Optical Cable Corp (OCC) 2025 Q4 法說會逐字稿

Please stand by your meeting is about to begin.

請稍等，會議即將開始。

Good morning. My name is Stephanie, and I'll be your conference operator today. At this time, I'd like to welcome you to Optical Cable Corporation's fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions)

早安.我是史蒂芬妮，今天將擔任本次電話會議的接線生。現在，我謹代表光纖電纜公司歡迎各位參加2025財年第四季及全年業績電話會議。 （接線生操作說明）

Miss Felix, you may be in your conference.

菲利克斯小姐，您可能正在開會。

Good morning and thank you for joining us for Optical Cable Corporation's fourth quarter in the fiscal year 2025 conference call.

早安，感謝各位參加光纜公司2025財年第四季業績電話會議。

By this time, everybody 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.

此時，大家應該都已收到今天稍早發布的獲利新聞稿。您也可以造訪 www.occfiber.com 取得副本。今天與我們一起參加電話會議的是 OCC 總裁兼執行長 Neil Wilkin 和高級副總裁兼財務長 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 statement section of this morning's press release.

在會議開始之前，我想提醒各位，本次電話會議可能包含涉及風險和不確定性的前瞻性陳述。光纜公司未來的實際業績可能因多種因素和風險而與預期存在重大差異，這些因素和風險包括但不限於今天早上新聞稿中前瞻性陳述部分提及的因素。

These cautionary statements apply to the contents of the internet webcast on www.occfiber.com as well as today's call.

這些警示性聲明適用於 www.occfiber.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.

那麼，我將把電話交給尼爾威爾金。尼爾，請開始。

Thank you, Caroline, and good morning, everyone. I will begin the call today with a few opening remarks. Tracy will then review the fourth quarter and full year results for the 3 month and 12 month periods ended October 31, 2025 in some additional detail.

謝謝卡羅琳，大家早安。今天我會先作幾句開場白。之後，特蕾西將更詳細地回顧截至2025年10月31日的第四季和全年業績（包括三個月和十二個月期間）。

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. However, we also offer other shareholders the opportunity to submit questions in advance of our earnings call.

在Tracy發言結束後，我們將盡可能回答各位的問題。按照慣例，問答環節我們只接受分析師和機構投資人的提問。不過，我們也歡迎其他股東在財報電話會議前提交問題。

Instructions regarding such submissions are included in our press release announcing the date and time of our call. Fiscal year 2025 was a solid year for OCC driven by the successful execution of our growth strategies and strong positioning in our target markets.

有關提交此類文件的說明已包含在我們宣布電話會議日期和時間的公告新聞稿中。 2025財年對OCC而言是穩健的一年，這得益於我們成長策略的成功實施以及在目標市場中強大的市場地位。

We entered into a strategic collaboration with Lightera that expands our growth opportunities which we believe will be reflected in our top-line in fiscal year 2026 and beyond. At the same time, we continue to operate efficiently and benefit from our strong operating leverage to drive gross profit growth.

我們與Lightera達成了策略合作，這將拓展我們的成長機遇，我們相信這將在2026財年及以後的營收成長中得到體現。同時，我們將繼續高效運營，並受益於強大的營運槓桿，從而推動毛利成長。

In fiscal year 2025, we realized the benefits of actions we took the previous year as the weakness across our industry during the second half of fiscal year 2023 and most of fiscal year 2024 subsided. As a result, in 2025, we were able to capture new opportunities and deliver consolidated net sales of $73 million. Our net sales increased during each quarter of fiscal year 2025 compared to the same periods in fiscal year 2024.

在2025財年，我們前一年採取的措施開始見效，因為2023財年下半年和2024財年大部分時間裡整個行業的疲軟態勢有所緩解。因此，在2025年，我們得以抓住新的機遇，並實現了7,300萬美元的合併淨銷售額。與2024財年同期相比，2025財年每季的淨銷售額均有所成長。

I'm pleased to share that OCC achieved growth by all measures during fiscal year 2025. Net sales grew by 9.5%. Gross profit grew by 24.1%. Gross profit margin increased to 30.9% compared to 27.3%, and SG&A expenses decreased as a percentage of net sales, all contributing factors to the significant improvements in operating results compared to fiscal year 2024.

我很高興地宣布，OCC在2025財年各項指標都成長。淨銷售額成長9.5%，毛利成長24.1%，毛利率從27.3%提高到30.9%，銷售、管理及行政費用佔淨銷售額的比例下降，所有這些因素都促成了與2024財年相比經營業績的顯著改善。

OCC benefited from strong operating leverage in fiscal year 2025, and we anticipate this will continue to bolster our results in fiscal year 2026 and beyond. Our manufacturing operating leverage tends to create disproportional increases in gross profit as net sales and production volumes increase.

OCC在2025財年受惠於強勁的經營槓桿效應，我們預期這一優勢將在2026財年及以後繼續提振我們的業績。我們的製造經營槓桿效應往往會隨著淨銷售額和產量的成長而帶來毛利的超額成長。

While both gross profit and gross profit margin can be impacted by product mix, As OCC's net sales and production volumes increase, substantial fixed costs are spread over higher sales volumes, and importantly, manufacturing efficiency, efficiencies also tend to increase, particularly for fiber optic cable production.

雖然毛利和毛利率都會受到產品組合的影響，但隨著 OCC 的淨銷售額和產量增加，大量的固定成本會分攤到更高的銷售量上，更重要的是，製造效率也會提高，特別是光纖電纜的生產效率。

Gross profit disproportionately increased 24.1% as net sales increased 9.5% during fiscal year 2025. Our SG&A operating leverage also tends to be positively impacted by efficiency, or, excuse me, tends to positively impact efficiency and profitability as net sales increase.

