Orion Energy Systems Inc (OESX) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to Orion Energy Systems' fiscal 2025 second quarter conference call. (Operator Instructions)

大家早安，歡迎參加 Orion Energy Systems 2025 財年第二季電話會議。（操作員說明）

Please be advised that today's conference is being recorded. I'll now turn the call over to Bill Jones, Investor Relations, to begin.

請注意，今天的會議正在錄製中。我現在將把電話轉給投資者關係部門的比爾瓊斯(Bill Jones)。

Thank you, Kathy, and good morning to everyone, and thank you for joining this call. Orion reported its fiscal 2025 second quarter results this morning. And Mike Jenkins, the company's CEO; and Per Brodin, Orion's CFO, will review its Q2 results, financial position, and fiscal 2025 outlook. Following their prepared remarks, we will open the call to investor questions.

謝謝凱西，大家早安，謝謝您參加這次電話會議。Orion 今天上午公佈了 2025 財年第二季業績。還有公司執行長 Mike Jenkins； Orion 財務長 Per Brodin 將審查其第二季業績、財務狀況和 2025 財年前景。在他們準備好的發言之後，我們將開始接受投資人提問。

Today's conference call is being recorded and a replay will be posted in the Investors section of Orion's corporate website, orionlighting.com.

今天的電話會議正在錄音，重播將發佈在 Orion 公司網站 orionlighting.com 的投資者部分。

As a reminder, remarks and answers to questions that follow include statements, which are forward-looking under the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically include words such as anticipate, believe, expect, project, or similar words.

謹此提醒，以下評論和問題解答包括根據《1995 年私人證券訴訟改革法案》具有前瞻性的陳述。前瞻性陳述通常包括預期、相信、期望、預測或類似字詞等字眼。

Also, any statements describing future objectives and goals, company plans, or its outlook are also forward-looking. These forward-looking statements are subject to various risks that could cause actual results to differ materially from current expectations. Risks include, among other matters, those that Orion has described in its press release issued this morning as well as in its filings with the SEC.

此外，任何描述未來目標、公司計劃或其前景的陳述也是前瞻性的。這些前瞻性陳述面臨各種風險，可能導致實際結果與目前預期有重大差異。除其他事項外，風險還包括 Orion 在今天早上發布的新聞稿以及向 SEC 提交的文件中所述的風險。

Except as described therein, Orion disclaims any obligation to update or revise such forward-looking statements, which are made only as of today. Reconciliations of certain non-GAAP financial metrics to their closest GAAP measures are also provided in today's press release.

除其中所述的情況外，Orion 不承擔任何更新或修改此類前瞻性陳述的義務，這些前瞻性陳述僅在今天作出。今天的新聞稿中還提供了某些非公認會計準則財務指標與其最接近的公認會計準則衡量指標的調整表。

And now I'll turn the call over to Orion's CEO, Mr. Mike Jenkins.

現在我將把電話轉給 Orion 的執行長 Mike Jenkins 先生。

Thanks, Bill, and thank you all for joining us today. Our Q2 results reflect continued strength in our Voltrek EV charging station business and a rebound in our maintenance services business. However, our LED lighting segment was impacted by customer delays as several projects slipped and are now expected to start in the second half of our fiscal year.

謝謝比爾，也謝謝大家今天加入我們。我們第二季的業績反映了 Voltrek 電動車充電站業務的持續強勁以及維護服務業務的反彈。然而，我們的 LED 照明部門受到客戶延誤的影響，因為幾個項目推遲，目前預計將在本財年下半年啟動。

Distribution channels, including energy service companies or ESCOs and electrical contractors were also impacted with some timing delays as well as some softness in new construction markets.

包括能源服務公司或節能服務公司和電力承包商在內的分銷管道也受到一些時間延遲以及新建築市場疲軟的影響。

Year-over-year comparables for the second quarter were influenced by the completion of a large European retrofit project for a global super ESCO in quarter 1 '25 which commenced in quarter 1 '24 and benefited the year ago period, but not this quarter.

第二季的年比可比性受到全球超級ESCO大型歐洲改造計畫於2025年第1季完成的影響，該計畫於2024年第1季開始並受益於去年同期，但不是本季。

Despite customer delays in the start of new retrofit projects, overall, we are seeing robust quoting activity in our LED lighting project business coming from both new and existing customers. We recently received POs that will start a new and expected multiyear relationship for our products distributor with over 500 locations.

儘管客戶推遲了新改造專案的啟動，但總體而言，我們看到新客戶和現有客戶對 LED 照明專案業務的報價活動強勁。我們最近收到了採購訂單，將為我們擁有 500 多個地點的產品經銷商建立新的、預期的多年關係。

Orion will be providing LED lighting products and retrofit turnkey project management services, and we anticipate the total program value to be in excess of $10 million. This project will be spread over several years and expected to begin this quarter. The multiyear full program contract is in the final stages.

Orion 將提供 LED 照明產品和改造交鑰匙專案管理服務，我們預計專案總價值將超過 1,000 萬美元。該項目將持續數年，預計將於本季開始。多年期完整計劃合約已進入最後階段。

And once complete, we plan to make further announcements. Last month, we secured a five-year $25 million contract to supply LED lighting fixtures for new store construction projects for our largest customer, a major national retailer. This contract extends our existing relationship with this customer, who expects to increase the number of new stores over the next five years.

一旦完成，我們計劃發布進一步的公告。上個月，我們獲得了一份為期 5 年、價值 2500 萬美元的合同，為我們最大的客戶（一家全國性大型零售商）的新店建設項目提供 LED 照明燈具。該合約擴展了我們與該客戶的現有關係，該客戶預計在未來五年內增加新商店的數量。

We are also seeing a nice rebound in automotive OEM activity this year and expect other projects to commence in this sector in coming quarters. Despite some recent slowness in our LED lighting distribution channels, we are encouraged by progress of our value-oriented LED lighting product lines such as TritonPro and our new exterior products, which were introduced in quarter two of last year.

