某些固定成本分攤到更大的產量上時，我們會從中受益。

Additionally, while we're a smaller reporting company that requires significant fixed costs related to being a public company, we also believe that we can increase sales to much higher levels without increasing those types of fixed costs at a similar level.

此外，雖然我們是一家規模較小的報告公司，需要承擔與上市公司相關的大量固定成本，但我們也相信，我們可以在不增加類似水平的固定成本的情況下將銷售額提高到更高的水平。

Hopefully, that gives some indication of how operational leverage can impact our results at higher sales levels. Also, if you review Neil's letter to the shareholders in our 2024 annual report, you'll see some descriptions, graphs and data regarding OCC's operating leverage over bearing sales levels.

希望這能說明營運槓桿在較高銷售水準下如何影響我們的業績。此外，如果您查看我們2024年年度報告中尼爾致股東的信，您會看到一些關於OCC營運槓桿隨銷售額水準變化的描述、圖表和數據。

Thank you. The next question. What percentage of the business is related to copper and related to fiber or which one is bigger? Is it correct to say that copper market size declines and fiber is growing?

謝謝。下一個問題是：銅纜業務和光纖業務分別佔比多少？或者哪個比較大？銅纜市場規模正在下降，而光纖市場規模正在成長，這種說法對嗎？

Well, we don't generally disclose information related to what percentage of our business is related to copper and what percentage is related to fiber. I can say that fiber is definitely the biggest portion of our business. However, even some of our fiber cables are what we call hybrid and include both fiber and copper. But having said that, the market for copper is still significant.

嗯，我們通常不會透露我們業務中銅纜和光纖各佔多少比例的資訊。我可以說，光纖絕對是我們業務中最大的組成部分。然而，即使是我們的一些光纖電纜，也是我們所說的混合型產品，既包含光纖，也包含銅纜。話雖如此，銅纜市場仍然十分龐大。

Do you want to go to the next question, Spencer?

史賓塞，你想進入下一個問題嗎？

Thank you, Tracy. Can you update us some doubt on -- for the next question, can you update us on data centers and (inaudible) opportunity? Are there any changes over the last quarters?

謝謝，特蕾西。您能否更新一下關於資料中心和（聽不清楚）機會的一些疑問？過去幾季有什麼變化嗎？

So Spencer, this is Neil. And I think I've addressed most of that question in response to the question we got previously. We do see sales in the data center applications, but currently, it has not been significant, but we believe there are and will be additional opportunities for OCC in the future. particularly in the Tier 2 and Tier 3 data centers.

史賓塞，我是尼爾。我想我在回答我們之前的問題時已經回答了大部分問題。我們確實看到了資料中心應用的銷售，但目前還不顯著，但我們相信OCC未來還會有更多機會，尤其是在Tier 2和Tier 3資料中心。

We are evaluating our cable and connectivity offerings on an ongoing basis in order to address the needs of our customers and end users in our targeted markets. And as I've mentioned before, we have added loose tube fiber cable products to our offering, which also opens up some additional data center opportunities.

我們正在持續評估我們的電纜和連接產品，以滿足目標市場客戶和最終用戶的需求。正如我之前提到的，我們已將鬆套管光纖電纜產品添加到我們的產品系列中，這也為資料中心帶來了更多機會。

Thanks, Neil. For the next question, can you update -- can you provide an update on the company outlook and how it compares to the situation at the end of Q1 and Q4?

謝謝，尼爾。下一個問題，您能否更新一下公司前景，以及與第一季末和第四季末的情況相比如何？

Yes. As you all know, OCC does not provide any forward-looking guidance. That said, we have disclosed in our public filings our sense of our market and industry trends and where we think the market is going. You'll recall that in the beginning, of OCC's Q4 2024, the industry had come out of what had been a significant slowdown for approximately five quarters. We saw the benefit of that in that market improvement in Q4 and in our results.

是的。眾所周知，OCC 不提供任何前瞻性指引。即便如此，我們在公開文件中揭露了我們對市場和產業趨勢的理解，以及我們對市場走向的預測。各位應該還記得，在 OCC 2024 年第四季初，業界已經走出了持續約五個季度的顯著放緩。我們在第四季度的市場改善和業績中看到了這一趨勢帶來的好處。

In Q1 of 2025, we grew 6% compared to the prior year, and we saw an increase in our backlog compared to Q4. And as we announced today in Q2 2025, we grew 8.9% compared to the prior year, and we saw another increase in our backlog compared to the end of Q1. Of course, OCC's sales have long been subject to seasonality with the first half of the year typically having lower sales than the second half of the year. We believe we are seeing positive trends. And at this time, we are optimistic looking at the second half of fiscal year 2025.

2025年第一季度，我們的銷售額年增6%，積壓訂單量較第四季增加。正如我們今天所宣布的，2025年第二季度，我們的銷售額年增8.9%，積壓訂單量較第一季末再次增加。當然，OCC的銷售額長期以來一直受季節性影響，上半年的銷售額通常低於下半年。我們相信，我們看到了正面的趨勢。目前，我們對2025財年下半年的前景持樂觀態度。

Thanks, Neil. The next question is, can you provide an update on tariffs impact? And also if you're benefiting at all from building America trends?