2025財年，毛利潤成長了24.1%，而淨銷售額僅成長了9.5%。我們的銷售、一般及行政費用（SG&A）的經營槓桿也往往會受到效率的正面影響，或者更準確地說，隨著淨銷售額的成長，SG&A的經營槓桿往往會對效率和獲利能力產生正面影響。

Many SG&A expenses are relatively fixed cost. Rather than varying with net sales, including significant public company costs. As a result, OCC's SG&A expenses as a percentage of net sales typically decrease with increased net sales.

許多銷售、管理及行政費用屬於相對固定成本，而非隨淨銷售額變化，其中包括大量上市公司成本。因此，OCC的銷售、管理及行政費用佔淨銷售額的比例通常會隨著淨銷售額的增加而下降。

OCC's commitment to pursuing new growth opportunities, including expanding our presence in targeted market sectors and the enhancement of our product solutions offerings, including those resulting from our strategic collaboration with Lightera will fuel our future success.

OCC致力於尋求新的成長機會，包括擴大我們在目標市場領域的業務，以及增強我們的產品解決方案，包括我們與Lightera策略合作所帶來的成果，這將推動我們未來的成功。

As demand for cloud computing and artificial intelligence applications continues to accelerate, OCC is capturing the opportunity by expanding our existing presence and product solutions offerings for the data center market.

隨著對雲端運算和人工智慧應用的需求持續加速成長，OCC 正在抓住機遇，擴大我們在資料中心市場的現有業務和產品解決方案。

We have continued to expand and innovate both our fiber optic cable product solutions offerings and our cable and connectivity product solutions offerings. As previously announced in July 2025, OCC and Lightera entered into a strategic collaboration agreement.

我們持續拓展並創新光纖電纜產品解決方案以及電纜和連接產品解決方案。正如之前在2025年7月宣布的那樣，OCC和Lightera達成了一項戰略合作協議。

To expand product offerings and solutions, especially for the data center and enterprise sectors. As a global leader in fiber optic and connectivity solutions, Lightera has a long history of industry leading innovation, design and manufacturing capabilities, including the production of high performance optical fibers.

為了拓展產品線和解決方案，尤其是在資料中心和企業領域，Lightera 作為光纖和連接解決方案的全球領導者，擁有悠久的行業領先創新、設計和製造能力，包括高性能光纖的生產。

As respected manufacturers in the fiber optic industry, OCC and Lightera have partnered in various ways over many years. And this strategic collaboration builds on that long successful relationship. Through this strategic collaboration, OCC and Lightera expect to benefit from offering expanded fiber optic and copper cabling and connectivity solutions to the enterprise and data center sectors, as well as an expanded presence in other sectors.

作為光纖行業備受尊敬的製造商，OCC 和 Lightera 多年來一直保持著多種形式的合作關係。此次戰略合作正是建立在雙方長期成功合作關係的基礎上。透過此次策略合作，OCC 和 Lightera 期望能夠為企業和資料中心領域提供更豐富的光纖和銅纜佈線及連接解決方案，並拓展在其他領域的業務。

The companies have combined portions of the extensive product portfolios of both OCC and Lightera to deliver integrated cabling and connectivity solutions offerings that will be sold by OCC. In connection with this strategic collaboration, Lightera has made an investment in OCC, purchasing shares of OCC common stock from OCC and resulting in Lightera holding 7.24% of OCC's outstanding shares.

兩家公司整合了OCC和Lightera各自豐富的產品組合，旨在提供整合佈線和連接解決方案，這些解決方案將由OCC銷售。作為此次策略合作的一部分，Lightera已對OCC進行投資，從OCC購買了部分普通股，目前Lightera持有OCC 7.24%的流通股。

Looking ahead, OCC remains uniquely positioned in the fiber optic and copper cabling and connectivity industry with differentiated core strengths and capabilities that enable us to offer top tier products and application solutions and to and to compete successfully against much larger competitors. OCC is, committed to enhancing and leveraging our core strengths and capabilities.

展望未來，OCC憑藉其獨特的優勢和能力，在光纖、銅纜及連接行業中保持著獨一無二的地位，這使我們能夠提供一流的產品和應用解決方案，並成功地與規模更大的競爭對手抗衡。 OCC致力於提升和發揮我們的核心優勢和能力。

To drive long-term value for our shareholders. I'd like to highlight a few of those strengths for you today. First is our strong market positions, brand recognition, and long-term industry relationships with loyal customers, decision makers and specifiers, installers and integrators, and then users across across a broad range of targeted market sectors.

為了為股東創造長期價值，我今天想重點介紹我們的幾個優勢。首先是我們強大的市場地位、品牌知名度，以及與忠實客戶、決策者、規範制定者、安裝商、整合商和使用者在廣泛目標市場領域建立的長期產業關係。

Second is our extensive industry experience and experience and expertise in OCC's engineering, sales and business development teams who are well respected for their product and application, experience and expertise which enables OCC to create and offer its portfolio of innovative high performance products.

其次，我們擁有豐富的行業經驗，OCC 的工程、銷售和業務發展團隊在產品和應用方面經驗豐富、專業知識精湛，備受尊敬，這使得 OCC 能夠創造並提供其創新的高性能產品組合。

Next, OCC has a growing portfolio of innovative fiber optic and copper cabling and connectivity products and solutions that enable us to meet the unique needs of our customers and end users. As they are well suited for the applications in our various targeted market sectors. We have significant availability of production availability at our facilities. Supported by knowledgeable and experienced manufacturing, quality and engineering teams.