我們也看到今年汽車原始設備製造商活動出現良好反彈，並預計該領域的其他項目將在未來幾季啟動。儘管我們的 LED 照明分銷管道最近出現一些放緩，但我們對價值導向 LED 照明產品線（例如 TritonPro 和去年第二季度推出的新外部產品）的進展感到鼓舞。

These products were developed to meet the needs of lighting contractors and ESCOs for projects that are more price sensitive and do not require the highest levels of lighting efficiency. Building on the success of these new offerings, we are investing in the expansion of our value price TritonPro offerings, including recent product launches of Round High Bays or UFOs, Strip Lights and Troffers.

這些產品的開發是為了滿足照明承包商和節能服務公司對價格更敏感且不需要最高水準照明效率的專案的需求。在這些新產品成功的基礎上，我們正​​在投資擴展我們的超值價格 TritonPro 產品，包括最近推出的圓形高灣燈或 UFO、條形燈和凹槽燈。

TritonPro and our new exterior products released in quarter two of last year have generated over $4 million in revenue in fiscal '25 with an open pipeline of over $18 million. We anticipate continued strength and acceleration in this category moving forward, which opens a new era of opportunity for Orion to build our brand and broaden our customer base.

TritonPro 和我們去年第二季發布的新外部產品在 25 財年創造了超過 400 萬美元的收入，開放通路超過 1800 萬美元。我們預計這一類別將繼續保持強勁和加速發展，這將為 Orion 打造品牌和擴大客戶群的新機會開啟新紀元。

We are also building sales opportunities related to the growing number of states that are banning the sale of fluorescent fixtures and replacement tubes. These bans are intended to eliminate the waste and pollution created from the disposal of fluorescent tubes while also conserving energy through accelerating the conversion to more energy-efficient LED lighting technologies.

我們也正在建立與越來越多的州禁止銷售螢光燈和替換燈管相關的銷售機會。這些禁令旨在消除因處置螢光燈管而產生的廢物和污染，同時透過加速向更節能的 LED 照明技術的轉換來節約能源。

Ten states, including California, now have either passed regulations or have proposed legislation for such bans, several of which go into effect beginning of 2025, and many states are expected to follow this trend.

包括加州在內的 10 個州現已通過此類禁令的法規或提議立法，其中幾個州將於 2025 年初生效，預計許多州也將追隨這一趨勢。

We have been in discussions with a number of significant existing and potential customers about their plans for compliance and have identified some meaningful opportunities that we expect to commence in the second half of our fiscal '25. For a list of all state bans current and proposed, please see our website at orionlighting.com.

我們一直在與許多重要的現有和潛在客戶討論他們的合規計劃，並確定了一些有意義的機會，我們預計將在 25 財年下半年開始。有關當前和提議的所有州禁令的列表，請訪問我們的網站 orionlighting.com。

Turning to our electric vehicle charging station business. We continue to be pleased with our progress in this segment and anticipate continued momentum in the business for the second half of fiscal '25 and the foreseeable future. Voltrek's quarter two performance benefited from construction contracts for Eversource Energy customers pursuant to Eversource's EV Make-Ready program.

轉向我們的電動車充電站業務。我們仍然對我們在這一領域取得的進展感到滿意，並預計 25 財年下半年和可預見的未來業務將繼續保持成長勢頭。Voltrek 第二季的業績得益於 Eversource Energy 客戶根據 Eversource 的 EV Make-Ready 計畫簽訂的施工合約。

Our quarter two performance also benefited from additional work for Boston Public Schools, building on an earlier school bus pilot project. We are seeing a growing array of both public and private sector organizations that are developing strategies and plans for implementing EV charging programs to support the expanding population of EV or electric vehicles across the US.

我們第二季的業績也得益於波士頓公立學校在早期校車試點計畫基礎上的額外工作。我們看到越來越多的公共和私營部門組織正在製定實施電動車充電計劃的策略和計劃，以支持美國各地不斷增長的電動車或電動車數量。

We believe Voltrek with its national reach and pioneering leadership in the EV charging station business is well positioned to meet the needs of large customers nationwide.

我們相信，Voltrek 憑藉在電動車充電站業務領域的全國影響力和領先地位，能夠很好地滿足全國大客戶的需求。

Importantly, we are also beginning to realize some of the cross-selling synergies we had envisioned when we acquired Voltrek with EV projects being sourced within our LED lighting customer base as well as lighting projects being developed with EV charging customers. Voltrek's overall pipeline of project opportunities remain steady at $45 million to $50 million.

重要的是，我們也開始實現我們收購 Voltrek 時所設想的一些交叉銷售協同效應，其中電動車專案來自我們的 LED 照明客戶群，以及與電動車充電客戶開發的照明專案。Voltrek 的專案機會整體穩定在 4,500 萬美元至 5,000 萬美元之間。

Meaningful federal stimulus has been appropriated to support EV infrastructure, including $5 billion designated for the National Electric Vehicle Infrastructure Act or NEVI program, along with other federal funding vehicles, which include the charging and fueling infrastructure grant program, which provides an additional $2.5 billion over five years.

已撥出有意義的聯邦刺激措施來支持電動車基礎設施，包括指定用於國家電動車基礎設施法案或NEVI 計劃的50 億美元，以及其他聯邦資助工具，其中包括充電和加油基礎設施撥款計劃，該計劃額外提供25 億美元五年。

This program is targeted at states, municipalities, and other local entities to help accelerate charging infrastructure. While there remains a spectrum of opinions about the near-term rate of increase and future market penetration of electric vehicles, we see broad-based interest from public and private entities for charging infrastructure.