謝謝，尼爾。下一個問題是，您能否提供關於關稅影響的最新資訊？以及您是否從「建立美國趨勢」中受益？

Thank you. So like others, OCC has seen impact from tariffs. However, what we've experienced has been less of an impact in our supply chain than we believe others in our industry have experienced. OCC3 manufacturing facilities are all located in the US, and of course, we benefit from that fact. We have seen impacts from tariffs on certain products and also some from -- in our exports.

謝謝。和其他公司一樣，OCC 也受到了關稅的影響。然而，我們認為，我們供應鏈受到的影響比業內其他公司要小。 OCC3 的製造工廠都位於美國，當然，我們也因此受益。關稅對某些產品以及我們的出口產品都產生了影響。

And tariffs, as you all know, can be further down the supply chain, and it's not simply where we're -- who our supplier is, but who are a supplier's supplier is. And so it ends up being a little bit complicated. We do continue to monitor the rapidly changing tariff landscape and are making appropriate adjustments.

眾所周知，關稅可能會延伸到供應鏈的更下游，這不僅關乎我們的供應商是誰，還關乎供應商的供應商是誰。所以最終情況會變得有點複雜。我們確實會持續關注快速變化的關稅情勢，並做出適當的調整。

Thanks, Neil. Next question. The backlog that you reported this quarter, is it more of a sign of next quarter demand or full year demand?

謝謝，Neil。下一個問題：您本季報告的積壓訂單，是預示下個季度的需求，還是全年的需求？

The backlog and forward load that we report each quarter includes all confirmed orders for product regardless of when it is expected to ship. So some orders are placed with a short lead time to ship date and some are placed well in advance by the customer for shipment months into the future, depending on the project needs. So it can be demand for the next quarter or later.

我們每季報告的積壓訂單和遠期訂單量涵蓋所有已確認的產品訂單，無論預計何時發貨。因此，有些訂單的交貨週期很短，而有些訂單則是客戶提前很久下單，預計幾個月後發貨，具體取決於項目需求。因此，這些訂單可能是下一季或更晚的需求。

Thank you. Next question. Do you expect to see sequential revenue growth over the next few quarters?

謝謝。下一個問題：您預計未來幾季的營收會較上季成長嗎？

Well, we don't provide revenue guidance. However, as we have disclosed previously, we do generally see some seasonality in our sales with sales typically heavier in the second half of the fiscal year. For example, in fiscal year 2024, approximately 46% of our sales occurred during the first half of the fiscal year and approximately 54% of our sales occurred during the second half of the fiscal year, primarily due to the seasonality impact. Other factors can make a difference to that seasonality impact though.

嗯，我們不提供收入指引。但是，正如我們之前所揭露的，我們的銷售通常受到一些季節性的影響，通常在財年下半年銷售量更大。例如，在2024財年，我們約46%的銷售額發生在財年上半年，約54%的銷售額發生在財年下半年，這主要是由於季節性的影響。不過，其他因素也會對季節性影響產生影響。

Thank you. And now the final question, what gross margin would the company be able to achieve at full capacity?

謝謝。現在最後一個問題，公司滿載生產時能達到多少毛利率？

So not surprisingly, we can't provide specific gross profit margin that we will experience at specific sales levels or if you're looking at a production volume capacity measure, because the answer is very dependent on product mix and that makes up that additional production volume.

因此，毫不奇怪，我們無法提供在特定銷售水平或生產能力指標下的具體毛利率，因為答案很大程度上取決於產品組合，而產品組合構成了額外的生產量。

However, I would point to the gross margins OCC achieved in the past at higher volumes, including Q4 2024. In Q1 and Q2 2023 before the industry slowdown, it impacted OCC's top line revenues during the approximate five quarters during the industry slowdown.

不過，我想指出的是，OCC 過去在較高銷量時實現的毛利率，包括 2024 年第四季。在行業放緩之前的 2023 年第一季和第二季度，它影響了 OCC 在行業放緩期間約五個季度的營業收入。

Also, based on what we've seen, we experienced less of a slowdown than a lot of our competitors to, and so I think that goes to the diversification of our product offering. Also Tracy had previously mentioned in my letter to shareholders is included in our annual report, we talk a lot about the operating leverage and give some graphs and data that I think would be useful for Mark to look at and get a sense of where we see differences as we grow.

此外，根據我們所見，我們經歷的經濟放緩程度比許多競爭對手要小，所以我認為這得益於我們產品線的多元化。特蕾西之前在我致股東的信中也提到，在我們的年度報告中，我們大量討論了營運槓桿，並提供了一些圖表和數據，我認為這些對馬克來說會很有幫助，可以幫助他了解我們在發展過程中的差異。

Well, thank you, Neil, and that was the last question.

好吧，謝謝你，尼爾，這是最後一個問題。

Okay. Well, I appreciate everyone who have submitted questions in those that ask questions and I want to thank everyone for listening to our second quarter fiscal year 2025 conference call. As always, we appreciate your time and your investment in Optical Cable Corporation. Thank you.

好的。感謝各位提問，也感謝大家聆聽我們2025財年第二季的電話會議。一如既往，我們感謝您抽出時間，感謝您對光纜公司的投資。謝謝。

Thank you. This does conclude today's presentation. Thank you for your participation. You may disconnect at any time.

謝謝。今天的演講到此結束。感謝您的參與。您可以隨時斷開連線。