其次，OCC擁有不斷成長的創新光纖和銅纜佈線及連接產品和解決方案組合，能夠滿足客戶和終端用戶的獨特需求。這些產品和解決方案非常適合我們各個目標市場領域的應用。我們擁有充足的生產能力，並配備了知識淵博、經驗豐富的製造、品質和工程團隊。

Finally, our broad and diverse geographic footprint enables us to sell into approximately 50 countries every year. OCC has earned an exceptional reputation for its service excellence, innovation, and entrepreneurial spirit. And we have built a team that embodies OCC's core strengths and capabilities.

最後，我們廣泛而多元化的地域佈局使我們能夠每年向約50個國家銷售產品。 OCC憑藉著卓越的服務、創新精神和創業精神贏得了極佳的聲譽。我們也組建了一支能夠充分體現OCC核心優勢和能力的團隊。

As we turn to fiscal year 2026, we are optimistic about our growth opportunities, encouraged by our successes this past year, and excited to build on the growing momentum we are creating in our targeted market sectors.

展望 2026 財年，我們對成長機會充滿信心，過去一年的成功也讓我們倍受鼓舞，我們期待在目標市場領域繼續保持成長動能。

We look forward to leveraging our strengths and executing our strategies and initiatives to create long-term value for our shareholders. I'd like to thank the OCC team for its hard work, its commitment to OCC, and those that count on us.

我們期待發揮自身優勢，貫徹執行各項策略與舉措，為股東創造長期價值。我謹感謝OCC團隊的辛勤付出、對OCC的忠誠奉獻，以及所有信任我們的人。

Your contributions to the team's accomplishment this past year have been significant. Much has been accomplished by the OCC team this year, and we are confident we are well positioned for future growth in 2026 and beyond. I'd also like to thank our shareholders for your continued support of OCC.

過去一年，您為團隊的成就做出了卓越貢獻。 OCC團隊今年取得了許多成就，我們有信心在2026年及以後實現進一步成長。同時，我也要感謝各位股東對OCC的持續支持。

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

接下來，我將把電話交給特雷西，她將更詳細地回顧我們第四季和 2025 財年的財務表現。

Thank you, Neil. Consolidated net sales for fiscal year 2025 increased 9.5% to $73 million compared to net sales of $66.7 million for fiscal year 2024 with sales increases in both our enterprise and specialty markets. At the end of fiscal year 2025, our sales order backlog and forward load was $7.3 million compared to $5.7 million as of October 31, 2024.

謝謝尼爾。 2025財年合併淨銷售額較2024財年的6,670萬美元成長9.5%，達到7,300萬美元，企業市場和專業市場的銷售額均成長。截至2025財年末，我們的銷售訂單積壓和預售訂單總額為730萬美元，而截至2024年10月31日為570萬美元。

Looking forward, we anticipate additional growth opportunities during fiscal year 2026. We continue to expand our product solutions offering for the data center market as demand for cloud computing and artificial intelligence applications continues to accelerate.

展望未來，我們預計2026財年將迎來更多成長機會。隨著雲端運算和人工智慧應用需求的持續加速成長，我們將繼續擴大面向資料中心市場的產品解決方案。

Consolidated net sales for the fourth quarter of fiscal year 2025 increased 1.8% to $19.8 million compared to $19.5 million for the same period in the prior year. We experienced an increase in net sales in both our enterprise and specialty markets during the fourth quarter of fiscal year 2025 compared to the fourth quarter of fiscal year 2024.

2025財年第四季合併淨銷售額年增1.8%，達1,980萬美元，而上年同期為1,950萬美元。與2024財年第四季相比，我們在2025財年第四季的企業市場和專業市場均實現了淨銷售額成長。

Sequentially, OCC's net sales decreased less than 1% during the fourth quarter of fiscal year 2025 compared to net sales of $19.9 million for the third quarter of fiscal 2025. Turning to gross profits, our gross profit increased 24.1% to $22.6 million in fiscal 2025 compared to $18.2 million for fiscal 2024. Gross profit margin or gross profit as a percentage of net sales increased to 30.9% during fiscal 2025, up from 27.3% for 2024.

與2025財年第三季1,990萬美元的淨銷售額相比，OCC在2025財年第四季的淨銷售額較上季下降不到1%。毛利方面，2025財年毛利成長24.1%，達到2,260萬美元，而2024財年為1,820萬美元。毛利率（毛利佔淨銷售額的百分比）在2025財年成長至30.9%，高於2024財年的27.3%。

Gross profit margin for fiscal year 2025 was positively impacted by higher volumes as fixed charges were spread over higher sales, the impact of 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財年的毛利率受到銷售成長的正面影響，因為固定費用可以分攤到更高的銷售額中，這反映了經營槓桿效應。此外，我們的毛利率百分比很大程度上取決於季度產品組合，並可能因產品組合的變化而波動。

Gross profit decreased slightly to $6.3 million in the fourth quarter of fiscal 2025 compared to $6.5 million for the same period last year. Gross profit margin decreased to 31.9% in the fourth quarter of fiscal 2025 compared to 33.5% in the fourth quarter of fiscal 2024.

2025財年第四季毛利略為下降至630萬美元，去年同期為650萬美元。 2025財年第四季毛利率下降至31.9%，而2024財年第四季為33.5%。

During the fourth quarter of fiscal year 2025, there was no significant change in the gross profit when compared to the third quarter of fiscal 2025. Gross profit margins sequentially increased to 31.9% in the fourth quarter of fiscal 2025 compared to 31.7% during the third quarter of fiscal 2025.

2025財年第四季，毛利與2025財年第三季相比沒有顯著變化。毛利率較上季成長至2025財年第四季的31.9%，而2025財年第三季的毛利率為31.7%。

SG&A expenses increased to $23 million in fiscal year 2025 compared to $21.5 million in fiscal year 2024. SG&A expenses as a percentage of net sales were 31.4% in fiscal year 2025 compared to 32.2% in fiscal year 2024. SG&A expenses increased to $6 million in the fourth quarter of fiscal 2025 compared to $5.9 million for the same period last year.