該計劃針對州、市和其他地方實體，以幫助加快充電基礎設施建設。儘管對於電動車的近期成長率和未來市場滲透率仍存在各種各樣的看法，但我們看到公共和私人實體對充電基礎設施有著廣泛的興趣。

We are in the charging infrastructure business and whether EV sales achieve the high or low end of the range, vast infrastructure is required to be put in place throughout the U.S. over the next decade.

我們從事充電基礎設施業務，無論電動車銷量達到區間的高端或低端，未來十年都需要在美國各地建立龐大的基礎設施。

Turning to our maintenance services business. I am happy to report that this business delivered a better-than-expected revenue performance in quarter 2. Second quarter performance also benefited from pricing discipline, which returned the maintenance business to solid gross margin profitability from a negative margin in the year ago period.

轉向我們的維修服務業務。我很高興地報告，該業務在第二季的收入表現優於預期。第二季的業績也受惠於定價紀律，這使維護業務從去年同期的負利潤率恢復到穩定的毛利率獲利能力。

This performance was particularly notable because it was accomplished despite the impact of our strategic decision to not seek the renewal of several legacy contracts from our Stay-Lite acquisition, which had become unprofitable due to inflationary impacts. Entering fiscal '25, we had expected maintenance segment revenue to decrease $4 million to $5 million, principally due to the nonrenewal of these unprofitable contracts.

這一業績尤其引人注目，因為儘管我們的策略決策影響了我們不尋求續簽Stay-Lite 收購中的幾份遺留合約的影響，但我們仍然取得了這一業績，而這些合約由於通貨膨脹的影響而變成無利可圖。進入 25 財年，我們預計維護部門收入將減少 400 萬至 500 萬美元，主要是由於這些不盈利的合約不再續約。

Given our recent progress in developing additional maintenance revenue from existing customers, we now expect our fiscal '25 decline to be lower than this range. Importantly, our pricing discipline has enabled us to return this business to profitability with a 2,300 basis point improvement. We expect our margin rate to improve further and normalize in quarter three.

鑑於我們最近在從現有客戶開發額外維護收入方面取得了進展，我們現在預計 25 財年的下降幅度將低於此範圍。重要的是，我們的定價紀律使我們能夠使該業務恢復盈利，並提高了 2,300 個基點。我們預計我們的利潤率將進一步提高並在第三季恢復正常。

With our smaller, but more profitable go-forward maintenance business, we executed a restructuring of costs by reducing staffing and related items and vacated a leased facility, resulting in roughly $300,000 in restructuring and severance costs in quarter two.

憑藉規模較小但利潤較高的後續維護業務，我們透過減少人員配置和相關物品並騰出租賃設施來執行成本重組，導致第二季的重組和遣散費約為 30 萬美元。

Moving forward, our plan is to selectively build this business with customers that offers the greatest potential synergies with our lighting and EV segments. From a macro perspective, we are encouraged by factors that we believe provide tailwinds for Orion over the next five years. Number one, energy prices. While they move up and down, we see more energy needs moving forward than capacity increases that will result in increased focus on energy conservation, such as LED lighting.

展望未來，我們的計劃是有選擇地與客戶建立這項業務，為我們的照明和電動車領域提供最大的潛在協同效應。從宏觀角度來看，我們認為未來五年為獵戶座帶來順風的因素令我們感到鼓舞。第一，能源價格。雖然它們上下移動，但我們看到能源需求的成長超過了產能的增加，這將導致人們更加關注節能，例如 LED 照明。

Number two, climate and ESG. While politicized in some circles, we see many companies, especially public entities, continue with their C-level commitments to reduce carbon. Orion's leading -- industry-leading LED lights reduce energy consumption by up to 60% versus fluorescent lighting and will help our customers achieve these goals.

第二，氣候和 ESG。儘管在某些圈子裡被政治化，但我們看到許多公司，尤其是公共實體，繼續履行其高階主管的減少碳承諾。Orion 領先的業界領先 LED 燈與螢光燈相比可降低高達 60% 的能耗，並將幫助我們的客戶實現這些目標。

Number three, transportation electrification. Passenger and commercial electrification is a generational change and what is required to enable full potential is charging infrastructure, and this is where Orion plays.

第三，交通電氣化。客運和商業電氣化是一代人的變革，要充分發揮潛力，需要充電基礎設施，而這正是 Orion 發揮作用的地方。

Number four, state-led fluorescent lighting bans. This is a very exciting and never before-seen accelerator for the LED lighting industry, which will play out over the next five years. And lastly, BAA and BABA. Orion is uniquely positioned to capitalize on the increasing focus of Buy American initiatives at the federal and state levels due to our domestic manufacturing capabilities. We also see the potential for decreasing interest rates to act as a catalyst to accelerate customers' LED and EV charging projects.

第四，國家主導的螢光燈禁令。對於 LED 照明產業來說，這是一個非常令人興奮且前所未見的加速器，並將在未來五年內發揮作用。最後是 BAA 和 BABA。由於我們的國內製造能力，Orion 處於獨特的地位，可以利用聯邦和州層面日益關注的「購買美國貨」計劃。我們也看到利率下降有可能成為加速客戶 LED 和電動車充電專案的催化劑。

While the Fed's recent 50 basis point cut in the federal funds rate was a welcome reversal, we expect it will take time before their planned easing of rates becomes a more meaningful factor in our customers' decision-making, particularly with those customers who are now waiting on further rate reductions.

雖然聯準會最近將聯邦基金利率下調50 個基點是一個值得歡迎的逆轉，但我們預計，他們計劃的利率寬鬆還需要一段時間才能成為我們客戶決策中更有意義的因素，特別是對於那些現在正在考慮的客戶。

Certainly, a lower rate environment further enhances the business case for our suite of solutions. We remain excited about our long-term prospects and our revenue growth outlook for fiscal '25 and moving into next year.

當然，較低的費率環境進一步增強了我們解決方案套件的商業案例。我們對 25 財年和明年的長期前景以及收入成長前景仍然感到興奮。

Our confidence is based on our competitive strength of our diversified platform of products and services that we have developed to help our customers meet their business, environmental, and sustainability goals. As we previewed last week, we have revised our fiscal '25 revenue growth outlook to an increase of approximately 10% over fiscal '24 from our prior outlook of 10% to 15% growth.

我們的信心是基於我們開發的多元化產品和服務平台的競爭優勢，這些產品和服務平台旨在幫助客戶實現其業務、環境和永續發展目標。正如我們上週預測的那樣，我們已將 25 財年營收成長預期從先前 10% 至 15% 的成長預期，修正為比 24 財年成長約 10%。

As we have outlined, this revision is principally due to the delay of certain LED lighting projects into the second half of fiscal '25. And as a result, we currently expect the balance of our revenue to be weighted more towards our fiscal '25 fourth quarter, and we expect to generate positive adjusted EBITDA in the second half of fiscal '25 and neutral for the full year.

正如我們所概述的，此次修訂主要是由於某些 LED 照明項目推遲到 25 財年下半年。因此，我們目前預計我們的收入餘額將更多地偏重於 25 財年第四季度，並且我們預計將在 25 財年下半年產生正的調整後 EBITDA，並在全年產生中性。

Let me now turn to Per Brodin, our CFO, for some further details and perspective on our financial performance.

現在讓我請我們的財務長佩爾·布羅丁（Per Brodin）了解我們財務表現的更多細節和觀點。

Thank you, Mike. Q2 '25 revenue was $19.4 million versus $20.6 million in Q2 '24, principally reflecting the delay of some anticipated LED lighting projects in the recent period, which we now expect to start later this fiscal year.

謝謝你，麥克。25 年第2 季的營收為1,940 萬美元，而24 年第2 季的營收為2,060 萬美元，主要反映了近期一些預期的LED 照明專案的延遲，我們現在預計該專案將在本財年晚些時候啟動。

Additionally, the year-over-year lighting segment revenue comparison was impacted by a large DoD retrofit project in Europe that benefited the year ago results but was completed in the first quarter of the current fiscal year. In contrast, our EV charging station segment revenue grew 40% to $4.7 million in Q2 '25 from $3.4 million in Q2 '24.

此外，照明部門收入年比受到歐洲國防部大型改造專案的影響，該專案受益於去年同期的業績，但在本財年第一季完成。相較之下，我們的電動車充電站部門營收從 2024 年第二季的 340 萬美元成長了 40%，達到 25 年第二季的 470 萬美元。

The Q2 '25 performance benefited from construction contracts for customers of Eversource Energy's EV Make-Ready program as well as follow-on orders from a large Boston Public School's pilot school bus project.

25 年第二季的業績得益於 Eversource Energy 的 EV Make-Ready 計畫客戶的施工合約以及大型波士頓公立學校試點校車計畫的後續訂單。

Our Maintenance Services segment also grew to $3.8 million in Q2 '25 versus $3.6 million in Q2 '24 as new opportunities more than offset the impact of the lapsed legacy Stay-Lite Lighting contracts. Looking at the first six months of fiscal '25, revenue rose 2.8% to $39.3 million from $38.2 million in the prior year period, also driven by EV segment growth.

我們的維修服務部門在 25 年第二季也成長至 380 萬美元，而在 24 年第二季為 360 萬美元，因為新的機會足以抵消失效的舊 Stay-Lite 照明合約的影響。綜觀 25 財年的前六個月，營收從去年同期的 3,820 萬美元成長 2.8% 至 3,930 萬美元，這也是受到電動車細分市場成長的推動。

Overall, our gross profit percentage or gross margin increased 90 basis points to 23.1% in Q2 '25 versus 22.2% in Q2 '24, driven principally by maintenance segment profitability improvements as a result of Orion's pricing discipline.

總體而言，我們的毛利率或毛利率在25 年第二季度增長了90 個基點，達到23.1%，而24 年第二季度為22.2%，這主要是由於Orion 的定價紀律導致維護部門盈利能力的提高。

Gross margin on Orion's maintenance services improved 2,300 basis points compared to the prior year quarter. Reflecting the turnaround in the maintenance segment margins and our overall growth outlook, we expect Orion's blended gross margin to remain strong in the remainder of fiscal '25.

Orion 維護服務的毛利率比去年同期提高了 2,300 個基點。考慮到維護部門利潤率的改善和我們的整體成長前景，我們預計 Orion 的綜合毛利率在 25 財年剩餘時間內將保持強勁。

Operating expenses declined to $7.7 million in Q2 '25 from $8.7 million in Q2 '24, principally due to fixed costs and other compensation-related reductions and a $500,000 reduction in the Voltrek earn-out expense accrual versus Q2 '24. Q2 '25 included $300,000 of combined severance and restructuring expense in the maintenance segment, reflecting actions to rightsize this business following the roll-off of unprofitable legacy accounts.

營運支出從24 年第二季的870 萬美元下降至25 年第二季的770 萬美元，主要是由於固定成本和其他與薪資相關的減少，以及與24 年第二季相比，Voltrek 獲利費用應計減少了50 萬美元。25 年第 2 季度，維修部門的遣散費和重組費用合計為 30 萬美元，反映了在剝離不盈利的遺留帳戶後調整該業務規模的行動。

In total, we have incurred severance and restructuring costs of $700,000 in the first six months of fiscal '25. We believe our maintenance services restructuring activity is now substantially complete.