2025財年銷售、管理及行政費用增至2,300萬美元，而2024財年為2,150萬美元。 2025財年銷售、管理及行政費用佔淨銷售額的31.4%，而2024財年為32.2%。 2025財年第四季銷售、管理及行政費用增加至600萬美元，去年同期為590萬美元。

SG&A expenses as a percentage of net sales were 30.4% during the fourth quarter of 2025 compared to 30% during the same period of fiscal year 2024. The increase in SG&A expenses during the fourth quarter and fiscal year 2025 compared to the same period last year was primarily the result of increases in employee and contracted sales personnel related costs and shipping costs.

2025年第四季銷售、一般及行政費用佔淨銷售額的30.4%，而2024財年同期為30%。與去年同期相比，2025年第四季和財年銷售、一般及行政費用的增加主要是由於員工和合約銷售人員相關成本以及運輸成本的增加。

Included an employee and contracted sales personnel related costs are compensation costs and sales incentives. While profitable during the second half of fiscal 2025, OCC recorded a net loss of $1.5 million or $0.18 per basic and diluted share for fiscal year 2025 compared to $4.2 million or $0.54 per basic and diluted share for the fiscal year 2024.

員工及合約銷售人員相關成本包括薪資成本和銷售激勵。儘管OCC在2025財年下半年獲利，但其2025財年淨虧損150萬美元，即每股基本及攤薄虧損0.18美元，而2024財年淨虧損為420萬美元，即每股基本及攤薄虧損0.54美元。

OCC recorded net income of $49,000 or $0.01 per basic and diluted share for the fourth quarter of fiscal 2025 compared to net income of $373,000 or $0.05 per basic and diluted share for the fourth quarter of fiscal 2024.

OCC 2025 財年第四季淨收入為 49,000 美元，即每股基本和攤薄收益 0.01 美元，而 2024 財年第四季淨收入為 373,000 美元，即每股基本和攤薄收益 0.05 美元。

And with that, I'll send the call back over to you, Neil.

那麼，我就把電話轉回給你了，尼爾。

Thank you, Tracy. We have received a number of questions in advance of the call today and, we believe that those would be an interest to most participants. So we're going to go through those questions first and then we will address any remaining live questions from analysts and institutional investors because some of those questions overlapped, we did try to combine them in a manner that we're addressing, the core questions that were submitted in advance.

謝謝Tracy。我們今天電話會議前收到了一些問題，相信大多數與會者都會感興趣。所以我們會先解答這些問題，然後再回答分析師和機構投資者提出的其他問題，因為有些問題有所重疊，所以我們盡量將它們合併起來，以便更好地解答之前提交的核心問題。

Caroline, if you could please read the questions, we're happy to provide our responses.

卡羅琳，如果你能讀這些問題，我們將很樂意回答。

Thanks, Neil. The first question is, can you update us on the data center opportunity in general? How do you feel about it, if the opportunity has strengthened or not during the quarter, and any major changes or updates?

謝謝尼爾。第一個問題是，您能否就資料中心領域的整體機會向我們介紹？您對此有何看法？本季該領域的機會是否有所增強？是否有任何重大變更或更新？

Yes, we believe like others in our industry that the data center markets are strong and will continue to grow. I wouldn't say that it had a significant impact in our fourth quarter, but we believe that it will start to impact us in fiscal year 2026.

是的，我們和業內其他公司一樣，認為資料中心市場強勁，並將持續成長。雖然它對我們第四季度的業績影響不大，但我們相信它將在2026財年開始對我們產生影響。

OCC has a presence in the data center market with established market relationships as well as products. Of course, as you all know, OCC's products are best suited for multi-tenant data centers or MTDCs and enterprise data centers, sometimes referred to as tier 2 and tier 3 data centers.

OCC憑藉其成熟的市場關係和產品，在資料中心市場佔有了一席之地。當然，眾所周知，OCC的產品最適合多租戶資料中心（MTDC）和企業級資料中心，有時也被稱為二級和三級資料中心。

We're currently working to expand our presence in portions of the data center market, and we're optimistic that the data center market, particularly this, the multi-tenant data centers and the enterprise data centers, will provide an opportunity for revenue growth in fiscal year 2026 for OCC.

我們目前正努力擴大在部分資料中心市場的份額，我們樂觀地認為，資料中心市場，特別是多租戶資料中心和企業資料中心，將在 2026 財年為 OCC 帶來營收成長的機會。

Thanks, Neil. The next question is, Over the last quarters, you have been commenting on improvements in OCC and markets. Have those improvements continued into Q4? Can you comment on new and emerging trends or risks?

謝謝尼爾。下一個問題是，過去幾個季度，您一直在評論OCC和市場的改善情況。這些改善情況在第四季是否仍在持續？您能否談談新的或正在出現的趨勢或風險？

Yes, we, OCC continues to see strength in most of our targeted market sectors. There are certain market sectors where we've seen some projects delayed, but we have, we do not believe that -- this has negative, negatively impacted OCC's growth, this year or that it would negatively impact OCC's growth in fiscal year 2026.

是的，OCC在大多數目標市場領域依然保持強勁成長勢頭。雖然某些市場領域的部分項目有所延期，但我們認為這並未對OCC今年的成長造成負面影響，也不會對2026財年的成長產生負面影響。

We also believe that the continued growth opportunities in OCC's targeted market sectors for fiscal year 2026 continue to be significant. Of course, as we have said in the past and experienced in the past, during the first half of each year, OCC does experience the impact of seasonality, and as of now, we currently expect that to be the case as well.