在 25 財年的前六個月，我們總共產生了 70 萬美元的遣散費和重組費用。我們相信我們的維護服務重組活動現已基本完成。

I do want to highlight that outside of our actions in the maintenance business, we have continued to pursue other efficiency and productivity improvements that have contributed to margin and cost benefits in our LED manufacturing and corporate overhead.

我確實想強調，除了我們在維護業務方面的行動之外，我們還繼續追求其他效率和生產力的改進，這些改進為我們的 LED 製造和企業管理費用帶來了利潤和成本效益。

The improvement in gross profit percentage and lower operating expenses led to Orion's Q2 '25 net loss improvement to $3.6 million or $0.11 per share from $4.4 million or $0.14 per share in Q2 '24.

毛利率的提高和營運費用的降低使得 Orion 的 25 年第二季淨虧損從 24 年第二季的 440 萬美元或每股 0.14 美元改善至 360 萬美元或每股 0.11 美元。

Cash used in operations was $2.5 million through the first six months ended September 30, 2024, though Orion generated positive cash flow from operations in Q2 '25. The year-to-date use of cash is primarily due to our net loss adjusted for noncash expenses and working capital requirements.

截至 2024 年 9 月 30 日的前六個月，營運中使用的現金為 250 萬美元，儘管 Orion 在 2025 年第二季的營運中產生了正現金流。年初至今使用現金主要是因為我們根據非現金支出和營運資金需求調整後的淨虧損。

Orion paid down $1 million on its revolving credit facility in Q2 '25 and cash increased to $5.4 million at September 30 versus $5.2 million at year-end, which includes the benefit of proceeds from a bank mortgage facility secured in Q1 '25. Also, effective October 30, we extended the maturity of our revolving credit facility with Bank of America from December 2025 to June 2027.

Orion 在2025 年第二季支付了100 萬美元的循環信貸額度，截至9 月30 日現金增加至540 萬美元，而年底為520 萬美元，其中包括25 年第一季擔保的銀行抵押貸款額度的收益。此外，自 10 月 30 日起，我們將美國銀行循環信貸額度的期限從 2025 年 12 月延長至 2027 年 6 月。

Current assets less current liabilities or net working capital was $13.1 million at the close of Q2 '25 versus $16.8 million at March 31, 2024. Orion's financial liquidity was $13.1 million at September 30, 2024, as compared to $15.3 million at March 31, 2024. Considering our growth outlook and financial liquidity, we believe we are in a good position to fund our business and growth goals for fiscal 2025.

截至 2025 年第二季末，流動資產減去流動負債或淨營運資本為 1,310 萬美元，而 2024 年 3 月 31 日為 1,680 萬美元。截至2024年9月30日，Orion的財務流動性為1,310萬美元，而2024年3月31日為1,530萬美元。考慮到我們的成長前景和財務流動性，我們相信我們有能力為 2025 財年的業務和成長目標提供資金。

Before I turn the call over to the operator, I want to announce that we have two remaining investor conferences this calendar year, and we welcome your participation. We will participate in the Virtual Investor Summit on Thursday, November 21.

在將電話轉接給接線員之前，我想宣布，今年我們還有兩次投資者會議，歡迎您參加。我們將參加 11 月 21 日星期四舉行的虛擬投資者高峰會。

In addition, we plan to present in person at Singular Research's 19th Annual Best of the Uncovereds Conference in San Francisco on Thursday, December 12. Details for these events will be announced separately and posted to our Investor Relations page.

此外，我們計劃於 12 月 12 日星期四在舊金山舉行的 Singular Research 第 19 屆年度 Best of the Uncovereds 會議上親自出席。這些活動的詳細資訊將單獨公佈並發佈在我們的投資者關係頁面上。

And with that, let's please start the Q&A session.

那麼，讓我們開始問答環節。

(Operator Instructions) Eric Stine, Craig-Hallum Capital Group.

（操作員說明）Eric Stine，Craig-Hallum Capital Group。

So maybe -- so you talked about the 10% year-over-year revenue growth expectation. Can you just talk through a little bit how you see that playing out between the various segments? I mean, obviously, EV charging up. I think you tempered your expectation for maintenance. Is this something where you expect even with the project pushouts that LED, that the lighting is flat, up, down? How should we think about that?

所以也許——所以你談到了 10% 的同比收入成長預期。能否簡單談談您如何看待各個細分市場之間的關係？我的意思是，顯然，電動車正在充電。我認為你降低了對維護的期望。即使項目推出了 LED，照明是平坦的、向上的、向下的，這是否符合您的預期？我們該如何思考這個問題？

Yes. We do expect our LED lighting business to recover in the second half of the year and accelerate, especially into our quarter four. We do expect our EV business to maintain a similar pace or even slightly above as we head into the second half.

是的。我們確實預計我們的 LED 照明業務將在下半年復甦並加速，特別是進入第四季度。我們確實預計，進入下半年時，我們的電動車業務將保持類似的速度，甚至略高一些。

And from a maintenance standpoint, we've been very pleased with the revenue recovery that we've seen post restructuring and essentially exiting those several unprofitable contracts. And so we do think that the maintenance business now will come in slightly under the range that we announced as we went into the year of being down $4 million to $5 million. Obviously, though, a much more profitable business and contributing to our bottom line.

從維護的角度來看，我們對重組後的收入恢復感到非常滿意，並基本上退出了幾份無利可圖的合約。因此，我們確實認為，現在的維護業務將略低於我們在進入這一年時宣布的減少 400 萬至 500 萬美元的範圍。但顯然，這是一項利潤更高的業務，並為我們的利潤做出了貢獻。

And you did just touch on this, but maybe a little more on it. Is this -- and maybe you said it in the prepared remarks and I missed it, but is this something we should think about results being more skewed to 4Q versus 3Q in light of what you just said?