我們也認為，OCC在2026財年目標市場領域的持續成長機會依然十分顯著。當然，正如我們過去所說，OCC每年上半年都會受到季節性因素的影響，目前我們預計今年的情況也依然如此。

Thanks Neil. The next question is whether you believe OCC will have any hyper scale data center opportunities.

謝謝尼爾。下一個問題是，你認為OCC是否會有任何超大規模資料中心的機會？

We've talked about this before or we've received this question before and as we've noted that really our product solution offerings for the data center market are better suited and best suited for the multi-tainment data centers and enterprise data centers. We believe that there's significant growth. Opportunities in the multi-tenant data centers market segment as well as enterprise data centers, but in particularly for the MTDCs. And, that will provide significant opportunities for OCC in fiscal year 2026.

我們之前討論過這個問題，或者說我們之前收到過類似的問題。正如我們之前提到的，我們面向資料中心市場的產品解決方案更適合多租戶資料中心和企業級資料中心。我們相信，多租戶資料中心市場以及企業級資料中心市場都蘊藏著巨大的成長機遇，尤其是在多租戶資料中心領域。這將為OCC在2026財年帶來巨大的發展機會。

Yeah, I'll also add that, and Tracy mentioned this in some of her comments that the multi-tenant data centers, also are positively impacted by the growth, current growth in cloud computing and artificial intelligence, and so we believe that that's a true market opportunity for us.

是的，我還要補充一點，Tracy 在她的一些評論中也提到過，多租戶資料中心也受到了雲端運算和人工智慧當前成長的正面影響，因此我們認為這對我們來說是一個真正的市場機會。

Thanks. The next question is, what do you think the potential sales look like for 2026 and 2027?

謝謝。下一個問題是，您認為2026年和2027年的潛在銷售額會是多少？

Let take the financial questions.

我們來討論一下財務問題。

Sure. As we said before, we don't provide forward-looking guidance. However, I will say that we are optimistic about potential increases in sales based on the opportunities that we expect to arise in fiscal 2026, particularly during the second half of fiscal 2026.

當然。正如我們之前所說，我們不提供前瞻性指引。但是，我可以說，我們對2026財年，特別是下半年可能出現的銷售成長機會持樂觀態度。

Our belief is based on what we're seeing in our targeted market sectors as well as our expected opportunities to expand in the market sectors as a result of the strategic collaboration with Lightera.

我們的信念是基於我們在目標市場領域所看到的現象，以及我們預期透過與 Lightera 的策略合作，在市場領域拓展業務的機會。

Thanks Tracy. Next question, can you give a sense of the financial metrics behind the operational leverage? For example, how much EPS can impact different forward sales levels if they do in fact inflect higher on the collaboration?

謝謝Tracy。下一個問題，能否簡單介紹一下營運槓桿背後的財務指標？例如，如果合作確實能提高預期銷售額，那麼不同的預期銷售額水準會對每股盈餘產生多大影響？

We can't give you a specific formula as you all know, operating leverage is a result of fixed costs in manufacturing and also in SG&A costs being spread over higher sales. Manufacturing operating leverage is also impacted by product mix sold, which is not a variable that's very easy to predict.

我們無法提供具體的公式，如大家所知，經營槓桿是製造環節的固定成本以及銷售、管理及行政費用分攤到更高銷售額的結果。製造環節的經營槓桿也受到產品組合的影響，而產品組合則是難以預測的變數。

Thanks, Tracy. Next question is, Q1 and Q2 are typically the weakest quarters in terms of seasonality. Should we still expect the typical seasonality into 2026?

謝謝，Tracy。下一個問題是，第一季和第二季通常是季節性影響最小的季度。我們是否仍可以預期2026年也會有典型的季節性波動？

As Neil mentioned, we do continue to see a seasonality impact in our first and second quarters, although there can be exceptions, particularly if there are larger orders that impact the first half of the year or unanticipated macroeconomic conditions during the year.

正如尼爾所提到的，我們確實在第一季和第二季繼續看到季節性影響，儘管也可能存在例外情況，特別是如果上半年有較大的訂單，或者年內出現意想不到的宏觀經濟狀況。

Got it, thanks, Tracy. Next question is the focus still on tier 2 data centers or is there some potential to capture some of the tier 1 data center demand as part of your collaboration?

明白了，謝謝Tracy。下一個問題是，你們的重點仍然是二級資料中心，還是有可能透過合作來滿足一部分一級資料中心的需求？

Well, without speaking specifically about the collab strategic collaboration with Lightera, what I'd say is that OCC's products are best suited for tier two or multi-tenant data centers and the enterprise data center market. And so that's really where our focus is, as we mentioned before, and, I would not expect that OCC to directly have any significant participation in tier one or hyperscale data centers.

嗯，在不具體談論與Lightera的策略合作的情況下，我想說的是，OCC的產品最適合二級或多租戶資料中心以及企業級資料中心市場。正如我們之前提到的，這才是我們真正的關注點所在，而且，我預計OCC不會直接涉足一級或超大規模資料中心領域。

Doesn't mean there couldn't be some impact at some level. And, of course, there's growth in tier one, data centers in the market can in fact impact what kind of growth is being seen in tier two for multi-tenant data centers and other parts of the market, but directly I wouldn't expect us to have a significant, participation at all in the, tier 1 or hyperscale data centers.

但這並不意味著它不會在某種程度上產生影響。當然，一級資料中心市場的成長確實會影響二級資料中心（例如多租戶資料中心）和其他市場領域的成長，但我預期我們不會直接參與一級或超大規模資料中心市場的任何重大決策。

Thanks Neil. Next question. In terms of capacity available and any capacity constraints, are there any changes versus what you commented on last quarter?