您剛剛談到了這一點，但可能還談得更多。也許您在準備好的發言中說過，但我錯過了，但根據您剛才所說的內容，我們是否應該考慮結果更傾向於第四季度而不是第三季度？

Absolutely. Yes, we do expect a stronger Q4.

絕對地。是的，我們確實預計第四季會更加強勁。

And then -- I mean, I can appreciate, and I know that these are all really customer-directed project pushouts. But is there any way that you internally are looking at this and saying, how can we better anticipate this in our outlook or just in the overall business going forward? Because, I mean, this is a -- it's been kind of a frequent issue you've had with some of your customers.

然後 - 我的意思是，我可以欣賞，我知道這些都是真正以客戶為導向的項目推出。但是，您在內部是否會考慮這一點並說，我們如何在我們的前景或未來的整體業務中更好地預測這一點？因為，我的意思是，這是您與某些客戶經常遇到的問題。

Yes. It's a very challenging thing, Eric. I mean, obviously, we talk about that quite a bit. It's difficult to anticipate when individual customers may push things out because it's related to other projects that they may have as a company, et cetera.

是的。這是一件非常具有挑戰性的事情，艾瑞克。我的意思是，顯然，我們對此談了很多。很難預測個別客戶何時會推出某些產品，因為這與他們作為公司可能擁有的其他項目等相關。

The best thing that we can do as a company because we don't necessarily control that is to continue to build our pipeline so that we have more projects and more contingency around that.

作為一家公司，我們能做的最好的事情就是繼續建造我們的管道，因為我們不一定能控制這一點，這樣我們就有更多的專案和更多的應急措施。

So when those things do occur, we have enough other pipeline that can overcome it. So that's really our focus. And we're -- as I referenced in my remarks, we're pleased to see the growth in our pipeline with some very exciting new projects in the works.

因此，當這些事情確實發生時，我們有足夠的其他管道來克服它。這確實是我們的重點。正如我在演講中提到的，我們很高興看到我們的管道不斷增長，一些非常令人興奮的新項目正在進行中。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾 (Amit Dayal)，H.C.溫賴特。

Just at a macro level, guys, with respect to the election results, any impact or exposure to the discussed sort of tariff changes that may be implemented?

就選舉結果而言，就宏觀層面而言，所討論的可能實施的關稅變化有何影響或暴露？

Yes. I mean that's an interesting point. If there were to be further tariffs that were put in place against China or really across the board, any import situation. Certainly, we do get a number, as the entire industry does, components from abroad. At the same time, being a domestic manufacturer, we have a lot of our content, which comes from local and domestic sources as well.

是的。我的意思是這是一個有趣的觀點。如果對中國徵收進一步關稅或真正全面徵收關稅，任何進口情況都會發生。當然，正如整個行業一樣，我們確實從國外獲得了一些零件。同時，作為國內製造商，我們有很多內容，這些內容也來自本地和國內。

So if that would be put in place, I would say that, in general, should be favorable for Orion, particularly in the lighting business relative to our competitors.

因此，如果這一點落實到位，我想說，總的來說，這對 Orion 來說應該是有利的，特別是在照明業務方面（相對於我們的競爭對手）。

And then along those lines, right, I mean, we've seen a lot of manufacturing build-out happening here in the US. How are you positioned to participate in some of those opportunities? It looks like from the commentary that you may already be involved in at least bidding on some of this onshoring related infrastructure build-out. But can you give us any clarity on what from there is in the pipeline that you are trying to participate in?

然後沿著這些思路，對，我的意思是，我們已經看到美國發生了大量的製造業擴建。您如何定位來參與其中一些機會？從評論看來，您可能已經參與了至少一些與外包相關的基礎設施建設的投標。但您能否向我們說明您正在嘗試參與的項目？

I'm going to repeat the question back to make sure I have it correctly, Amit. So basically, it's about some of the onshoring investments in terms of new capacity and buildings and those types of things as a result of onshoring and --

我將重複這個問題，以確保我的回答正確，阿米特。所以基本上，這是關於新產能和建築方面的一些在岸投資，以及由於在岸和外包而產生的這些類型的投資。--

New manufacturing buildings that are coming up, warehouses that are coming up to support all of this onshoring activity. Just want to understand if you're already participating in some of that or are you positioned to participate in that?

新的製造大樓和倉庫即將建成，以支持所有這些在岸活動。只是想了解您是否已經參與了其中的一些活動，或者您是否有能力參與其中？

Yes. Okay. I understand now. Absolutely, we do. We -- that's -- new builds is a significant part of our distribution business and really our focus there, and that's still a project business through our distribution channel.

是的。好的。我現在明白了。當然，我們願意。我們——也就是說——新建是我們分銷業務的重要組成部分，也是我們真正關注的重點，這仍然是透過我們分銷管道進行的專案業務。

So that market in general for new builds has been a little soft for everyone due to cost of capital reasons and those types of things. So the onshoring is a counter to some of those trends from cost of capital, but we are very active in that space.

因此，由於資本成本等原因，新建市場對每個人來說都有點疲軟。因此，在岸外包是與資本成本方面的一些趨勢相反的，但我們在這個領域非常活躍。

And as I referenced in my remarks, TritonPro, which is our new product line launched last year, is doing quite well and is very well positioned for that new build market as well as retrofits.

正如我在演講中提到的，TritonPro，這是我們去年推出的新產品線，表現相當不錯，並且在新建市場和改造市場中處於非常有利的位置。

(Operator Instructions) Bill Dezellem, Tieton Capital Management.

（操作員指示）Bill Dezellem，Tieton Capital Management。

A group of questions here. Let me start, if I may, with the restructuring that you did. Would you please walk through in a bit more detail what it was that you did?