謝謝尼爾。下一個問題。就可用產能和任何產能限製而言，與您上個季度提到的情況相比，是否有任何變化？

We continue to evaluate our capacity, but right now we believe that OCC has the capacity to capture the growth opportunities that we expect to see in fiscal year 2026. To I think that really answers that question.

我們仍在評估自身能力，但目前我們相信OCC有能力抓住我們預期在2026財年看到的成長機會。我認為這已經回答了這個問題。

Thanks, Neil. Next question. OCC has been hiring a lot recently. Can you comment if you have seen any issues to find the right workers, why you saw the need to hire that significantly, and if this will increase OpEx significantly?

謝謝尼爾。下一個問題。 OCC最近一直在大量招募。您能否談談在尋找合適員工方面是否遇到任何問題？為什麼需要如此大規模地招募？這是否會顯著增加營運成本？

Yes, I don't know if I'd characterize our hiring recently as significant. We do have a number of open positions that we are seeking to fill, and that's not unusual, for that to be the case. Most of those positions are typically in manufacturing. We are fortunate that OCC has a good record of recruiting and retaining.

是的，我不太確定是否應該把我們最近的招募規模描述為大規模的。我們確實有一些職位空缺需要填補，這種情況並不罕見。這些職位大多集中在製造業。幸運的是，OCC在招募和留住人才方面一直有著良好的記錄。

Needed talent. But I think like a lot of businesses generally, not just in our industry, OCC has seen some additional turnover among newly hired personnel. However, OCC has what we believe is an, record of unusually low turnover among our longer-term employees.

我們需要人才。但我認為，和許多企業一樣，不只是我們這個行業的企業，OCC也經歷了新進員工流動率上升的情況。然而，OCC的長期員工流失率一直保持在異常低的水平，我們認為這是業界公認的。

So we do continue to expect to see hires. I don't expect that to significantly increase operating expense, specifically, and of course we are consistently looking at what expenses we're incurring in order to provide the appropriate staffing as well as the appropriate balance of expense relative to our opportunities.

因此，我們預計還會繼續招募。我預計這不會顯著增加營運費用，當然，我們一直在密切關注各項支出，以便提供適當的人員配備，並使我們的費用與發展機會保持適當的平衡。

Thanks, Neil. Next question is, can you please provide an update on progress of the Lightera collaboration?

謝謝尼爾。下一個問題是，您能否提供Lightera合作專案的最新進展？

Sure, so. OCC and Lightera partnered in various capacities for many years, and so it's not surprising, Because we've worked well with them in the past that our new strategic collaboration with Lightera, I believe, is going well. The Lightera team is exceptional, and we think highly of the OCC team as well, obviously.

當然。 OCC 和 Lightera 多年來在各方面都有合作，所以我們與 Lightera 的全新策略合作進展順利並不令人意外，因為我們過去與他們合作愉快。 Lightera 團隊非常出色，當然，我們也對 OCC 團隊給予高度評價。

And we believe that the strategic collaboration will create growing opportunities for OCC in fiscal year 2026 and hopefully for, although I can't speak for Lightera and for Lightera also.

我們相信，這項策略合作將在 2026 財年為 OCC 創造更多機遇，也希望能為 Lightera 帶來機遇，雖然我不能代表 Lightera 發言。

Thanks, Neil. The Last question this morning is Lightera has recently announced an investment into manufacturing. Is this an indication of strong demand for OCC?

謝謝尼爾。今天早上最後一個問題是，Lightera最近宣布投資製造業。這是否顯示OCC的需求強勁？

Well, we can't. OCC really can't comment on announcements that Lightera has made or what their specific business plans are, so I'd leave those questions for Lightera rather than OCC.

很抱歉，我們不能置評。 OCC 無法對 Lightera 的公告或其具體商業計劃發表評論，所以這些問題還是留給 Lightera 自己去問吧。

Thanks Neil. We have no other questions that were provided in advance of the call today at this time.

謝謝尼爾。目前我們沒有其他事先提出的​​問題。

Okay. Okay, so, if there's, if those are the questions, I guess, operator Stephanie, if you could let us know if there's any questions from analysts, I'm happy to answer them. And if you could please step in and give the instructions for the folks to ask those questions, that would be wonderful.

好的。好的，如果還有其他問題的話，我想，史蒂芬妮，請您告知我們分析師是否有任何問題，我很樂意回答。如果您能幫忙指導大家如何提問，那就太好了。

Thank you.

謝謝。

Thank you. (Operator Instructions)

謝謝。 （操作說明）

Anthony Christ, Odyssey Investments.

安東尼·克里斯特，奧德賽投資公司。

Thank you very much, Mr. Wilkins. I have tried to call 2 times or 3 times. I'm located up in Northern Virginia. My question, deals with, is there any visibility into whether or not Lightera. May refer us some of the SMF cabling, single mode fiber cabling, or the hollow fiber cabling which is basically tier one products, and if you could, I know the words, if you could take a minute and explain what those two products are, I'd appreciate it and then I have a follow-up.

非常感謝您，威爾金斯先生。我嘗試打過兩三次電話給您。我住在維吉尼亞州北部。我的問題是，能否了解一下萊特勒公司是否會向我們推薦一些單模光纖（SMF）或空心光纖（基本上是頂級產品）？如果您能花一分鐘時間解釋一下這兩種產品是什麼，我將不勝感激，之後我還有後續事宜。

Okay, there's, so hollow core on the, is a type of fiber that's really looking to reduce, latency in, and increased speed in certain applications and so that is something that probably is usable in a lot of different applications. Our engineering team would be better able to answer that question, but as a general matter, that's the case.