這裡有一組問題。如果可以的話，讓我從您所做的重組開始。能更詳細地介紹一下您所做的事情嗎？

Bill, I'd say that there were a couple of primary components within the maintenance division. As part of the lapse of the contracts that did not achieve the kind of pricing levels that we had hoped, we scaled back on the level of our self-perform technician force.

比爾，我想說維修部門有幾個主要組成部分。作為未達到我們希望的定價水平的合約失效的一部分，我們縮減了自我執行技術人員的水平。

So within -- that would have been within COGS that we took out personnel that were self-performing within our maintenance division. Then there were some also supporting people that also supported those contracts, which are also a component of COGS. So that's what that severance related to.

因此，在 COGS 內部，我們剔除了維護部門內自我執行的人員。然後還有一些支援人員也支持這些合同，這些合約也是銷貨成本的一部分。這就是遣散費的相關內容。

There were some G&A costs also taken out, the largest of which was the leased facility that they operated out of, which the $300,000 charge that we incurred in Q2, about half of that was a lease breakage fee to get out of that lease.

還扣除了一些一般管理費用，其中最大的是他們運營的租賃設施，我們在第二季度產生了 30 萬美元的費用，其中大約一半是為了擺脫該租約而產生的租賃中斷費。

And then -- I'm sorry, Per, go ahead.

然後——對不起，佩爾，繼續吧。

Yes, I was just going to clarify one thing. For the Q2 cost of $300,000, all those costs would have been, I'll say, charged to G&A, just if you're considering that from what line those hit.

是的，我只是想澄清一件事。對於 300,000 美元的第二季度成本，我想說的是，所有這些成本都將計入 G&A，只要您考慮這些成本是從哪一行開始的。

And then relative to the comments that you expect a larger weighting of LED in the second half, does that imply that the EV charging is going to be more challenged either because projects are finishing or for some other reason?

那麼，相對於您預計下半年 LED 比重更大的評論，這是否意味著電動車充電將面臨更大的挑戰，要么是因為專案即將完成，要么是其他原因？

Hello, Bill, it's Mike. No, that was not what I meant to imply at all. What my comments were meant to say is that we -- we plan to see LED lights grow in the second half. The EV business, we were up 40% in the quarter. We continue to see that level of growth plus in the second half of the year.

你好，比爾，我是麥克。不，我根本不是這個意思。我的評論想說的是，我們計劃在下半年看到 LED 燈的成長。電動車業務本季成長了 40%。我們在下半年繼續看到這種成長水準。

So LED will continue to be our strongest growth component, but we do expect lighting to grow significantly in the second half as well.

因此，LED 將繼續成為我們成長最強勁的組成部分，但我們確實預計照明在下半年也將大幅成長。

And then I'm going to ask one question that maybe is a bit unfair, but I'd love your perspective. As you think about these lighting projects that were delayed, why were they not forecasted? And I recognize almost inherently in the question, a delay would imply not forecastable. But I guess, I'm going to toss that out and just to understand your perspective, please.

然後我要問一個問題，這可能有點不公平，但我喜歡你的觀點。當您思考這些被推遲的照明項目時，為什麼沒有對其進行預測？我幾乎從本質上認識到這個問題，延遲意味著不可預測。但我想，我要把它丟掉，只是為了理解你的觀點。

Sure. I'll give you an example. We were working with a large technology company. The projects have been in the works for several years. And they had given us indications as to what their schedule was and when these projects would start.

當然。我給你舉個例子。我們正在與一家大型科技公司合作。這些項目已經進行了好幾年。他們向我們表明了他們的日程安排以及這些項目何時開始。

And so we try and be as conservative as we can. And so we take a portion of that. But obviously, we have to recognize when customers say the projects are going to be active. So we wanted to be realistic, but conservative at the same time. And the reality was that due to some of the internal workings of that company, they were pushed off as a project.

所以我們盡量保持保守。所以我們採取其中的一部分。但顯然，我們必須認識到客戶何時表示專案將啟動。所以我們想要現實一點，但同時保守。現實情況是，由於該公司的一些內部運作，它們作為一個項目被推遲了。

And so those are things which are difficult for us to forecast exactly when we can initiate with the company because, obviously, this is one of several CapEx projects they have in the works and has to tie in with the rest of the company's financial performance and those types of things. So we certainly do our best and try and be conservative, but realistic at the same time, and that was the nature of it. That's an example.

因此，我們很難準確預測何時可以與公司啟動這些事情，因為顯然，這是他們正在進行的幾個資本支出項目之一，並且必須與公司的其他財務業績相結合，並且那些類型的事情。因此，我們當然會盡最大努力，努力保持保守，但同時也要現實，這就是它的本質。這是一個例子。

[Gocci Sire, Singular Research].

[戈奇先生，奇異研究]。

Just on the project delays going back to -- is that a broader market trend? Or is that particularly sector focused affecting those projects? And how will that -- the cadence for the revenue when those delays do come back? Is that primarily a fiscal '25 event or is that a flow-through into fiscal '26 as well?

就專案延遲而言，這是更廣泛的市場趨勢嗎？或者該特定部門會影響這些項目？當這些延遲再次出現時，收入的節奏會如何？這主要是 25 財年的事件，還是也會流入 26 財年？

Yes. So these delays that we've experienced, there's been a variety of individual circumstances. I think there certainly has been some level of macro uncertainty. Now that we've gotten through the elections and those types of things, and we see interest rates falling. As I referenced earlier in my comments, we are incredibly excited about the quoting activity that's going on right now.