好的，空芯光纖是一種旨在降低延遲、提高某些應用速度的光纖，因此它可能適用於許多不同的應用場景。我們的工程團隊更能回答這個問題，但總的來說，情況就是這樣。

I think that I can't comment on what people are thinking about with respect to or what Lightera or is thinking about with respect to how they're going to use that product. But, OCC, we've partnered with Lightera in a number of different ways and Lightera is a large fiber producer of various different products, that have been a leading, having leading performance in the industry for many years.

我認為我無法評論人們對該產品的看法，也無法評論Lightera公司或他們自己對如何使用該產品的想法。但是，OCC與Lightera在多個方面都有合作，Lightera是一家大型纖維生產商，生產各種不同的產品，多年來一直是行業領先者。

So again, our products are more focused on the traditional markets that we've had enterprise, various parts of the enterprise market as well as a number of specialty markets, including, harsh environment and military and others. We use some specialty technologies and some of those products and then.

所以，我們的產品仍然更專注於我們一直以來所擁有的傳統市場，包括企業市場的各個細分領域，以及一些特殊市場，例如嚴苛環境、軍事等。我們運用了一些特殊技術，並針對其中一些產品進行了改進。

And then in data centers we've had a presence in data centers before, but now we're focusing on expanding that and leveraging our current relationships and also focusing on expanding our product offering. I don't know if that really helps specifically on the your question. SMF specifically, I think of just a single mode fiber. So That's a more typical product that would be used in data center, although multi-mode fiber is also used.

我們之前就涉足資料中心領域，但現在我們正專注於拓展業務，充分利用現有的人脈關係，並致力於豐富我們的產品線。我不知道這是否對您的問題有所幫助。 SMF，我指的是單模光纖。這是資料中心較常用的產品，當然多模光纖也會被使用。

Thank you. Shawn Boyd, Next Mark Capital.

謝謝。肖恩·博伊德，Next Mark Capital。

He said he had a follow-up question though. Did you want to take that Stephanie first?

他說他還有一個後續問題。你想先問史蒂芬妮這個問題嗎？

Anthony, would you like to announce your follow-up? Yeah. Your line is open, Anthony.

安東尼，你想宣布一下你的後續行動嗎？好的。你的熱線已開通，安東尼。

Okay, thank you. Dare I ask, Neil, if those two fibers, the SMS and the hollow case fibers would make, were competitive with the corning fibers? And if any automation, AI would be given us by Lightera to produce them.

好的，謝謝。尼爾，請問SMS光纖和空心外殼光纖這兩種光纖，如果生產出來，能否與康寧光纖競爭？如果生產過程中有任何自動化或人工智慧方面的改進，Lightera公司會提供給我們嗎？

Yeah, I'm not the best person to answer the question about how those are going to be used, and there's a whole lot of intellectual property and strategy that goes behind which fibers are going into which applications and what plans are, the fiber manufacturers have. What I can say is that, The Lightera is known for having leading technology in fiber development.

是的，我不是回答這些光纖具體用途的最佳人選，因為光纖的用途和製造商的計劃背後涉及大量的智慧財產權和策略。但我可以肯定的是，Lightera公司以在光纖開發領域的領先技術而聞名。

Everything from the rollable ribbon fibers to many other types of fibers. They've been a leader in many ways and are well respected in that regard. How they plan to deploy those technologies in different markets is not really something that we can comment on, and those are questions that will really be left, to Lightera.

從可捲曲帶狀纖維到其他多種類型的纖維，Lightera 的產品涵蓋廣泛。他們在許多方面都處於領先地位，並因此備受尊敬。至於他們計劃如何在不同市場部署這些技術，我們不方便置評，這些問題應由 Lightera 自行解答。

If they choose to answer them, which they may not be because of the proprietary nature of some of that. But Anthony, the one thing I guess I would add is if you're asking how they compare to corning, I would suspect that like as with any other competitors, Lightera would have a very favorable view of their products, and I think the market does too.

如果他們願意回答這些問題的話（考慮到某些內容涉及專有技術，他們可能不會回答）。不過安東尼，我想補充一點，如果你問的是他們與康寧的比較，我估計和對待其他競爭對手一樣，Lightera 對康寧的產品評價會非常高，而且我認為市場也持同樣的看法。

Thank you. (Operator Instructions)

謝謝。 （操作說明）

Shawn Boyd, Next Mark Capital.

Shawn Boyd，Next Mark Capital。

Morning, can you hear me okay?

早上好，你聽得到我說話嗎？

It's a little low, but I think we'd be able to make out what you're saying.

聲音有點小，但我想我們應該可以聽清楚你在說什麼。

Okay, let's give it a shot here. So, historically, the company has been, has shown real positive seasonality in its October quarter, its fourth quarter, up double-digits sequentially. This year we didn't quite see that. So, and I thought I might have heard something about delays. So the question is, were there any project delays or pushouts that might have caused that?

好的，我們來試試看。從歷史數據來看，該公司在10月的季度（也就是第四季）通常表現出明顯的季節性成長，季增兩位數。但今年我們並沒有看到這種情況。我好像聽說了一些關於專案延誤的資訊。所以問題是，是否存在任何專案延誤或延期導致了這種情況？

Well, first of all, generally our seasonality is what we see in the first quarter versus the second quarter. I mean, excuse me, the first half of the year versus the second half of the year. So I don't have the precise percentage in front of me, but the growth that we would have seen from the second quarter to the third quarter would have been, I would expect in double-digits.

首先，通常我們的季節性波動體現在第一季和第二季之間。我的意思是，抱歉，應該是上半年和下半年之間。所以我手邊沒有具體的百分比數據，但我預計從第二季到第三季的成長幅度會達到兩位數。

Sequentially, that wasn't the case from Q3 to Q4, but I would expect Q3 and Q4 to be more equal, again, with most of the seasonality being impacting, the first half of the year and seeing positive increases in the second half of the year.

從第三季度到第四季度，情況並非如此，但我預計第三季和第四季會更接近，同樣，大部分季節性因素會影響上半年，而下半年將會出現正成長。

And we did see our seasonality this year mirror that from 2024. So for the second half of the year, I think it was 48%, in the first half of total sales. I'm sorry, 46% of total sales in the first half of the year and the rest in the second half of the year and that was exactly the same in 2025 compared to 2024.

我們發現今年的季節性變化與2024年的情況類似。下半年銷售額佔總銷售額的48%，上半年佔46%，其餘部分在下半年。 2025年的情況與2024年完全相同。

And we'll be filing our annual report in 10-K today, we expect to in the footnotes we disclose, Details about some of the seasonality.

我們今天將提交 10-K 年度報告，預計在腳註中披露一些季節性因素的詳細資訊。

And the NDNA.

還有NDNA。

The other question that you had was, did they, did, or part of the same question you had was, did we see any, products that have been delayed impacting the fouth quarter. I don't think that that was significant. And again, I don't think that the delays are significant overall.

你提出的另一個問題是，或者說，我們是否看到任何產品因延期而影響到第四季。我認為這並不重要。而且，我認為總體而言，這些延期並不嚴重。

I think they're, and one of the things that OCC benefits from is we're in many different markets geographically in particular market segments, and so sometimes we'll see big fluctuations in certain market sectors that are not truly visible because they're offset by other fluctuations and other market segment, segments that we're targeting.

我認為確實如此，OCC 的優勢之一在於，我們在地理位置上涵蓋了許多不同的市場，尤其是在特定的細分市場，因此有時我們會看到某些市場領域出現大幅波動，但這些波動並不明顯，因為它們被其他波動和我們瞄準的其他細分市場所抵消。

Let me just correct the seasonality percentage that I stated earlier. It was 46% in the first half of the year and 54% in the second half of the year, and that was the same seasonality pattern that we saw in 2024 and 2025.

我更正一下我之前提到的季節性百分比。上半年是46%，下半年是54%，這與我們在2024年和2025年看到的季節性模式相同。

Okay, so the 46%, 54%. Is the year we just finished FY25.

好的，那麼46%、54%指的是我們剛結束的2025財年。

Yeah, as well as 2024 they were exactly the same.

是的，2024 年的情況也完全一樣。

Got it. Okay, that color is helpful. Appreciate that. So just as a follow-up, the collaboration with Lightera, which we yanked back in July, you indicate that should we should start to see that impact the top-line and. In 2026, can you give us any more color on that? Can we see that in the first half? Would it be the second half? And as a just as a follow on, why is that taking this long? What is it that. What are the gating factors before we see the revenue contribution of that?

明白了。好的，這個顏色很有幫助，謝謝。那麼，關於我們七月取消的與 Lightera 的合作，您提到我們應該會在 2026 年開始看到它對營收的影響，您能透露更多細節嗎？我們會在上半年看到嗎？還是會在下半年？另外，為什麼這個專案需要這麼長時間？是什麼原因？在我們看到它對營收的貢獻之前，有哪些障礙？

Yeah, I mean It's a good question. It's also has a lot of details behind it, so specifically, what we're going to see in 2026. We don't provide forecasts on what we're going to see. We do think we're going to see a positive impact, and we've stated that with respect to the collaboration, as you'd imagine when we're, when you're working with, companies in a different way, that there is a lot of work that goes into that.

是的，我的意思是，這確實是個好問題。這個問題背後有許多細節，具體來說，就是我們2026年會看到什麼。我們不提供對未來趨勢的預測。但我們確實認為將會產生正面的影響，而且我們也在合作方面表達過這一點。正如你所想，當我們以不同的方式與其他公司合作時，這其中需要投入大量工作。

I think that the work is going well and expeditiously. And that there's a lot of work that's being done, you'd expect that that would be the case before it started to impact sales, but I can't beyond that comment on what it is. I think that what I'd also, I don't have the quite percentage. If you'll just hold on for a second.

我認為工作進展順利且迅速。而且確實有很多工作要做，在影響銷售之前就應該如此，但我不能對具體情況做更多評論。另外，我也沒有確切的百分比數據。請稍等片刻。

So there was, I was just confirming, you talked about the double-digit increase because of seasonality. If you look at what our performance was in the second quarter of 2025 versus the third quarter of 2025, that does create that we do see a double-digit increase in sales, which is consistent with.

所以，我只是想確認一下，您剛才提到兩位數的成長是由於季節性因素造成的。如果您看我們2025年第二季和第三季的業績，您會發現銷售額確實出現了兩位數的成長，這與先前的預測一致。

The observation that you had made, but you wouldn't necessarily expect to see that between the third and fourth because the seasonality between the first half and the second half, as we described, is, fairly consistent.

你觀察到的情況確實如此，但你可能不會期望在第三季和第四季之間看到這種情況，因為正如我們所描述的，前半季和後半季之間的季節性是相當一致的。

Thank you. If there are no additional questions at this time. I'd like to now turn it back to our presenters for any additional or closing remarks.

謝謝。如果目前沒有其他問題，現在我想把時間交還給各位演講者，請他們作補充或總結發言。

Thank you, Stephanie. I appreciate everyone's questions. We'd like to thank everyone for listening to our fourth quarter and fiscal year 2025 conference call today. As always, we appreciate your time and your investment in optical cable Corporation.

謝謝Stephanie。感謝大家的提問。感謝各位今天收聽我們2025財年第四季及全年業績電話會議。一如既往，感謝您抽出寶貴時間，也感謝您對光纜公司的投資。

We hope that you and your families have a wonderful holiday and a happy New Year.

祝您和您的家人假期愉快，新年快樂。

Thank you.

謝謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您的時間和參與。您可以斷開連線了。