是的。因此，我們經歷的這些延誤是由各種不同的個人情況造成的。我認為肯定存在一定程度的宏觀不確定性。現在我們已經完成了選舉和類似的事情，我們看到利率下降。正如我之前在評論中提到的，我們對現在正在進行的報價活動感到非常興奮。

And I should reference that we had a very strong October in terms of orders, in fact, the strongest month of the year from an order standpoint and on or above kind of what our projections would be to realize our current annual projection. So these delays that occurred, they occurred for a variety of reasons. Some of them will activate in quarter three, some will activate in quarter four, and then some of them will carry over into fiscal '26.

我應該要提到的是，就訂單而言，我們的10 月非常強勁，事實上，從訂單的角度來看，這是一年中最強勁的月份，並且高於或高於我們實現當前年度預測的預測。因此，這些延誤的發生是出於多種原因。其中一些將在第三季啟動，一些將在第四季度啟動，然後其中一些將延續到 26 財年。

And on the EV pipeline, I think you guys mentioned it and updated it to $45 million to $50 million. I know last quarter, you mentioned you had a target of around $18 million for the year and highlighted the $11 million for the Eversource contract. I just wanted to get, of that $18 million, is there a potential for exceeding that target? And on the Eversource contract, how much of that $11 million has been recognized as revenue to date?

關於電動汽車管道，我想你們提到並將其更新為 4500 萬至 5000 萬美元。我知道上個季度，您提到今年的目標是 1800 萬美元左右，並強調了 Eversource 合約的 1100 萬美元。我只是想知道，在這 1800 萬美元中，是否有可能超過該目標？在 Eversource 合約中，迄今為止，這 1100 萬美元中有多少已確認為收入？

Sure. On the Eversource contract, less than half of it has been realized in the first semester of the year. And then relative to the overall target for EV, we said our budget was $18 million and that we thought we could exceed that. And that's still our projection is that we will exceed the $18 million.

當然。在Eversource的合約上，今年上半年已經實現了不到一半。然後，相對於電動車的總體目標，我們說我們的預算是 1800 萬美元，我們認為我們可以超過這個數字。我們的預測仍然是我們將超過 1800 萬美元。

On the TritonPro product line, I think you gave us some color. What was the feedback that you received from customers? And I know you probably was part of that was taking some market share. What are the numbers compared to your expectations?

在 TritonPro 產品線上，我認為您給了我們一些色彩。您從客戶收到的回饋是什麼？我知道你可能是其中的一部分，正在奪取一些市場份額。與您的預期相比，這個數字是多少？

The numbers are strong, as I indicated, $4 million year-to-date, over an $18 million pipeline for that product line. So I would say we're exceeding our expectations, and we believe we will for this year. Customer feedback across the board is when we launched this product line, we believe that we were missing a band of the market from a project standpoint.

正如我所指出的，該數字很強勁，今年迄今已達 400 萬美元，超過該產品線的 1800 萬美元管道。所以我想說，我們超出了我們的預期，我們相信今年也會如此。客戶的全面回饋是，當我們推出產品線時，我們認為從專案的角度來看，我們錯過了一些市場。

We certainly see that, that there are opportunities that we could not get had we not had this offering. And so some of those customers, we end up selling TritonPro to, which is great. We're happy to do that. Others, ultimately, that's a starting point, and we can trade up to higher-performing products that are in Orion's offering. So overall, very happy with TritonPro.

我們當然看到，如果沒有這種產品，我們就無法獲得一些機會。因此，我們最終向其中一些客戶出售 TritonPro，這很棒。我們很高興這樣做。對其他人來說，最終這是一個起點，我們可以升級到 Orion 提供的更高效能的產品。總的來說，我對 TritonPro 非常滿意。

And on the DoD project in Europe, I think if I understand you correctly, that has no further impact on the numbers. And I think you had mentioned that there was a $10 million project that might commence soon. When will that start impacting the revenue line?

至於歐洲的國防部項目，我想如果我理解正確的話，這不會對數字產生進一步的影響。我想您曾提到一個耗資 1000 萬美元的項目可能很快就會啟動。這什麼時候會開始影響所得線？

So you are correct on the DoD project that we referenced that we did in Germany last year. There was no revenue in the quarter for that. And relative to this new opportunity, yes, we do expect -- we have received POs. We expect that to start doing -- performing work for them yet this quarter. And again, that is a turnkey lighting project.

所以你對我們去年在德國所做的國防部計畫的看法是正確的。該季度沒有任何收入。相對於這個新機會，是的，我們確實期望——我們已經收到了採購訂單。我們預計這將在本季開始為他們開展工作。再說一次，這是一個交鑰匙照明專案。

We're providing both light products as well as turnkey management services to this client. We are in the final stages of working through an extended multiyear contract for the entire project, which we expect to be completed shortly. And once that's done, we will make further announcements.

我們為該客戶提供輕型產品和交鑰匙管理服務。我們正處於整個專案延長多年期合約的最後階段，預計很快就會完成。一旦完成，我們將發布進一步的公告。

This concludes our Q&A session. I'll now turn the call back to Mike Jenkins for concluding remarks.

我們的問答環節到此結束。現在我將把電話轉回給麥克詹金斯進行總結發言。

Thank you all for joining us today. We look forward to updating investors as we progress through the balance of fiscal '25 and hope to see or speak with you at upcoming investor conferences. Please contact our Investor Relations team for details of upcoming events, with any questions regarding today's call, or to schedule a meeting. Their contact information is in today's press release. Thanks again.

感謝大家今天加入我們。我們期待在 25 財年的餘額中向投資者通報最新情況，並希望在即將舉行的投資者會議上見到您或與您交談。如果對今天的電話會議有任何疑問或安排會議，請聯絡我們的投資者關係團隊，以了解即將舉行的活動的詳細資訊。他們的聯絡資訊位於今天的新聞稿中。再次感謝。

Thank you. This concludes today's conference call.

謝謝。今天的電話會議到此結束。